SoCal Jet Boats
Discussion => The No Wake Zone => Topic started by: beerjet on September 12, 2007, 05:22:44 PM
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Before I spout off with my own opinion about the position people put them selves in over the past few years , I want to see how everyone feels about government stepping in .
http://finance.yahoo.com/expert/article/millionaire/44325
-beerjet-
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NO! I had a teaser loan, my credit wasn't the best so I sucked it up and paid way too much interest for 2 years, after 2 years of solid mortgage payments, my credit was back on top, I refinanced at a lower, fixed rate and now I'm fine. I'm not the only one who had one of those "hybrid" loans, but unlike a LOT of the others, I made sure I didn't buy more house than my wallet could afford, and I made sure I took care of the credit issues that put me in the sub prime market to begin with, people need to GROW UP and accept the fact that NOBODY put them in the position they're in, it's not the government's job to make sure you can pay your bills, end of story
O0
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Bank told my wife n I that we qualified for 20% more than we believed we could max. afford. Told them thanks but bought a house that we thought we could comfortably afford. Granted that was over ten years ago but the principle still applies.
Down the road we went from 30 yr fixed to 15 yr fixed and now house will be paid off in about another 100K. Once in a while I do sumpin smart and this was one of those time fo shore. Bailouts never teach anybody to be more responsible. Leave it to the govt to spend OUR money so irresponsibly.
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Me and my wife on two occasions were home shopping for something we could confortably afford and both times (a year apart) anything decent and in our price range was either sold within days or already sold . We could have bought something and stretched our wallets a bit but we figured that there was no way afford it if times got rough or if we hit a rough patch so to speak. Everything we wanted was just out of our price range . I thought of that as common sense . So here I am renting and hearing about how all these people who's homes are in forclosure because they got into a bad spot and the GOVERNMENT HAS TO STEP IN NOW ! ;D
-beerjet-
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people need to GROW UP and accept the fact that NOBODY put them in the position they're in, it's not the government's job to make sure you can pay your bills, end of story
Bailouts never teach anybody to be more responsible. Leave it to the govt to spend OUR money so irresponsibly.
VERRY VERRY true, but now the rest of us will pay for their BAD decisions !!
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Me and my wife on two occasions were home shopping for something we could confortably afford and both times (a year apart) anything decent and in our price range was either sold within days or already sold . We could have bought something and stretched our wallets a bit but we figured that there was no way afford it if times got rough or if we hit a rough patch so to speak. Everything we wanted was just out of our price range . I thought of that as common sense . So here I am renting and hearing about how all these people who's homes are in forclosure because they got into a bad spot and the GOVERNMENT HAS TO STEP IN NOW ! ;D
-beerjet-
Start putting your money into savings, there will be some great deals in the next 18 months. Live poor now so you can scoop up your ideal home when you are ready. One persons stupidity is another persons fortune. Bail outs are just campaign talk. I don't think they will happen.
$
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Welcome BTW ! I have been told that and I am . I am doing some other investing as well so hopefully some dough dough will flow my way when I'm ready to commit .
I just baffles me how people end up homeless do to so many other circumstances and because somebodies greed gets the better of them , the gov. needs to step in ??? WTF ! Where does the stupidity stop with this guy ?
-beerjet-
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Welcome BTW ! I have been told that and I am . I am doing some other investing as well so hopefully some dough dough will flow my way when I'm ready to commit .
-beerjet-
Spending money on your boat does NOT count as investing. ::)
Try to save every penny you can, I think when all these forclosures realy hit the market prices will drop even more than now but good loans will not be easy to get !
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I think a not so favorable loan coupled with the low priced home is better deal in the long run . I hope anyways .
-beerjet-
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Spending money on your boat does NOT count as investing. ::)
Try to save every penny you can, I think when all these forclosures realy hit the market prices will drop even more than now but good loans will not be easy to get !
They already have...http://www.realtybid.com/ Who do you blame more? The government for trying to bail out consumers who got shitty loans that WILL go into default...Or the government help out the Bank AFTER these loans go into default? The problem is that if someone went out and bought a house 2 years ago at a higher rate and 2 years later they want to refinance at a lower rate but the gouse isn't worth as much as it was they can't refi. if it does appraise for what you bought it for you get to keep that loan...Kinda a catch-22....The banks are ALSO morons for writing a loan on anyone that could sign a piece of paper...By the same token if Luckie stiff tried to get a subprime loan today like he did back then he would be assed-out...My .02 cents...
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By the same token if Luckie stiff tried to get a subprime loan today like he did back then he would be assed-out...My .02 cents...
Exactly! Like I said, I had some issues, I got in where I could and I fixed my issues, now I'm solid. I used the subprime loan for it's intended purpose, to get into a home, take care of business, and move on.
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I heard on the radio that there are 1500 foreclosures in Murrieta right now. Move on over my way. Best city in the valley.
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Lancaster is getting close to you guys up in Murrieta... I'm kinda thinking about houses up that direction.
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They already have...http://www.realtybid.com/ Who do you blame more? The government for trying to bail out consumers who got shitty loans that WILL go into default...Or the government help out the Bank AFTER these loans go into default? The problem is that if someone went out and bought a house 2 years ago at a higher rate and 2 years later they want to refinance at a lower rate but the gouse isn't worth as much as it was they can't refi. if it does appraise for what you bought it for you get to keep that loan...Kinda a catch-22....The banks are ALSO morons for writing a loan on anyone that could sign a piece of paper...By the same token if Luckie stiff tried to get a subprime loan today like he did back then he would be assed-out...My .02 cents...
As someone who was always chasing home prices for the last five years , thats a Y/P not an M/P .
Exactly! Like I said, I had some issues, I got in where I could and I fixed my issues, now I'm solid. I used the subprime loan for it's intended purpose, to get into a home, take care of business, and move on.
Thats what I'm preparing for .
-beerjet-
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I heard on the radio that there are 1500 foreclosures in Murrieta right now. Move on over my way. Best city in the valley.
1500? Wow....
here in Vegas(the nations highest foreclosure rate) we will have 15000 home in foreclosure in the next few months. Here is my .02 with what created the problems:
1.) zero down loans...It allow's people to live in a house for a year or two and whoops the payments get to high because their rate when up and with nothing "vested" in the house they walk.
2.) 125% loans to value... Market starts to slide prices slip, interest goes up a bit and people are so upside down that they walk.
Remeber when you couldnt get a lown without 20 - 30% down? well those times are coming again. My family is all in the real estate business from agents to brokers, I myself have worked in the mortgage business, I have seen the way ups and the way downs.
Goverment Bailout....my ass!
October first starts a new law in Nevada...No More Stated Income Loans......Its a start.
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sounds like some people are gonna be camping for a while...