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reply posted on 26-7-2008 @ 03:02 AM by Obliv_au
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part of it is the "ninja" loans ( No Income No Job)
lending to anyone who asks for a home loan is a sure thing for future troubles.
----
in Adelaide, South Australia things have been a bit different - at least to my understanding.
about 8 yr ago my brother bought his home for $70k, today its worth about $250k and he's only done some basic improvements.
Land value has gone through the roof and its because the new areas that are being created are sold in a group of a few large blocks, so no sooner are
the homes finished being built and they are all sold off in advance due to demand.
once nearly every home is sold they then start work on a new area. it keeps demand and supply at a sustainable level.
me + the kisses (missus) have just purchased our first home only a few blocks from my brothers and we move in about 10 days time.
The amount of paperwork and checks we had to go through was pretty painful and to be honest in the end it took the fun out of buying a house.
I think they checked everything except, luckily for me, my prostate 
and by now its just a case of wanting it over and done with already so we can settle down in the new joint.
i hate living out of box's before and after a move, and will be so glad when we can settle in.
i told the kisses we aint moving for another 20yr which is when this should be paid for.
[edit on 26/7/08 by Obliv_au]
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reply posted on 26-7-2008 @ 04:43 AM by mental modulator
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reply posted on 26-7-2008 @ 04:46 AM by space cadet
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reply to post by TruthWithin
One doesn't need realtytrack or any other institution to realize the catastrophe that is unfolding in the mortage/housing industry, drive up any
street in your own city, they are everywhere. Empty houses, empty dreams, even the newest are just sitting there.
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reply posted on 26-7-2008 @ 05:03 AM by Anonymous ATS
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reply to post by d11_m_na_c05
Stay away from land contracts...you have no rights to the property until you are paid off!!!
Get a fixed rate loan, or don't bother getting one. If the bank owns the house, they can get you a decent rate...in order to get it off their books,
as will any seller if you have a job and pay your utilities on time.
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reply posted on 26-7-2008 @ 05:22 AM by ofhumandescent
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You go to a bank to borrow 'money'. Or you think you do. In fact, the 'money' is merely figures typed into your computer account. It does not
exist, except as figures in a computer program. The banks are allowed to 'lend' at least ten times what they have on deposit - but this 'deposit',
too, is only figures on a screen. There is no 'money', it's all an illusion.
But in return for 'borrowing' this created-out-of-nothing 'money' you must sign over your property, land or business, which is then owned by the
bank until you have paid them back the nothing they 'loaned' you, plus interest. If you don't pay back the nothing the banks get your property,
land or business.
And even while you are paying back the 'loan' this property - YOUR property - is considered an asset of the bank and they can 'lend' ten times its
value to anyone else who wants a loan. In any other language it is called 'fraud'.....David Icke
Mod edit: one link of many on the net: thakore.blogspot.com...
"If the American people ever allow PRIVATE banks to control the issue of their currency, first by inflation, then by deflation, the banks will
deprive The People of all property until their children wake-up HOMELESS on the continent their fathers conquered. The issuing power should be taken
from the banks and restored to The People, to whom it properly belongs".
--- Thomas Jefferson
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[edit on 7/27/2008 by Gools]
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reply posted on 26-7-2008 @ 05:32 AM by ofhumandescent
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If you feel you are confused over how money is created and how the scam works, despite articles you have read, videos you have watched and
research that you have done, it is not because you are 'stupid', but that this system stems from sophisticated criminal minds, and if you don't
have a criminal mind yourself, or are very good with figures, it can be very hard to comprehend. However, this video is excellent in explaining the
whole concept simply. A MUST-SEE for everyone on this planet! Wes Penre - by Paul Grignon, 2006 -
- It has been called "the most astounding piece of sleight of hand ever invented." The creation of money has been privatized, usurped from
Congress by a private banking cartel. Most people think money is issued by fiat by the government, but that is not the case. Except for coins, which
compose only about one one-thousandth of the total U.S. money supply, all of our money is now created by banks. -
- by Ellen Brown, July 03, 2007 -
How could I enjoy sipping champagne, by the pool, on my private island, knowing that the dispossessed are dying for lack of clean drinking water?
1.2 billion malnourished children do not appear to prick Baron Rothschild’s conscience. Half the globe is laid prostrate on the ground, barely
surviving and unable to progress, because Rothschild’s are hording all the gold. -
- by Hazel W.M. McKinlay
"Let me issue and control a nation’s money, and I care not who writes it’s laws." Mayer Amschel Rothschild (Banker) 1790
[edit on 26-7-2008 by ofhumandescent]
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reply posted on 26-7-2008 @ 05:38 AM by ofhumandescent
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MORE DISASTROUS THAN PEARL HARBOR
Since that "day of infamy," more disastrous to us than Pearl Harbor, the small group of "privileged" people who lend us "our" money have accrued
to themselves all of the profits of printing our money' - and more! Since 1913 they have "created" tens of billions of dollars in money and credit,
which, as their own personal property, they then lend to our government and our people at interest. "The rich get richer and the poor get poorer"
had become the secret policy of our National Government. An example of the process of "creation" and its conversion to people's "debt" will aid
our understanding.
