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They're Baaaaack....
"Own For $0 Money Down!"
It took nearly a decade, but "owning" a house for zero money down has finally come back.
As seen on the SE corner of S Fort Apache and W Warm Springs Road in Las Vegas this morning, where the amount of new construction is off the charts, and where, as a reader notes, the builders - just like the CEO of Schlumberger - have realized the "recovery now appears to be delayed" and as a result "are just rushing to offload all inventory before the upcoming wipe out"...
h/t Shelley
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Full Recourse Idiocy!!
RIPS
and of course its near vegas, where theres no fuckin water. Sorry, but if you do this, you deserve whatever happens. Unfortunately, when these loans inevitably go belly-up, they will have first found their way onto some balance sheet that makes this the US taxpayers problem, same as always
Great way to keep this recession going!
Layoff / Closing List: http://www.dailyjobcuts.com
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Free rent!
Buy it. Don't make payments. Live in it for years before being evicted. Just before being evicted sell all the copper in the house for $$.
Buy another home ...
The home-flipping "experts" have been adverstising hard on AM radio for a couple of years now.
Same here.
"Hi, I'm a douchebag promising you that my get rich quick scheme will work! Now, show up to my seminar and buy my books and CDs!"
When is the fake housing market going to finally lay a turd. I have been waiting for 5 years to buy a house but I refuse to pay the stupid prices that I see here in Los Angeles.
No Copper. They use plastic PEX for plumbing these days. They're on to it!
There is still the wiring, if they didn't use aluminum.
Make sure the builder throws in the appliances when you buy. They should be fairly easy to resell. Same with the A/C, garage door openers, lighting fixtures, and faucets I would guess.
Jeez, who even needs copper pipe to turn a profit nowadays!
I have seen houses fully stripped last go around. Bath tubs, door frames, duct work, anything nailed down was taken out. Basically just the frame of the house was all that was left. One particular version of this scam moved to a house a few blocks away to do the same over and over and over.
I heard a problem with pex is that the rats will chew through it. So install plex, line with peanut butter, release some rats.
How to legally discharge bank debt.
http://www.mindwarpsectorfour.com/creditcard.html
"Own..." is knd of a tricky word here.
Tax payers are about to take it up the Keester one more time. Tax payers don't show any resistence, just lie there and let it happen
It's the American two-step:
1) lube up real well; and,
2) bend over grab yo' ankles.
All the losses will be forced up yo' poop-shoot!
It's the American two-step:
1) lube up real well; and,
2) bend over grab yo' ankles.
It's called BOHICA . . . Bend Over Here It Comes Again.
*grab yo' cankles
BENT OVER :: It's called the Freedom Position.
SPREAD EAGLE, PALMS AGAINST THE WALL, WITH POLICE PISTOL AIMED :: It's called The Patriot Position.
AMERCIA!! Jesus' Favorite Country!! © (A-mur-CIA)
The bitches were asking for it!
Every day the number of tax payers gets smaller. Resistance is futile.
The government doesn't need taxpayers any more. It has printing presses.
Looks like the Vegas market has really recovered, eh?
That is because tax payers are dead and the government loves necrophilia.
The same goes for "money"
They are the bank
That should work out super great!
Short LEN
Time to look at SRS yet again?
As someone who lives in Mountains Edge, the SW part of Las Vegas, the home building is off the charts. It will not end well.
Out in my area, there's a parcel of land being developed into single family homes with lots starting at $400k.
It's a flood plain!
And the county et al have approved. Payola anybody?
Yeah but when it floods and destroys all the homes, think of all the broken windows there will be to stimulate the economy!
So you're saying there's plenty of water?
Shut up and take my money!!!
Waterfront property always has a premium.
Maybe a mild difference between waterfront and underwater, literally and figuratively?
Might be a good locale for a new ServPro franchise.
Flood plains have a tendency to be good, fertile soil too.
Yo, VIP, let's kick it!
Rice, rice, baby! Rice, rice, baby!
Conducted and formed
This is a hell of a concept
Own for $0 money down. Kinda gives the word own a bad wrap.
More like $0 security deposit on your new 30+ year (after many refies) rental.
Owned for $0 Money Down!
Hey assholes, there's a drought going on, stop building houses in the desert! Somebody once said something about building your homes on sand.
Funny, dark clouds rolling in and all, how apropos....
