Like most Americans, I got caught up in the housing boom and totally over borrowed on my home. I took out HELOC’s to buy a Harley Davidson and a boat about a year ago. I can’t really afford my payments right now as it is and I just got a letter saying that my ARM is resetting in March (I never bothered to read the loan agreement I signed) to find out that my housing payment is tripling next year!
I just caught wind of the government’s plan to freeze interest rates on the housing market. Does anyone know how one signs up for this plan? I would like to lock in my rate before Christmas if possible since I am planning on buying a new Lexus for significant other as a surprise this year.
2007-12-10 05:12:53 · 9 answers · asked by Balding HD Rider 3 in Business & Finance ➔ Renting & Real Estate
I'm doing the same thing, man. I'm trying to buy a BMW for my woman. But if my mortgage goes up, I wont be able to afford the Beemer. I heard they are only letting people with crappy FICO scores qualify. So I stopped paying my credit cards, utility bills, etc so my FICO goes down. That way I'll qualify to freeze my interest rate AND be able to get the BMW!
2007-12-10 05:31:01 · answer #1 · answered by Clutch 2 · 1⤊ 0⤋
Oh come on! People like you are the reason everyone is loosing thier homes. Stop living beyond your means! You can't even afford the luxuries you financed, and now you want to finance more! You need to learn to read the fine print, and take care of your current debts before you go making more.
The government is currently "talking" about things they can do. Some moderations have been made, but not much. There are a bunch of things you will need to qualify for.
Many Americans got caught up in the housing boom-not Most Americans. More importantly, It does not make it ok.
Jeesh, you spend money you don't have then expect the government to help you. Either way, you are gonna dish out a lot of $$$ or have your credit ruined. Sorry, your set yourself up for disaster. Oh, and like the previous poster said, the Lexus dealer will have all the paper-work you need. They will be more than happy to finance you into more debt. They will laugh at you when you drive off.
2007-12-10 05:53:04 · answer #2 · answered by _nicole_ 4 · 0⤊ 0⤋
People bought homes they could not afford. Some were too stupid to do the math, others thought they would just refinance later on. Some of those people spent more time deciding on a cell phone plan than deciding how to pay that mortgage. Why freeze interests because people are lazy and stupid?
2016-05-22 12:02:22 · answer #3 · answered by carolann 3 · 0⤊ 0⤋
This one is downright funny. You can't afford what you have NOW, and you're looking for an interest rate freeze so you can go DEEPER into debt ???? You REALLY take the cake.
Meanwhile, I advise you to read the supplied URL to see if you qualify. I would think you do NOT, if you can afford to purchase a new Lexus.
2007-12-10 05:21:31 · answer #4 · answered by acermill 7 · 1⤊ 0⤋
First you have to be current and never late. 2nd you have to prove you can't afford the payment after they adjust your rate. This program is to help people keep their homes, who could not afford to otherwise, not to help you keep a low instrest rate and buy a Lexus for you wife and keep your hog and boat. Sorry but is sound like you want your cake and eat it to.
2007-12-10 05:23:51 · answer #5 · answered by Leo F 4 · 1⤊ 1⤋
It is NOT a "federal government plan", it is a voluntary plan between mortgage loan servicers and investors "encouraged" by the government. There has been no legislation, executive order or federal regulation passed.
Contact your loan servicer(s), they will advise you whether you fall into the categories of loans that might qualify.
P.S. "Most Americans" like hell.
2007-12-10 05:30:46 · answer #6 · answered by Anonymous · 1⤊ 1⤋
what the freakin hell crying of a increasing house payment and buying a Lexus. THIS IS WHY SO MANY PEOPLE ARE IN HOT WATER. why don't you tell the government and your bank tell why you are hurting. you will get laughed at. why don't you live in your means, so the rest of us don't get caught up in paying for your boats, Lexus and other shi; of yours. hear of Carma
2007-12-10 05:25:48 · answer #7 · answered by Anonymous · 1⤊ 1⤋
The Lexus dealer will have those forms and will be happy to help you fill them out.
2007-12-10 05:22:16 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Fortunately I know you are just kidding and saying this "tongue in cheek" to get a reaction. But ... I hear the sarcasm in your question and I totally agree with you.
2007-12-10 05:21:20 · answer #9 · answered by Anonymous · 1⤊ 0⤋