Question: Have You or Anyone You Personally Know Been Affected By This Credit Crisis?

reply to post by Subversive_Populous


Holding steady, amazingly not dropping as much as oil is. Also a topic oriented article for all.

biz.yahoo.com...

hey guys, myself i dont know anyone...But on the itv about 3 weeks? maybe 2 there was a doc about how people here in the uk are finding it hard to cope with money it was really sad to be honest and i know people do find it hard. Story ....My partner was a estate agent ..(yer i know what you are thinking) now she has a company that buys homes off people who cant afford them and sells them on to investors (called below market value) she buys them at 25% below market value (bmv) and rents it back...this week she had 92! and it keeps going up every week (this is uk wide. i manage her website and we get american people applying to! i blame the media...well and truley. They put fear into people and people agree and worry and see food going up 44% ...petrol here in uk is 1.06 a LITRE! thats like 5 pound odd a gallon (10 dollars a gallon?) ( its late sorry for maths! ) so i see y people are like this.....

one thing i have learnt over this last month

"its a dog eat dog world"

reply to post by forshow


Theres alot of that here to, not at 75% though usually around 65%. Alot of people got in trouble over this too. Billions will be made by those with cash in this market. Stay on her good side your worth may go beyond you can imagine soon. congrats!

reply to post by forshow


Ouch, many of those businesses (foreclosure rescue) here in the US have been scams. Part of the problem and not the solution.

Here's a link about it with more links at the bottom of the article

www.fraudguides.com...

Thanks anotherdad, It sucks to be honest but like everyone we are in the same boat. Just got to fine a niche and that is one. Ive seen homes in america that are scary cheap like over here our house is worth when the market was good 140,000 3 bed,3 story, nice area (280,000 dollars?) now 140,000 dollars in california 4 bed, our door pool! crazy stuff! do you or anyone think that some form the senate will quit over this bill? like ron paul ...?

yerrr i see your point with the scams! but the investors here offer to buy the house and rent it back to the people/family living there. The investors are just waiting for the big wave to kick in again to earn money off the investment...NOT to con people.

reply to post by forshow


Very glad to hear that. So people there are told straight out that they cannot buy the home back, but they can continue to rent it and live in it, right?

reply to post by forshow


Don't apolagize for what you do, in the new market you will be the ones hiring people and increasing employment.

Senators resign...H*&l no. to much money to fight, go with, complain or scream change while doing the same thing.

They have the right to buy back, of course. but its surprising how many people here in uk dont want to buy a home they just want to rent one. At the end of the day im not saying these people who buy the homes are angels, saints from god! but i am saying if i knew my house was going and knew my a&* was gonna be on the street id sell and rent it damn right ubtill i could afford it. it saves people time to, the housing market here is in trouble (like every where) im a web designer and ive seen companys go bust..ones i work with like graphic design companys who i out source work to. shame im not making enough otherwise id buy some out.

*sits thinking* i wish zeitgeist addendum would hurry up and upload!!!

been waiting all day for it!!!

reply to post by forshow


My home is for sale and i'm not buying right away, i will rent a year or two until i see my investment will pay off. Let's see....

450k mortgage at 3k a month
$1800 rent

i save $1200 month and lose no equity. no brainer to me.

1200x12+14400
450 going to 400 = 64400 gain.

OBTW being a mortgage broker this year i dont need tax rightoffs, already got em.

and in the meantime clearing 3800k a month

you go boy. or girl.

holy s$^^ anotherdad you mortgage is .....1500/1600 pounds a month?!?!?!!? you should move here! your house is a masion!?!?!

yer i know what you mean anotherdad it is a no brainer!
can i be cheeky and ask what you do?

Boy btw

reply to post by forshow


Not a mansion just an expesive community, finding good schools for the kids as i now know cost as much as private school. Also bad decisions on my end so feel no pitty for me.

BTW: mortgage broker (ouch)

ooohhhh mortgage broker, you doing business still?

yer thats true i havet got kids...to expensive!!


all the news goes on about here (cnn,bbc news, sky news.) the credit crunch....credit crysis....credit turmoil hahaha i cant wait to see what happens next in the world! with all this rubbish the MSM are feeding us here...its as bad as china.

im off to sleep now its 1am c ya anotherdad ......be safe!

I know this is an older thread, but I was at a loss where to post.

Here's something that happened (is happening) to me:

I remodeled my kitchen. The contractor pulled a permit, which alerted the city, and they RAISED my taxes based on an increase in property value.
At the same time CITI-Bank, the mortgage lender, sends a lovely note saying (and I'm paraphrasing):
"We looked up the least valuable property in your neighbourhood using an on line property value program. We found a house in your neighbourhood that's worth a whole lot less than yours, so we've slashed your equity line of credit from $170K to $10K."

So according to the city, my house is worth MORE, according to the lender it's worth less. Who's right?

So after speaking with CITI-Bank about this, they tell me that I can appeal - but I will first have to have my house professionally appraised. It appears that they can look on line and find my property value, but I have to get it "professionally" appraised. Here's where it gets interesting...

I cannot get any old appraisal. No, sir. I am provided with a telephone number for a specific company. This company charges approximately 60%-70% higher than the going rate for an appraisal.
I need to use their company to get a professional appraisal to "appeal" (not reverse) CITIBANK's arbitrary reduction of my property value.

Now, where are the city on this? They are not getting involved. They get more taxes, remember?

Well, I don't know where you live but maybe, if you have enough credit and dough, you should head out to San Diego in the evening sometime and look around at some church parking lots. You may be amazed at what you find. Many parking lots are being turned into nightly dwelling places for thousands of families that are being affected by this downturn.

They park their cars, live out of them, but have to leave during the daytime hours.

This is happening more and more throughout the country. Here in NW Ohio it is getting very bad. So yes, I do know of quite a few people being affected by this crisis.

I understand what you are trying to get at but you must look beyond your nose as some of my best managers have taught me to.

I'm in the rural Minnesota area, for work were up for the year but we usually do well in hard times, however the amount that were us has been sliding this last month but were still up.. just not 15% or more..

Health insurance is skyrocketing, and next year the company says no low deductible will even be a option at any price.. so we only have the high deductible available , with a deductible of 8 grand!!! and still costing 200 bucks a month..

Now for city dwellers where incomes for the same profession is 50% higher it may not seem bad, but in rural Minnesota the pay scales are much less than and city location, i could double my income by working in a city. However i like rural life ... good for the stress levels.

As for credit.. get credit card offers every fricken day, even get pre-approved loans and home equity applications weekly.. its insane..

I dont see andy credit issues, however i see inflation starting , prices onthe daily stuf seem to creap up every time i go into a store.. that and other tricks, for instanc i had a box of pasta from 3 months ago, bought a new box, same price, the box is 30% smaller by net weight.. yep they not only increase prices there reducing what you get for the price.

Needless to say pasta keeps forever, so I'm stocking up on stuff that stores very well, because inflation is expected to make everything double with in a yer with the current economic situation.

As for other effects.. my slef and my parrents are making plans and stockpiling what we can for the event of a depression, grandma said this looks like what she say back in the 30's, and sadly she had it pretty good in the depression they had work and income and she said they were one of the lucky families that had income.

So has it effected me, yes I'm doing everything i can to prepare for whats to come. But i have not seen any major happenings yet, but think they will come.