you are a finance geek and that was an excellent, excellent presentation. I did not realize that the people with ARMs couldn't refinance because they simply weren't being serviced anymore. I think the "part 2, the revenge" of that presentation will be the results of all those people who cannot refi and must go bankrupt or are forced out of their home or what have you. There are entire neighborhoods that are foreclosed - and the results are crime, vandalism, declining property values, and basically the end of civilization as we know it. Okay, not really, but just imagine that you are the only person who lives on your street and all the other houses are empty...... super creepy.
Thanks for showing this. We will be ready in May to start looking and it is a little scary, but I am so glad that when friends and family tried to push us before we were out of debt and really in a good position that we stood our ground. My favorite comeback to them was always "The prophet never said you could not live with your Mother-in-law. He said get out of debt" Well now I think I can look forward to a home without so much fret, but I still have some...Good schools, good neighbors, do I have to live in the boonies to get waht I want and can afford...Agh! Do I want to do it? (yes of course) but I think that first home can be scary even if you are ready!
What a cool video, it explains so much. I just can help wondering -- what level my husband and I fit into. We have a fixed mortgage and have been in the hose only for a year....so we are not looking to refinance as yet. But it is scary to think of all those people who are making payment and are faithful to the lender, not being able to get out from an adjustable loan. I would bet that some went with an adjustable, thinking that they would later just refi. How sad
you are a finance geek and that was an excellent, excellent presentation. I did not realize that the people with ARMs couldn't refinance because they simply weren't being serviced anymore. I think the "part 2, the revenge" of that presentation will be the results of all those people who cannot refi and must go bankrupt or are forced out of their home or what have you. There are entire neighborhoods that are foreclosed - and the results are crime, vandalism, declining property values, and basically the end of civilization as we know it. Okay, not really, but just imagine that you are the only person who lives on your street and all the other houses are empty...... super creepy.
ReplyDeleteThanks for showing this. We will be ready in May to start looking and it is a little scary, but I am so glad that when friends and family tried to push us before we were out of debt and really in a good position that we stood our ground. My favorite comeback to them was always "The prophet never said you could not live with your Mother-in-law. He said get out of debt" Well now I think I can look forward to a home without so much fret, but I still have some...Good schools, good neighbors, do I have to live in the boonies to get waht I want and can afford...Agh! Do I want to do it? (yes of course) but I think that first home can be scary even if you are ready!
ReplyDeleteWhat a cool video, it explains so much. I just can help wondering -- what level my husband and I fit into. We have a fixed mortgage and have been in the hose only for a year....so we are not looking to refinance as yet. But it is scary to think of all those people who are making payment and are faithful to the lender, not being able to get out from an adjustable loan. I would bet that some went with an adjustable, thinking that they would later just refi. How sad
ReplyDeleteExcellent phrase "You can't scare me. I have children."
ReplyDeleteBest what I saw in the blogs (:
Best regards
Toby, data room due diligence