Comments on: The aftermath of using your home as an ATM http://mioaklandcounty.com/blog/2007/09/17/the-aftermath-of-using-your-home-as-an-atm/?utm_source=rss&utm_medium=rss&utm_campaign=the-aftermath-of-using-your-home-as-an-atm Real Estate in Birmingham, Bloomfield Hills, Beverly Hills, Royal Oak, Troy and Oakland County Michigan Tue, 15 May 2012 18:53:17 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Roosevelt Williams http://mioaklandcounty.com/blog/2007/09/17/the-aftermath-of-using-your-home-as-an-atm/comment-page-1/#comment-64461 Roosevelt Williams Thu, 21 Feb 2008 12:43:43 +0000 http://mioaklandcounty.com/blog/2007/09/17/the-aftermath-of-using-your-home-as-an-atm/#comment-64461 I have question: My question is, can I sell sell my home even though it not paid for?. If so, would you explain to me how? Thank-you, Roosevelt Williams I have question: My question is, can I sell sell my home even though it not paid for?. If so, would you explain to me how? Thank-you, Roosevelt Williams

]]> By: Abbotsford homes for sale http://mioaklandcounty.com/blog/2007/09/17/the-aftermath-of-using-your-home-as-an-atm/comment-page-1/#comment-39396 Abbotsford homes for sale Wed, 19 Sep 2007 15:34:03 +0000 http://mioaklandcounty.com/blog/2007/09/17/the-aftermath-of-using-your-home-as-an-atm/#comment-39396 When lenders were offering mortgages over for 100% of the value of the home (up to 125% in some cases) what were they thinking? When lenders were offering mortgages over for 100% of the value of the home (up to 125% in some cases) what were they thinking?

]]> By: Lenore Wilkas http://mioaklandcounty.com/blog/2007/09/17/the-aftermath-of-using-your-home-as-an-atm/comment-page-1/#comment-39379 Lenore Wilkas Tue, 18 Sep 2007 22:53:46 +0000 http://mioaklandcounty.com/blog/2007/09/17/the-aftermath-of-using-your-home-as-an-atm/#comment-39379 Great post. Add in the way refi's were being handled. Rather than 70% LTV it was often much higher than that. Cheap money, the misunderstood idea that real estate never drops in value, the inability to listen to those with more experience....on and on. It is so sad to see people lose their homes when they have been in them for many years but just got caught up in the ATM mentality a few years ago. Our president did not help the situation either when he kept telling everyone it as going to be just fine and go out and go shopping. Irresponsible comments like that helped to fuel the fire. Great post. Add in the way refi’s were being handled. Rather than 70% LTV it was often much higher than that. Cheap money, the misunderstood idea that real estate never drops in value, the inability to listen to those with more experience….on and on. It is so sad to see people lose their homes when they have been in them for many years but just got caught up in the ATM mentality a few years ago. Our president did not help the situation either when he kept telling everyone it as going to be just fine and go out and go shopping. Irresponsible comments like that helped to fuel the fire.

]]> By: Maureen Francis http://mioaklandcounty.com/blog/2007/09/17/the-aftermath-of-using-your-home-as-an-atm/comment-page-1/#comment-39363 Maureen Francis Tue, 18 Sep 2007 11:02:31 +0000 http://mioaklandcounty.com/blog/2007/09/17/the-aftermath-of-using-your-home-as-an-atm/#comment-39363 Jonathan, Hence the title. I don't know the stats, but i know of plenty of people who chose to believe that the refi appraisal was the market value and ended up borrowing hundreds of thousands more then their home was worth, even at that time. Or they chose to hope that the market would catch up with their spending habits, as you said. Thanks so much for stopping by! Jonathan,

Hence the title. I don’t know the stats, but i know of plenty of people who chose to believe that the refi appraisal was the market value and ended up borrowing hundreds of thousands more then their home was worth, even at that time. Or they chose to hope that the market would catch up with their spending habits, as you said.

Thanks so much for stopping by!

]]> By: Jonathan Dalton http://mioaklandcounty.com/blog/2007/09/17/the-aftermath-of-using-your-home-as-an-atm/comment-page-1/#comment-39352 Jonathan Dalton Tue, 18 Sep 2007 03:16:43 +0000 http://mioaklandcounty.com/blog/2007/09/17/the-aftermath-of-using-your-home-as-an-atm/#comment-39352 For every borrower who had no idea of the details of their loan (whether due to it being something exotic, or simply not asking questions before they got to the closing table), I believe there were 1-2 who absolutely knew what they were in for. They assumed values would rise forever. I had clients like that, who didn't ask so much as tell me "it's okay, values will double in the next year." And no matter what I said to dissuade them, they remained convinced of the invincibility of the markets. For every borrower who had no idea of the details of their loan (whether due to it being something exotic, or simply not asking questions before they got to the closing table), I believe there were 1-2 who absolutely knew what they were in for. They assumed values would rise forever.

I had clients like that, who didn’t ask so much as tell me “it’s okay, values will double in the next year.” And no matter what I said to dissuade them, they remained convinced of the invincibility of the markets.

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