Foreclosures and Financing

[frymasterspeck]

What happens when say a condo is foreclosed on and the owner owes condo fees? Does the association get screwed or does the bank have to pay off fees owed?

[TheAnk]

I read an interesting article today about the GOV giving 7k to people who buy foreclosures..

First, I'll save pete11, bil & jerry2 some time: "a little too little too late if you asked me.. A better plan might be to offer fire and brimstone insurance at a discount to all home owners."

I think its a possible good catalyst, except for the fact that its incredibly difficult to finance a fore'd property.. So you are, in a sense, making cash buyers (the rich) richer by $7k for no good reason whatsoever other than face time on a bill that will surely never get passed for the reason just mentioned..

[Bil]

First, I'll save pete11, bil & jerry2 some time: "a little too little too late if you asked me.. A better plan might be to offer fire and brimstone insurance at a discount to all home owners."

[brick]

I read an interesting article today about the GOV giving 7k to people who buy foreclosures..

[TheAnk]

Anyway, I put in an offer on a 2-family this morning, so perhaps confirmation bias and enlightened self interest will draw me into the Ank-landlord-homeowner axis of price appreciation optimism.

[frymasterspeck]

OI! TheAnk do you know about this site? Put in a location, then click the foreclosure tab. Compare Prov vs. Phoenix or Detroit.

Little highlight from Detroit's "up and coming" artsy type Hamtramck: 3+ bedroom single family for $3,900. Seriously, you can buy a house with a credit card.

[jencoleslaw]

in the mid 90s you could buy houses in Providence with your credit card. I looked at several that were about 25K (three families) and i know someone who bought a single family for 19K.

[TheAnk]

Impossible now.. $25k in 1990 is $40k now.. so if you have a 40k credit card, then you can buy one!!! LOL

Fry that hotspot foreclosure map was more spread out than I would have imagined.. I thought foreclosures were more urban based, just by perception, but I was wrong..

[TheAnk]

Providence, however, is almost exactly how I visioned it.. Academy Ave, Manton Ave.. High profile, visible boarded up houses.. the middle of Mt Pleasant (actual Mt Pleasant, not Real Estate Agent "Mt Pleasant") was surprising.. Shocking actually.. Everything else, for the most part, is in line with good vs bad area..

[Cotuit]

I thought foreclosures were more urban based, just by perception, but I was wrong..

[quente]

I was listening to This American Life on NPR today and they did an excellent overview how people got caught up in the housing crisis. Basically, it's a story about greed on both the lending and borrowing side. I think they typically rebroadcast their episodes throughout the weekend - worth a listen.

[frymasterspeck]

There's a lot of selfish maroons in the suburbs now realizing that as it turns out they could not afford a 2,000 square foot bonus room and 4 car garage.

[TheAnk]

What is this "NPR" that people keep talking about?

I'd like to grab a single family house soon.. The way prices are, its gonna make sense soon.. Still though, it doesn't make sense yet, which is crazy... Getting old, getting tired of the ignorance in PVD.. Its a nice place to landlord, but I'm pretty sure I don't want to live here anymore.. Providence is a special place, with great stuff, and a wicked, dispicable crop of ignorant people.. Not all, of course, but a critical mass enough to be very, very, annoying..

Grab a nice place with a fence and no sirens.. Fade off into Bolivian.. Close enough to frequent the city, but far enough to not deal with its people on a day to day basis..

Anyone else feel that the general demeanor of people in the city has been falling? Personally, the driving situation alone has beaten me down.. People cant drive for sht here.. Cut you off and give you the finger.. I make some heads explode in here, driving in providence give me borderline anuerisms..

How this has anything to do with foreclosures, I have no idea... Except I wan to buy a single fam forec..

[jencoleslaw]

What is this "NPR" that people keep talking about?

I'd like to grab a single family house soon.. The way prices are, its gonna make sense soon.. Still though, it doesn't make sense yet, which is crazy... Getting old, getting tired of the ignorance in PVD.. Its a nice place to landlord, but I'm pretty sure I don't want to live here anymore.. Providence is a special place, with great stuff, and a wicked, dispicable crop of ignorant people.. Not all, of course, but a critical mass enough to be very, very, annoying..

Grab a nice place with a fence and no sirens.. Fade off into Bolivian.. Close enough to frequent the city, but far enough to not deal with its people on a day to day basis..

Anyone else feel that the general demeanor of people in the city has been falling? Personally, the driving situation alone has beaten me down.. People cant drive for sht here.. Cut you off and give you the finger.. I make some heads explode in here, driving in providence give me borderline anuerisms..

How this has anything to do with foreclosures, I have no idea... Except I wan to buy a single fam forec..

[Cotuit]

Crazy. Did you read my latest blog entry?! It is like you're in my head, man. Get Out Of My Head!

[TheAnk]

I'm pretty sure he's drunk, or his keyboard is broken, or he got drunk and broke his keyboard.

[Bil]

I'd like to grab a single family house soon.. The way prices are, its gonna make sense soon.. Still though, it doesn't make sense yet, which is crazy... Getting old, getting tired of the ignorance in PVD.. Its a nice place to landlord, but I'm pretty sure I don't want to live here anymore.. Providence is a special place, with great stuff, and a wicked, dispicable crop of ignorant people.. Not all, of course, but a critical mass enough to be very, very, annoying..

Grab a nice place with a fence and no sirens.. Fade off into Bolivian.. Close enough to frequent the city, but far enough to not deal with its people on a day to day basis..

[Frankie811]

Come on down to EG! It's plenty quiet, and we've got more diversity than Little Compton! There's a couple seedy bars, we can hang out, toss back a few high lifes.

[Garris]

And your not kidding. I've seen these bars, just a block or two down from Post Rd./Main St, through the center of town.

[Garris]

I was listening to This American Life on NPR today and they did an excellent overview how people got caught up in the housing crisis. Basically, it's a story about greed on both the lending and borrowing side. I think they typically rebroadcast their episodes throughout the weekend - worth a listen.

[TheAnk]

Come on down to EG! It's plenty quiet, and we've got more diversity than Little Compton! There's a couple seedy bars, we can hang out, toss back a few high lifes, and twirl our mustaches as we laugh about all the money our tenants are sending us. Good times!

[Bil]

Hey Ank, time to pull out that RI map and get to know Kent County

Here's the direct link to an MP3 of that TAL episode (from here).

Yeah, for a retail main street in a town that has the reputation as being RI's "exhaulted suburb," there are areas there that feel majorly sketchy.

- Garris

[TheAnk]

Forec Loans

No money for people to get BACK IN to houses, thats retarded.. They lost it once, they will again.. But money to make foreclosures available for standard financing, now, that I can stand by.. I think thats a good plan..

[TheAnk]

[TheAnk]

Norman Ospina, the vocal co-chairman of the Olneyville Terrorist Association, pointed his finger at Deller as the planning director left the meeting, charging that the program will help only outside investors get into Providence.