Blown Mortgage - Latest Comments in If you bought in 2006 its 50/50 you’re underwater

Re: If you bought in 2006 its 50/50 you’re underwater

morganb — Wed, 07 May 2008 19:09:04 -0000

Yeah - Las Vegas doesn't look like it'll be in good shape anytime soon
I-Man. Thanks for the comment!

Re: If you bought in 2006 its 50/50 you’re underwater

I-Man — Wed, 07 May 2008 18:54:11 -0000

And what percent of those who purchased pre-2006 Heloc-ed the daylight out of their house - and now are upside down. As a Las Vegan, I can assure you it is a large number (I think I remember reading in the last few days that Countrywide HELOCs accounted for 15% of ALL LV houses -- add to that HELOCs issued by others and an enormous percentage of Las Vegans were banking of R/E appreciation to bail them out - and now they join the losers from the casinos!

Re: If you bought in 2006 its 50/50 you’re underwater

morganb — Wed, 07 May 2008 14:16:03 -0000

Great point Bill. I think more people need to be aware of this.
Morgan

Re: If you bought in 2006 its 50/50 you’re underwater

blyons2141 — Wed, 07 May 2008 14:13:45 -0000

I would recommend a tax appeal http://thelyonsden.wordpress.com/2008/05/06/mor...

Re: If you bought in 2006 its 50/50 you’re underwater

morganb — Wed, 07 May 2008 11:56:04 -0000

Jack - that is terrible. I'm sorry to hear about that. The depressed
market is affecting people across the spectrum - not just those that
bought at the top...

Re: If you bought in 2006 its 50/50 you’re underwater

Jack — Wed, 07 May 2008 11:45:51 -0000

I bought in 2002 with 20% equity and an excellent deal in Michigan, but I am still underwater for the whole 20% and can't find a buyer!

Re: If you bought in 2006 its 50/50 you’re underwater

Wed, 07 May 2008 11:36:55 -0000

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