To: this is my name not yours
Not necessarily. The writer and his wife make a lot of money and the mortgage doesn’t reset until 2010.
11 posted on
08/21/2007 8:30:07 AM PDT by
Moonman62
(The issue of whether cheap labor makes America great should have been settled by the Civil War.)
To: Moonman62
By then they will be many thousand of dollars upside dwon on their loan. Can’t refi that way.
15 posted on
08/21/2007 8:32:26 AM PDT by
Hydroshock
("The Constitution should be taken like mountain whiskey -- undiluted and untaxed." - Sam Ervin)
To: Moonman62
Not necessarily. The writer and his wife make a lot of money and the mortgage doesn’t reset until 2010.
The problem isn't how much money he's making, the problem is how much he lets slip through his fingers. They may come out of it okay, but look at how much self-imposed stress he's under because he can't manage his money. These folks (and so many others like them) are enslaved by their possessions.
30 posted on
08/21/2007 8:42:15 AM PDT by
this is my name not yours
(Free speech is the escape valve that keeps some people from picking up a rifle.)
NEW YORK (CNNMoney.com) -- Earlier this year, a Wisconsin couple won a judgment against Chevy Chase Bank that said the bank deceived them over the terms of their mortgage.
The judge ordered Chevy Chase to rescind the loan and certified the lawsuit as class-action, which could potentially release thousands of other borrowers who felt misled.
To: Moonman62
Not necessarily. The writer and his wife make a lot of money and the mortgage doesn’t reset until 2010.Yes it was a mistake.
While its true the writer may still come out ahead, if interest rates fall and home prices go up before 2010, it was still a mistake because he gambled with this asset.
If he lucks out, it does not make it any less of a mistake.
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