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luv2help | I am sick and tired of hearing people down people who are in a foreclosure situation!? |
Me and my husband are stable, we already owned a home and bought a second home. We had a 5.99% for two years and anticipated on refinancing after the two years at a fixed rate. However, the housing market went down the tubes and our home is upside down in value now and nobody will touch us as far as a refi goes. So, we're stuck. Mean while the rate increased to 8.99 sending our payment through the roof! Now we're stuck! We can’t afford a 6K payment we were paying $3,600. So, what are we to do? It's not because we were dumb and bought a house we couldn't afford, we were fully aware that we would have to refi in two years. I'm sick and tired of hearing people saying "Oh all these people bought all these homes that they couldn't afford and now expect the government to help them" NO THAT ISN'T THE CASE FOR ALL OF US! Anybody else in my shoes? Also, if the economy is so bad because of the housing situation, why do they keep raising the mortgage rates on the adjustable, leave them as is and we’re all good! Problem solved!
Additional Details
Credit is good... they won't refi a house that whereby the loan is more then the house is worth! Banks do NOT do that! |
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Savvy Blonde
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I understand your frustration. I do think you are in the minority and the majority of these problems (foreclosures) are based on loose lending rules in the last 3 years that allowed too many folks to buy houses at perhaps more than they could afford.
Your situation simply reveals that real estate is indeed truly an investment. It's generally much safer than say the stock market, but also carries risk just like ANY investment. While usually, it is a low risk and your investment appreciates in value, many people have experienced what you have and have lost equity and if they had an ARM loan, may very well have no option but to get foreclosed on.
I'm very sorry this happened as I understand you had the best intentions and could not have known the market would go the way it did. People lose money in stocks all the time, and sometimes people lose money in Real Estate. |
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chante
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You gambled, you got stuck, it was your choice and you did get in over your head. How can you say you didn't? |
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HEATHER
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You went into an adjustable rate loan. Adjustable rate loans are adjustable, no matter what your plans were. No pity from me here either. Especially since this is your second home. |
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Dan
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The issue, as I see it, is that the individuals who are in the worst shape are the ones who were (in my opinion) bamboozled by the good, honest thieves in the subprime mortgage industry (at least if you're going to steal from people, be open and proud of it). There are hundreds of thousands of people who were quite literally taken advantage of. They were escorted by the federal government into federal programs to help folks with lower incomes own a home. Many of these wound up in these subprime agencies. Many of them don't really, truly understand ARMS and other nomenclature used by the mortgage finance industry to rape the American people. Therefore, when these mortgages began to fall behind due to ever increasing mortgage rates, they were in real danger of losing not their second home, but the one in which they are desperately trying to raise their children and build a life. I hope you can see the difference between their situation and yours. I am sure the financial strain is real in your case. But in your case, it sounds like you COULD unload this second house,pay off the mortgage and at least have enough left over to take your family out for a pizza. If you owe more on the house now than the house is worth, it really is a case of not doing your homework before you signed the contract. Sorry. |
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Nunya B
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lol. poor you with your two houses.
Do some research on ARMs. The gov't doesn't set them, the banks do. The fed has been cutting rates, not raising them, trying to bail out the people who bought houses they couldn't afford, I doubt people like you who bought a second home are really anyone's main concern. They're trying to save the people who bought their first home. |
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AQR
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How can you say it's not your fault. You already had a house, but that wasn't enough so you and your hubby had to get a second one. Like chante said "You gambled and lost". Deal with it. When I bought my house I also could have gone with an ARM, but I just wasn't comfortable knowing that it could go up. Now that it has all you people that had the luxury of low rates all those years are looking for help from those of us who played it safe. I guess you never heard the story of the Ant and the Grasshopper. |
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tjshandave
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I do feel for you in your situating.I feel that the banks need to be held accountable to some point. After all they bent the rules to make more money. Tell me honestly that someone did not look far enough ahead to say hey look what may happen. Just as you gambled buying your second home so to did the banks with writing risky loans.. I don't say shame on you shame on the banking industry for allowing all of this to happen.
Take Enron for an example. How did that happen without somebody seeing it coming. Or did somebody see it coming and look the other way because there was to much money coming there way.
