Pay you're damn mortgage on time. Because of ppl like you, the US dollar is crashing and the US dollar will lost 50% of its value in a couple of years. And if you can't afford a mortgage, then dont get one!!!!!!!. Isn't there anything that can be done about this?
2007-08-16 12:22:47 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
Back in the olden days when I bought my first house, the rule of thumb was 25% of your gross monthly income to cover mortgage and utilities. Now the rule of thumb seems to be 30% to 40% of gross monthly income for the mortgage alone.
Throw in all that "creative financing" and a few preditory lenders, and voila!
2007-08-16 12:43:53 · answer #1 · answered by bdancer222 7 · 1⤊ 0⤋
I work for one of the largest mortgage banks in the country. I got news for you, even the people with "good" credit are defaulting. Many investors are letting their house go into foreclosure or short selling for a loss.
We're not responsible for individuals poor choices. They knew they could not afford the payment. Blame it on the mortgage brokers who "creatively" bypassed every guideline and the appraisers who inflated values. Oh, and what about the greedy realtors who got their borrowers salivating over homes they could not afford?
I have a few credit card with very low balances. I guess I could go run out and max them all out. Just because someone gives you a little rope it doesn't mean you should tie a nuce and hang yourself.
As for the dollar falling, it should have really gotten whacked after the dot com bust. This wall street rollar coaster has kept the economy running the past few years but unfortunately we're out of track.
2007-08-16 17:29:50 · answer #2 · answered by Richard S. 3 · 0⤊ 0⤋
Actually its not all their fault, alot of banks approved sub prime loans with very little requirements i.e. Stated income, State assets, 100% financing and so on. So everyone wanted the american dream of owning a home with no money down hoping that their values would increase. Which caused this huge problem of a declining home market.
It will change, its all a cycle.
2007-08-16 12:27:51 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Bart I found interesting information about your answer & the best options here.
http://all-mortgage-calculators.blogspot.com/2007/07/mortgage-loans.html
Good luck!
2007-08-17 04:12:40 · answer #4 · answered by Anonymous · 0⤊ 0⤋
97.6% of American's pay their mortgage on time.
This correction is long overdue... and it really was necessary. Homes were overvalued.
2007-08-16 15:19:48 · answer #5 · answered by Mike 6 · 0⤊ 0⤋
You may get your doubts very well clarified from http://moneytips.bestmoneymatters.info... . Best wishes!
2007-08-16 22:07:44 · answer #6 · answered by Anonymous · 0⤊ 0⤋