This will cause some problems:
http://articles.moneycentral.msn.com/Banking/HomeFinancing/OuchYourHousePaymentJustDoubled.aspx
Keith
One word: Ouch :o
Start saving up your money, landside of deals coming down the hill fast.
Man am I hosed I have two ARM’S and a couple of Legs. What does that mean to me Keith. Should I run before they take them. I never thought dealing with a bank could be so harsh!!
You’re probably in deep doo-doo, Robb…those legs are gonna kill you!
You know what the real Problem is here?
PELOPLE ARE BUYING HOUSES THEY CAN’T AFFORD…
And Banks are letting them. That is what is causing the Foreclosure rate to go through the darn roof. Champagne Taste on a Beer budget.
Got to keep up with the Jones’s Yeah Right.
I laugh everyday at these people.
“Well hunny I know we can’t afford to pay the 30 year rate now. I will be getting that raise in a year or two so lets buy it before we can afford it and then we will worry about it.”
You want to know a scary thought that really works?
I sell more houses on monthly payment then I ever have on total cost. 95% of Americans are payment buyers they could really give a crap about how much something is as long as they can afford the monthly note.
Bingo!
You got it…good news for you, though!
Keith
Why is that good news?
Let me guess I get to keep my arms and legs because I figured it out?
I haven’t been chasing Foreclosures that much here lately. Short Sales are not what they were anyway I guess this topic is on ARMS not foreclosures and you being a fellow MOD might boot me for posting in the wrong area so I better watch out. I will not drink the Kool-aid even if the voices tell me it is a good idea.
Nah…I only boot the spammers and the real “problem children”…and I really don’t do it anyway.
I love the fact that these loans were targeted at “minorities”. Come on liberal freaks - WASPs as well as African Americans, Mexicans, Italians and yes Women too, can read - and SHOULD understand what they are signing, before commiting to the deal.
>:( >:(
Yeah, but then what would journalists have to make a stink about?
Keith
actually it looks likes rate might not go up any further and might start dropping next year.
but good luck to all on arms though.
lol reoconsultants…
Especially these option arms have a nice nasty recasting feature… and with many of them with a 3 yr Prepayment penalty… double ouch.
I’d guess that even the fully indexed rates are closer to actually 8%+ then even the 7.5% they talked about (particularly for the MTAs).