Comments on: I think we’re screwed … http://7million7years.com/2009/08/31/i-think-were-screwed/ How to make 7 million in 7 years ... Thu, 24 May 2012 09:20:05 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Mike Hunt http://7million7years.com/2009/08/31/i-think-were-screwed/comment-page-1/#comment-3516 Mike Hunt Tue, 08 Sep 2009 05:20:16 +0000 http://7million7years.com/?p=3153#comment-3516 Seems like taking out a HELOC is likely what sunk her. In the interim if she wants to stay in the house can she take in a renter? That and both look for any income available. -Mike Seems like taking out a HELOC is likely what sunk her.

In the interim if she wants to stay in the house can she take in a renter?

That and both look for any income available.

-Mike

]]> By: Adrian http://7million7years.com/2009/08/31/i-think-were-screwed/comment-page-1/#comment-3491 Adrian Fri, 04 Sep 2009 06:14:20 +0000 http://7million7years.com/?p=3153#comment-3491 @ Brad - ... and, great advice it is! Equity is for growth ... only spend a portion of the net income that it produces :) @ Brad – … and, great advice it is! Equity is for growth … only spend a portion of the net income that it produces :)

]]> By: brad http://7million7years.com/2009/08/31/i-think-were-screwed/comment-page-1/#comment-3489 brad Thu, 03 Sep 2009 19:36:48 +0000 http://7million7years.com/?p=3153#comment-3489 as for my constructive advice to others: don't take out equity and spend it. as for my constructive advice to others: don’t take out equity and spend it.

]]> By: brad http://7million7years.com/2009/08/31/i-think-were-screwed/comment-page-1/#comment-3488 brad Thu, 03 Sep 2009 19:35:28 +0000 http://7million7years.com/?p=3153#comment-3488 The point about taking out equity is important. if she did, and spent it, then that was her "profit" on the investment. she should not expect the bank or the government to forgive her load because she spent the profit already. The reason this is most likely what happened, is that you would be hard-pressed to find a real estate investment in the US that has lost money over 10 years. Inflation alone would have made you a profit in 10 years time. The point about taking out equity is important. if she did, and spent it, then that was her “profit” on the investment. she should not expect the bank or the government to forgive her load because she spent the profit already.

The reason this is most likely what happened, is that you would be hard-pressed to find a real estate investment in the US that has lost money over 10 years. Inflation alone would have made you a profit in 10 years time.

]]> By: Steve http://7million7years.com/2009/08/31/i-think-were-screwed/comment-page-1/#comment-3481 Steve Thu, 03 Sep 2009 00:17:56 +0000 http://7million7years.com/?p=3153#comment-3481 Luis,and a few others here . I know its very easy to cast stones here, when you read stuff like this. But what ever choices she has made in the past , are in the past, and she is now asking for concrete help on things she can do to make things better. So, all this talk I am hearing is not aimed at helping, and last I knew, this site was set up to help each other do a better job of managing our finances.So, please keep that in mind when making comments huh? Luis,and a few others here . I know its very easy to cast stones here, when you read stuff like this. But what ever choices she has made in the past , are in the past, and she is now asking for concrete help on things she can do to make things better. So, all this talk I am hearing is not aimed at helping, and last I knew, this site was set up to help each other do a better job of managing our finances.So, please keep that in mind when making comments huh?

]]> By: Lee Martin http://7million7years.com/2009/08/31/i-think-were-screwed/comment-page-1/#comment-3479 Lee Martin Wed, 02 Sep 2009 21:50:04 +0000 http://7million7years.com/?p=3153#comment-3479 I know she said she had been laid off but I didn't hear anything about working another job or two. While I agree with what others have said I also believe that tough times call for tough decisions like changing what you do for a living if necessary. Good luck. I know she said she had been laid off but I didn’t hear anything about working another job or two. While I agree with what others have said I also believe that tough times call for tough decisions like changing what you do for a living if necessary.
Good luck.