Too bad Sam Kinnison isn't around to "discuss" this.
https://youtu.be/bjO7QMP4h-Y?t=2m44s
R.I.P. Sam was one of a kind, that's for sure. Not exactly the person I was refering to, but he will do.
Don't worry, El Nino is coming to save CA, NV and the rest of the west from drought!
https://youtu.be/IvmeUStFvz8What will that sign say when we have negative rates?
GET PAID INTEREST TO TAKE OUT A HOME LOAN!
How will that work with an interest only mortgage? They pay you to keep their house painted and vagrant free through the coming great depression?
GET PAID INTEREST TO TAKE OUT A HOME LOAN!
I'll take two please . . . .
Yup. I saw a big poster on the local Rob-a-bank on the way home from work yesterday advertising that that getting a second mortgage is a "thing" again.
$0 money down?
Kills me every time thet refer to a debt based promissory note as money.
"let me show you how to flip houses and make millions just like me...
go to www.thiscountryisfuckedbeyondrepair.ameridumb
to get my free DVD and sign up for my free Suckerthon coming your way soon...
See you there!"
-Velvet Jones-
All backed up by the hard working American taxpayer so sell them as fast as possible, take your profits and pass the losses onto Joe the Plumber.
Ain't Merica beautiful!
Ain't it a beaut ? Rather attractive indeed I say.
Joe the plumber and other construction trades should have made a killing over the last few years. Joe the greeter may have some issues moving forward.
Best news evar
The clounds are looming in the picture as well
I'm holding out for 120% loan to value mortgages
Can't buy a desert property, because a oasis water tax will follow. Fuck them! Why not use that property as a wildlife sanctuary to preserve sand.
/LOL.
I'd consider no money down and no payments for 30 years.
How about financing on a Century Bond IOU?
In my area they usually advertised 40 year mortgages in the last real estate run up, just before it all fell apart.
The other variation was 125% LTV mortgage, so people could use the 'extra' money to pay the loan for several months before the money ran out, and then the foreclosure started. Of course, some people didn't do that, but those are only a small number of people.
Dejavu. This is going to be a spectacular housing collapse. I hope I still have enough money to buy a house when they are dirt cheap. If you can get in between when the banks repo everything and Bernie or Hillary comes to pull the rug out from under you to save the EBT holders, you may get to enjoy a inexpensive paid for house for a couple of years. Maybe you can rent one out to someone holding government rent vouchers before the gov goes bankrupt and your tenants shit in your basement and burn the place down.
You always have to look at the bright side.
Since you'll never actually own the home (try not paying property taxes), what you say is a great way to get cash flow. Buy the houses at market crash, then fill with mortgage payers and pocket the difference.
Agenda 21 failure again.
Cool, no what about no doc's?
Also would like 120% LTV.
Then load up on all the PMs you can and default.
The criminal behavior is back and larger than ever.
Great way to get the homeless off the streets!
Don't forget the work visa in another country so you can start out with fresh credit somewhere else. Who could have seen that coming?
All your base are belong to us.
Called the number...nobody answered....Recovery !
There HAS to be a way to consolidate a student loan into a $0 down home loan.
David Foster...Ghetto tracker. Watch his video. Hilarious!
http://knowyourmeme.com/memes/sites/ghetto-tracker
So what? Some lender is willing to lend at no money down and take that risk. Who cares? There is nothing magical about a 20% down payment. It was part of our US financial culture for a while, just like how in some countries you bring a suitcase full of money to a closing, or how in some countries you typically have longer or shorter mortgages. Absent fraud or coercion, a down payment amount is between the lender and the borrower.
Absent fraud or coercion, a down payment amount is between the lender and the borrower.
Absolutely!! I know there are a LOT of people out there that could actually reduce their monthly housing costs by being able to buy a house instead of renting but they haven't been able to do this because of the stringent 20% down requirements that have been in place since 2009 or so. There is a big difference between being able to afford the monthly mortgage payment and having $30-50K in cash to put down on a house. With rent going through the roof in most areas of the country the lower down payment requirement seems like it could be a great help to a lot of people in reducing their monthly housing payment.
Also, it seems to me that the last time there were problems with all those under performing mortgages it was because the lenders were allowing people to get mortgages without doing the due diligence to make sure they could pay the monthly payment. The problems were not related to reduced or zero down payment requirements.
