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Djshakes.
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January 25, 2011 at 10:18 PM #659244January 26, 2011 at 4:39 PM #658408
Effective Demand
ParticipantThe punchline is the Lipkins merely got a reamortized loan over 40 years (so a 45 year total term) and a reduced rate slowly building to ~4.5%
And this is described as a victory for the homeowner?
It’s a good thing people are bad at math I guess. The bank won.
If the Lipkins didn’t spend $1 on lawyers and tried short selling (turn around on access to loans is faster).. they’d be way ahead financially by now. And depending on a host of factors (if the demonstrated hardship was enough) they could even have purchased another home by now for lower cost and a 30 yr term.
January 26, 2011 at 4:39 PM #658470ParticipantThe punchline is the Lipkins merely got a reamortized loan over 40 years (so a 45 year total term) and a reduced rate slowly building to ~4.5%
And this is described as a victory for the homeowner?
It’s a good thing people are bad at math I guess. The bank won.
If the Lipkins didn’t spend $1 on lawyers and tried short selling (turn around on access to loans is faster).. they’d be way ahead financially by now. And depending on a host of factors (if the demonstrated hardship was enough) they could even have purchased another home by now for lower cost and a 30 yr term.
January 26, 2011 at 4:39 PM #659073ParticipantThe punchline is the Lipkins merely got a reamortized loan over 40 years (so a 45 year total term) and a reduced rate slowly building to ~4.5%
And this is described as a victory for the homeowner?
It’s a good thing people are bad at math I guess. The bank won.
If the Lipkins didn’t spend $1 on lawyers and tried short selling (turn around on access to loans is faster).. they’d be way ahead financially by now. And depending on a host of factors (if the demonstrated hardship was enough) they could even have purchased another home by now for lower cost and a 30 yr term.
January 26, 2011 at 4:39 PM #659211ParticipantThe punchline is the Lipkins merely got a reamortized loan over 40 years (so a 45 year total term) and a reduced rate slowly building to ~4.5%
And this is described as a victory for the homeowner?
It’s a good thing people are bad at math I guess. The bank won.
If the Lipkins didn’t spend $1 on lawyers and tried short selling (turn around on access to loans is faster).. they’d be way ahead financially by now. And depending on a host of factors (if the demonstrated hardship was enough) they could even have purchased another home by now for lower cost and a 30 yr term.
January 26, 2011 at 4:39 PM #659539ParticipantThe punchline is the Lipkins merely got a reamortized loan over 40 years (so a 45 year total term) and a reduced rate slowly building to ~4.5%
And this is described as a victory for the homeowner?
It’s a good thing people are bad at math I guess. The bank won.
If the Lipkins didn’t spend $1 on lawyers and tried short selling (turn around on access to loans is faster).. they’d be way ahead financially by now. And depending on a host of factors (if the demonstrated hardship was enough) they could even have purchased another home by now for lower cost and a 30 yr term.
January 26, 2011 at 5:22 PM #658413jpinpb
ParticipantBG – I agree. IMO, a 40-year loan is not helping anyone. They should’ve walked and worked on their credit, then buy a home for 250k at a 30-year fixed, even at 5% and they would be better off.
I hope this is truly an amazing home that they LOVE. I could not imagine trapping myself like that.
Edit: I’m in the process of reading this. I got to the part that Natalie was as a mortgage processor for a division of Countrywide Financial. And she still did a no doc ARM? Man. People are just as dumb as rocks. She’s in the industry. WTH.
January 26, 2011 at 5:22 PM #658475ParticipantBG – I agree. IMO, a 40-year loan is not helping anyone. They should’ve walked and worked on their credit, then buy a home for 250k at a 30-year fixed, even at 5% and they would be better off.
I hope this is truly an amazing home that they LOVE. I could not imagine trapping myself like that.
Edit: I’m in the process of reading this. I got to the part that Natalie was as a mortgage processor for a division of Countrywide Financial. And she still did a no doc ARM? Man. People are just as dumb as rocks. She’s in the industry. WTH.
January 26, 2011 at 5:22 PM #659078ParticipantBG – I agree. IMO, a 40-year loan is not helping anyone. They should’ve walked and worked on their credit, then buy a home for 250k at a 30-year fixed, even at 5% and they would be better off.
I hope this is truly an amazing home that they LOVE. I could not imagine trapping myself like that.
Edit: I’m in the process of reading this. I got to the part that Natalie was as a mortgage processor for a division of Countrywide Financial. And she still did a no doc ARM? Man. People are just as dumb as rocks. She’s in the industry. WTH.
January 26, 2011 at 5:22 PM #659216ParticipantBG – I agree. IMO, a 40-year loan is not helping anyone. They should’ve walked and worked on their credit, then buy a home for 250k at a 30-year fixed, even at 5% and they would be better off.
I hope this is truly an amazing home that they LOVE. I could not imagine trapping myself like that.
Edit: I’m in the process of reading this. I got to the part that Natalie was as a mortgage processor for a division of Countrywide Financial. And she still did a no doc ARM? Man. People are just as dumb as rocks. She’s in the industry. WTH.
January 26, 2011 at 5:22 PM #659544ParticipantBG – I agree. IMO, a 40-year loan is not helping anyone. They should’ve walked and worked on their credit, then buy a home for 250k at a 30-year fixed, even at 5% and they would be better off.
I hope this is truly an amazing home that they LOVE. I could not imagine trapping myself like that.
Edit: I’m in the process of reading this. I got to the part that Natalie was as a mortgage processor for a division of Countrywide Financial. And she still did a no doc ARM? Man. People are just as dumb as rocks. She’s in the industry. WTH.
January 26, 2011 at 5:30 PM #658418ParticipantBefore coming to me
in utter desperation, the Lipkins, like so
many Americans, tried in vain to negotiate
with their bank directly. They were told that
a “negotiator” had been assigned to their file
and was “reviewing it.” Trying to reach this
mythical negotiator by phone proved more
difficult than finding BigfootLOL.
January 26, 2011 at 5:30 PM #658480ParticipantBefore coming to me
in utter desperation, the Lipkins, like so
many Americans, tried in vain to negotiate
with their bank directly. They were told that
a “negotiator” had been assigned to their file
and was “reviewing it.” Trying to reach this
mythical negotiator by phone proved more
difficult than finding BigfootLOL.
January 26, 2011 at 5:30 PM #659083ParticipantBefore coming to me
in utter desperation, the Lipkins, like so
many Americans, tried in vain to negotiate
with their bank directly. They were told that
a “negotiator” had been assigned to their file
and was “reviewing it.” Trying to reach this
mythical negotiator by phone proved more
difficult than finding BigfootLOL.
January 26, 2011 at 5:30 PM #659221ParticipantBefore coming to me
in utter desperation, the Lipkins, like so
many Americans, tried in vain to negotiate
with their bank directly. They were told that
a “negotiator” had been assigned to their file
and was “reviewing it.” Trying to reach this
mythical negotiator by phone proved more
difficult than finding BigfootLOL.
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