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Old 09-04-2008, 07:29 AM
 
4,963 posts, read 3,932,162 times
Reputation: 2917

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I am glad it all worked out for you in the end.
However as someone who is self employed, you can get a fixed rate mortgage ; I always go for that one.

Learn lessons from this ; pay your taxes, dont get in over your heads and things will be fine.

d
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Old 09-04-2008, 08:10 AM
 
Location: Montrose, CA
3,031 posts, read 7,869,281 times
Reputation: 1925
Quote:
Originally Posted by renriq02 View Post
YOU don't get it with credit cards.

I had a gas card of 100 limit, and used it up all the time
Paid it off every month.
Because the credit card reports on a different date...my credit report was showing that it was maxed out all the time.

My credit score dropped....and almost all of my credit card rates went through the roof due to the Universal Default.
Because of a $100 card? I find that a little hard to swallow.
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Old 09-04-2008, 08:15 AM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,101,195 times
Reputation: 1008
No.

It's because a card with a 10 dollar limit...with a 10 dollar balance is considered a MAXED OUT card.
Whether it's a 1million dollar credit line or 100 dollar credit line....if you're at the same balance it's considered a max out.

Quote:
Originally Posted by SuSuSushi View Post
Because of a $100 card? I find that a little hard to swallow.
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Old 09-04-2008, 08:23 AM
 
Location: Pennsylvania, USA
5,217 posts, read 4,115,320 times
Reputation: 908
Quote:
Originally Posted by renriq02 View Post
tristans - i think they were ragging you in the political forum. j/k

Anyway, congratulations on your shortsale.

My advice is to NOT put a LARGER down payment next time.
What if the market drops again then you just lost all of it ?

Also, having cash in the bank is HAVING CASH IN THE BANK.
Most borrowers put 20% down then get a home equity line of credit.
The problem with that is that the banks are now shutting down those HELOCs, and the borrowers have no access to cash.
The reason? The banks feel that there's no equity in the home so they cap the line or just freeze the whole thing.

never put all your eggs in 1 basket!
Yeah.. I will have to consider that..

What I am really hoping for is that if we really like this house, and the family that has it wants to sell, they'll consider financing.. which could be a possibility.. but we'll see.. I will seek possible owner financing . Just don't want to dealwith banks, fees and all that nonsense anymore..

I have a bad taste in my mouth..

Really.. they could have just let me stay in my home at the 6.95% interest rate.. although in the end they my have done ME a favor because I would't be in a house that is upside down...

We'll see. ..and thanks... and yes.. political discussions can always get heated!!
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Old 09-04-2008, 08:26 AM
 
Location: Pennsylvania, USA
5,217 posts, read 4,115,320 times
Reputation: 908
Quote:
Originally Posted by okaydorothy View Post
I am glad it all worked out for you in the end.
However as someone who is self employed, you can get a fixed rate mortgage ; I always go for that one.

Learn lessons from this ; pay your taxes, dont get in over your heads and things will be fine.

d
OH yeah.. lesson learned.

If you want to know the truth.. my hubby.. bless his soul.. always sets the bar so high and then makes himself nuts trying to reach for it. I never would have thought of buying a house.. all his idea and he said "we can do it adn we can handle it"..

It was over our heads even at the initial fixed rate.. we would have been able to pull through and eventually level off if we were allowed to stay.. but I'm kind of relieved not having that heavy burden.

I'm not moving into a bigger house on bigger property (although the house is an OLD farmhouse) for $800/month!! Definately ALOT easier than $3300/month we were paying here in NY on our mortgage for 2 1/2 years!!! and my other expenses will be cut too!
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Old 09-04-2008, 08:34 AM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,144,067 times
Reputation: 5685
I'm biting my tongue, but seriously, good luck and glad you will be sleeping better now. Remember to "save, save, and save some more."
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Old 09-04-2008, 09:01 AM
 
Location: Pennsylvania, USA
5,217 posts, read 4,115,320 times
Reputation: 908
Quote:
Originally Posted by MotleyCrew View Post
I'm biting my tongue, but seriously, good luck and glad you will be sleeping better now. Remember to "save, save, and save some more."

Knowing you from your posts..I appreciate the restraint.
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Old 09-04-2008, 09:31 AM
 
Location: Cold Frozen North
1,928 posts, read 4,524,709 times
Reputation: 1266
Tristan, hopefully you will not be responsible for any deficiency and that there was wording in the contract to that effect.
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Old 09-04-2008, 10:45 AM
 
25,351 posts, read 37,514,449 times
Reputation: 13270
Quote:
Originally Posted by renriq02 View Post
YOU don't get it with credit cards.

I had a gas card of 100 limit, and used it up all the time
Paid it off every month.
Because the credit card reports on a different date...my credit report was showing that it was maxed out all the time.

My credit score dropped....and almost all of my credit card rates went through the roof due to the Universal Default.
Why does it matter if the rates went through the roof, if you pay them off every month?

I never look at my rates since I pay it off and I never have to pay interest on them, so why should I care....only if I would stop paying them...than it can be important.
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Old 09-04-2008, 10:45 AM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,144,067 times
Reputation: 5685
Quote:
Originally Posted by TristansMommy View Post
Knowing you from your posts..I appreciate the restraint.
You are most welcome.
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