Poor six-figure family

[The OC Scam]

I’m also on board with TG and Trex

I just heard of a family friend that makes around 120k with a 400k loan that went to CW to freeze their interest rate and CW said to quit paying their credit cards as financial advice….?

People just spend to much plain and simple.

[meadandale]

What pisses me off about this story is that they gambled on an interest only ARM to get a lower rate and lost.

But they are winners because they are going to get their interest rate FIXED at a rate that is lower than my 30 year fixed rate loan because I did the responsible thing and bought a house I could afford and didn’t gamble on rising rates.

Once again, the people who do the right thing are the losers and the irresponsible come out ahead….

[meadandale]

What pisses me off about this story is that they gambled on an interest only ARM to get a lower rate and lost.

But they are winners because they are going to get their interest rate FIXED at a rate that is lower than my 30 year fixed rate loan because I did the responsible thing and bought a house I could afford and didn’t gamble on rising rates.

Once again, the people who do the right thing are the losers and the irresponsible come out ahead….

[meadandale]

What pisses me off about this story is that they gambled on an interest only ARM to get a lower rate and lost.

But they are winners because they are going to get their interest rate FIXED at a rate that is lower than my 30 year fixed rate loan because I did the responsible thing and bought a house I could afford and didn’t gamble on rising rates.

Once again, the people who do the right thing are the losers and the irresponsible come out ahead….

[meadandale]

What pisses me off about this story is that they gambled on an interest only ARM to get a lower rate and lost.

But they are winners because they are going to get their interest rate FIXED at a rate that is lower than my 30 year fixed rate loan because I did the responsible thing and bought a house I could afford and didn’t gamble on rising rates.

Once again, the people who do the right thing are the losers and the irresponsible come out ahead….

[meadandale]

What pisses me off about this story is that they gambled on an interest only ARM to get a lower rate and lost.

But they are winners because they are going to get their interest rate FIXED at a rate that is lower than my 30 year fixed rate loan because I did the responsible thing and bought a house I could afford and didn’t gamble on rising rates.

Once again, the people who do the right thing are the losers and the irresponsible come out ahead….

[dejams]

WTF! 100K can’t afford a 352K mortgage? Are you kidding me? What’s their spending and saving habit? People like them don’t need help, they need to learn to adjust on living with their income and tighten their belts when comes to hard time. I worked two jobs and didn’t go out much when I needed the money for down payment and pay off car loan. I just can’t believe the bank is willing to help such fortunate 100K earner. People like them need to learn how to save instead of spending every cent and depend on credit cards. This is why American rank low when comes to saving money.

[dejams]

WTF! 100K can’t afford a 352K mortgage? Are you kidding me? What’s their spending and saving habit? People like them don’t need help, they need to learn to adjust on living with their income and tighten their belts when comes to hard time. I worked two jobs and didn’t go out much when I needed the money for down payment and pay off car loan. I just can’t believe the bank is willing to help such fortunate 100K earner. People like them need to learn how to save instead of spending every cent and depend on credit cards. This is why American rank low when comes to saving money.

[dejams]

WTF! 100K can’t afford a 352K mortgage? Are you kidding me? What’s their spending and saving habit? People like them don’t need help, they need to learn to adjust on living with their income and tighten their belts when comes to hard time. I worked two jobs and didn’t go out much when I needed the money for down payment and pay off car loan. I just can’t believe the bank is willing to help such fortunate 100K earner. People like them need to learn how to save instead of spending every cent and depend on credit cards. This is why American rank low when comes to saving money.

[dejams]

WTF! 100K can’t afford a 352K mortgage? Are you kidding me? What’s their spending and saving habit? People like them don’t need help, they need to learn to adjust on living with their income and tighten their belts when comes to hard time. I worked two jobs and didn’t go out much when I needed the money for down payment and pay off car loan. I just can’t believe the bank is willing to help such fortunate 100K earner. People like them need to learn how to save instead of spending every cent and depend on credit cards. This is why American rank low when comes to saving money.

[dejams]

WTF! 100K can’t afford a 352K mortgage? Are you kidding me? What’s their spending and saving habit? People like them don’t need help, they need to learn to adjust on living with their income and tighten their belts when comes to hard time. I worked two jobs and didn’t go out much when I needed the money for down payment and pay off car loan. I just can’t believe the bank is willing to help such fortunate 100K earner. People like them need to learn how to save instead of spending every cent and depend on credit cards. This is why American rank low when comes to saving money.

