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So how much have you lost so far?

dug777

Lifer
Oct 13, 2004
24,778
3
0


It's almost scary, and all of the back of you bloody yanks and sub-prime mortgages :|

;)
 

pravi333

Senior member
May 25, 2005
577
0
0
ya its scary & the feds are not going to step in anytime soon & nobody knows how we're going to recover. Each analyst has a different answer to recover. Lets see how this spans out, and if it drags on for long then ... Still cost of houses haven't gone down in towns with good schools.
My friend is looking to buy a house & last week they had one listed for 825k and the next day they had a offer for 840k!!!
 

AdamK47

Lifer
Oct 9, 1999
13,588
967
126
There are a few people in my neighborhood that have similar mortgages. I suppose it was all they could get so they went for it. The family across from my house depend on the father for income. He drives a Taxi for a living. I don't know how he does it with the mortgage and 3 kids. I guess if you want a house really bad you don't consider the important factors like say, income, so you'll end up signing anything.
 

dullard

Elite Member
May 21, 2001
22,972
1,225
126
I've lost all 4 grandparents and 4 cats so far. I lost a few hamsters, a goldfish, and a hermit crab. I've lost a few people I knew but not well. And, I have been quite happy to know that most of people who picked on me in school have died too. I'd say 4 out of the 5 bullies didn't make it to the age of 20 (all due to their own stupidity).
 

Linflas

Lifer
Jan 30, 2001
15,388
75
91
Yet again:
1. Not a "Yank" you kangaroo stalking freak. ;):beer:
2. Have a 30 year fixed mortgage that we have been paying on time since it was established.
3. No need to sell stock at the moment so I have lost nothing.
 

Chryso

Diamond Member
Nov 23, 2004
4,040
13
81
The thing I don't get is why all these morons took out adjustable rate mortgages when interest rates were at historical lows.
I blame the school system.
 

waggy

No Lifer
Dec 14, 2000
68,145
9
81
Originally posted by: Chryso
The thing I don't get is why all these morons took out adjustable rate mortgages when interest rates were at historical lows.
I blame the school system.
yeah i asked that in a diffrent thread.


1) bad credit
2) do not have %20 down.


but yeah we were could have got a adjustable rate. But i didn't see the point of it it. sure it was .1-3% less then a fixed but it would go up. i don't want my mortgage to go up!
 

mooglekit

Senior member
Jul 1, 2003
616
0
0
Originally posted by: Linflas
Yet again:
1. Not a "Yank" you kangaroo stalking freak. ;):beer:
2. Have a 30 year fixed mortgage that we have been paying on time since it was established.
3. No need to sell stock at the moment so I have lost nothing.
QFMFT

Believe it or not, all Americans can't be grouped into one big couch-sitting, debt-building, constantly complaining crowd of fatties ;)
 

Chryso

Diamond Member
Nov 23, 2004
4,040
13
81
Originally posted by: mooglekit
Originally posted by: Linflas
Yet again:
1. Not a "Yank" you kangaroo stalking freak. ;):beer:
2. Have a 30 year fixed mortgage that we have been paying on time since it was established.
3. No need to sell stock at the moment so I have lost nothing.
QFMFT

Believe it or not, all Americans can't be grouped into one big couch-sitting, debt-building, constantly complaining crowd of fatties ;)
Yeah, some of us sit in recliners.
 

Adul

Elite Member
Oct 9, 1999
32,999
44
91
danny.tangtam.com
Originally posted by: AdamK47
There are a few people in my neighborhood that have similar mortgages. I suppose it was all they could get so they went for it. The family across from my house depend on the father for income. He drives a Taxi for a living. I don't know how he does it with the mortgage and 3 kids. I guess if you want a house really bad you don't consider the important factors like say, income, so you'll end up signing anything.
My dad makes 6 figures driving a taxi. Granted he has 4 of them now.
 

V00DOO

Diamond Member
Dec 2, 2000
3,817
2
81
Originally posted by: Chryso
The thing I don't get is why all these morons took out adjustable rate mortgages when interest rates were at historical lows.
I blame the school system.
Hoping the property they bought will appreciate and flip it to make a quick profit before their rate reset. Unfortunately, the real estate market took a dive and those that bought at the inflated price are holding properties which are worth less then what they paid for without the ability repay the loan once it reset. Like Cramer said It's easier to just walk away.
 

FoBoT

No Lifer
Apr 30, 2001
63,089
12
76
fobot.com
no, this is helps us long term investors that just have our 401(k) buy the same amount every month
the prices are lower, so i get more for the same fixed amount i am investing each pay period

dollar cost averaging/long term/buy and hold FTW
 

Linflas

Lifer
Jan 30, 2001
15,388
75
91
The closest thing we ever did to "creative financing" was when we moved from a townhouse to our current single family house. This was in 1996 which was when we were just coming off the last real estate downturn and the builder was offering something called a 3-2-1 buy down loan. I don't recall what the exact rates were but just as an example our interest rate for the first year in the house was 7%, the 2nd year 7.5%, the third year 8% and after that it would go to 8.5% for year 4-30. In reality the mortgage was for 8.5% and the builder funded a buy down account that covered the difference between the 8.5% and the rate we paid in the first 3 years.

Given our situation at that time once I ensured that there were no hidden gotcha's it was a no brainer. At that time interest rates were still dropping and I could do a VA streamline at anytime if necessary. Rates in fact did continue to drop so right before the 3rd year rate was due to kick in we did a refinance to a standard 30 year fixed rate mortgage. The key was making sure that we could afford the payment at 8.5% if it came to that and that there were no penalties for refinancing.
 

alkemyst

No Lifer
Feb 13, 2001
83,967
16
81
Originally posted by: Linflas
Yet again:
1. Not a "Yank" you kangaroo stalking freak. ;):beer:
2. Have a 30 year fixed mortgage that we have been paying on time since it was established.
3. No need to sell stock at the moment so I have lost nothing.
Is he still stalking if the kangaroo consented?
 

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