Quote:
Originally Posted by Gerco
Frankly, sherm, your talking out of your ass here.
I happen to be one of the people effected by this. I bought a home 2 years ago at 7.1%, The note was immediately sold to another bank, who has now raise the interest to over 12%. My mortgage payment went from 830.00 to over 1500.00 per month.. In the 2 years I have lived here, they have applied 127 dollars toward the principle. As my note stands now, the original amount I financed, 119.000 is now sitting at 124,000 after 2 years of paying. PLUS in the current market my homes value went from 138,000 to around 90,000.
This is why 11 homes currently are in the exact same situation as myself within 1 block of me. WTF are we to do? At the current rate I would spend something like 420,000 dollars on the home I bought for 119,000... What is going on is almost criminal at this point.
So you can take your opinions on this and shove them right up your ass for all I care.
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Seems to me that you agreed to pay that interest rate when you decided to purchase with that particular loan. Why didn't you just get a 30 year fixed loan? See? Your trouble could have been avoided so easily. Why do you blame the people who are lending you the money? They told you up front that the rate would go up. You just ignored that part of the contract I guess.
It is very hard to feel sorry for people who sign contracts and then come back to claim that the contract wasn't fair. The time to decide if the contract is fair is BEFORE YOU SIGN IT!!!!!!!!
Get a second job.