oh yeah, the house I was going to buy turned out like that....We moved in and everything then the payments were going to be like 50% more than we discussed. I declined to sign the sales contract and they got pretty nasty about it, but that's life in the big city. The current place is a much smaller rental, but it's like four and a half minutes from work.
On Thu, Sep 25, 2008 at 5:19 PM, Loathe <[EMAIL PROTECTED]> wrote: > We were told multiple rates, times and months payment amounts. I asked > what I thought the plain question of how much our monthly payment was to > be told $1900, I could and can afford that. A few months later we make > our first payment, and the next one comes for $3700. The $1900 was an > interest only number, she never discussed that with us. Sure we could > pay 1900 for ever and in 30 years we'd have owed them a million or more > dollars. > > After refinancing to get out I refused to sign a mortgage that sounded > as bad or worse, and someones else with an interest in the house went > forward with a re-fi. They lost the house now and and had to go > bankrupt. Thankfully I was only on the deed for the re-fi and not the > loan, didn't touch me, but I knew it smelled the second time around. > > Jacob wrote: >> My sister worked for a very large, now defunct, mortgage company back in >> 2003/2004. >> >> When she did underwriting, she came across loans that had the borrows income >> stated at $30,000 and trying to purchase a $500,000 house. When she rejected >> them, she was told it was be best for her to allow them through if she >> wished to continue working for them. She quit the following week. >> >> She said the company was involved in way too much fraud... changing dates, >> income, value of houses after papers are signed. Back in early 2004, she >> said that if this keep occurring that there will be a disaster in the >> future... >> >> -----Original Message----- >> From: Maureen [mailto:[EMAIL PROTECTED] >> Sent: Thursday, September 25, 2008 3:19 PM >> To: cf-community >> Subject: Re: We just wanted to choose a really large number... >> >> I would say that most people who can afford to pay their housing cost >> will pay, but there is always a group of bogus borrowers who will take >> advantage of easy credit to either live free . No money down and no >> equity in the house - walking away is easy. >> >> Not really sure what your point is about Keynes. Maybe you could explain. >> >> On Thu, Sep 25, 2008 at 2:24 PM, Dana <[EMAIL PROTECTED]> wrote: >>> bottom line though, they cannot afford the payments? If people can >>> afford to pay their housing costs usually they will, yes? If you agree >>> with that statement, then ask yourself what Keynes would say. >>> >>> On Thu, Sep 25, 2008 at 1:33 PM, Maureen <[EMAIL PROTECTED]> wrote: >>>> The problem in the mortgage industry is that people applied for loans >>>> with an adjustable rate interest that had low initial rates, but now >>>> the higher rate and higher payments are kicking in and they can't >>>> afford the payments. Credit has tightened and they cannot no longer >>>> qualify for refinancing. Add high gas and food prices to that and you >>>> have a recipe for disaster. >> >> >> >> > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;207172674;29440083;f Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:271114 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5
