My fears about buying a home
Many people in my life have made the jump to home ownership in the past 6 months: one of my best friends and business associate purchased a great home for his wife and himself, a family member upgraded...
Short sale to investor who rents to previous homedebtor?
Chicago, IL By A.B. Dada — Daniel Gershburg Esq., is a Bankruptcy & Real Estate attorney serving clients in Brooklyn, Queens, Manhattan, Staten Island, Long Island and Westchester. Gershburg...
Sellers won’t give their house away: smart.
Chicago, IL By A.B. Dada — Used home sellers for recent years were tricked into believing their homes were worth more than they probably should be: some people bought homes at a huge price, others...
Bank Bankruptucy and Insolvency?
Chicago, IL By A.B. Dada — It’s a common search term for this site: what banks are bankrupt? Theoretically, there’s only one way to figure out how solvent a bank is: compare the amounts...
Dada’s Rules Before Buying a House
Chicago, IL By A.B. Dada — It’s been a long while since I last discussed the rules one should follow before finalizing the closing on purchasing a house or a condo. Since I last talked...
Looking for a Starter Home? Rent.
Chicago, IL By A.B. Dada — With the housing market quickly finding its equilibrium (meaning prices are down and will continue to drop), the Realtor’s favorite proclamation that “Now is...
The idiocy of the HELOC (Home Equity Line of Credit)
This article is going to infuriate quite a few people I know. I’m not a fan of the HELOC, or what some call the Home ATM. A HELOC, or the Home Equity Line Of Credit, allows you to take a loan out...
What if no one can afford to live there?
A reader, Jen, posted a comment on a previous posted titled Housing Prices always go up — not really. Her insightful comment was as follows: Very sound advice, but according to your rules, only...
The Crash of the Banking Cartel
I can’t seem to wrap my head around any possible situation that can save many of the top tier banks in the U.S. and the rest of the world. There’s a problem that the Old Media is still ignoring,...
Mortgage Short Sale: Forgiveness of Debt and the 1099
There’s talk of the Federal Congress working for a law that would remove the tax burden from the short sale of a home when the owner can’t make the mortgage, and can’t sell it for...
Splat: another bank goes bankrupt
Fresh news this morning as the FDIC reports on another bank, the third one in this credit bubble crash, going under. Miami Valley Bank, in Ohio, is now in receivership with close to US$90 million in deposits....
Does 28% gross income for a mortgage include property taxes and insurance?
A regular reader of this site asks an important question: When you say a mortgage payment shouldn’t exceed 28% of gross salary, and when Dave Ramsey says it shouldn’t exceed 25% to 33% of...
Florida Housing Bubble and Housing Auction
I left for Tampa, Florida on Saturday, September 22, 2007 to take part in an auction in Orlando. The auction was held by Fisher Auctions, who has done numerous housing market auctions in the past. My father...
Housing Prices always go up — not really
On my previous post titled Scary Housing Bubble Mortgage Calculator, Frishack posted the following comment that I wanted to reply to publicly.: The fact that you may be upside down for a few years does...
Scary Housing Bubble Mortgage Calculator
Now that the housing market is tanking — as I’ve been saying here for well over a year and in private conversations for 3 — many of my previously bullish friends are now turning bearish....
Buying in a declining market
Check out my most recent post from Savannah, Georgia over at the housing bubble site. Read More →
Foreclosure Report, February 22, 2007
Read today’s foreclosure report at the foreclosure site Read More →
Cities, make up your mind — cheap housing, or expensive housing?
From a link at the foreclosures site, we see an interesting story on another town that thinks it owns the residences’ properties. I hear endless stories about towns in the Chicago area that wanted...
You can run from me, but you can’t hide from them!
Let us say that I loaned you a few hundred thousand dollars so you can buy a home, even if you can’t really afford the payments. Fast forward a few years — you start fighting with your spouse...
If you can’t afford your mortgage, get further into debt!
I read a hilarious article from RisMedia yesterday that still makes me chuckle, titled Adjustable Rate Loan Resets, Skyrocketing Mortgage Payments for Homeowners. It is a quick read. The beginning of the...
