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Can't refinance under water


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2007 May 3, 4:35am   24,220 views  283 comments

by Patrick   ➕follow (59)   💰tip   ignore  

underwater houses

During the boom, if borrowers asked about the adjustable rates on their mortgages, they were told "oh, you can just refinance and start over".

But no one told them you can't refinance if your house is under water, that is, if the loan amount is more than the value of the house. Banks won't go for that, even in the continuing lax lending environment.

So their rates will adjust upward, and they won't be able to pay the mortgage, or refinance, or sell for what they paid.

Interesting times ahead.

Patrick

#housing

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271   Randy H   2007 May 6, 1:14pm  

Malcolm

They are not underpowered and climb hills just fine.

That is the point. I have nothing against Priuses. I have something against the drivers who stare at their little computer and slow down to 40 going up the hill to maximize efficiency. I have driven a Prius, and they have plenty of power.

@azrob

What can I say? It's easy for some anonymous blogger to accuse me of bullshitting. She was rear ended, and she was sued successfully. Liability does not always equal true fault in the real world, in which the rest of us live. But no, she wasn't cited, so you can insist it wasn't her fault all you want.

It is true that most insurance judgments go in favor of the person rear-ended. But it is not true that they are never at fault. Maybe Prius owners are never at fault. I'll trust your expertise.

272   Malcolm   2007 May 6, 1:30pm  

I'm sorry for your mom, it sounds like a raw deal.

273   Randy H   2007 May 6, 1:40pm  

It was almost 15 years ago and I'm still sore about it. And if I could do anything to help spare others the same fate, I will. This is why I am overly sensitive to road-crusaders. Just drive. It's a form of locomotion. Not a political forum.

274   Malcolm   2007 May 6, 1:41pm  

I'm actually 95% with you on this one Randy.

275   Peter P   2007 May 6, 3:26pm  

But it is not true that they are never at fault.

It is extremely rare. Do you have a quotable court case?

276   Peter P   2007 May 6, 3:38pm  

I was rear-ended once. I had to stop for a highway obstacle. That guy hit me at 50mph+.

The report said that his "reasonable or prudent" speed should have been 0mph, since I was stationary.

277   Randy H   2007 May 6, 3:46pm  

Peter P

I clearly stated that I was not talking about legal judgments. People win judgments in which restaurants are liable because customers spill hot coffee on their own laps, yet I've heard you cite them with being at fault.

278   Peter P   2007 May 6, 4:50pm  

I clearly stated that I was not talking about legal judgments.

Sorry. I misunderestimated you.

279   LowlySmartRenter   2007 May 6, 5:19pm  

I was rear-ended recently on 101 in a crash-a-trois: Car 1 hit Car 2, pushing Car 2 into Car 3 (me). Very slow speed though, as we too were slowing for an ostacle ahead (an accident). Turns out, the guy in Car 1 turned his head for a split second because as people were merging (to avoid the accident), someone honked.

It occured to me that few Bay Aryans honk, at least compared to some of the East Coast cities, where people use the horn as much as they use the brake and accelerator. So when someone does honk around here, it's kinda startling.

We're just not honkers out here.

I'm sorry about your mom Randy. It's the kind of tragedy that just continues, and my heart goes out to you. It's good to tell the story to others. It reminds us to be alert at all times and watch our speed, no matter how late we are running to that next important meeting/party/errand.

280   Vicente   2007 May 6, 6:33pm  

"You can't take out someone with a motorcycle..."

Are motorcycles these days getting down to zero weight with fluffy pillows on the sides? I rather imagine hitting one laying in the road in front of me is going to be as deadly as hitting a washing machine that fell off a MJT.

So someone going under your wheels, or being crunched between you and the 18-wheeler next to you, or a motorcycle cartwheeling through the air, none of those things are likely to cause people to panic and swerve or slam on their brakes? No pileups ever occur because of a motorcycle? This must be a very interesting planet, where only the driver of a motorcycle is ever endangered by their whacky impatient antics.

281   azrob   2007 May 7, 11:34am  

Yeah motorcylists may occassionaly cause an accident.

But what does your liability insurance cost? on my last bike, it was about $100 a year, which is 1/5 of what a honda hybrid costs and its not like hybrid owners are a bunch of dangerous racers either... Gotta figure the insurance companies have an idea about the dangers of injuring others in every vehicle class

282   Jimbo   2007 May 8, 10:12am  

Find me an incident where a motorcyclist hit a car and the car driver was killed as a result of the collision. It may have happened once or twice, but it is exceedingly rare.

Sure, people might swerve to avoid someone and end up dead, but that is not the same thing. Your contention is that motorcyclists need to be more severely regulated because automobile drivers are incompetent and unable to handle being startled by a motorcycle? That is an interesting position to take, but not unusual for your typical self-centered automobile driver.

283   Peter P   2007 May 9, 12:44am  

Find me an incident where a motorcyclist hit a car and the car driver was killed as a result of the collision. It may have happened once or twice, but it is exceedingly rare.

It can happen if the motocycle broadsides the car at very high speed.

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