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Article (LONG)...Subprime bust forces families from homes
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Article (LONG)...Subprime bust forces families from homes
Posted by csorisi
Posted by SweetTooth
" well, they did 100% financing, so they could care less if they foreclose." Its not like you can just walk away like it never happened- a foreclosure will WRECK your credit and you will have a very tough time getting a mortgage in the future!
I think she meant because they put nothing down they should have walked away from the closing table and waited till the broker could give them what he/she promised or go with another lender that could give them a better rate.
that is what I meant- thanks
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Posted 3/26/07 8:24 PM  |
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Prudential Douglas Elliman Real Estate
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Article (LONG)...Subprime bust forces families from homes
Posted by SweetTooth
I think it is important here to point out what a subprime mortgage really is. Subprime does not mean 100% financing. Subprime means that the people applying for the loan do not have good credit/and or unverifiable income
thank you for pointing this out.
subprime means you are not a prime borrower, you have poor credit.
people with 700+ ficos can still get 100% financing.
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| Posted 3/26/07 9:27 PM |
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| Pages: 1 [2] |
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