HELOC's and Foreclosure - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - Page 4 - City-Data Forum

TimtheGuy · 01-31-2008, 01:18 PM

A-paper ARMs done right are not that bad of a deal. It is the subprime ARMS (people with bad credit) and Option ARMs that are creating all the havoc.

nic529 · 01-31-2008, 01:20 PM

Unfortunately we've had a rough few months (oh - but I'm not going to bail out of my house) and we had a couple of lates on the mortgage. Our credit is not good enough to be able to get good fixed rate - we'll just have to wait and see. I think they said to wait a year after the lates.

From what Tim is describing we probably have the subprime ARM. 8.5% - Not much we can do about it right now though.

pghquest · 02-01-2008, 06:59 AM

Quote:

Originally Posted by RoaminRed

There is always a choice. That choice is renting.

Or buying a more reasonable home..