]]> By: Luis http://7million7years.com/2009/08/31/i-think-were-screwed/comment-page-1/#comment-3477 Luis Wed, 02 Sep 2009 15:18:31 +0000 http://7million7years.com/?p=3153#comment-3477 I'm with Brad on this one... This is the an example of the typical American who is quick to not take responsibility for his/her actions. Statements like "my husband and I bought this house about 10 years ago in the boom here (sheeple purchase); with both of us working we could afford the mortgage (over extended) and our lifestyle easily." lifestyle = spending to much. "Any clues? What should we do?" What insanity - Do you take any responsibility for your actions? It's becoming a bloodbath out there. Personally, in the past 5 years the only thing we have done is pay off our bills and save money. Now we are sitting on a wad of cash and ready to buy. "Be fearful when others are greedy. Be greedy when others are fearful" by Buffet saludos, Luis I’m with Brad on this one…

This is the an example of the typical American who is quick to not take responsibility for his/her actions.

Statements like “my husband and I bought this house about 10 years ago in the boom here (sheeple purchase); with both of us working we could afford the mortgage (over extended) and our lifestyle easily.”

lifestyle = spending to much.

“Any clues? What should we do?” What insanity – Do you take any responsibility for your actions?

It’s becoming a bloodbath out there. Personally, in the past 5 years the only thing we have done is pay off our bills and save money. Now we are sitting on a wad of cash and ready to buy.

“Be fearful when others are greedy. Be greedy when others are fearful” by Buffet

saludos,

Luis

]]> By: Neil http://7million7years.com/2009/08/31/i-think-were-screwed/comment-page-1/#comment-3476 Neil Wed, 02 Sep 2009 14:44:33 +0000 http://7million7years.com/?p=3153#comment-3476 I live in the Seattle area. In my neighborhood, houses are about at where they were 3 years ago, and well above the amount of 10 years ago. I agree with Brad, they either refinanced and took money out, had an interest only loan, or were overcommited on what their mortgage was. Maybe they are in the hole based on what they house valued at the high point of the market. Unfortunately, if you are having trouble with the mortgage, renting it out won't help. Rents are low relative to house prices in the Puget Sound. And gets much lower as you move into the surrounding regions. Tough decisions. I wish them luck. I live in the Seattle area. In my neighborhood, houses are about at where they were 3 years ago, and well above the amount of 10 years ago.

I agree with Brad, they either refinanced and took money out, had an interest only loan, or were overcommited on what their mortgage was. Maybe they are in the hole based on what they house valued at the high point of the market.

Unfortunately, if you are having trouble with the mortgage, renting it out won’t help. Rents are low relative to house prices in the Puget Sound. And gets much lower as you move into the surrounding regions.

Tough decisions. I wish them luck.

]]> By: brad http://7million7years.com/2009/08/31/i-think-were-screwed/comment-page-1/#comment-3468 brad Tue, 01 Sep 2009 20:29:44 +0000 http://7million7years.com/?p=3153#comment-3468 Did you refinance and take equity out? I bet she did since there is no way you are $100k in the hole if you purchased 10 years ago unless you live in Detroit or Gary, IN. Inflation alone would not allow this. She pulled money out and spent it. Did you refinance and take equity out? I bet she did since there is no way you are $100k in the hole if you purchased 10 years ago unless you live in Detroit or Gary, IN. Inflation alone would not allow this. She pulled money out and spent it.

]]> By: Steve http://7million7years.com/2009/08/31/i-think-were-screwed/comment-page-1/#comment-3466 Steve Tue, 01 Sep 2009 04:54:37 +0000 http://7million7years.com/?p=3153#comment-3466 First, you have to cut your losses if you want to hold onto your current good credit rating. Second, is more of a question than suggestion. Is there Family in a cheaper area where they can split rents or something to help out in this time,until things get better for them? First, you have to cut your losses if you want to hold onto your current good credit rating. Second, is more of a question than suggestion.
Is there Family in a cheaper area where they can split rents or something to help out in this time,until things get better for them?

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