On Jul 16, 3:09*am, "Pete KE9OA" wrote:
I remember when we bought our house back in 2003..............the mortgage
company was trying to tell me that we would have no problem qualifying for a
240 thousand dollar loan. I explained that maybe we could qualify, but would
not really be able to maintain those monthly payments for any length of
time.
We bought in an unincorperated area, where we could get ahold of a good size
lot for well under 200 thousand dollars. The mortage payment is actually a
little bit cheaper than what we would have to pay for rent in the Chicago
area. We went for a fixed rate loan............so many of those brokers were
trying to offer us ARM loans, and, worse yet, baloon loans. Not a good idea,
unless you have a guarantee that a friend of yours is going to buy your
property in the next few years.
My next door neighbor got evicted from his house. Every so often, the bank
sends a few people out with lawn mowers, and they cut about 10 percent of
the lawn, leaving it worse than it started.
They haven't been here for a few weeks, so the meadow is growing nicely.
The worst part of this whole thing is that my neighbor lost his job. When he
started working again, he was able to maintain the mortgage payments, but he
was always three months behind. That wasn't good enough for the greedy
*******s, so they forclosed on his property. The way the property looks now,
nobody is going to buy it. I hope they choke on it.

Pete

Any bank tht refuses to accept green money for a somewhat late
mortgage and instea evicts the family and ends up carrying the
property on it's books will doubtless go under.

It's just stupid, what they did. in 30 years who'd remember ?

If hte bank has stock, consider shorting it