03-30-2008, 09:09 AM
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in a van by the river
Industry Role:
Join Date: May 2003
Posts: 76,806
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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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That's your fault for getting a Adjustable rate loan.. You never get those damn things. You can only get screwed with them. If the damn interest rates drop so much to make the risk worth while you could have just refinanced a fixed rate loan.
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