I resent the comment about helping ‘more illegals get goverment housing.’ First off, if you think someone making < minimum wage could afford to live in these apartments, you have no idea what it is like to scrape by on that wage. Secondly, what's wrong with having someone who pays taxes, as many illegal immigrants who make decent wages do, receive government help? Just because they are not naturalized citizens doesn't mean they aren't contributing to this society. I think you had better be careful about posting comments in this forum that could be considered political, at best, racist, at worst.
This is the problem I worry about for all my friends that are buying right now. We are all couples with median incomes over 100K and yet without downs are still buying 400-500K homes/condos with at least some part of the mortgage adjustable. Historically, has this scenario taken place often?:
‘They’ll be upside down on the mortgage. They’ll sell for $200K, and owe the bank $400K. Then they’ll get the $350K house w/ yard, and get the mortgage on that. Now they owe $550K in mortgages.’
It seems like they would prefer to declare bankruptcy and walk away from it all. I’m young and I’ve never heard of someone paying a mortgage for a home they no longer own. Thanks for your input!
Betting on refinancing at a lower rate down the road seems risky. Especially if we are talking historically normal rates of 8-9-10% going down to historical lows of 5-6% again.
Obviously I didn’t understand the difference between foreclosure and bankruptcy! 🙂 Thanks for the information. Just another way the mortgage companies are going to be able to screw all these people who have taken advantage of these ridiculous exotic loan breeds.
