If Banks received a huge bailout to buy bad loans-why cant the people keep their homes? the banks get both?

With Banks receiveing 850 billion and now I see they are looking for another 800 billion-why is it that the people who bailed them out (taxpayers) are losing their homes? Was the bailout not ment to buy up the bad mortgage debt? why does the bank get the land, the payments from the people who were trying to pay their mortgage and over a trillion dollars that you poor hardworking americans will never see again.

because the banks can pay back these loans.

The people that put $0 down, and got a rate a 1% hoping their house would go up in value so they could afford their loans, cannot

it isn't fair to paying Americans that did not over spend on a home and were prudent in their finances

Because those people who are losing their homes didn't pay their mortgages. The bailout was to bailout the bank...not the People. Those people shouldnt have gotten the loans to begin with since they couldn't afford them.

How much tax is assessed on money pd. by the hwy. dept. for land attached for bldg. of interstate & damages.?

The roads dept. is extending an interstate hwy. in front of my property. They demanded a piece of my land, and made payment to me for it and for damages to land attached to the piece they took. The bank through which my land was mortgaged took 1/3 of the money.

You will have to figure the size of the entire property, divide in square feet and divide by the value of your property. Go with the value at the time of sale and not the amount mortgaged.

The only tax I can think of being involved would be a capital gains tax. If you paid $20,000 for some land, and the highway department paid you $25,000 for it, then you would owe capital gains tax on the $5000 gain.

So, it depends on your "basis" -- your carrying cost of the land that was sold.

You didn't ask, but in case this helps: the bank took some of the proceeds because you sold some of their collateral. That is perfectly ordinary. However, the amount a bank will require is often the subject of some negotiation. It depends on the value of what is left of what you own, relative to the balance on the loan.

Good luck.

Is it better to get a long thru a finance company or a bank?

for a land loan?

Between the two options you present, a Bank is the best. Personally, I prefer a Credit Union instead.

You should get a loan through a company that will not resell your loan. Loans they don't resell are ones they think will be a safe investment. This is good for you too, as it means statistics indicate you are in a good position to pay off the loan. If you're a bad investment, such as having to do risky loans, the banks just make the fees on you and sell them off. If you're in this catagory, then you really shouldn't be getting the loan in the first place.

The problem with Finance companies is they are in the business of making the loans and then selling them off. This means they have no interest in making good loans. They only have an interest in making the fees and meeting minimum qualifications set by their loan buyers.

I like to purchase a land with buildings for that can i get any mortgage from banks?

Yes sure subject to your meeting eligibility criteria.

ya deps on the area

t&c apply

pl ans my q?

I paid off 10 acres of land in Florida, what should i do with it?

I own a small house in va and i plan on selling it in 1 year and moving back to florida. I should make 20-30 thousand.

The land in Florida is nearly paid off, zoned residential, and valued at 80-90 thousand dollars. Raw land.

Can i get more house for the money to build one or buy an existing house.

Also when i do buy another house should i sell the land and use the money towards the new house or use it as collateral.

Will a bank use land as collateral?

Thanks for the help!

well you have several options you can go.. you can use the money has a down payment and have a home built on the land.. you can get a good used trailer and put it on it for around 20,000 or you can used the land as collateral for your home to be built.. but most of the time when you move.. unless you have a field like doctor.. nurse.. maintenance.. what ever.. the field you have if you had if for a while if you get a job in the same field they will still loan you money.. at least that what i was told .. by a friend of mine that moved from one state to another.. one more thing you can do is call a mortgage broker and explain to them what you want to do and they could tell you what they think..but i live in Florida.. and the market keeps going up every year..or you could sell both and buy a home.. do a bit of research on how much they cost in that area..

do nothing to it,the taxes are cheaper,wait for someone, some year offer to buy it

uhh.... if u have the money, you can hire some construction workers and build houses. then you sell houses and make big bucks! lolz

I cant sell my land or condo in tampa florida?

I cant sell my land or condo in florida..market is terrible. Hence the pain of making these mortgage payments. I'm barely making it. Paycheck to paycheck. Whats worst is the interest only payments on my condo. I live in it. But big deal. Not building equity and cant refinance either--- too costly. I will never buy property again! Everyone talks about how great it is to own property? Where are perks?? Both properties are cash cows eating away at my savings. Im better off renting and getting rich. If I would have stayed renting I would have saved 50k in the bank! Now instead, im just 150k in debt! Home ownership isnt the American Dream. Its the american nightmare. When you are making mortgage payments the bank owns it. They are just waiting for you to foreclose.