Your comment is absurd. First of all it wasn't just the zero down crap. It was the zero down 120% LTV interest only for 3 years farce, and the fact that banks let buyers use their houses like ATM's to take out HELOC lines of credit against their ponzi equity.
Owning property is entirely different then renting it. Property taxes, insurance, upkeep, ect... If someone can't at least come up with a reasonable down payment what are they going to do if they suddenly find themselves in a cash pinch? Do you actually buyers looking for a zero down deal have 20% in the bank saved for a rainy day?
Home ownership was never meant to be month to month ,hand to mouth proposition. Most of those buyers know they can't afford the property and plan to walk away with as little financial exposure as possible, when they default on it.
VA mortgages have offered zero-down (and no PMI) for decades yet they are the best performing fed.gov backed loans, even though the first meltdown.
Yeah, I guess you wouldn't want the mortgage to be longer than the avg. life span.
vote Bernie - he'll give us FREE HOUSING !! I want my FREE STUFF - its my RIGHT just for being born American dammit
You wont need to be born American. Shortly they will probably steal everyones 401K to pay for EBTs and housing vouchers for the waves of immigrants that will let in from Mexico, S America and the ME collapsing. It's only the right thing to do.
Give them Detroit? Would that be worse than what is there now?
You should try using your brain once in awhile. The people buying those houses, are stupid White people like you. They turned Summerlin, a desert into a green valley. It's more green there than in South Florida. The whole of Paradise with ample housing and commercial space is falling into disrepair, yet they keep moving White people farther and farther into the desert like cockroaches.
There are new shopping malls in the foothills everywhere yet the old ones are just sitting there empty and these slum kings don't even bother picking piles of garbage that accumulates there.
lmfao. This has Tom Vu written all over it.
This is a bizarre definition of 'ownership'. Just as the availability of 5x joint income or 105% mortages in the UK, or ' multiple generation' loans in Japan were clear indicators that house prices had surpassed bust levels, this is a sign that the only way from here is down. Hard.
Bag holder is the term you are looking for, not owner.
I'll wait till negative rate offsets the premium. Free housing bitchez!
"Own on a loan"
is an oxymoroan.
It makes me garoan!
I want to own the MBS on this! I'm going to be bailed out! Oh boy!
"Too much cheap money in the system". That always leads to this sort of crazy thing! Developers and their investors were chasing a return above zero. So they build houses in Vegas! The money is cheap for developer and investor, money is cheap for the buyer. What we will have is another army of underwater home buyers begging Government "Please , we need a bail out". or "Obama gonna pay my mortatge!" Which ever way you look at it, the money printing, ZIRP, financialized, manipulated markets spell disaster.
Capitalism without self correct in just a fancy dress version of Communism. Central Bank has come to mean Central Committee of the Communist Party". Only this revolution was by the 1% for the 1%. I challange someone to argue that that this was not "A Revoultion From Above" "A Revolution of the Elites against Civil Society". Face it, Lenin and Stalin have been replaced by Central Bankers.
Storm clouds are building in that picture.
My realator was trying to get me to buy a house 5x the amount I was shopping for. "You can afford a lot more house..."
Yeah, but I DON'T WANT TO.
Living within or even under your means? Un-American!
5X realator commission. 5X upkeep on the house. 5X less freedom in other ways due to enslavement to mortgage payment.
Your realator is rude and obvious. Get another one, closing will be hell.
She was instrumental in getting me on the terrorist watch list and the no fly list.
you have to bring your own water
0 money down, 120+% loan, and the extra cash stuffed in stocks with gains used to pay the expenses. What can possibly go wrong...
Live on the edge of Phoenix. There are at least 500 homes under construction in a three mile radius of where we live. Never seen anything like it. The development next door they have 100 houses framing and plan to build another 1000 there.
Property taxes went up about 10% this year as well. No idea who has the money to buy these houses except those retiring to the area. Will not end well.
They are Baraaaaaaack!
It's not enough. The ads have to offer a house AND money.
LOOK at all those NINJAs lining up to buy!
Going long 10 rental properties.
"Invisible hand of market" does what it needs to.
Why suprise?
this is all good until you loose your job. Choices: Walk away, debt slavery, some HAMP program (crock of shit nonsense)
i think i'll sit out this dance
Or... wait one year and buy for 2/3 the price. Or two years for 1/2 price. Or three years for 1/3 price. Inflation adjusted, of course!