THEY PRINT IT - WE BORROW IT AND PAY THEM INTEREST
We shall start with the need for money. The Federal Government, having spent more than it has taken from its citizens in taxes, needs, for the sake of
illustration, $1,000,000,000. Since it does not have the money, and Congress has given away its authority to "create" it, the Government must go the
"creators" for the $1 billion. But, the Federal Reserve, a private corporation, doesn't just give its money away! The Bankers are willing to
deliver $1,000,000,000 in money or credit to the Federal Government in exchange for the Government's agreement to pay it back - with interest! So
Congress authorizes the Treasury Department to print $1,000,000,000 in U.S. Bonds, which are then delivered to the Federal Reserve Bankers.
The Federal Reserve then pays the cost of printing the $1,000,000,000 (about $1,000) and makes the exchange. The Government then uses the money to pay
its obligations. What are the results of this fantastic transaction? Well, $1 billion in Government bills are paid all right, but the Government has
now indebted the people to the Bankers for $1 billion on which the people must pay interest! Tens of thousands of such transactions have taken place
since 1913 so that by the 1980's, the U.S. Government is indebted. to the Bankers for over $1,000,000,000,000 (trillion) on which the people pay over
$100 billion a year in interest alone with no hope of ever paying off the principal. Supposedly our children and following generations will pay
forever and forever!
AND THERE'S MORE
You say, "This is terrible!" Yes, it is, but we have shown only part of the sordid story. Under this unholy system, those United States Bonds have
now become "assets" of the Banks in the Reserve System which they then use as "reserves" to "create" more "credit" to lend. Current
"fractional reserve" requirements allow them to use that $1 billion in bonds to "create" as much as $15 billion in new "credit" to lend to
States, Municipalities, to individuals and businesses. Added to the original $1 billion, they could have $16 billion of "created credit" out in
loans paying them interest with their only cost being $1,000 for printing the original $1 billion! Since the U.S. Congress has not issued
Constitutional money since 1863 (over 100 years), in order for the people to have money to carry on trade and commerce they are forced to borrow the
"created credit" of the Monopoly Bankers and pay them usury-interest!
AND THERE'S STILL MORE
In addition to the vast wealth drawn to them through this almost unlimited usury, the Bankers who control the money at the top are able to approve or
disapprove large loans to large and successful corporations to the extent that refusal of a loan will bring about a reduction in the price that that
Corporation's stock sells for on the market. After depressing the price, the Bankers' agents buy large blocks of the stock, after which the
sometimes multi-million dollar loan is approved, the stock rises, and is then sold for a profit. In this manner billions of dollars are made with
which to buy more stock. This practice is so refined today that the Federal Reserve Board need only announce to the newspapers an increase or decrease
in their "rediscount rate" to send stocks up and down as they wish. Using this method since 1913, the Bankers and their agents have purchased secret
or open control of almost every large corporation in America. Using that control, they then force the corporations to borrow huge sums from their
banks so that corporation earnings are siphoned off in the form of interest to the banks. This leaves little as actual "profits" which can be paid
as dividends and explains why stock prices are often depressed, while the banks reap billions in interest from corporate loans. In effect, the bankers
get almost all of the profits, while individual stockholders are left holding the bag.
The millions of working families of America are now indebted to the few thousand Banking Families for twice the assessed value of the entire United
States. And these Banking Families obtained that debt against us for the cost of paper, ink, and bookkeeping!
THE INTEREST AMOUNT IS NEVER CREATED
The only way new money (which is not true money, but is "credit" representing a debt), goes into circulation in America is when it is borrowed from
Bankers. When the State and people borrow large sums, we seem to prosper. However, the Bankers "create" only the amount of the principal of each
loan, never the extra amount needed to pay the interest. Therefore. the new money never equals the new debt added. The amounts needed to pay the
interest on loans is not "created," and therefore does not exist!
Under this kind of a system, where new debt always exceeds the new money no matter how much or how little is borrowed, the total debt increasingly
outstrips the amount of money available to pay the debt. The people can never, ever get out of debt!
www.321gold.com...
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reply posted on 26-7-2008 @ 07:40 AM by Obsidian_Butterfly
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Originally posted by d11_m_na_c05
All this crap has me freaked out . I'm going sunday to look at my first house.
Its a little 60k house. Which oddly enough is on 1 (1-1/2) acres .
It looks like a decent house for me and the old lady . We don't plan on kids ect.
I really don't know what to look for when trying to get this mortgage. 
I'm really hoping i can do a land contract . Or pay the owner directly . That is if it don't need any or much work . I dont know crap about rates
interest ect. So if anyone that knows can help me out please drop me a u2u . It could save my azz
[edit on 25-7-2008 by d11_m_na_c05]
I'm in the SAME boat. It's kinda confusing. If anyone can drop me a u2u too on some advice/tips, it's be much appreciated. 
