Re: Too broke for low rates
John Jordan
8/22/2011 6:50:28 PM
Great piece Noreen. Count me among those homeowners that is current on his mortgage, yet is under water and therefore cannot take advantage of the low interest rates. The government will bail out those who in many cases never should have gotten a loan and cannot meet the payments and in some cases will allow them to keep the home. However, it will do little for those dunderheads who have struggled through this recession yet have met all of their loan obligations.
Sorry state of affairs, indeed.
Mark Twain found it a century ago: A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.
Re: Too broke for low rates
Drivewaygirl
8/22/2011 5:33:24 PM
Is there an easy way to see if Fannie or Freddie holds your mortgage?
Crazy system.
Go for that loan, Scott. We can't all beat the banks, but it's great at least some of us can.
Yes but the issue isn't about buying a home. It's about refinancing one that you are already living in -- and already making the monthly mortgage payments on -- even though it is a struggle.
Yes, this is a sad state of affairs, it also shows you how pathetic the banks are and how the government's so-called "push" to get them to lend is not working.
Let's get this straight: In 2006, banks would lend to anybody with a pulse. In 2011, they will lend to nobody.
I was a victim of this as well as I went 15 months without a W-2, I was freelancing, my bank would not touch me with a re-fi despite the fact that I'd never missed a mortgage payment and had been building equity for 12 years.
I am refinancing now but hopefully the joke will be on them as I am locking in the largest possible loan at the lowest possible rate.
--Scott
No matter how low the rates are, if you don't have the capital to purchase a home, it will do you no good. I am positive that things will get better!
We consistently help people who screw up -- by taking out a questionable mortgage on property they can't afford -- but never seem to find a way to reward people who do whatever it takes to pay their bills regularly.
If someone lost his job but he's still making the payments on his mortgage, even though his income has fallen through no fault of his own. then doesn't he deserve a break?
It's one thing to give a mortgage to someone without the income to pay it. But it's another to cut the interest on a mortgage that someone is busting his butt to pay every month. Obviously, if he's making the payments on a 7% mortgage, he'd still be able to make them if the mortgage interest was 4.5%.
Where's the common sense?
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