Forums
New posts
Search forums
What's new
New posts
New profile posts
Latest activity
Internet Search
Members
Current visitors
New profile posts
Search profile posts
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Forums
Parent Support Forums
General Parenting
"Housing for working people"
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="flutterbee" data-source="post: 49633"><p>Here's the kicker: Not only does the government "grant" you those funds for the downpayment, you get a 1098 at the end of the year and get to write it off on your taxes as if you paid it yourself. </p><p></p><p>7 houses on my street alone (of about 25 houses) have foreclosed since I moved in 5 years ago. I have no idea how many have foreclosed in this neighborhood of 400 homes. I would guess more than 30%. Mine will be number 8 on this street(for different reasons, though, than most around me) because the other foreclosures have lowered my property value so much that I can't sell my house for the balance on my mortgage, let alone what I paid for it. For example, the house 2 doors down from me was built for $178,000 in 2001, but sold in foreclosure last year for $135,000. Most people in this subdivision moved in with the government grant down payment and the buydown on the interest rates. Once the real interest rate kicked in and the real property taxes hit (as opposed to the property tax on unimproved land), they could no longer afford their home. People trying to sell their houses in our neighborhood are not having any luck. The houses just sit. Yet, the builder is still building in our subdivision and the houses start at $185,000 ($30,000 more than I paid for mine 5 years ago - and my house is only 1300 square feet - the smallest they built in here). They get the buyers on the no money down and buydown on the interest rate.</p><p></p><p>It's so frustrating.</p></blockquote><p></p>
[QUOTE="flutterbee, post: 49633"] Here's the kicker: Not only does the government "grant" you those funds for the downpayment, you get a 1098 at the end of the year and get to write it off on your taxes as if you paid it yourself. 7 houses on my street alone (of about 25 houses) have foreclosed since I moved in 5 years ago. I have no idea how many have foreclosed in this neighborhood of 400 homes. I would guess more than 30%. Mine will be number 8 on this street(for different reasons, though, than most around me) because the other foreclosures have lowered my property value so much that I can't sell my house for the balance on my mortgage, let alone what I paid for it. For example, the house 2 doors down from me was built for $178,000 in 2001, but sold in foreclosure last year for $135,000. Most people in this subdivision moved in with the government grant down payment and the buydown on the interest rates. Once the real interest rate kicked in and the real property taxes hit (as opposed to the property tax on unimproved land), they could no longer afford their home. People trying to sell their houses in our neighborhood are not having any luck. The houses just sit. Yet, the builder is still building in our subdivision and the houses start at $185,000 ($30,000 more than I paid for mine 5 years ago - and my house is only 1300 square feet - the smallest they built in here). They get the buyers on the no money down and buydown on the interest rate. It's so frustrating. [/QUOTE]
Insert quotes…
Verification
Post reply
Forums
Parent Support Forums
General Parenting
"Housing for working people"
Top