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<blockquote data-quote="705red" data-source="post: 459562" data-attributes="member: 5229"><p>When i bought my first home about 12/13 years ago, we didnt have much to put down and the only way was to go with an arm. I paid 125,000 for a townhouse and only put 4,000 down. The payments were well within our budget the first year, the second year but went up and the third year it was hard. Because i had just went ftime driving and only had 1 income at a lower yearly earning than compared to my 2 jobs.</p><p> </p><p>We looked in to refinacing seeing that we had built up a great credit history during this time. Our townhome was apraised at 190,000 just 3 years later, now i had done some work, but nothing major, besides a huge deck.</p><p> </p><p>We decided to buy a single family home with our own back yard, now since i was in progression my earnings kept rising, so we sold our toenhouse for 189,000 in about 2 weeks and bought a much bigger house for 220,000 with a fixed loan.</p><p> </p><p>The people that got in to trouble just wanted the american family dream of a nice house with a picket fence and a back yard for their kids to play in. Well the rates were rising and home values were rapidly dropping. Now alot of these people owe more on their homes than what they paid and this is were the trouble lies.</p><p> </p><p>These people should be giving the oppurtunity to keep there homes with a reasonable loan at a decent fixed rate. The home flippers that made alot of money over the last 8 years by gambling, should not.imo</p></blockquote><p></p>
[QUOTE="705red, post: 459562, member: 5229"] When i bought my first home about 12/13 years ago, we didnt have much to put down and the only way was to go with an arm. I paid 125,000 for a townhouse and only put 4,000 down. The payments were well within our budget the first year, the second year but went up and the third year it was hard. Because i had just went ftime driving and only had 1 income at a lower yearly earning than compared to my 2 jobs. We looked in to refinacing seeing that we had built up a great credit history during this time. Our townhome was apraised at 190,000 just 3 years later, now i had done some work, but nothing major, besides a huge deck. We decided to buy a single family home with our own back yard, now since i was in progression my earnings kept rising, so we sold our toenhouse for 189,000 in about 2 weeks and bought a much bigger house for 220,000 with a fixed loan. The people that got in to trouble just wanted the american family dream of a nice house with a picket fence and a back yard for their kids to play in. Well the rates were rising and home values were rapidly dropping. Now alot of these people owe more on their homes than what they paid and this is were the trouble lies. These people should be giving the oppurtunity to keep there homes with a reasonable loan at a decent fixed rate. The home flippers that made alot of money over the last 8 years by gambling, should not.imo [/QUOTE]
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