Housing Forclosures in Ohio, Florida, and California.

[Bob]

skigod377 wrote:

So its it the interest rates that are causing people to lose their houses? I have fixed rate, too. What are the interest rates climbing to?

Not jsut the rates. In my case I figured i would have more OT and was going to still have the night shift with the differential pay = $360 a month. I knew my mortgagge payment was going up after 2 years but I was told I could refinance to get in to a 30 year fixed rate. The problem is in order to refifnace the house has to be worth the same or more on the market for the equity to work. Since the market has gone down finance companies will not refinance you becaause you are now a high risk and they can not ot will nto re finance you for more then 100% of the value of you current market value on your house. I cn’t refinance until the market comes back up

[Bob]

Romeodanny wrote:

In Waterloo they are saying there just isn’t enough million dollar homes! Saddly the gap between rich and poor gets bigger and bigger each year. Soon there will be no middle class. Just rich or poor. 😕

exactly middle class is disappearing everywhere

[Bob]

Jasmine wrote:

dragonmedley wrote:

It’s the total opposite here in the Toronto area in Canada, and I think same thing in Alberta.

The economy is doing great, and they’re building houses everywhere. The town where I live doubled, if not tripled in size over the last 20 years. Houses keep on going up and up in value. It’s nuts, really.

Yeah, Toronto is in a growth spurt. There are literally dozens of condo’s going up in our area, but the prices now are insane too for what you’re getting.
In my are a they have also over built themselves out of the market. Way too many houses and no one that can afford to buy them

[Bob]

Jasmine wrote:

Actually, we’re not selling because of the prices…more because we’ve run out of room. I’ve got boxes and boxes sitting in the middle of our living room because I don’t have anywhere to put them. Even our small storage room is full to the rafters. And now my Windstone collection has taken over the upstairs bookshelves. 😆

did you expect anything else especially after joining here?

[Andrea]

I just heard of a new type “loan”. Instead of an equity loan, there are banks buying the equity. So say you have 50K in equity, the bank will give you 50K that you don’t have to repay. I’m not sure if they just own 50K of your house or a percentage.
I tell you, these loan companies are scandalous!
Thats one of the reasons why I don’t think there should be a bailout. They need to be a little more responsible to whom they give credit to!

[Jasmine]

Dragon Master wrote:

Jasmine wrote:

Actually, we’re not selling because of the prices…more because we’ve run out of room. I’ve got boxes and boxes sitting in the middle of our living room because I don’t have anywhere to put them. Even our small storage room is full to the rafters. And now my Windstone collection has taken over the upstairs bookshelves. 😆

did you expect anything else especially after joining here?

Yeah, silly me… 😆 😆

[Author]

Posts