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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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This is why people can go into foreclosure...
I got my pre approval letter - its about $100K more than I would ever dream about spending - these lenders are NUTSO!! 
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Posted 11/2/06 2:51 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Marcie
Complete Happiness :)
Member since 5/05 27789 total posts
Name:
LOVE being a Mommy!
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Re: This is why people can go into foreclosure...
Don't you just love that!
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| Posted 11/2/06 2:53 PM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: This is why people can go into foreclosure...
Hey and go interest only so you can spend more on a house a drive even faster off the foreclosure cliff!
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| Posted 11/2/06 2:55 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: This is why people can go into foreclosure...
Posted by MrsBlueSash
Hey and go interest only so you can spend more on a house a drive even faster off the foreclosure cliff!
this was a 30 year fixed...I can only imagine (and I wouldnt have $$ left over to eat either!)
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| Posted 11/2/06 2:56 PM |
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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: This is why people can go into foreclosure...
Posted by MrsBlueSash
Hey and go interest only so you can spend more on a house a drive even faster off the foreclosure cliff!
wait you mean I really can't afford a $1,000,000 house on $50K a year! I am shocked!
it's really not funny- but it's a good lesson to learn juct b/c someone says you can afford something- you should really investigate on your own! way too many people don't!
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| Posted 11/2/06 3:04 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: This is why people can go into foreclosure...
Posted by Meaghan729
I got my pre approval letter - its about $100K more than I would ever dream about spending - these lenders are NUTSO!!
you shuold get them to lower the amount, its better for negotiating
actually before you give the agent your preapproval have your mortgage person adjust the amount
Message edited 11/2/2006 3:09:08 PM.
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| Posted 11/2/06 3:05 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: This is why people can go into foreclosure...
Posted by belladi
Posted by Meaghan729
I got my pre approval letter - its about $100K more than I would ever dream about spending - these lenders are NUTSO!!
you shuold get them to lower the amount, its better for negotiating
Yeah, my lender wrote up a new approval letter with each offer we put in since our range was so wide.
It is crazy though what they say you can afford 
Message edited 11/2/2006 3:08:05 PM.
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| Posted 11/2/06 3:07 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: This is why people can go into foreclosure...
Posted by Colleen9304
Posted by belladi
Posted by Meaghan729
I got my pre approval letter - its about $100K more than I would ever dream about spending - these lenders are NUTSO!!
you shuold get them to lower the amount, its better for negotiating
Yeah, my lender wrote up a new approval letter with each offer we put in since our range was so wide.
It is crazy though what they say you can afford
so did ours LOL we had a dozen different preapprovals
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| Posted 11/2/06 3:09 PM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: This is why people can go into foreclosure...
Posted by belladi
Posted by Meaghan729
I got my pre approval letter - its about $100K more than I would ever dream about spending - these lenders are NUTSO!!
you shuold get them to lower the amount, its better for negotiating
actually before you give the agent your preapproval have your mortgage person adjust the amount
i agree. it just gives the listing agent and the homeowner too much of an excuse not to negotiate lower.
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| Posted 11/2/06 3:13 PM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: This is why people can go into foreclosure...
There was a report on Channel 2 news this morning saying 2/3 of those with ARM's are having difficulty keeping up their payments.
That combined with high fuel prices and high electrical costs= more foreclosures.
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| Posted 11/2/06 3:21 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: This is why people can go into foreclosure...
Posted by belladi
Posted by Colleen9304
Posted by belladi
Posted by Meaghan729
I got my pre approval letter - its about $100K more than I would ever dream about spending - these lenders are NUTSO!!
you shuold get them to lower the amount, its better for negotiating
Yeah, my lender wrote up a new approval letter with each offer we put in since our range was so wide.
It is crazy though what they say you can afford
so did ours LOL we had a dozen different preapprovals
yes I have two and Im goign to ask her for a third.
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| Posted 11/2/06 3:24 PM |
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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: This is why people can go into foreclosure...
Posted by Tah-wee-ZAH
There was a report on Channel 2 news this morning saying 2/3 of those with ARM's are having difficulty keeping up their payments.
That combined with high fuel prices and high electrical costs= more foreclosures.
I just read something similar on MSN.com
I know my DH is redoing alot of loans for people whose interest rates went up to 12%- some loans can be locked once- and you would be surprised how many people don't know this
his friend called him up in a panick when his rate went up on his 2nd mortgage ( jake didn't do his loan- don't ask why) and when Jake read it it could be locked- so they locked in the rate at 7%
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| Posted 11/2/06 3:25 PM |
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nixy
LIF Adult
Member since 9/06 1575 total posts
Name:
K
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Re: This is why people can go into foreclosure...
Message edited 11/9/2006 2:58:31 PM.
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| Posted 11/2/06 3:26 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: This is why people can go into foreclosure...
Posted by Beth1210
Posted by Tah-wee-ZAH
There was a report on Channel 2 news this morning saying 2/3 of those with ARM's are having difficulty keeping up their payments.
That combined with high fuel prices and high electrical costs= more foreclosures.
I just read something similar on MSN.com
I know my DH is redoing alot of loans for people whose interest rates went up to 12%- some loans can be locked once- and you would be surprised how many people don't know this
his friend called him up in a panick when his rate went up on his 2nd mortgage ( jake didn't do his loan- don't ask why) and when Jake read it it could be locked- so they locked in the rate at 7%
this happened to us. Im so ****** that we got the second loan. I would never do taht again. I would have waited and save the extra 20k.
OUr rate went from 6 to 8 then we looked around and locked in at 7%
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| Posted 11/2/06 3:30 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: This is why people can go into foreclosure...
 gotta love these greeeeeeeedy lenders
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| Posted 11/2/06 3:32 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: This is why people can go into foreclosure...
Posted by Meaghan729
yes I have two and Im goign to ask her for a third.
Some people wanted current letters - our search took 16 months so we couldn't keep a stack of letters. Plus when we started we were putting down 10% by the time we bought, we put down 20%...so everything changed.
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| Posted 11/2/06 3:37 PM |
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LisaI
Momma's Little Beans
Member since 1/06 3923 total posts
Name:
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Re: This is why people can go into foreclosure...
I know, our lenders always told us we were living below our means. Which we probably are according to the numbers, but we are NOT living for our home.
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| Posted 11/2/06 4:04 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: This is why people can go into foreclosure...
why did the rate go up to 12%. Adjustable rates are based on prime. That must have been a sub prime loan to begin with.
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| Posted 11/2/06 6:25 PM |
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