save the financially irresponsible (how much, dollars, school, economy)

[ParkTwain]

Yes, there SHOULD be lots more SNAKE OILS sold out there. Anyone who is dumb enough to drink any of it and die should be denigrated and their estate auctioned.

[Marodi]

anyone with any common sense wouldn't have gotten the mortgages that they did.

[ParkTwain]

Originally Posted by Marodi

anyone with any common sense wouldn't have gotten the mortgages that they did.

G-R-E-E-D, say it with me, G-R-E-E-D

Oh, America, thine GREED IS GOOD! It must be UNCONSTRAINED and COURAGEOUS! It must GROW LARGE ENOUGH to THREATEN THE WORLDWIDE FINANCIAL SYSTEM! GOD BLESS AMERICAN G-R-E-E-D!

[Rggr]

So is the message, "don't worry about your greed, we know you will make a mistake, but the government will help you pay by using everyone else's money - so go ahead and be greedy."

[ParkTwain]

Originally Posted by Rggr

So is the message, "don't worry about your greed, we know you will make a mistake, but the government will help you pay by using everyone else's money - so go ahead and be greedy."

Well, you had a 50 percent chance of getting the correct point, and you missed it. <sigh>

[TimtheGuy]

Originally Posted by Kuharai

Actually, I have no debt (there's a car on my history, but we have documentation from both Wells Fargo and my mom that states I have no financial burden for it. So mortgage companies have to disregard it as terms of debt.) but make decent money. I was limited in amount due to my credit history. That is what the letter in the mail stated, that is what the company (CountryWide) stated. It is because I haven't been using credit long enough to be "qualified" for a higher mortgage. Kind of like a "trust" thing, I think.

I will check out the program you mentioned next year when I go to purchase my home.

If you have no other debt and they say you only qualify for $100k then you must be making about $25,000/yr. If you make substantially more than that, then something does not compute.

This car debt is in your name? Does someone else make the payments on it and therefore you have "no financial burden for it?" If this is the case you would have to produce the last 12 months of cancelled checks from the person making the payments for it not to count against you. Even if you can produce this documentation, an underwriter may still have to count the payment against you as you would be ultimitely responsible for the debt.

Did all the lenders come up with the same number around $100,000?

[Rggr]

I've done that a couple of times this week - disappointed with myself.

[citigirl]

My husband and I were just talking about the mortgage debacle. In Sacramento many people were taking the interest only loans. The price of homes kept going up and up. Rents were $1200-$1500 for a nice 1-2 bedroom apartment, about what you would pay for brand new 4 bedroom home with an “interest only” mortgage.

Maybe a lot of these people that could not normally afford a real payment assumed they could live in a beautiful home cheaper then they could rent a decent apartment and sell the home before the loan converted and possibly make a tidy profit. Unfortunately home prices fell and they were left holding the bag and upside down.

[Rita Mordio]

Originally Posted by TimtheGuy

If you have no other debt and they say you only qualify for $100k then you must be making about $25,000/yr. If you make substantially more than that, then something does not compute.

This car debt is in your name? Does someone else make the payments on it and therefore you have "no financial burden for it?" If this is the case you would have to produce the last 12 months of cancelled checks from the person making the payments for it not to count against you. Even if you can produce this documentation, an underwriter may still have to count the payment against you as you would be ultimitely responsible for the debt.

Did all the lenders come up with the same number around $100,000?

I make QUITE a bit more than 25K. And yes, I do have a year's worth of cancelled checks with JUST her (my mom's) name. And No. Most lenders denied me because of credit. Countrywide gave me the 100K (one of the only reasons I was even approved for it period was because my father has a mortgage with them that he's never been late on.. It's a courtesy thing.) And 100K. I was told that if I waited a year (because then my credit would be better) that I would qualify for getting a mortgage around 225K.

[baystater]

Originally Posted by Kuharai

You should have a lawyer read over a contract.. but most people getting sub-prime loans really don't have the $1,000 to spend on a lawyer to read over the contract. They're trying to make sure they have enough to get utilities turned on, get curtains, etc

Whoa! Do you realize how monumentally ridiculous that sounds. Going into the biggest expense of your life. Paying $100, $200, $300, $400,000 for a house plus closing cost and your going to skimp on the lawyer to check if you are in a bad mortgage or at least explain what the consequences of the mortgage are. If your willing do that you deserve what you get completely.