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Old August 4th, 2012, 12:43 AM   #1
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I want to buy my first home but the bank tells me the only way I can pay for it is:

I not only have pay for “my” mortgage and “my” bills that I create to keep my household functional, but I also have to pay for the ALL OF HUGE DEBT and BILLS created by the all the previous owners. I have do this without getting a raise , only by making cuts in my budget. Can I make this work?

Signed, Joe Homeowner
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Old August 4th, 2012, 06:44 AM   #2
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Rent.
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Old August 4th, 2012, 08:11 AM   #3
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It can not be done.
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Old August 5th, 2012, 12:28 AM   #4
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Look at getting a condo instead.



Remember all the regulation miscues that led to the housing bubble? Well, it worked so well the first time around that Barney Frank thought it should apply to condos this time around.
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Old August 5th, 2012, 05:03 PM   #5
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Quote:
Originally Posted by runner51 View Post
I want to buy my first home but the bank tells me the only way I can pay for it is:

I not only have pay for “my” mortgage and “my” bills that I create to keep my household functional, but I also have to pay for the ALL OF HUGE DEBT and BILLS created by the all the previous owners. I have do this without getting a raise , only by making cuts in my budget. Can I make this work?

Signed, Joe Homeowner


How is it that you would have to pay past encumbrances? The bank can't pass those bills onto anyone but themselves, as a condition of issuing mortgage loans. That's why they can't sue or attach the wages of the homeowners who have walked away from their underwater mortgages.



1) You find a home you can afford.

2) You calculate the PITI payment (principle-interest-taxes-insurance).

3) You put 10% - 20% down.

4) You have good credit because you have a history of paying your bills, and on time.

5) You are a first-time buyer who intends to occupy the home as your residence?



Then you are gold. Am I missing something? Is this some clever metaphor?



What do you mean by "... HUGE DEBT and BILLS created by the all the previous owners." ???
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Old October 4th, 2012, 02:25 AM   #6
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Originally Posted by scrjnki View Post
1) You find a home you can afford.

2) You calculate the PITI payment (principle-interest-taxes-insurance).

3) You put 10% - 20% down.

4) You have good credit because you have a history of paying your bills, and on time.

5) You are a first-time buyer who intends to occupy the home as your residence?



Then you are gold. Am I missing something? Is this some clever metaphor?




You detailed a good description of how it used to work before the housing collapse.



Most of the big banks got into huge trouble chasing profits available through derivatives. Many of those would not have survived without a government bailout. The fear of looking into the abyss has many banks suddenly becoming ultra restrictive now when making new mortgage loans. In short, they’re hoarding cash while licking their wounds.



The “good” banks, who didn’t participate in the Ponzi scheme are being punished for the acts of those who did. You can thank Dodd/Frank for that. A whole mountain of new regulations were placed on all banks, the good and the bad, not just those who were scamming the system. But just talk to your local bankers, like I have, and you’ll discover they don’t even know how to comply with this new mountain of regulations.



The Dodd/Frank legislation was so poorly written that they didn’t even spell out how exactly banks were supposed to follow the new rules. So banks are left in limbo trying to decipher what particular terms and regulations really mean in the new legislation. No wonder both Dodd and Frank chose to retire. Someone else can clean up their mess.



Remember all this when you turn on your TV and you have some politician telling you they are just looking out for the little guy.



Just one more example how big government is geared for making the many pay the price for the acts of a few.
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Old June 28th, 2014, 06:47 PM   #7
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Quote:
Originally Posted by runner51 View Post
I want to buy my first home but the bank tells me the only way I can pay for it is:

I not only have pay for “my” mortgage and “my” bills that I create to keep my household functional, but I also have to pay for the ALL OF HUGE DEBT and BILLS created by the all the previous owners. I have do this without getting a raise , only by making cuts in my budget. Can I make this work?

Signed, Joe Homeowner
Do you mean there are past due taxes and liens on the house?
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Old June 28th, 2014, 07:09 PM   #8
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if there is no clear title... RUN RUN FAST AWAY FROM THIS

IF YOU PURCHASE GET TITLE INSURANCE..

if you are going to have to pay all liens .. RUN RUN FAST AWAY FROM THIS..
Thanks from nuttyjoe
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Old June 28th, 2014, 08:47 PM   #9
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if there is no clear title... RUN RUN FAST AWAY FROM THIS

IF YOU PURCHASE GET TITLE INSURANCE..

if you are going to have to pay all liens .. RUN RUN FAST AWAY FROM THIS..
Thank you, TN. I can't tell you how many times that I've counselled prospective real estate investors about this simple rule- Never consider purchasing a property that clear title cannot be established! and yes, always get title insurance!
Paersonally, I would have to know more about Joe Homeowner's situation before I could counsel him on the best way to purchase a home. But your other point was spot on also: If he should be held liable for prior liens on a property that he did not incur; then Mr. Homeowner should look for another property to purchase!

Last edited by nuttyjoe; June 28th, 2014 at 08:52 PM.
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Old June 29th, 2014, 12:31 AM   #10
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Originally Posted by runner51 View Post
I want to buy my first home but the bank tells me the only way I can pay for it is:

I not only have pay for “my” mortgage and “my” bills that I create to keep my household functional, but I also have to pay for the ALL OF HUGE DEBT and BILLS created by the all the previous owners. I have do this without getting a raise , only by making cuts in my budget. Can I make this work?

Signed, Joe Homeowner
This is a joke post, right???
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