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NotCranky
ParticipantSDCELLAR
Washington Mutual has a program they are touting that includes all kind of new features including a fixed first and a equity line. I don’t know if wamu allows anyone to take a draw on the second for puchase or why anybody would want to do that. I think it is probably for refinancing and wamu’s stategy is to Coax better returns by getting “second” money beacuse they know people are going to spend it. Kind of like like a credit card company startegy? I am going to study the loan to see if it can be used effectively for any of my purposes. I think they are promoting it on their hompage.ParticipantLots of Minerals! GOT MILK!
ParticipantLots of Minerals! GOT MILK!
ParticipantAlex,
The point of getting interest only loans is to not pay principal. They are not to be used frivolously that is all.I read your remarks the other day on another thread and I have a recommendation for you. Create a new file in a manila folder or something like that. Call the file…”MY NEW HOUSE.” over time put things that interest you about your new house in that file..Forget about wether prices are going to go up down or whatever. Then make a mental note to yourself..
SELF. “I am putting this stuff into my “NEW HOUSE” File. I will not buy a house until I understand what I the hell I am talking about.” By that time hopefully the market will provide some chance of you succeeding. ALex it is very important to make a wise financial decision when you sign Mortgage documents. Time is on your side Alex. I have nothing against you Alex you need to listen (read and head)more. IMHOParticipantAlex,
The point of getting interest only loans is to not pay principal. They are not to be used frivolously that is all.I read your remarks the other day on another thread and I have a recommendation for you. Create a new file in a manila folder or something like that. Call the file…”MY NEW HOUSE.” over time put things that interest you about your new house in that file..Forget about wether prices are going to go up down or whatever. Then make a mental note to yourself..
SELF. “I am putting this stuff into my “NEW HOUSE” File. I will not buy a house until I understand what I the hell I am talking about.” By that time hopefully the market will provide some chance of you succeeding. ALex it is very important to make a wise financial decision when you sign Mortgage documents. Time is on your side Alex. I have nothing against you Alex you need to listen (read and head)more. IMHOParticipantIt’s not a scam Concho…It’s Capitalism!
We can’t have Homeland security messing with it so let them build a fence that will keep em busy!Of course they will have to leave holes in or the deal is off!ParticipantIt’s not a scam Concho…It’s Capitalism!
We can’t have Homeland security messing with it so let them build a fence that will keep em busy!Of course they will have to leave holes in or the deal is off!Participant“Must Eat” thanks that got me laughing.
I hear rumors that that some forclosures have large chunks of drywall missing. It seems the owners were eating it!Participant“Must Eat” thanks that got me laughing.
I hear rumors that that some forclosures have large chunks of drywall missing. It seems the owners were eating it!Participantdupe
Participantdupe
ParticipantIt seems to me that the majority of recent buyers had mortgages that were higher than the place that they came from or than the actual market rental value of the house/condo they purchased.Many people spent over their heads more than you will ever believe. No reasonable landlord would have rented to a huge percentage of these people at the debt to income ratios they were achieving with stated income and fudged loans.
Many loans were package deals with seconds on top at a higher rate…like 10%. Recall how many of these defaults are happening before the reset? Condos had homeowners fees and property tax at least half of fair rental value. Yes there are instances in single family homes where the teaser rates worked out lower and some builders were paying the first six months mortgage and such.In General Spending was artificially high because of MEW not increased cash flow due to teaser rates. That spending has come to a screeching halt. I don’t see where spending comes from in the near future at all.ParticipantIt seems to me that the majority of recent buyers had mortgages that were higher than the place that they came from or than the actual market rental value of the house/condo they purchased.Many people spent over their heads more than you will ever believe. No reasonable landlord would have rented to a huge percentage of these people at the debt to income ratios they were achieving with stated income and fudged loans.
Many loans were package deals with seconds on top at a higher rate…like 10%. Recall how many of these defaults are happening before the reset? Condos had homeowners fees and property tax at least half of fair rental value. Yes there are instances in single family homes where the teaser rates worked out lower and some builders were paying the first six months mortgage and such.In General Spending was artificially high because of MEW not increased cash flow due to teaser rates. That spending has come to a screeching halt. I don’t see where spending comes from in the near future at all.ParticipantThanks for the confirmation…I think I will stick with “honest and embarassed to be associated with the club.” Maybe yours should just be “LOWLIFE” or “The Donald” .You can have all the greater fools remember I don’t want any of them. I think you will be lucky to sell a box of cracker jacks because clearly more people see right through you than you know.
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