jgln
Well-Known Member
Because I will never be able to afford it if you don't!!!!
Listened to radio talk show Saturday where they have finance experts that take calls and the hot topic was the bailout. Lady calls in and explains that she and her husband brought a house on an ARM loan that in June was at 9%. They told the bank they couldn't make the payments so the bank gave them a fixed 5% loan. She called the show to see if she could qualify for a yet even lower rate as they still cannot make the payments. She explained she worked for the school system and was only collecting unemployment during the summer. From what I heard nothing has changed since they brought the house (except it is costing them less now).
Now get this, the expert told her yes she could get an even lower rate if she could prove she could not make the payments and they could not deny her that. WTF!!!
First off it sounds like they never could afford this house so why are our tax dollars helping them pay for it. Second that 5% rate is 5/8 lower that my fixed rate that I had to put 20% down to get. And lastly since I can afford to make my payments I don't think I will be able to get any help paying my mortgage. Oh, and I'll bet if they do get the 3% rate it will never go up no matter how much money they make later on.
Listened to radio talk show Saturday where they have finance experts that take calls and the hot topic was the bailout. Lady calls in and explains that she and her husband brought a house on an ARM loan that in June was at 9%. They told the bank they couldn't make the payments so the bank gave them a fixed 5% loan. She called the show to see if she could qualify for a yet even lower rate as they still cannot make the payments. She explained she worked for the school system and was only collecting unemployment during the summer. From what I heard nothing has changed since they brought the house (except it is costing them less now).
Now get this, the expert told her yes she could get an even lower rate if she could prove she could not make the payments and they could not deny her that. WTF!!!
First off it sounds like they never could afford this house so why are our tax dollars helping them pay for it. Second that 5% rate is 5/8 lower that my fixed rate that I had to put 20% down to get. And lastly since I can afford to make my payments I don't think I will be able to get any help paying my mortgage. Oh, and I'll bet if they do get the 3% rate it will never go up no matter how much money they make later on.