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General Parenting
"Housing for working people"
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<blockquote data-quote="meowbunny" data-source="post: 49444" data-attributes="member: 3626"><p>Creative financing is ultimately killing housing. Fifty-year loans. Balloon payments for the full loan amount in five years. Principal only for X amount of years, then full loan amount balloon payment. They sound great and they get people who couldn't otherwise afford it into homes. However, when it comes time to make the balloon payment, these people don't qualify to refinance and, with property values now dropping, their homes are taken by the lending institutes. In my neighborhood, four people have lost their homes because of this. Two moved out in the middle of the night. One sold to one of those companies that will buy your home immediately for slightly less than their mortgage. One is attempting to sell the house before foreclosure occurs.</p></blockquote><p></p>
[QUOTE="meowbunny, post: 49444, member: 3626"] Creative financing is ultimately killing housing. Fifty-year loans. Balloon payments for the full loan amount in five years. Principal only for X amount of years, then full loan amount balloon payment. They sound great and they get people who couldn't otherwise afford it into homes. However, when it comes time to make the balloon payment, these people don't qualify to refinance and, with property values now dropping, their homes are taken by the lending institutes. In my neighborhood, four people have lost their homes because of this. Two moved out in the middle of the night. One sold to one of those companies that will buy your home immediately for slightly less than their mortgage. One is attempting to sell the house before foreclosure occurs. [/QUOTE]
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