I am paying my neighbor''s mortgage and he didnt say thanks

[TravelingGal]

Date: 2/21/2009 1:51:48 AM
Author: Dancing Fire

Date: 2/21/2009 12:41:49 AM
Author: TravelingGal



Even though I took Zhu's comment as a bit tongue in cheek, I would also agree. If I were in my early 20's, I would not care. But in my 30's, hell yeah he had better be responsible with his credit. TGuy had no credit coming to the US and in 3 years, he's built up a solid score of 725.

DF, my score is 820 last I checked. How bad do ya want me, big boy?

the last time i checked mine was 821,and that's no BS,so i got you beat by 1 point

Actually DF, you have me beat by 5. I went back and looked hoping I could beat you because I remembered incorrectly, but at the time we got prequal'd for a house, it was 816.

When we bought our car in August 2007, I believe it was 829 or something but that probably wasn't a complete FICO score.

 

[Beacon]

You guys are all beating me - I have 805 and I thought that was good, but you guys are all higher. Waaaa.

 

[Harriet]

You beat me, since my credit history is not very old.

 

[Haven]

Are you talking about the credit scores that are reported from three different agencies? (Experian? And two others?) I've always found that my scores vary from agency to agency, so the fact that everyone's posting just one score makes me think I'm thinking of a different credit score.

When we got our mortgage preapproval I was given three scores, one was 827, one was 813, and one was 790. I thought it was interesting that they varied so much. I must be thinking of another score, unless ya'all are just putting out your highest.

 

[MichelleCarmen]

Date: 2/20/2009 9:15:53 PM
Author: DivaDiamond007

Date: 2/20/2009 7:59:57 PM
Author: stone_seeker

Date: 2/20/2009 5:02:31 PM
Author: Harriet
Stone Seeker et. al., I agree -- what is wrong with renting? I've been told so many times that it's akin to pouring money down the drain. But, surely something is wrong when the increase in property prices far outstrips the increase in income in a certain area!


DiamanteBlu, want to hazard a guess as to when South FL prices will bottom out?

Ha..throwing money down the drain - kinda like buying a home you cant afford. There is nothing wrong with renting.

I was watching Chris Matthews tonight (against my better judgment but he had rick santelli on) and he always says that if we dont help these people they will be out on the street. That is the part that escapes me. Why cant they rent? Are there many areas were rentals are not available? Foreclosures always find a buyer. These new buyers may just be willing to rent out the home to the family that is in there (called a sale-leaseback) at a very affordable rent. But for some reason, the government rather see people in homes that they own (even though they dont really own it, they are just renting from the bank).

Oh well - another few generations of people who get priced out because we dont want prices to come down from VERY inflated levels. Keep in mind, this only impacts people who bought in the last 3 years - who I assume lived somewhere else before they bought this new home they couldnt afford.

I think this has already been touched on, but if you have bad credit then it can be difficult to land an apartment or house to rent. Granted, where I live, if you have a hefty security deposit you can usually find a decent place to rent.

I think that there is still a stigma against renting. I've had many a person roll their eyes at DH and I when they find out that we *still* don't own a home and are 'throwing our money away' by renting. I think that there are pros and cons for both renting and home ownership.

With all the financial problems people are having, the requirement for good credit won't be as stringent. There's a lot of homes in my area that have gone up for rent now that they're not selling and the owners are desperate. As long as you have first/last, I bet some will rent to people with bad credit. There is a condo in my complex that went up for rent after being on the market and not selling. . .all they care about is the criminal background check.

 

[Dancing Fire]

Date: 2/21/2009 9:26:53 AM
Author: steph72276

Date: 2/21/2009 8:51:57 AM
Author: tradergirl
Mine probably is 600 because I have zero debt and use no credit; ergo, they can''t tell if I would pay on time or not.


It''s not an issue because I refuse to use credit. We have rented throughout this whole housing bubble even though we could afford to pay cash for a house and will pay cash when I think prices have sunk enough. We''re nowhere near that point yet, at least where I want to buy (Santa Fe NM)


I think this business of being held hostage by credit scores is for the birds.

