Ownership Day!

A meeting place for regulars to discuss the lighter side of old-houses.

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Re: Ownership Day!

Postby catgb56 on Fri Mar 13, 2009 8:01 am

Big time congrats going out to you!!! How wonderful!!! :D :D :D :D :D

Now with the money that would have been your monthly payment - let's see....new "old" stuff for the house...let me help you spend!

Congrats again!!!! :D :P :D :P
"You may say that I'm a dreamer; but I'm not the only one. I hope someday you'll join me and the world will live as one." - John Lennon
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Re: Ownership Day!

Postby Don M on Fri Mar 13, 2009 1:17 pm

Excellent, Congratulations! :D Don
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Re: Ownership Day!

Postby dfiler on Fri Mar 13, 2009 3:04 pm

Congratulations!

I can just imagine the happy dance. Last week I finally paid off the first new car I ever bought. Upon receiving the title in the mail, I did the world's stupidest happy dance. So happy that anyone could have watched, I wouldn't have cared.

Getting a house paid off? Heck, I'd be doing victory laps around the block with arms held high!
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Re: Ownership Day!

Postby KSR on Fri Mar 13, 2009 6:24 pm

Thanks to all! Yep, I was so giddy about it the day we went to see the banker to make the transfer that I started giggling as I was talking to her and had to explain why.
utopia13, I've never seen that particular smiley, what a hoot!
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Re: Ownership Day!

Postby S Melissa on Fri Mar 13, 2009 9:19 pm

KSR!!! congratulations! Remember back in the 50's when they'd have a "mortgage burning party?" Well, that might be something to do - be sure it is a copy in case some bureaucrat needs to see the document in the future! But, in the end, it is a very secure feeling to know that no matter what, the house is yours. Now, with all the mortgage money - you can buy what you want for the house, go on a nice trip, feed the cats, build up a nice nest egg, retire early . . . the list goes on. So celebrate sister - you won the war! :D :D
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Re: Ownership Day!

Postby lavender_bush on Fri Mar 13, 2009 11:29 pm

My mother in England keeps a total of 10GBP outstanding on her mortgage, this way the bank keeps the documents, she doesn't have to rent a security box or worry about losing the documents in an a fire/flood.

We really should copy ours onto a DVD and store them off site.
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Re: Ownership Day!

Postby BobG on Wed Mar 18, 2009 8:19 pm

KSR wrote:utopia, I'm cracking up at the rowdy army of cheering smilies! We're going to go out for dinner for sure, but I don't know what else-? It is a little sobering to hear that the statisticians have now increased the number of foreclosures around the country to 1 out of every 4 homes...gulp! I'm glad I can tell the Old House people, because I hesitate to make a big deal of it to my family since my sister lost her job of 12 years last about 10 days ago, and my other sisters are having health and elder care problems with potential $$$ impact.
When we got the last monthly real estate listings I found myself scoping out the old fixer-uppers...save me....



First, congrats on paying your home off early!!! GREAT JOB, and I think a mortgage burning party is in the works for you.

BUT, .... your "1 in 4" statistic is at best completely FALSE. About 4% of all mortgages today are in some stage of forclosure. While higher than average, it's hardly close to 1 in 4 homes, especially when you consider that there are alot of people out there like you who have a paid for home.


Again, though, Congratulations on doing the smart thing.
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Re: Ownership Day!

Postby Steve in MA on Wed Mar 18, 2009 8:40 pm

Actually, about 1 in 8 homeowners with a mortgage are either 30 days in arrears or more, or in foreclosure, according to the Mortgage Bankers Association as reported in the WSJ. By the end of 2010, between 17 and 20 million households will be underwater on their mortgages, with the biggest future increases in upside down mortgages coming outside the big bubble states like Nevada and California. So full on ownership is more worthy of celebrating than ever before.

By the way, one old tradition was to take out your newel cap, pop the deed in the post, and replace the old cap with one made of crystal--so everyone who entered knew your house was paid off!
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Re: Ownership Day!

Postby BobG on Wed Mar 18, 2009 8:56 pm

granted, the number moves up dramatically if you add all mortgages that are delinquent by 30 days or more, but the 4 percent number just reflects all mortgages in some stage of forclosure. At the end of 2008, there were close to 6 percent of mortgages at least 90 days in arrears, but that were NOT in foreclosure proceedings yet. Given that number, it wouldn't surprise me that there are about 12.5% of all mortgagors who are 30 or more days past due. That, however, doesn't change the foreclosure percentages. Typically, banks don't initiate foreclosure proceedings until the mortgagor is 120 days past due.

The number may actually stay (artificially) relatively constant for a while, as Fannie and Freddie, who own about 50% of all mortgages out there, have put in place some sort of moratorium on foreclosure initiations for now.
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Re: Ownership Day!

Postby Steve in MA on Wed Mar 18, 2009 9:16 pm

I know--forbearance will just drag things out. The housing market will not be healthy for many years. At least now people are starting to realize that the true benefit of owning a house is retiring without a mortgage--not pulling equity out until there's none left.
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