Getting Knocked Down by Prime ARMs

[Chasey_Lane]

Originally Posted by Pete

Patch,

Does this mean that before you deleted your "Patch" account and had long conversations this MPD you were talking to yourself?

He deleted his YouTube videos, too.

[refi-rep]

Originally Posted by Chasey_Lane

He deleted his YouTube videos, too.

I have to admit he was entertaining at times, I hope he s doing well in that waterview rental

[somdrenter]

Originally Posted by Larry Gude

Who is going to walk away from their home just because their mortgage went up $500 a month?

NO ONE. They will find a way.

[somdrenter]

The industry has gone from “flip this house” to:

Should You Walk Away? - Educate Yourself On Your Rights If You Face Foreclosure. Our Website Can Help You.

[Baja28]

Originally Posted by refi-rep

I have to admit he was entertaining at times, I hope he s doing well in that waterview rental

AS entertaining as a herd of turtles.

Yes Larry, he did enjoy taling to his MPD somdrenter.

[somdrenter]

Originally Posted by Baja28

Yes Larry, he did enjoy taling to his MPD somdrenter.

[somdrenter]

Originally Posted by Larry Gude

Who is going to walk away from their home just because their mortgage went up $500 a month?

NO ONE. They will find a way.

cbs13.com - New Trend In Sacramento: 'Intentional Foreclosure'

[Larry Gude (Premo)]

Originally Posted by somdrenter

cbs13.com - New Trend In Sacramento: 'Intentional Foreclosure'

...this isn't exactly what we're talking about then, is it? Anyone who is so well off that they can afford to just walk away from one house AND go buy another isn't exactly in need of any government help, now are they?

[MMDad]

Three years ago, due to some bad choices and unfortunate circumstances, I got an ARM. It's due to reset in April. When I got the ARM, I planned on converting it to a fixed before it reset.

I go to closing next week on 5.5% fixed. My credit rating is okay, but by no means great. We don't make much more $ now than we did then. It couldn't have been easier for me to get the loan, and I didn't even have to use the gubbmint's bail out program.

Who are these people having such a hard time? There are government backed programs in place for most homeowners to bail them out. If we're only talking about speculators getting in trouble, who cares? That's the risk they took.

[somdrenter]

Originally Posted by Larry Gude

...this isn't exactly what we're talking about then, is it? Anyone who is so well off that they can afford to just walk away from one house AND go buy another isn't exactly in need of any government help, now are they?

Sorry Larry, looking back through the thread I didn’t see any mention of the government bailout programs.

I was referring to the:

Originally Posted by Larry Gude

...NO ONE. They will find a way.

theory you have. Apparently, given the two examples I provided, someone will chose foreclosure as their best route. In either of the two examples given, the result is the same. No reduction in housing inventory, and further downward pressure on prices.