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Can't refinance under water


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2007 May 3, 4:35am   24,395 views  283 comments

by Patrick   ➕follow (59)   💰tip   ignore  

underwater houses

During the boom, if borrowers asked about the adjustable rates on their mortgages, they were told "oh, you can just refinance and start over".

But no one told them you can't refinance if your house is under water, that is, if the loan amount is more than the value of the house. Banks won't go for that, even in the continuing lax lending environment.

So their rates will adjust upward, and they won't be able to pay the mortgage, or refinance, or sell for what they paid.

Interesting times ahead.

Patrick

#housing

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281   azrob   2007 May 7, 11:34am  

Yeah motorcylists may occassionaly cause an accident.

But what does your liability insurance cost? on my last bike, it was about $100 a year, which is 1/5 of what a honda hybrid costs and its not like hybrid owners are a bunch of dangerous racers either... Gotta figure the insurance companies have an idea about the dangers of injuring others in every vehicle class

282   Jimbo   2007 May 8, 10:12am  

Find me an incident where a motorcyclist hit a car and the car driver was killed as a result of the collision. It may have happened once or twice, but it is exceedingly rare.

Sure, people might swerve to avoid someone and end up dead, but that is not the same thing. Your contention is that motorcyclists need to be more severely regulated because automobile drivers are incompetent and unable to handle being startled by a motorcycle? That is an interesting position to take, but not unusual for your typical self-centered automobile driver.

283   Peter P   2007 May 9, 12:44am  

Find me an incident where a motorcyclist hit a car and the car driver was killed as a result of the collision. It may have happened once or twice, but it is exceedingly rare.

It can happen if the motocycle broadsides the car at very high speed.

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