If I were you and I could afford to buy the second home with an arm I probably would of done the same thing..
AGAIN SHAME ON THE THE BANKS FOR ALLOWING THIS TO HAPPEN in my opinion if they would of kept the lending guidelines the same as they have been there would of never been this problem. |
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lunatic
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I see no reason to put anybody down. You made a buying decision based on an assumption that looked good at the time. Millions did the same thing.
It is my fervent hope that all of those who find themselve in your unenviable situation have learned an important lesson. Obtaining advice from an institution that stands to make money if they convince you to buy is a risky proposition. Get an independant opinion from someone experienced in the market before you dive in.
Many people listened to President Bush continue to assure the American people that the economy was strong and believed him despite knowing how wrong he has been on so many other issues. It's a hard thing to realize that the president is a bumbling fool with no concept of the consequences of his actions and inactions. |
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Toots
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Similar. However, it was our only home. We had re-fi'd to do some upgrading of the house and poured every cent into our home..and took out a 3 yr ARM knowing we, too, would re-fi before the ARM adjusted. Well, the bottom fell out of the market, our ARM adjusted to more than $1500 above what we were paying...my husband was injured on the job (foot crushed) and is still on Worker's Comp a yr later...
We aren't deadbeats..our home went DOWN in value, keeping us from getting another re-fi..we were stuck..with no other options. Believe me, I am a person who was PROUD of my wonderful credit and 780 credit score...
Now...it's all shot. But..we are holding our heads up and trying to make something postive out of this...
I know your pain...we LOVED our home..it pained us to leave it..and become 'renters' again in our 50's...
The Fed's and the mortagage industry as well as unscupulous investors who drove the market out the roof (and what goes UP MUST come down!)...and inflated prices.
For this to have happened to so many...it is not something the mortgage industry should be proud of... |
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rebecca d
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The market has been on the up and up for several years so more and more people were feeling pretty good about those ARM loans. Those loans start you out with a lower interest rate than all the other loan types because they are risky. Add to it that property values have sunk and you've got yourself stuck in a bad bad situation. Now add to it that default rates are soaring because of something called "Sub-prime Mortgage" lending. Banks were jumping on this bandwagon taking advantage of buyers with less than perfect credit. Now it costs more money for the banks to get money in turn causing your ARM to go up.
If anyone could have predicted this then we wouldn't be having a crisis. Banks were giving away the American Dream like the ice cream man handing out snow cones on a hot day and now we all have sticky hands.
What you should do is contact your lender and see if there are any loss mitigation programs available. You might try putting your second house on the market and settle with the bank for an amount less than the full principal balance. There are many ways you can settle without losing the home completely to foreclosure. The banks lose when this happens so you may be surprised about what kinds of things they will work out with you. |
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AJ
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No offense, but you chose to go with an ARM instead of a fixed-rate mortgage. You just have to live with the consquences. Next time you should have read the Truth in Lending document much closer before you signed it.
And banks are doing refi's, you just have to have equity in your property, which ARMs really don't give you much after 2 years. Either that or your credit isn't that great. |
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cindy
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Planning to refinance is not a good plan. If you were unable to get a fixed rate now what makes you think you can get one in two years or did you plan on refinancing every couple of years. what made you think that you would qualify to refinance in two years? it is your fault you took out a arm loan knowing that your mortgage would increase. you should have ask the question what happens if we can't refinance? quit blaming the government and the bank and take responible for your own actions. |
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JD
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Yes you knew you needed to refinance but just because your life is perfect, credit is perfect, money is perfect doesn't mean that it will always stay that way. I'm sure you knew things could change but you thought you really needed that second house so that's a risk you took. |
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Jennifer
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Hi,
I used "Credit Solution" to settle my loans.They managed to reduce my loans up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://shortlinks.co.uk/4cl |
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sara sentor
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Have u given a thought about refinancing? Check the market, you can come across many companies that offer home mortgage at a fixed mortgage rate. Make sure to look for any loopholes or hidden facts before signing any contract. Home mortgage refinance loan is tailor made for individuals who are interested in mortgage refinancing.
Learn more on home mortgage & refinancing from: http://homemortgagewhiz.com/homemortrefinloan.html
http://homemortgagewhiz.com/index.html |
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