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WATERDOGMale Offline
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Post Icon Posted: Aug. 12 2008,9:52 am Post # 1 see this member send this member a private message  quote this post in reply
Friends house is history. Nice single guy bought a modest home for himself about 15 years ago for less than $100K. Was a real good move for him. Got married 8 years ago to a lady I lived with for a number of years. Scratching my head, I ask how is that possible? He has refied 6 times in those 8 yrs and cashed out each time. His last one, 125% of value, at 0%,  was about a year ago and just adjusted. His monthly is now more per month than his gross salery. He went to refie again and they just laughed at him. House just appaised at $208K. His current note is for $460K. Somehow I figure he's blown about $300K plus in cash in those short years and he has absolutely nothing to show for it. I'll bet his mortgage broker is still smiling.

"Damn you sure know how to fock things up."-GFR
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Post Icon Posted: Aug. 12 2008,10:26 am Post # 2 see this member send this member a private message  quote this post in reply
That's a shame. There ought to be a law against that, don't you think?  :stupid

Easy money.......now what?  :cry

It's a fact of Life:

After Monday and Tuesday, even the Calendar says : WTF .......
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Post Icon Posted: Aug. 12 2008,11:44 am Post # 3 see this member send this member a private message  quote this post in reply
Wow, that's one way to manage your equity.... :flamed

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Post Icon Posted: Aug. 12 2008,12:02 pm Post # 4 see this member send this member a private message  quote this post in reply
Its a glorious world we live in today; wouldn't y'all say? (da gig says with a saracastically wry smile) :stupid  :(

"My lifestyle determines my deathstyle!" -Metallica
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WATERDOGMale Offline
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Post Icon Posted: Aug. 12 2008,12:34 pm Post # 5 see this member send this member a private message  quote this post in reply
Quote (GlassMan @ Aug. 12 2008,10:26 am)
That's a shame. There ought to be a law against that, don't you think?  :stupid

Easy money.......now what?  :cry

I can't believe there isn't laws. I really want to see his prior appraisel where he could even get that much out. These house is in Nuevo about a quarter mile from the old Ski Land. There isn't a house in that city worth that much. He's a machinest that grinds valves all day for a small shop. Never asked, but I think he's at about 40-45K per year.Gross.

"Damn you sure know how to fock things up."-GFR
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Post Icon Posted: Aug. 12 2008,12:44 pm Post # 6 see this member send this member a private message  quote this post in reply
Quote (WATERDOG @ Aug. 12 2008,12:34 pm)
Quote (GlassMan @ Aug. 12 2008,10:26 am)
That's a shame. There ought to be a law against that, don't you think?  :stupid

Easy money.......now what?  :cry

I can't believe there isn't laws. I really want to see his prior appraisel where he could even get that much out. These house is in Nuevo about a quarter mile from the old Ski Land. There isn't a house in that city worth that much. He's a machinest that grinds valves all day for a small shop. Never asked, but I think he's at about 40-45K per year.Gross.

That's pretty damn good money for a "valve grinder" these days; ain't it? :stupid

Edited by gigamurph on Aug. 12 2008,12:45 pm

"My lifestyle determines my deathstyle!" -Metallica
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WATERDOGMale Offline
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Post Icon Posted: Aug. 12 2008,12:52 pm Post # 7 see this member send this member a private message  quote this post in reply
Quote (gigamurph @ Aug. 12 2008,12:44 pm)
Quote (WATERDOG @ Aug. 12 2008,12:34 pm)
Quote (GlassMan @ Aug. 12 2008,10:26 am)
That's a shame. There ought to be a law against that, don't you think?  :stupid

Easy money.......now what?  :cry

I can't believe there isn't laws. I really want to see his prior appraisel where he could even get that much out. These house is in Nuevo about a quarter mile from the old Ski Land. There isn't a house in that city worth that much. He's a machinest that grinds valves all day for a small shop. Never asked, but I think he's at about 40-45K per year.Gross.

That's pretty damn good money for a "valve grinder" these days; ain't it? :stupid

I'm just guessing. Perhaps I'm a little high. He has been at the same company 20 + years though.

"Damn you sure know how to fock things up."-GFR
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Post Icon Posted: Aug. 12 2008,3:38 pm Post # 8 see this member send this member a private message  quote this post in reply
Quote (WATERDOG @ Aug. 12 2008,12:52 pm)
Quote (gigamurph @ Aug. 12 2008,12:44 pm)
Quote (WATERDOG @ Aug. 12 2008,12:34 pm)
Quote (GlassMan @ Aug. 12 2008,10:26 am)
That's a shame. There ought to be a law against that, don't you think?  :stupid

Easy money.......now what?  :cry

I can't believe there isn't laws. I really want to see his prior appraisel where he could even get that much out. These house is in Nuevo about a quarter mile from the old Ski Land. There isn't a house in that city worth that much. He's a machinest that grinds valves all day for a small shop. Never asked, but I think he's at about 40-45K per year.Gross.

That's pretty damn good money for a "valve grinder" these days; ain't it? :stupid

I'm just guessing. Perhaps I'm a little high. He has been at the same company 20 + years though.

Sounds like his house won't last as long as his job has.....

Its awful to lose your home, but really, what did he think would happen by taking all that money out of equity and blowing it? Thats why they call these things cycles......

Sorry to hear about your friend......Can their folks help out?

