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BayArea
2012 Sep 25, 7:56am
As somone who bought in 2007 and refinanced at 5.375% in Jan '10, that's quite infuriating, lol. Thanks for the feedback.
Eman
2012 Sep 25, 2:39pm
Refinance everyone at 3.5% with no docs regardless of whether or not they are underwater. That should stimulate the economy. Foreclosures would drop dramatically. Why the hell don't they get it? Effing stupid politicians.
BayArea
2012 Sep 25, 4:16pm
Screw both of you. I'm not paying for all those dipshits.
You are paying one way or another
Exactly, what is done is done... Those rooting for lower home prices at this point are morons. You should be rooting for higher wages to support current home prices. A race to the bottom is not something we need!
As somone who bought in 2007 and refinanced at 5.375% in Jan '10, that's quite infuriating, lol. Thanks for the feedback.
How far underwater are you? Any chance you could come up with enough money to get 5% equity? Saving 2% on a loan could make a huge difference -- maybe enough of a difference to make something "drastic" like a 401k loan worth doing..It may pay for itself in relatively short order.
RentingForHalfTheCost
2012 Sep 26, 1:58pm
The Refi took place under HARP-1 (allowed up to 105% LTV and that was later changed to 125%). HARP-2 allows any LTV.
Criminal! Someone should be in jail and undergoing boarding now! Greedy Bastards. Anyone that slept next to an book on economics would agree the above is just stupid. I don't mean the people taking advantage of the stupidity, I mean the people offering it.
Eman
2012 Sep 26, 2:26pm
Criminal! Someone should be in jail and undergoing boarding now! Greedy Bastards. Anyone that slept next to an book on economics would agree the above is just stupid. I don't mean the people taking advantage of the stupidity, I mean the people offering it.
This is good business practice. Rather than taking back a potential or non-performing asset and lose money, the lenders accepted a lower yield and have the borrower paying down the negative equity over-time. It's a win-win for both parties.
Why in the world does this only apply to loans that originated before June 1st 2009? As if there are no underwater property owners that bought in the 2nd half of 2009 or later?
What's the logic behind this date? Anyone know?