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reply posted on 26-7-2008 @ 11:43 AM by Morningglory
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reply to post by Obsidian_Butterfly
We initially bought our home on a land contract. We signed our first contract with the owner after we had rented the house for a year. We signed a
rent/option contract where part of our rent went towards the down payment. After a couple years we signed a land contract with the owner to purchase
the house. We met with him at a local abstract company agreed to terms. Our hope was we would eventually qualify for a conventional mortgage, which we
did acquire after a few years. There was never any mention of this when we signed the land contract. There was never a deadline where we had to
acquire a conventional loan. The owner was willing to carrying us for the full term with a balloon payment at the end to pay the interest.
Lucky for us this owner wanted rid of this house. He could not sell it through normal channels, as it was a vacation home not yet finished. We bought
an “as is house” the owner did at least put carpet in. In order for him to sell conventionally he would have spent more than it cost to build the
place. The owner built the home with his son's. The realtors had told him in order to list it with them he was required to install central heating,
as opposed to the wood stove, he would have had to add a bath and close up the loft room so it could be considered a 3rd. bedroom. He was simply
getting too old to keep building on the house and just wanted out. He worked with us and was a good man. Everything went well. I think it might depend
on the seller how well this arrangement works. Just have everything in writing you both must agree on terms if the seller is desperate it could work
in your favor. The abstract company made sure everything was legal and above board. Our house payment was $200.00 per month. After going conventional
we took out some equity for my husbands business this raised our payment to $300.00 per month, which is what we pay now.
We have loved our home. We have done a lot of work and settled for less. Our home was livable from the get go. We had all the plumbing, electrical and
water/sewage systems in place. It was just interior stuff mostly. We never got the second bath. Just as well I hate cleaning the one. We never got the
central heating but love the wood stove. Our loft room is still open and it stays so toasty up there in the winter we have an open floor plan with a
ceiling fan so heat circulates throughout our house. We live on 5 acres but have access to hundreds as the land development we bought into went
bankrupt many years ago so most of this land is vacant.
There are some really beautiful vacations homes here that sit empty except for the pack rats and mice that now inhabit them. Certainly many of you
have outlying rural areas that might have homes in similar standing. Many of the owners just want out the up keep is killing them, as are the taxes.
Many are not finished enough to go conventionally. It's worth looking into.
While we will never get rich off our home that was not the intent we just needed someplace to live and wanted to live in the country. Our home is now
worth 4X's the initial value even in this market but we will stay put and hopefully ride out this economic nightmare.
I am so saddened that so many are finding they are caught up in this horrible situation. It is my feeling that after the weather gets bad and school
starts the full impact of all this mess will hit hard.
All the homeless from foreclosures what will they do? When our son rented his first apartment his credit was not yet established enough so we had to
co-sign. I do believe most apartment complexes do credit checks if you have a home in foreclosure I wonder if you would be considered for a rental?
Stars for ofhumandescent for telling it like it is!
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reply posted on 26-7-2008 @ 04:23 PM by shortywarn
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it kind of hit me as well,,, granted these adjustable rate and people with mortgages out of their range started this-----however ,,,,because of that
you have thousands of jobs being laid off or lost----the people,,,many in real estate,, banking that could pay their mortgages---who will now not be
able to because they lost their job and can't find comparable pay
now they will be in foreclosure default as well
it is,,, as someone said.,,,, a process,,,, which based on what i just said is gonna get worse and worse and just keep trickling and trickling
also with all these layoff and dead jobs,,,, they aren't just gonna come back overnight,,, especially as companies were downsizing to cut costs even
when it was going good
so where are all these people gonna live and even more important where are theygonna work
granted everyday the US population increases,,, yet jobs decrease----an idiot can figure out---that's not gonna work!!!!
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reply posted on 26-7-2008 @ 04:57 PM by jefwane
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reply to post by BlueTriangle
That depends very much on the state you are in and what type of loan you are in. In non-recourse states if you walk away from a loan the bank gets the
property you get a credit hit that's it. In non-recourse states first money purchase loans are always non-recourse. Most refinances are recourse so
if you cash out then walk and the bank sells at a loss they can come after you, but they often don't. There are also tax implications to short sells.
Anyone considering walking away from a loan should consult both an attorney and an accountant to advise them on repercusions.
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reply posted on 26-7-2008 @ 07:12 PM by amatrine
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I agree with the above poster. DO NOT DO A LAND CONTRACT.
Years ago when we bought our first house, we found a house we liked.
We were young and did not know what we were doing. We got in a bidding war with another buyer on the house. We had to put down 20k on it. We did a
land contract because we were moving there from out of state, and he did not have a job waiting for him( my husband)
WE paid the 20k, and moved into the house. Attorneys were the ones who were taking the payments. We thought all was on the up and up.
Fast forward 8 months later, a payment, ( was post dated on time) showed up two days late. They forced us to move and said we had broke the contract.
They kept our 20k, and what we had paid. I quickly moved to get a refinance, and was approved for a traditional mortgage. We were turned down by those
that held the contract. You see , they wanted to sell it again, and come out ahead with our 20k in their pocket. We also found out from the neighbors,
the same thing happened to the previous owners. They also lost a lot of money.
NIce little scam he had going there.
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