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NotCranky.
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December 2, 2007 at 10:39 AM #11047December 2, 2007 at 11:02 AM #107342
Fearful
ParticipantLOL if Countrywide is paying 5.45% to get money, and they are willing to lend it at 5.25%, how much money do you trust with Countrywide? Watch that FDIC coverage!
December 2, 2007 at 11:02 AM #107436ParticipantLOL if Countrywide is paying 5.45% to get money, and they are willing to lend it at 5.25%, how much money do you trust with Countrywide? Watch that FDIC coverage!
December 2, 2007 at 11:02 AM #107470ParticipantLOL if Countrywide is paying 5.45% to get money, and they are willing to lend it at 5.25%, how much money do you trust with Countrywide? Watch that FDIC coverage!
December 2, 2007 at 11:02 AM #107484ParticipantLOL if Countrywide is paying 5.45% to get money, and they are willing to lend it at 5.25%, how much money do you trust with Countrywide? Watch that FDIC coverage!
December 2, 2007 at 11:02 AM #107495ParticipantLOL if Countrywide is paying 5.45% to get money, and they are willing to lend it at 5.25%, how much money do you trust with Countrywide? Watch that FDIC coverage!
December 2, 2007 at 11:03 AM #107338kev374
ParticipantNot sure how this works as Countrywide bank is offering 5.45% on their CDs so how are they offering 5.25%?
“This is really great news for the Hornbeeks,” Barrett said. “Their mortgage would only go up about $1,000 a year based on the new interest rate, but it’s something we all agree that they’ll be able to manage in the short term. And, as we’d hoped, it will give them some time for the market to recover and for Mike’s salary to increase.”
What happens when they have to pay interest and principle in 3-5 yrs and can’t afford that payment? Are they going to renegotiate yet again?
Looks like they are getting into the same cycle again, trying to mend things for the short term and speculating that they will figure something out down the line.
The bottom line is that given this family’s financial picture they cannot afford a $440,000 property!
December 2, 2007 at 11:03 AM #107431ParticipantNot sure how this works as Countrywide bank is offering 5.45% on their CDs so how are they offering 5.25%?
“This is really great news for the Hornbeeks,” Barrett said. “Their mortgage would only go up about $1,000 a year based on the new interest rate, but it’s something we all agree that they’ll be able to manage in the short term. And, as we’d hoped, it will give them some time for the market to recover and for Mike’s salary to increase.”
What happens when they have to pay interest and principle in 3-5 yrs and can’t afford that payment? Are they going to renegotiate yet again?
Looks like they are getting into the same cycle again, trying to mend things for the short term and speculating that they will figure something out down the line.
The bottom line is that given this family’s financial picture they cannot afford a $440,000 property!
December 2, 2007 at 11:03 AM #107466ParticipantNot sure how this works as Countrywide bank is offering 5.45% on their CDs so how are they offering 5.25%?
“This is really great news for the Hornbeeks,” Barrett said. “Their mortgage would only go up about $1,000 a year based on the new interest rate, but it’s something we all agree that they’ll be able to manage in the short term. And, as we’d hoped, it will give them some time for the market to recover and for Mike’s salary to increase.”
What happens when they have to pay interest and principle in 3-5 yrs and can’t afford that payment? Are they going to renegotiate yet again?
Looks like they are getting into the same cycle again, trying to mend things for the short term and speculating that they will figure something out down the line.
The bottom line is that given this family’s financial picture they cannot afford a $440,000 property!
December 2, 2007 at 11:03 AM #107479ParticipantNot sure how this works as Countrywide bank is offering 5.45% on their CDs so how are they offering 5.25%?
“This is really great news for the Hornbeeks,” Barrett said. “Their mortgage would only go up about $1,000 a year based on the new interest rate, but it’s something we all agree that they’ll be able to manage in the short term. And, as we’d hoped, it will give them some time for the market to recover and for Mike’s salary to increase.”
What happens when they have to pay interest and principle in 3-5 yrs and can’t afford that payment? Are they going to renegotiate yet again?
Looks like they are getting into the same cycle again, trying to mend things for the short term and speculating that they will figure something out down the line.
The bottom line is that given this family’s financial picture they cannot afford a $440,000 property!
December 2, 2007 at 11:03 AM #107490ParticipantNot sure how this works as Countrywide bank is offering 5.45% on their CDs so how are they offering 5.25%?
“This is really great news for the Hornbeeks,” Barrett said. “Their mortgage would only go up about $1,000 a year based on the new interest rate, but it’s something we all agree that they’ll be able to manage in the short term. And, as we’d hoped, it will give them some time for the market to recover and for Mike’s salary to increase.”
What happens when they have to pay interest and principle in 3-5 yrs and can’t afford that payment? Are they going to renegotiate yet again?
Looks like they are getting into the same cycle again, trying to mend things for the short term and speculating that they will figure something out down the line.
The bottom line is that given this family’s financial picture they cannot afford a $440,000 property!
December 2, 2007 at 11:09 AM #107352trex
ParticipantMaybe I’m out of touch, but I was surprised the opposite way – how *can’t* they afford $2900 a month? With about 10k a month, why can’t they just tighten their belts a bit and ride it out? Used clothing stores, eat at home, etc? Given that they have no assets, I’m assuming there are two nice cars in the garage. Sell them and get an old Toyota for 2k.
December 2, 2007 at 11:09 AM #107446ParticipantMaybe I’m out of touch, but I was surprised the opposite way – how *can’t* they afford $2900 a month? With about 10k a month, why can’t they just tighten their belts a bit and ride it out? Used clothing stores, eat at home, etc? Given that they have no assets, I’m assuming there are two nice cars in the garage. Sell them and get an old Toyota for 2k.
December 2, 2007 at 11:09 AM #107481ParticipantMaybe I’m out of touch, but I was surprised the opposite way – how *can’t* they afford $2900 a month? With about 10k a month, why can’t they just tighten their belts a bit and ride it out? Used clothing stores, eat at home, etc? Given that they have no assets, I’m assuming there are two nice cars in the garage. Sell them and get an old Toyota for 2k.
December 2, 2007 at 11:09 AM #107494ParticipantMaybe I’m out of touch, but I was surprised the opposite way – how *can’t* they afford $2900 a month? With about 10k a month, why can’t they just tighten their belts a bit and ride it out? Used clothing stores, eat at home, etc? Given that they have no assets, I’m assuming there are two nice cars in the garage. Sell them and get an old Toyota for 2k.
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