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I was looking for a house the past few months. A realtor and the builder's salesperson was trying to push us past our budget of 200K. They were like an extra 5 grand is only a difference of 30 dollars in a mortgage payment. But what bothered me is they didn't take into consideration if you were putting 20% down to avoid PMI, then that would mean the PMI would be added if that extra 5K put you under your 20% downpayment.
It's so hard to calculate how much a home costs. They advertise homes saying it's less than your rent payment. Or monthly payment is ONLY 900 dollars! But they don't add city tax, county tax, state tax, school tax and who knows what other fees on top of that. It's easy to fall for that gimmick of ONLY 900 dollars a month!
I hear you about the misinformation Tristansmommy. When I was searching in the overpriced Philly suburbs I had a guy try to coerce us into buying way over our heads. He was like, " How much is that? 2000? You can do it, you make that much" It would have drained our monthly income to the point that we would barely be able to pay other bills and forget about fixing things or buying a new water heater. The guy just wanted his commission on quick big sale.
We backed out of working with him after this and he bad mouthed me showing his true snakeskin. Lot's of greedy people were out there during the boom and I guess they are getting hit back now with the slowdown.
Hey.. I think misinformation was more on the mortgage end for me. For one, some mortgage brokers on these boards have told me that the reason I didn't qualify for a "fixed" rate (that my credit score was not quite high enough) was bogus and that they should hae offered me an optionof a higher fixed rate or this ARM (which, btw, didn't really start at a low rate to begin with). That and they made it seem that if I got my score higher refinancing would be easy.. although they weren't counting on the market crash either.
All water under the bridge now.. my house is lost to me. short selling big time and moving to adifferent state.. btw.. I was paying 3300 / month in mortgage paymetns for a starter home for 2 years here on LI .. (it adjsuted beyond that and it's just way more than I can afford). But I'm loosing over $80K of my savings in what I put down and in improvements in my home
but the banks need the money they are not getting from those mtg. payments.
So the banks won't be getting any money from the new mortgages?
I also dont think ANYONE was misled on their loan terms and conditions. EVERYONE who risked it ALL thought the same thing "its just gonna keep going up" you know how many times I heard that while I was selling my house in 2006? ALOT. We all know it didnt go up. sold mine for 390,000, 20 months late after forclosure it sold for 192,000. Its the banks fault for loaning out that money with no down payment, It was the buyers bad for buying more house than he could afford.....PERIOD. So now I took my profit and have 2 Mortgages, The banks are still getting the same money from the same people. They are not getting it from the people that they shouldnt have given loans to in the first place, and if they wouldnt have... well then prices wouldnt have appreciated as much etc etc. STUPID PEOPLE, STUPID INDUSTRY, STUPID GOVT.
All caused by the love of money.
The govt screwed up by deregulation, and now it is a bailout. It is utter nonsense to BORROW more money to "help" people and banks save their butt. Remember we have 400,000,000,000 deficit right now.
If I wanted socialism I'd move north.
Last edited by nevergoingback; 08-04-2008 at 06:04 PM..
Hey.. I think misinformation was more on the mortgage end for me. For one, some mortgage brokers on these boards have told me that the reason I didn't qualify for a "fixed" rate (that my credit score was not quite high enough) was bogus and that they should hae offered me an optionof a higher fixed rate or this ARM (which, btw, didn't really start at a low rate to begin with). That and they made it seem that if I got my score higher refinancing would be easy.. although they weren't counting on the market crash either.
All water under the bridge now.. my house is lost to me. short selling big time and moving to adifferent state.. btw.. I was paying 3300 / month in mortgage paymetns for a starter home for 2 years here on LI .. (it adjsuted beyond that and it's just way more than I can afford). But I'm loosing over $80K of my savings in what I put down and in improvements in my home
WELL as i said before its not too late . UCC-1 could save your $80,000. investment.
Hey.. I think misinformation was more on the mortgage end for me. For one, some mortgage brokers on these boards have told me that the reason I didn't qualify for a "fixed" rate (that my credit score was not quite high enough) was bogus and that they should hae offered me an optionof a higher fixed rate or this ARM (which, btw, didn't really start at a low rate to begin with). That and they made it seem that if I got my score higher refinancing would be easy.. although they weren't counting on the market crash either.
All water under the bridge now.. my house is lost to me. short selling big time and moving to adifferent state.. btw.. I was paying 3300 / month in mortgage paymetns for a starter home for 2 years here on LI .. (it adjsuted beyond that and it's just way more than I can afford). But I'm loosing over $80K of my savings in what I put down and in improvements in my home
Sorry to hear you got thrown under the bus. They should make the realtor who sold you the house pay down your losses. There's still room out here in the Poconos, beautiful land and very affordable. I know a bunch of people from Brooklyn, Queens and Long Island. I also have alot of Philadelphians like myself living up here. It is a big migration happening and why not get in while the prices are still great?
Check this board and ask around for ScranBarre. His is loaded with useful information about the area.
Sorry to hear you got thrown under the bus. They should make the realtor who sold you the house pay down your losses. There's still room out here in the Poconos, beautiful land and very affordable. I know a bunch of people from Brooklyn, Queens and Long Island. I also have alot of Philadelphians like myself living up here. It is a big migration happening and why not get in while the prices are still great?