:banghead

Edited by Fragile Magic on Aug. 12 2008,3:40 pm



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Post Icon Posted: Aug. 12 2008,4:04 pm Post # 9 see this member send this member a private message  quote this post in reply
:eek  :eek OUCH!!! :beat  :beat

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Post Icon Posted: Aug. 12 2008,4:38 pm Post # 10 see this member send this member a private message  quote this post in reply
Quote (Fragile Magic @ Aug. 12 2008,3:38 pm)
Quote (WATERDOG @ Aug. 12 2008,12:52 pm)
Quote (gigamurph @ Aug. 12 2008,12:44 pm)
Quote (WATERDOG @ Aug. 12 2008,12:34 pm)
Quote (GlassMan @ Aug. 12 2008,10:26 am)
That's a shame. There ought to be a law against that, don't you think?  :stupid

Easy money.......now what?  :cry

I can't believe there isn't laws. I really want to see his prior appraisel where he could even get that much out. These house is in Nuevo about a quarter mile from the old Ski Land. There isn't a house in that city worth that much. He's a machinest that grinds valves all day for a small shop. Never asked, but I think he's at about 40-45K per year.Gross.

That's pretty damn good money for a "valve grinder" these days; ain't it? :stupid

I'm just guessing. Perhaps I'm a little high. He has been at the same company 20 + years though.

Sounds like his house won't last as long as his job has.....

Its awful to lose your home, but really, what did he think would happen by taking all that money out of equity and blowing it? Thats why they call these things cycles......

Sorry to hear about your friend......Can their folks help out?

:banghead

No remaining folks to even ask.

"Damn you sure know how to fock things up."-GFR
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Post Icon Posted: Aug. 12 2008,4:51 pm Post # 11 see this member send this member a private message  quote this post in reply
Maybe He Should Become A Financial Person For The Government......... :eek

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WATERDOGMale Offline
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Post Icon Posted: Aug. 12 2008,4:53 pm Post # 12 see this member send this member a private message  quote this post in reply
Quote (Carrera Elite @ Aug. 12 2008,4:51 pm)
Maybe He Should Become A Financial Person For The Government......... :eek

He's certainly proven his qualifications.

"Damn you sure know how to fock things up."-GFR
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Post Icon Posted: Aug. 12 2008,9:28 pm Post # 13 see this member send this member a private message  quote this post in reply
Talk about "upside down"... :eek  :beat   Ya just walk away and start over... :good

Edited by shueman on Aug. 14 2008,8:26 pm
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Post Icon Posted: Aug. 13 2008,12:22 am Post # 14 see this member send this member a private message  quote this post in reply
Its a shame that people got hooked on the cash cow. I just bought a house that was under similar pretenses.....although in their case the adjustable just went balistic.

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Post Icon Posted: Aug. 13 2008,5:40 am Post # 15 see this member send this member a private message  quote this post in reply
Quote (Ziggy @ Aug. 13 2008,12:22 am)
the adjustable just went balistic.

There's the cause of most of all the foreclosures never get an adjustable, the rates are almost going up as you're signing the contract!..  :rolleyes
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Post Icon Posted: Aug. 13 2008,7:17 pm Post # 16 see this member send this member a private message  quote this post in reply
I Used ARM Loans To Get Into My Houses, But Refied About A Year Into Them......Went Into Fixed Rate.....

Edited by Carrera Elite on Aug. 13 2008,7:19 pm

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Post Icon Posted: Aug. 14 2008,6:04 am Post # 17 see this member send this member a private message  quote this post in reply
We had fixed right off the start, refied a couple of years later when it dropped, worked out good!. :good
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Post Icon Posted: Aug. 14 2008,4:11 pm Post # 18 see this member send this member a private message  quote this post in reply
Started Out With A Low ARM, Then Went To A Low Fixed When The ARM Went Up......

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Post Icon Posted: Aug. 14 2008,8:29 pm Post # 19 see this member send this member a private message  quote this post in reply
Them "fly by night" lenders are long gone... :beat   Sad to see what's happening...but it's the "nature of the beast".... :drama
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Post Icon Posted: Aug. 15 2008,5:42 am Post # 20 see this member send this member a private message  quote this post in reply
Quote (shueman @ Aug. 14 2008,8:29 pm)
Them "fly by night" lenders are long gone... :beat   Sad to see what's happening...but it's the "nature of the beast".... :drama

There's still some around here!.. :pissed
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Post Icon Posted: Aug. 15 2008,8:09 am Post # 21 see this member send this member a private message  quote this post in reply
I'm getting a lot less phone calls from them.

"Damn you sure know how to fock things up."-GFR
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GoFastRacerMale Offline
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Post Icon Posted: Aug. 16 2008,6:17 am Post # 22 see this member send this member a private message  quote this post in reply
Don't get phone calls, just a lot of junk mail!.. :pissed
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Post Icon Posted: Aug. 18 2008,7:57 am Post # 23 see this member send this member a private message  quote this post in reply
Quote (GoFastRacer @ Aug. 15 2008,5:42 am)
Quote (shueman @ Aug. 14 2008,8:29 pm)
Them "fly by night" lenders are long gone... :beat   Sad to see what's happening...but it's the "nature of the beast".... :drama

There's still some around here!.. :pissed

Anywhere A Scammer Can Pull A Scam....They'll Be There. :angry  :beat

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Post Icon Posted: Aug. 18 2008,7:58 am Post # 24 see this member send this member a private message  quote this post in reply
Quote (WATERDOG @ Aug. 15 2008,8:09 am)
I'm getting a lot less phone calls from them.

Did you Change Phone Numbers??  :phone  :stupid  :confused  :laugh  :D

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Carrera EliteMale Offline
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Post Icon Posted: Aug. 18 2008,7:59 am Post # 25 see this member send this member a private message  quote this post in reply
Quote (GoFastRacer @ Aug. 16 2008,6:17 am)
Don't get phone calls, just a lot of junk mail!.. :pissed

I Get Both....Plus EMail..... :pissed

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