We are like that too. Really the only way to get your FICO score way up there is to borrow money. I don''t borrow money (except for my mortgage), I pay cash for things. You can get still get a great interest rate if you go through a lender that does actual underwriting and uses their brain rather than the almighty FICO score. We have a mortgage at 5%.

not true, i have 0 debt and my FICO is over 800.your FICO score is base on credit available vs debt ratio.

 

[Dancing Fire]

Date: 2/21/2009 8:51:57 AM
Author: tradergirl
Mine probably is 600 because I have zero debt and use no credit; ergo, they can''t tell if I would pay on time or not.

It''s not an issue because I refuse to use credit. We have rented throughout this whole housing bubble even though we could afford to pay cash for a house and will pay cash when I think prices have sunk enough. We''re nowhere near that point yet, at least where I want to buy (Santa Fe NM)

I think this business of being held hostage by credit scores is for the birds.

like it or not...insurance agent friend said...most insurance co''s use credit scores to decide on your auto insurance rate.

 

[hwman]

This period of easy lending and irrational exuberance in the housing market lead to massive over supply in the housing sector. Without the demand there is no where for home prices to go but down. I think NYC drops 40% from today's levels. 30% of NYC's residential market is related either directly or indirectly to Finance, which simply no longer exists. The rest of what has caused NYC to hold up relative to the nation is a weak dollar and easy financing. Both of which have reversed and will no longer provide demand. I know this may sound crazy but perhaps one solution is for the government to step in and bulldoze oversupply of home thus reducing supply and stabilizing prices. Obviously this wouldn't happen in reality but perhaps it would work.

BTW - Stone_Seeker your HW copy is simply, well WOW. The nicest ring I have seen, period. I am looking for the exact same thing. MY gf always wanted the micro pave, cushion cut, halo... We were in Miami happened to step into HW in Bal Harbour and she tried on the 3ct. Wow. I instantly fell completely in love with it. They wanted 270 or so for it. The 5ct was almost 600. I have been looking all over for someone that can replicate it. Everyone says its not an issue but I have not seen any one (but yours) come close to that delicate look. Everyone else seems to use too much metal and it just doesn't come close to what I am looking for. What do you think is more difficult to find someone to make that exact setting or the center stone? I think I may have found a center stone although its 2.23ct I wanted to be somewhere between 2.5 and 3 but this stone is beautiful. Should I keep looking?

I did find one on ebay believe it or not. http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&ssPageName=STRK:MEWAX:IT&item=290291381827. However, it was a second hand ring that belonged to someone who ended up breaking off their engagement and while the ring was fantastic I just didn't feel 100% right about proposing with a second hand ring that cam out of that situation.

I have gone to a few places on 47th street but always feel like somehow I am going to get ripped off.

Where did you find your stone and who did your setting. How do you know if your getting a good deal or not? Also how did you know your Fiancé’s ring size?

 

[Harriet]

Date: 3/3/2009 2:13:27 AM
Author: hwman
This period of easy lending and irrational exuberance in the housing market lead to massive over supply in the housing sector. Without the demand there is no where for home prices to go but down. I think NYC drops 40% from today''s levels. 30% of NYC''s residential market is related either directly or indirectly to Finance, which simply no longer exists. The rest of what has caused NYC to hold up relative to the nation is a weak dollar and easy financing. Both of which have reversed and will no longer provide demand. I know this may sound crazy but perhaps one solution is for the government to step in and bulldoze oversupply of home thus reducing supply and stabilizing prices. Obviously this wouldn''t happen in reality but perhaps it would work.

BTW - Stone_Seeker your HW copy is simply, well WOW. The nicest ring I have seen, period. I am looking for the exact same thing. MY gf always wanted the micro pave, cushion cut, halo... We were in Miami happened to step into HW in Bal Harbour and she tried on the 3ct. Wow. I instantly fell completely in love with it. They wanted 270 or so for it. The 5ct was almost 600. I have been looking all over for someone that can replicate it. Everyone says its not an issue but I have not seen any one (but yours) come close to that delicate look. Everyone else seems to use too much metal and it just doesn''t come close to what I am looking for. What do you think is more difficult to find someone to make that exact setting or the center stone? I think I may have found a center stone although its 2.23ct I wanted to be somewhere between 2.5 and 3 but this stone is beautiful. Should I keep looking?

