forclosures up 97%

[striperman36]

Originally Posted by GattaFish

The lenders are to blame,,, They were the predators who came up with the loans and sold people on them.... Most don't know much about a mortgages since they rarely go through the process and all they wanted was a big house they were TOLD they could afford.

Now,,, I won't feel bad if one of those Vacation homes on the water goes into foreclosure,,, So lets find one and do some fishing,,,,

I believe a lot of people were convinced they could afford something more. I had several people try that when I was looking in the eighties with low rate with a balloon after 5 years. I didn't do it.

I did refinance in 91 to a 15 year 4.125 2 point mortgage. I am good.

[Swimmer]

Its very difficult blaming the borrower when they looked at it like it was thier only chance ever at having a home of thier own.

The frieking lenders are predators though. Borrowers were fish in a bathtub to them. Phonying up down payments, getting people to go to city hall and pay a fee to register a non-existent in-home business. Lenders will not end up in jail and I think they should.

When the lenders do something so egregious that it throws the whole country into a slide then they should PAY.

[Raven]

Originally Posted by Swimmer

Its very difficult blaming the borrower when they looked at it like it was thier only chance ever at having a home of thier own.

when the lenders do something so egregious that it throws the whole country into a slide then they should PAY.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
if not pay they should have to offer refinancing thats within the borrower's budget...
.........
and in my case the mortgage broker said don't worry we'll get you refinanced in a few months at a much more affordable rate...

yeah right....

then it got changed to five months, then 6 , and now there's talk of even another rate decrease besides the 3/4 that just got slashed and it still doesn't seem any easier to find refinancing as the economy
just gets worse and worse.... by the day

i am so disgusted with this whole
friggan process...it's beyond words...

[zacs]

unfortunately, it became difficult for new borrowers to re-fi due to the falling real estate market. The bank will not finance 100% of the value of the home in a normal mortgage.

so when you financed $240 for your $300K home, which now assesses at $250, you are screwed and can't refinance if you owe a penny more than $200.

is this what is happening to you, Raven?

[Raven]

Originally Posted by zacs

unfortunately, it became difficult for new borrowers to re-fi due to the falling real estate market. The bank will not finance 100% of the value of the home in a normal mortgage.

so when you financed $240 for your $300K home, which now assesses at $250, you are screwed and can't refinance if you owe a penny more than $200.

is this what is happening to you, Raven?

different numbers but essentially ........ yes

i'm sooooo close to making this farm run like a cheetah
and if things don't get better soon i'll loose my only opportunity.

if that were to happen.... my life would just end
because it'll surely kill me.....DEAD same as a bullet would.

[spence]

I'd think you'd have some leverage if you were doing the re-fi with the same bank and you had a good payment history. It's in their interest to keep your interest payments going! Banks don't want to own houses...

-spence

[MrHunters]

Originally Posted by Raven

different numbers but essentially ........ yes

i'm sooooo close to making this farm run like a cheetah
and if things don't get better soon i'll loose my only opportunity.

if that were to happen.... my life would just end
because it'll surely kill me.....DEAD same as a bullet would.

woh man... take it easy... nothing is that bad. just have a few