Refinance...especially if you are a loser!

Himark · Jun 10, 2009

So watch the clip on MSNBC, Learn how to get a 2% loan 40 year term. Of course you will need to be over financed, over leveraged on credit cards and be a total finance dumb azz but we the govt will make sure you get bailed out!

I understand some may read this and have some un avoidable circumstances. After you watch the MSNBC clip goto the "making home affordable" link and see if you can qualify.

http://www.msnbc.msn.com/id/21134540/vp/31207760#31184792
http://www.makinghomeaffordable.com/modification_eligibility.html

Ollie · Jun 10, 2009

I couldn't even lie and get the loan.

Greg B. · Jun 10, 2009

I want to buy a house.. I have very little debt non of it is credit card, just alittle bit of student loans and my trail blazer. I will owe no one money by the fall. I bet i will not be able to get any where close to 2%. I should have partied 7 days a week in college instead of 6 and ran a huge credit card debt so I could be rewarded for being irresponsible.

ski-doo junkie · Jun 10, 2009

I built my home 5 or 6 years ago and it was appraised when finished..
2 months ago I wanted to refinance to get a better rate.
So I got the house appraised again and it came in at $80,000 less than the original appraisal

So now I owe more than my house is worth and the bank will only re-fi me at a higher rate.

What a F'n screw job I got here

I GUARANTEE that if I was a different skin color and had hor$hit credit,
I would have been refinanced with NO questions asked..

F'n scum bags

xrated · Jun 10, 2009

hell my payment is closer to 40 percent of income(yeah I know, spare the lecture, i didn't want a fixer upper) and I can't get that site to say yes...well unless I say I have trouble making the payment.

Horse Crap, it's not right, I make my payment but I sure as hell struggle to put money into my sled and bike and I have to drink cheap beer most of the time. Now that ain't right.(never mind I like my beer) for sure it isn't right I have to compromise liquor store shopping AND sled money.

Gainster · Jun 11, 2009

A interesting read

http://www.americanthinker.com/2009/06/the_liberal_housing_crash.html

Needless to say, Dr. Sowell does not find that the meltdown was all the fault of greedy bankers -- or even foolish borrowers. He puts most of the blame on politicians and activists that insisted that the US had an "affordable housing" crisis when it didn't. The government agencies that implemented the will of the political sector -- the Federal Reserve System, Fannie and Freddie, and the US Department of Housing and Urban Development -- they were the guilty suspects with actual fingerprints on the victim.

Hardass · Jun 11, 2009

If you make it so people can hang them selves they will, not all but some will step farward and put the noose around there neck and think nothing of it. i seen a guy that had no credit buy 75,000 worth of toys because of a check stub from a job he just got, had big over time . when i asked about it he said hey i might as well get it while i can and laughed . What are you going to do when you can't pay ? i asked Who cares he said they can come and get it. And they did and it was not in good shape. Guess what he was able to get more loans the next year for a truck and other things?? Interest only, skip payments you woulds have to be short on brain cells to do that. Sorry but a lot of people can not make decisions about what they are doing flat out thats how it is. Where do you draw the line? hard to say. If you tried to make the right decisions and are struggling through good for you, at least you can be proud of that. but do not expect help but expect to help the ones that made crappy decisions. There does need to be regulation. This whole subsidising banks ,auto's, mortgage holders, and others is pure bs they set them selves up to fail let them fail i say. Sorry.

woodzy · Jun 11, 2009

Don't be sorry for that Larry... You aren't the only one feeling that way!

ruffryder · Jun 11, 2009

xrated said:
hell my payment is closer to 40 percent of income(yeah I know, spare the lecture, i didn't want a fixer upper)

Dang, this is kind of a high ratio. Net or gross of income? Just curious, I hope to be in that position soon, a home owner that is.

Gainster · Jun 11, 2009

ruffryder said:
Dang, this is kind of a high ratio. Net or gross of income? Just curious, I hope to be in that position soon, a home owner that is.

ruff get going cuz there are smoking repos out there, Had 2 friends just land 160k & 220k repos for under 60k ea.

Like I have said before for many the economy has bottomed out

ruffryder · Jun 11, 2009

Gainster said:
ruff get going cuz there are smoking repos out there, Had 2 friends just land 160k & 220k repos for under 60k ea.

Like I have said before for many the economy has bottomed out

You in washington? It hasn't hit too hard here... benefits of microsoft, boeing and the rest...

xrated · Jun 11, 2009

ruffryder said:
Dang, this is kind of a high ratio. Net or gross of income? Just curious, I hope to be in that position soon, a home owner that is.

