Page 2 of 3 FirstFirst 123 LastLast
Results 11 to 20 of 24

Thread: i don't get it!

  1. #11
    Senior Member
    Join Date
    Jun 2008
    Location
    Arizona, USA
    Posts
    2,940
    Post Thanks / Like
    Oh, my goodness!

    That was a very long-winded post!

    Read the beginning and end and you'll have the gist of it. The rest is at the peril of you eyes!

  2. #12
    Senior Member
    Join Date
    Jul 2008
    Location
    Grand Junction, Co
    Posts
    2,360
    Post Thanks / Like
    The only thing I have gotten a loan for is my house (a unique fixer upper opportunity that I bought 60,000 under appraisal) and my car...everything else is cash...I may be thankful for that someday if we do go bust...

    And what the enemy will see? They will see the flash of our cannons, and they will hear the ringing of our swords, and they will know what we can do! By the sweat of our brow and the strength of our backs and the courage in our hearts! Gentlemen, hoist the colors!



  3. #13
    Senior Member
    Join Date
    Jul 2008
    Posts
    3,180
    Post Thanks / Like
    Thank You for explaining it more in detail than what I could Taja . We refinanced but luckily were smart enough to it through a reputable mortgage company . We got an FHA loan with a fixed rate . We are better than some as we are able to pay our bills on time unlike some others . I really feel for them . They are alot younger than I with young children . Bless Them !
    I'm very concerned on the serious economic crisis especially when it came out of the man's mouth that we were suppose to trust to protect our country .

  4. #14
    Moderator Dawn's Avatar
    Join Date
    Jun 2008
    Location
    In the red...
    Posts
    14,370
    Post Thanks / Like
    Taja that was awesome!

  5. #15
    Senior Member uscwest's Avatar
    Join Date
    Jul 2008
    Location
    Woodbridge, VA
    Posts
    8,185
    Post Thanks / Like
    Let me give you a good example of the bursting real estate bubble and what has happened to a LOT of people causing these foreclosures.

    In 2000 we bought our house. We paid a little over $230,000 for it and got a fixed rate mortgage. A year later we took out a second mortgage for $100,000 to do some modifcations. It is still a fixed rate. We live in, what was then, the fastest growing county in Northern Virginia. Shortly before the housing market crashed our house, for tax purposes, was assessed at over $700,000. Now do I live in a $700,000 home, HECK NO, but that is how much the tax assessor said it was worth? People were buying these house for little down payment, with what is called adjustable rate mortgages, or interest only for the first few year mortgages. The housing market has collapsed and our home is now assessed at just over $400,000. People with these huge mortgages are now finding out that their interest rates have gone up, driving up their monthly costs, those interest only mortgages have converted to mortgages where they now have to pay interest and principal. And they can't afford it. Thus hundreds of thousands of foreclosures.





    My Facebook Profile: Facebook

    To the world you may be one person, but to one person you may be the world. - Heather Cortez

    When the power of love overcomes the love of power the world will know peace. - Jimi Hendrix



  6. #16
    Senior Member
    Join Date
    Jun 2008
    Location
    Arizona, USA
    Posts
    2,940
    Post Thanks / Like
    Quote Originally Posted by uscwest, post: 53156
    Let me give you a good example of the bursting real estate bubble and what has happened to a LOT of people causing these foreclosures.

    In 2000 we bought our house. We paid a little over $230,000 for it and got a fixed rate mortgage. A year later we took out a second mortgage for $100,000 to do some modifcations. It is still a fixed rate. We live in, what was then, the fastest growing county in Northern Virginia. Shortly before the housing market crashed our house, for tax purposes, was assessed at over $700,000. Now do I live in a $700,000 home, HECK NO, but that is how much the tax assessor said it was worth? People were buying these house for little down payment, with what is called adjustable rate mortgages, or interest only for the first few year mortgages. The housing market has collapsed and our home is now assessed at just over $400,000. People with these huge mortgages are now finding out that their interest rates have gone up, driving up their monthly costs, those interest only mortgages have converted to mortgages where they now have to pay interest and principal. And they can't afford it. Thus hundreds of thousands of foreclosures.
    Precisely why you and Donna were smart and kept everything within your budget--and renovations to the house within the real market, not the bubble market!

    Our market did the same--and I'm financed at about 50% of the current assessed value (values are assessed for a two-year period, so the assessed value was significantly higher than the market value for nearly a year). That's 50% of the current, more accurate assessed value!

  7. #17
    Senior Member
    Join Date
    Jun 2008
    Posts
    15,479
    Post Thanks / Like
    yikes! the house of representatives have rejected the bail out package! what next?














  8. #18
    Administrator Tink's Avatar
    Join Date
    Jun 2008
    Location
    15 minutes (or so) North of WDW
    Posts
    27,933
    Post Thanks / Like
    We'll wait and see, eh? :sigh;






    Welcome to our new home! It's a lovely and friendly place. If you haven't joined yet, do register. It's a great place to make friends and share all those Disney secrets!!

    "It is the mark of an educated mind to be able to entertain a thought without accepting it. ~Aristotle

  9. #19
    Moderator Dawn's Avatar
    Join Date
    Jun 2008
    Location
    In the red...
    Posts
    14,370
    Post Thanks / Like
    4 banks went under overnight worldwide.

  10. #20
    Senior Member
    Join Date
    Jun 2008
    Location
    Dorset
    Posts
    5,436
    Post Thanks / Like
    I wish I understood what was going on more. I have this feeling that it's all bad and I'm totally unaware. I tried asking DH last night to explain it and he lost me after 'Well, what's happening is......'





Page 2 of 3 FirstFirst 123 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •