heres an example of a nasty subprime loan say the loan is for 250k and taxes (escrow) are 3k, these are just theory. Rate of 9% for someone in a bad spot credit wise. heres the numbers


2,011 principal and interest per month add another 250 for taxes 2260 per month . Thats crazy IMHO :Oh crap

yeah but isnt throwing away money renting even worse?

Atleast you would own somehting

Im not trying to talk you out of anything, just making you aware of what your stepping into. Your walking into the darkside of mortgages. Nothing more, nothing less. I have no financial gain in this thread whatsoever. Do what your gut and wallet say. :2 cents:

Thank you for the great advice and info... If you dont mind can I contact you on icq, i got a question or two for you...

I was actually asking your opinion on that

I would think even though im going to get rapped for 2 years on the interest that actually owning somehting is better then renting

The prices are crazy here. My brand new rental apartment that was just built was bought out by a real estate company. So now they are for sale. Going rate for a 1 bedroom apartment is $210,000 - 2 bedroom apartment $260,000 - 3 bedroom $300,000. This is in Coral Springs...

And when that creditor sells your debt to another agency you can look forward to it being on your credit for another 7 years. :disgust

yeah Im going to have to look for a house in an up and comming area

Houses in my area of hollywood are already toping 300k

Thats Fuckin HOLLYWOOD which use to be the slums of broward 5 years ago

:(

I saw a really nice condo for sale for 75k was a 1/1 with a pool in the building
Nice all tile floors and counter tops with all stainless appliances

headless im here 209598065 and Forest, yes owning is far better than renting. Take a deep look into your financial outlook and make that decision. You would be entering in a very risky situation. Do you have the patience, the drive and the determination to better your credit situation. If you can answer those honestly, then start shopping your credit and credit risk with lenders and brokers. I dont know your financial outlook so I cant really say