[Ricechex]

This reminds me of a friend of mine. He and his partner bought a brand new house about 7 years ago. They bought with no money down, but got a fixed rate. They have a spending problem, and have re-financed 3X since the purchase. They are always buying things….large screen TVs, Honda Acura, and even remodeled their kitchen! (Wow is that necessary in a new house?) For 2 of their re-fi’s, they borrowed a significant amount of change from me–though, my friend tells me I am a “ghetto dweller” as I live in North Park, and drive an older car. They did pay me back, but I told them that was my LAST time loaning them money.

Anyway, the last re-fi they did on an ARM and it adjusts in March. My friend may lose his job in February. They already have a roommate, and cannot increase her rent anymore. His thought is, either the bank does a re-fi at a fixed rate, or they can have the house. His belief is that in today’s market, the bank will work with them. A couple of months ago, he pulled all his retirement money to pay off CC bills. So, now who is going to support people like this when retirement comes around?

If the bank does not work with them, they will bail and let the bank have the house. I have no doubt that they will continue to spend like crazy, as I have known them 15 years and this is what they do. I don’t wish him any ill will, as he is my best friend, and if the bank wants to take the loss, then that is on the bank. However, it really irks me.

[Ricechex]

This reminds me of a friend of mine. He and his partner bought a brand new house about 7 years ago. They bought with no money down, but got a fixed rate. They have a spending problem, and have re-financed 3X since the purchase. They are always buying things….large screen TVs, Honda Acura, and even remodeled their kitchen! (Wow is that necessary in a new house?) For 2 of their re-fi’s, they borrowed a significant amount of change from me–though, my friend tells me I am a “ghetto dweller” as I live in North Park, and drive an older car. They did pay me back, but I told them that was my LAST time loaning them money.

Anyway, the last re-fi they did on an ARM and it adjusts in March. My friend may lose his job in February. They already have a roommate, and cannot increase her rent anymore. His thought is, either the bank does a re-fi at a fixed rate, or they can have the house. His belief is that in today’s market, the bank will work with them. A couple of months ago, he pulled all his retirement money to pay off CC bills. So, now who is going to support people like this when retirement comes around?

If the bank does not work with them, they will bail and let the bank have the house. I have no doubt that they will continue to spend like crazy, as I have known them 15 years and this is what they do. I don’t wish him any ill will, as he is my best friend, and if the bank wants to take the loss, then that is on the bank. However, it really irks me.

[Ricechex]

This reminds me of a friend of mine. He and his partner bought a brand new house about 7 years ago. They bought with no money down, but got a fixed rate. They have a spending problem, and have re-financed 3X since the purchase. They are always buying things….large screen TVs, Honda Acura, and even remodeled their kitchen! (Wow is that necessary in a new house?) For 2 of their re-fi’s, they borrowed a significant amount of change from me–though, my friend tells me I am a “ghetto dweller” as I live in North Park, and drive an older car. They did pay me back, but I told them that was my LAST time loaning them money.

Anyway, the last re-fi they did on an ARM and it adjusts in March. My friend may lose his job in February. They already have a roommate, and cannot increase her rent anymore. His thought is, either the bank does a re-fi at a fixed rate, or they can have the house. His belief is that in today’s market, the bank will work with them. A couple of months ago, he pulled all his retirement money to pay off CC bills. So, now who is going to support people like this when retirement comes around?

If the bank does not work with them, they will bail and let the bank have the house. I have no doubt that they will continue to spend like crazy, as I have known them 15 years and this is what they do. I don’t wish him any ill will, as he is my best friend, and if the bank wants to take the loss, then that is on the bank. However, it really irks me.

[Ricechex]

This reminds me of a friend of mine. He and his partner bought a brand new house about 7 years ago. They bought with no money down, but got a fixed rate. They have a spending problem, and have re-financed 3X since the purchase. They are always buying things….large screen TVs, Honda Acura, and even remodeled their kitchen! (Wow is that necessary in a new house?) For 2 of their re-fi’s, they borrowed a significant amount of change from me–though, my friend tells me I am a “ghetto dweller” as I live in North Park, and drive an older car. They did pay me back, but I told them that was my LAST time loaning them money.

Anyway, the last re-fi they did on an ARM and it adjusts in March. My friend may lose his job in February. They already have a roommate, and cannot increase her rent anymore. His thought is, either the bank does a re-fi at a fixed rate, or they can have the house. His belief is that in today’s market, the bank will work with them. A couple of months ago, he pulled all his retirement money to pay off CC bills. So, now who is going to support people like this when retirement comes around?

If the bank does not work with them, they will bail and let the bank have the house. I have no doubt that they will continue to spend like crazy, as I have known them 15 years and this is what they do. I don’t wish him any ill will, as he is my best friend, and if the bank wants to take the loss, then that is on the bank. However, it really irks me.

[Author]

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