our family can't afford the mortage on our home and I was just wondering if these poeple are leaving the states in which they live or staying in the same towns.
2007-11-13 05:28:19 · 12 answers · asked by susan s 2 in Business & Finance ➔ Personal Finance
Rental property. Most are not leaving the states they live in due to their jobs, careers and home.
This is really the fault of the 'creative' creditors who sold more home to people than they could afford. The bail-out may cost the U.S. Taxpayers billions and for what? To bail-out the investors who accepted the risk of funding people with sketchy credit and or selling more home to people than they could afford. It seems to me the investors should loose. I just wish their loss were not at the expense of the people loosing their homes.
Sorry for the rant!! I feel much better now.
Good Luck!
2007-11-13 05:36:04 · answer #1 · answered by sfuller94 3 · 0⤊ 0⤋
It really depends on what the family's plans are for the future. The foreclosure can really provide homeowners with a chance to reevaluate their lives and decide what they really want to do to make the best lives for themselves and their children.
Some will remain in the same town or community, because of strong ties to friends and family, or their jobs are located. If a major medical expense caused the foreclosure, they may remain in the area to take care of the sick or disabled family member and have access to their family doctor.
On the other hand, some homeowners may decide to make a completely fresh start and move to another area. They may have found another job, or will live off to savings for a month or two while they get established in the new area.
But there's no real hard and fast rule for what homeowners will do after they have faced foreclosure. It depends on what the believe will provide them with the best opportunities for their families.
2007-11-14 01:27:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Where I live they are moving into rental homes. There is such a surplus of vacant homes that investors bought or built and could not flip before the bubble burst. So, they've significantly reduced monthly rent so that they don't get foreclosed on either. I believe a lot of landlords are taking a hit on the monthly rent they charging for now just to keep their own heads about water until the market recovers.
2007-11-13 06:44:41 · answer #3 · answered by Michelle 3 · 0⤊ 0⤋
Usually people in foreclosure and losing their home are those that have no or little equity in their house. Therefore their monthly payment is regarded as a rental payment. If they loose their house they do not loose any equity in it since they had none or almost none. Therefore it is more advantageous for them to let go the house and move into a rental at lower monthtly payment. People do not move out of their area, they just move from a mortgage payment with no equity to a rental payment type of situation.
2007-11-13 05:36:24 · answer #4 · answered by crapaudblanc 4 · 0⤊ 0⤋
I don't know if I can really answer your question about staying in the same town, but I do know that rental property is now at a premium in my area due to the large numbers of foreclosures.
2007-11-13 05:31:33 · answer #5 · answered by Anonymous · 1⤊ 0⤋
No, you will no longer qualify for any form of loan loan with a contemporary financial disaster. The foreclosures is long adequate interior the previous to no longer be an argument, yet that doesn't stick to to the financial disaster.
2016-10-02 06:56:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Most stay where they currently lived unless there is a compelling reason to leave the area. People who lose their homes to foreclosure are mostly gainfully employed, and there would be no reason for them to leave and seek employment elsewhere.
2007-11-13 06:17:52 · answer #7 · answered by acermill 7 · 0⤊ 0⤋
For some reason they got behind paying the bank, sometimes they go out and get a home they can afford, or if real bad... the streets.
2007-11-13 05:36:27 · answer #8 · answered by Uncle Red 6 · 0⤊ 0⤋
we stayed in the same town and now rent a much smaller house, but we are able to afford the rent payments
2007-11-13 05:36:50 · answer #9 · answered by iamjuls 4 · 0⤊ 0⤋
Seems to me that if you can't afford a mortgage payment, you wouldn't be able to afford to move to another state.
2007-11-13 05:31:18 · answer #10 · answered by porcelina_68 5 · 0⤊ 1⤋