homeguide123.com — According to the most recent foreclosure numbers released by the Mortgage Bankers Association (MBA), the U.S. is embroiled in the worst foreclosure crisis in recorded history. More than 14 percent of subprime borrowers are defaulting, and prime borrowers are beginning to follow suit.
Sep 25, 2007 View in Crawl 4
masterofswSep 26, 2007
There's a big difference to the price of a house and how much loan you qualify for. If you really think those numbers are suppose to match, then you're one of the next to lose your 100% financed house.
fyngyrzSep 26, 2007
Of course, you could, you know, not borrow in the first place.I saved for 20 years (since I was 14) and bought my home outright. In the mean time, I lived frugally. No drinking, no smoking, public entertainment, bicycle transport, etc. The result? I paid a lot less than borrowers do. No interest, only one small fee. Now I own my home, several cars, motorcycle, and five businesses. No debt.People have no patience, no fortitude. Everyone has to "have it now." Well, you get what you pay for, and guess what? When you borrow with the idea that you own, you haven't paid for it - and you don't own it. By which I mean they can take it away for all kinds of reasons.If I could speak to all the young people, I'd tell them: (a) No credit cards; (b) No borrowing. (c) Never exceed the FDIC insured deposit amount in any savings account. (d) Invest in municipal bonds (in other words, let your town or city borrow from you.) (e) Don't entertain yourself with drugs (legal or illegal, from alcohol to cocaine, specifically because the effects don't last, but the expense is permanent.) (f) Get a (used) instrument. Learn to play. This is far more rewarding than listening to other people's recordings, and far less expensive. (g) avoid movies. Learn to dance, martial arts, etc. On your own. It'll last you a lifetime and it'll keep you very busy. Don't be a spectator. Spectators are people who make sports figures rich. I could go on, but I await my avalanche of digg-downs. :-)
spoid_Sep 26, 2007
Better than living in a VAN DOWN BY THE RIVER!
lucienveSep 27, 2007
Not to mention that it's the House that actually is the source of all spending bills, not the President... This 'everything is Bush's fault' digg mentality is getting tiring.
oldhickSep 27, 2007
Gotcha. Seems like a lot of different groups of people are being compared to Bin Laden. Not sure how that really makes sense. While the outcome isn't good and I guess its possible to make the comparison (since you've obviously done it) to Bin Laden, just not really sure what the point is or how that's relevant. But is something to ponder.
jerbakerOct 8, 2007
Um, you can't get a loan for more than you qualify for. Are you suggesting that the population making the median income should save up the $456,000 down payment to cover the gap?
donnieaamaFeb 18, 2008
behind on your mortgage visit they can help!
aabjoraDec 14, 2008
"Two to three years ago you could fog a mirror and get a mortgage with zero income documentation" It's true, and so did I... my space:<a class="user" href="http://www.mortgagerefinancingloanz.com/">http://www.mortgagerefinancingloanz.com/</a>
preomarketplaceMar 22, 2011
informative... thanks for sharing!