[BRUTAL64]

I try to help people save their home from foreclosure and other such Mortgage issues.

But, in the few scant weeks I've been doing this, I have discovered that people are their OWN worst enemy.

[Damian]

Yeah, a lot of people bought houses they couldn't afford in the first place.

[Shaolin Crane]

A lot of people are stupid

[94cobra69ss396]

I have friends that bought into arm loans and had to refinance to be able to afford the payments before their rate went up. It wasn't an uncommon thing when I bought the house I'm in now back 10 years ago. We were smarter than that and went with a fixed rate. But we also made sure that we didn't buy a house that we couldn't afford the payments on with just a single income. My wife doesn't work, except on occation when she helps my uncle out with his custom furniture business, so we made sure we didn't over buy.

[BRUTAL64]

Originally Posted by 94cobra69ss396

I have friends that bought into arm loans and had to refinance to be able to afford the payments before their rate went up. It wasn't an uncommon thing when I bought the house I'm in now back 10 years ago. We were smarter than that and went with a fixed rate. But we also made sure that we didn't buy a house that we couldn't afford the payments on with just a single income. My wife doesn't work, except on occation when she helps my uncle out with his custom furniture business, so we made sure we didn't over buy.

H.A.M.P. Making Homes Affordable---is very use full for most people...you should look into it. You may be able to get a Modification --which on average is about 40% drop in monthly payments---interest rate no higher than 4%usually closer to 2%---fixed. This done with your current loan and current lender with permanent modification.

In California you can do this for free.

We do Mods in 41 states...Cali is not one we do.

If you have questions...just let me know.

[94cobra69ss396]

We took advantage of that about a year ago and are only paying around 3% if I remember correctly. My wife handled all that. but it brought our payment down like $350 a month.

[BRUTAL64]

Originally Posted by 94cobra69ss396

We took advantage of that about a year ago and are only paying around 3% if I remember correctly. My wife handled all that. but it brought our payment down like $350 a month.

Good job!

[Shaolin Crane]

I would like to have a house, who's giving them out?

[Leedom]

Originally Posted by Shaolin Crane

I would like to have a house, who's giving them out?

We need one too!

[Vettezuki]

This is actually part of the reason I am a supporter of EXTREME free markets. No, what we had and what we continue to have is fairly far from an actual free market. The reason boils down to financial transactions under absolute free market conditions become very strict profit and loss calculations, without having to satisfy any externally imposed conditions ("fairness in lending", and other total horseshit) and with no feeling of there being a "backstop" or "lender of last resort" that can literally inject capital from nothing. Basically you would still have "greed" but it would be moderated by fear. What we had was a lot of greed for profit or gain (on both sides of the transaction) but no moderation by fear. And no, there is no right to a loan or to owning a house just because you're a nice law abiding person who works. The capital to real property trade has nothing whatsoever to with that. Maybe that sounds harsh, but how many people got the ever living shit kicked out of them, lost everything, even ending up homeless or in tent cities (never covered much on the news) because of stupid decisions that would never have been tolerated en mass in a real market. Would they not have been better off renting, or buying a much less extravagant house and continue building along in a market that didn't collapse after a boom? I think so.

Anywho. Yea, it's kind of shocking to me still how many people are just flat out terrible with basic money skills.