I did find one on ebay believe it or not. http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&ssPageName=STRK:MEWAX:IT&item=290291381827. However, it was a second hand ring that belonged to someone who ended up breaking off their engagement and while the ring was fantastic I just didn''t feel 100% right about proposing with a second hand ring that cam out of that situation.

I have gone to a few places on 47th street but always feel like somehow I am going to get ripped off.

Where did you find your stone and who did your setting. How do you know if your getting a good deal or not? Also how did you know your Fiancé’s ring size?

The figure I''ve heard is 50%, i.e., back to ''02''s prices.

 

[stone_seeker]

Date: 3/3/2009 2:13:27 AM
Author: hwman
This period of easy lending and irrational exuberance in the housing market lead to massive over supply in the housing sector. Without the demand there is no where for home prices to go but down. I think NYC drops 40% from today''s levels. 30% of NYC''s residential market is related either directly or indirectly to Finance, which simply no longer exists. The rest of what has caused NYC to hold up relative to the nation is a weak dollar and easy financing. Both of which have reversed and will no longer provide demand. I know this may sound crazy but perhaps one solution is for the government to step in and bulldoze oversupply of home thus reducing supply and stabilizing prices. Obviously this wouldn''t happen in reality but perhaps it would work.

BTW - Stone_Seeker your HW copy is simply, well WOW. The nicest ring I have seen, period. I am looking for the exact same thing. MY gf always wanted the micro pave, cushion cut, halo... We were in Miami happened to step into HW in Bal Harbour and she tried on the 3ct. Wow. I instantly fell completely in love with it. They wanted 270 or so for it. The 5ct was almost 600. I have been looking all over for someone that can replicate it. Everyone says its not an issue but I have not seen any one (but yours) come close to that delicate look. Everyone else seems to use too much metal and it just doesn''t come close to what I am looking for. What do you think is more difficult to find someone to make that exact setting or the center stone? I think I may have found a center stone although its 2.23ct I wanted to be somewhere between 2.5 and 3 but this stone is beautiful. Should I keep looking?

I did find one on ebay believe it or not. http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&ssPageName=STRK:MEWAX:IT&item=290291381827. However, it was a second hand ring that belonged to someone who ended up breaking off their engagement and while the ring was fantastic I just didn''t feel 100% right about proposing with a second hand ring that cam out of that situation.

I have gone to a few places on 47th street but always feel like somehow I am going to get ripped off.

Where did you find your stone and who did your setting. How do you know if your getting a good deal or not? Also how did you know your Fiancé’s ring size?

Sorry - I just saw this today. Thanks for compliment. Have you contacted Mark at ERD? He does an excellent version as well. I used a friend who is in the business here in NYC who was abe to source the stone and make the setting. I love the look too. The key is to make sure that it is made with small stones (i used 1mm stones I think for halo) and to be sure they are set bead style. I think I started a thread on this a while back you can search for. The key is to get diamonds all the way to the edge rather than metal. Also, pictures always look chunkier than in person so you need to see it to be sure.

As for your point on NYC real estate, I totally agree. Sellers are still over 1,000 per sq ft and that will come down to 500-600 in my opinion. For Manhattan. Fringe areas like Brooklyn are getting hit hard already since so much has been overbuilt.

 

[Diamond Confused]

This country rewards stupidity and this is just another exmaple of it. If people are dumb enough to spend beyond their means than they deserve to be out on the street. How hard is it to punch a few numbers in a calculator and realize that you can''t afford something? So now that all these idiots are getting free money, I hope that they are sent out into the streets to paint over graffiti or pick up trash on the side of the road. They should be made to pay back the taxpayers in some way.