Ok bymy retard math skills, I'm closer to 34-35 percent of gross. Still not the smartest move as far as bank rolling...but it's working.

Himark · Jun 11, 2009

Gainster said:
http://www.americanthinker.com/2009/06/the_liberal_housing_crash.html

He puts most of the blame on politicians and activists that insisted that the US had an "affordable housing" crisis when it didn't. The government agencies that implemented the will of the political sector -- the Federal Reserve System, Fannie and Freddie, and the US Department of Housing and Urban Development -- they were the guilty suspects with actual fingerprints on the victim.

^^^Exactly^^^

They set the guidlines for the banks to lend the money to willing buyers...How much can you blame a buyer for buying beyond his means when the bank will let him??? Kinda like telling a kid in a candy store that he "SHOULD NOT" eat all the candy but btw if you want to here is a 100 bux to spend if you want.

ruffryder · Jun 11, 2009

xrated said:
Ok bymy retard math skills, I'm closer to 34-35 percent of gross. Still not the smartest move as far as bank rolling...but it's working.

Not retarded, that means you are probably around 40 percent net?

As your income increases, that percentage will decrease (obviously) and the more money one makes, the smaller the percentage of income that necessities becomes, therefore others can more easily increase in percentage.

triple · Jun 11, 2009

ski-doo junkie said:
I built my home 5 or 6 years ago and it was appraised when finished..
2 months ago I wanted to refinance to get a better rate.
So I got the house appraised again and it came in at $80,000 less than the original appraisal
So now I owe more than my house is worth and the bank will only re-fi me at a higher rate.

What a F'n screw job I got here

I GUARANTEE that if I was a different skin color and had hor$hit credit,
I would have been refinanced with NO questions asked..

F'n scum bags

You are better off as long as you're upside down in your house. First, you need some place to live so that's going to cost you. Eventually, the market will catch up and you'll be in a new equity position again. Real Estate values change but in the long run, you'll make money. Be upside down in a car or truck and you're in the DooDoo.

Gainster · Jun 11, 2009

Himark said:
^^^Exactly^^^

They set the guidlines for the banks to lend the money to willing buyers...How much can you blame a buyer for buying beyond his means when the bank will let him??? Kinda like telling a kid in a candy store that he "SHOULD NOT" eat all the candy but btw if you want to here is a 100 bux to spend if you want.

I said the same thing on here a year ago & got flamed for it, Funny how stuff works out

Gainster · Jun 11, 2009

triple said:
You are better off as long as you're upside down in your house. First, you need some place to live so that's going to cost you. Eventually, the market will catch up and you'll be in a new equity position again. Real Estate values change but in the long run, you'll make money. Be upside down in a car or truck and you're in the DooDoo.

Very simple fix!!!!! Call your lender & tell them you are upside down & struggling dont know how to make the next payment. You WILL get a restructured loan because they dont want to deal with selling your home for a even larger loss. My wife works for a lending co & she does the exact same thing every day!!!!!!

Gainster · Jun 11, 2009

ruffryder said:
You in washington? It hasn't hit too hard here... benefits of microsoft, boeing and the rest...

Haha washington is rockin, Only 8 pages of foreclosured here with 1 bank http://www.pasreo.com/pasreo/public/content.do?pageID=2000576

Now here in michigan this same bank is sitting on 21 pages of foreclosures, Yes baby we are living the Dream

We have been dealing with this downturn in the economy for 10-15 years so I hope when things change we will recover first.

Keep hoping on your micro & boeing cuz its coming!!!!!!!!

Himark · Jun 11, 2009

xrated said:
Ok bymy retard math skills, I'm closer to 34-35 percent of gross. Still not the smartest move as far as bank rolling...but it's working.

Rule of thumb as a Real estate agent is not to put your client past 28% of gross income or 42% of all payments for other debts combined if carrying credit cards, new car payments etc.

ruffryder · Jun 11, 2009

Gainster said:
Keep hoping on your micro & boeing cuz its coming!!!!!!!!

Personally I want it to hit here and hit hard. I have enough work for at least 1 year in the que already.

That is kind of selfish for those that are hurting in the area, though.

Refinance...especially if you are a loser!

ACCOUNT CLOSED

Well-known member

Well-known member

Well-known member

Well-known member

Well-known member

Well-known member

Well-known member

Similar threads