Forums
New posts
Search forums
What's new
New posts
New profile posts
Latest activity
Internet Search
Members
Current visitors
New profile posts
Search profile posts
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Forums
General Discussions
The Watercooler
Bailout effects
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="bby31288" data-source="post: 199141" data-attributes="member: 182"><p>In my case, we bought our house no problem. Payment 2,300.00 a month. We lived in it for a year. After a year we got a letter from our mortgage lender that our escrow was short about 3,700.00 for taxes, they underestimated when we bought it. It went from 6,000 and change to over 9,000 a year for taxes. So we had some options, pay the 3,700 and the payment went up to about 2,900. or don't pay the 3,700 and the payment went up to 3,200. So we didn't have 3,700 to pay, and couldn't affort 3,200. So we refinanced. That is how we got caught up in the ARM. In order to keep my payment about 2,500. The idea was that the interest rate wouldn't rise to much, and in a few year we would be making more money to afford the rise in payment. So I went from having excellent credit to this mess. </p><p></p><p>Dreamer, I like you didn't carry a balance on my cards. My bills are paid each and every month. Its just when you start to fall behind on your mortgage payment, no matter the fact that you pay late, your credit score drops. Hence why we couldn't refinance to a fixed rate. We have the ability to pay a decent mortgage, just no one to help us get back to a fixed rate we can afford. We even took a 401K Loan to catch up with payments at one point. The only thing that did was buy us some time. </p><p></p><p>Because of the foreclosure, doesn't mean we are deadbeats. Just stuck in a bad situation. Poor Choices...</p></blockquote><p></p>
[QUOTE="bby31288, post: 199141, member: 182"] In my case, we bought our house no problem. Payment 2,300.00 a month. We lived in it for a year. After a year we got a letter from our mortgage lender that our escrow was short about 3,700.00 for taxes, they underestimated when we bought it. It went from 6,000 and change to over 9,000 a year for taxes. So we had some options, pay the 3,700 and the payment went up to about 2,900. or don't pay the 3,700 and the payment went up to 3,200. So we didn't have 3,700 to pay, and couldn't affort 3,200. So we refinanced. That is how we got caught up in the ARM. In order to keep my payment about 2,500. The idea was that the interest rate wouldn't rise to much, and in a few year we would be making more money to afford the rise in payment. So I went from having excellent credit to this mess. Dreamer, I like you didn't carry a balance on my cards. My bills are paid each and every month. Its just when you start to fall behind on your mortgage payment, no matter the fact that you pay late, your credit score drops. Hence why we couldn't refinance to a fixed rate. We have the ability to pay a decent mortgage, just no one to help us get back to a fixed rate we can afford. We even took a 401K Loan to catch up with payments at one point. The only thing that did was buy us some time. Because of the foreclosure, doesn't mean we are deadbeats. Just stuck in a bad situation. Poor Choices... [/QUOTE]
Insert quotes…
Verification
Post reply
Forums
General Discussions
The Watercooler
Bailout effects
Top