Renting is the greatest! I wish i was a renter again!..No more taxes, association fees, maintenance, and Insurance costs! What a waste of money. I need help.

Dont know what to do. Need help.

If you bought a home/condo on an interest only mortgage and you could barely afford the payments it sounds to me like you bought a home that was too expensive of a home for yourself. Homeownership can be a wonderful experience when you are not stretching yourself so thin financially that you have to live paycheck to paycheck. Unfortunately property in Florida hit a big bubble quickly because of the ridiculous appreciation levels that were happening down there. Everyone saw this coming except for those buying up real estate thinking they were going to make sooooo much money so quickly because of the 20,30 and 40 percent appreciation rates in Florida. Now everyone is stuck with property that is overpriced and they are having a hard time selling . You are not alone down there in Florida as this same situation is arising everywhere. Trust me the bank is not just sitting back waiting for you to miss some payments so they can foreclose on the home. They are going to lose a lot more than you if they have to foreclose on your property. That is the last thing that they want. My recommendation to you is to put your home and you land up for sale immediately if they are not already up for sale. Find a Realtor that is knowledgeable in the area of "short sales" and have the Realtor contact your bank about having them agree to letting you do a short sale on your property. A short sale is where the bank will agree to accept less than what you owe on the home, if you are unable to get enough to cover your mortgage. Obviously, there are limitations to what they will accept and once you have a bid you can make your request for the short sale from your lender. Best of luck and I hope it all works out for you soon.

You yourself turned the American dream into the American nightmare. You bought on interest ONLY ? Oh wait. Let me guess. You just KNEW that you would gain equity because property values would continue to skyrocket forever. Apparently you had no intention of developing equity by reducing the principal amount you borrowed. And you bought land because that would continue to skyrocket in value as well. Hmmm.....

Those who were naive enough to think that the bubble would never burst are now paying the price.

You are now in a very ugly situation. Your options are to continue paying or to let the lenders foreclose the property. If you choose the latter, good luck finding a place to rent with a badly tarnished credit history. And next time, assess your financial moves a bit better before jumping off the bridge without a lifesaver handy.

In order to be successful investing in real estate, you have to be able to hold onto it if need be, which means you have to be able to make the payments no matter what. This usually takes a lot of sacrifice in your daily lifestyle, no extras because you have to maintain your investment(s). It is a lot like the stock market, once you put money into it, you have to ride it out for the long haul to make money most of the time. If you can afford to hold onto the properties they will appreciate in time. If you can't afford to do so, you need to lower your asking price to the minimum in this depressed market. You may need to work with another realtor who has a better handle on the changing market as you are probably overpriced, and see if you can find a finance company that can offer creative financing for your parcels, such as lease to own. Also you have to make sure that your condo stands out from the others, it should be staged, spotless, and any upgrades ( even paint) you can afford should be done. This is a bad market but in the long run the properties will increase in value. Renting is the ultimate waste of money, the problem is that some rip-off predatory lender let you get in over your head, they over mortgaged you without your best interests in mind, all they care about is their commission. Fortunately laws are being created now to stop this nonsense, as too many folks are stuck with a bigger mortgage than they can afford. There are re-fi's out there that have no fees at all, such as one offered by DiTech, if you search diligently you can find one that has no out of pocket fees, they do exist. This may help to get you back in line with your monthly payments. Also you may consider going with a realtor that charges a flat fee, such as Help-U-Sell, where you aren't losing such a big chunk of change to the realtor. Best of luck to you and hope this helps.

This is what happens when you buy at the top. It will now take you years to just break even, that's if the bank does not take it first.

I am very familiar with your situation, especially around Tampa Bay. Margie was right - you need to be investing for the long haul. The "flippers" had short-lived success, and many of them got caught with properties, like yours, that they can't sell when the market changed so abruptly. The condo market dropped over 40%. My first advice, do everything possible not to go into foreclosure. Your credit will be ruined for many, many years. You may qualify for a short sale in which a realtor, short sale consultant, your lender, and you will work together to sell your property. Certain criteria must be met, but it will save your credit. Please investigate these possiblities. You will not make any money on the sale of your home, and the cost in selling will be minimal.

As far as renting, it does serve a purpose but does not build any kind of equity or wealth. I understand that you got burned in purchasing, but you've learned a valuable lesson the hard way! It won't happen to you again because the knowledge you've gained has opened your eyes to the bigger picture of real estate investing. Best of luck to you!