To: churchillbuff
They opted for an interest-only, adjustable-rate mortgage
first mistake.
10 posted on
09/22/2006 8:55:09 PM PDT by
Jet Jaguar
("Being nice will get us killed")
To: Jet Jaguar
B U M P! They are probably toast. I say this with no animus. The borrowers were sucked in.
16 posted on
09/22/2006 8:57:51 PM PDT by
stephenjohnbanker
(Our troops will send all of the worlds terrorists to hell in a handbasket with no virgins!)
To: Jet Jaguar
They can work just fine in the right circumstance. But, they used to be about 20% of all mortgages done. When it got to them being 70% it became a problem.
101 posted on
09/22/2006 9:31:27 PM PDT by
RockinRight
(She rocks my world, and I rock her world.)
To: Jet Jaguar
They opted for an interest-only, adjustable-rate mortgage
first mistake.
No kidding! Just when did they expect to PAY for their house? If they were only meeting the INTEREST payments and could not afford to pay down the PRINCIPLE, then they had no business taking out the loan in the first place. ARM loans have ADJUSTABLE rates (hence the 'A' in ARM). Anybody who gets one must understand that the rate might go up in the future. Anyone who knows any history knows how high they have gone in the past, and may go again.
To: Jet Jaguar
They opted for an interest-only, adjustable-rate mortgage HUGE mistake, for most people. As is well known, and well explained, if one cares to look.
If you can't pay your mortgage, and can't refinance, and can't sell, and can't rent, hurry up and ask the lender if they will accept a "deed in lieu" of foreclosure. Last one to ask won't get it.
341 posted on
09/23/2006 9:28:46 PM PDT by
CobaltBlue
(Extremism in the defense of liberty is no vice. Moderation in the pursuit of justice is no virtue.)
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