Check this board and ask around for ScranBarre. His is loaded with useful information about the area.
well im a tax payer and a home owner ,and im loosing my home to forclosure and not because i was stupid and u were smarter than me,i can afford my payments ,but what can u do when your home looses value of 100,000 to 200,000 in a matter of 9 months!!!so i cant sell, i cant rent, and not only do i loose my home i put all my money into fixing up so sheisters like u could steal it, i loose my CREDIT!!!its not my fault the economy went buns up, its not my fault your gas went up, your food went up,and anything else youd like to blame on the home owners and especially the first time home buyers who are green to begin with!!!when a family looses their home, the whole family looses, and taking our credit to is criminal!!take the bankers credit and screw them,and they can screw the perfect fico scores to, because i will never want to buy a home again because the gov. and the banks can change the rules to help themselves,and still i hear vultures in the background talking about short sales, screw that to, even in a short sale u loose your credit,and u get nothing for all your on time payments and fixing the home up to be nice,the vultures make all the money off short sale of your home, and u get nothing,nnnnnnnnnno!!Go forclosure,keep all your bills up to date except your mortgage and let it go, live there as long as u can save your money and when u have to move out get a rental and start building up your credit again, but im even tired of the bullcrap fico *****!!im not helping out the banks or mortgage co. anymore, this is the last straw, first it was iraq, then gas prices, then food, then electricity, christ if it keeps going on, your infant will have to work to keep up with this gold diggin country!!!i feel for the home owners who have worked and suffered to have a home keep a job, pay taxes for the lazy welfare people, and this is what we get, and not to mention your kids getting taken off to war and getting killed for this crappy government who could care less about the people, and only what we can give the government, more money!! all the time, MORE MONEY, LIKE WERE THE GOVERNMENTS BIG CHARGE CARD!!!
I was looking for a house the past few months. A realtor and the builder's salesperson was trying to push us past our budget of 200K. They were like an extra 5 grand is only a difference of 30 dollars in a mortgage payment. But what bothered me is they didn't take into consideration if you were putting 20% down to avoid PMI, then that would mean the PMI would be added if that extra 5K put you under your 20% downpayment.
It's so hard to calculate how much a home costs. They advertise homes saying it's less than your rent payment. Or monthly payment is ONLY 900 dollars! But they don't add city tax, county tax, state tax, school tax and who knows what other fees on top of that. It's easy to fall for that gimmick of ONLY 900 dollars a month!
That is the same I have heard and seen on programs on tv....realtors and moertgage brokers are trying to convince the "little" extra money is worth it....well do the math...? x 12 months x 30 years, and they forget to tell you that PMI would be higher, property taxes will be higher, etc....so the $ 30.- is soon a much larger amount and already most people are told what there max. amount is and most realtors come up with the house close to that max. amount....and forget to info the clients (who are taken by the hand since most have no experience) that they need extra money for things that need to be repaired....IMO that is part of their job....but that means the $ 5,000.- lower home willl lower their commission by a few bucks....and that is more of a concern...
To get back on subject...I think it is a huge mistake to have government bail outs....it will make others think...well it doesn't matter, the government will take care of me if something goes wrong.
well im a tax payer and a home owner ,and im loosing my home to forclosure and not because i was stupid and u were smarter than me,i can afford my payments ,but what can u do when your home looses value of 100,000 to 200,000 in a matter of 9 months!!!so i cant sell, i cant rent, and not only do i loose my home i put all my money into fixing up so sheisters like u could steal it, i loose my CREDIT!!!its not my fault the economy went buns up, its not my fault your gas went up, your food went up,and anything else youd like to blame on the home owners and especially the first time home buyers who are green to begin with!!!when a family looses their home, the whole family looses, and taking our credit to is criminal!!take the bankers credit and screw them,and they can screw the perfect fico scores to, because i will never want to buy a home again because the gov. and the banks can change the rules to help themselves,and still i hear vultures in the background talking about short sales, screw that to, even in a short sale u loose your credit,and u get nothing for all your on time payments and fixing the home up to be nice,the vultures make all the money off short sale of your home, and u get nothing,nnnnnnnnnno!!Go forclosure,keep all your bills up to date except your mortgage and let it go, live there as long as u can save your money and when u have to move out get a rental and start building up your credit again, but im even tired of the bullcrap fico *****!!im not helping out the banks or mortgage co. anymore, this is the last straw, first it was iraq, then gas prices, then food, then electricity, christ if it keeps going on, your infant will have to work to keep up with this gold diggin country!!!i feel for the home owners who have worked and suffered to have a home keep a job, pay taxes for the lazy welfare people, and this is what we get, and not to mention your kids getting taken off to war and getting killed for this crappy government who could care less about the people, and only what we can give the government, more money!! all the time, MORE MONEY, LIKE WERE THE GOVERNMENTS BIG CHARGE CARD!!!
First, I dont under stand why you are in forclosure if you can afford your payments. Banks dont foreclose simply because the value of your haouse went down. Second, people need to take responsibility for their decisions. You want to blame the banks/mortgage co/realtor, whoever, for putting you into this situation. You made the choice, you dont have to believe what someone else tells you. Look at what other people have posted in this thread. They were temepted, but they thought it through and walked away. Being a first time home buyer, or green as you put it, is no excuse. If anything that should be the motivator for you to find out more information and be knowledgeable before you make a big decision like taking on a mortgage and house.
I would make a further comment about your ranting of government/large credit card, but that is off topic and best for another thread/forum.
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