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Julie Bove[_2_] Julie Bove[_2_] is offline
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Default Swedish Hospital Cherry Hill Food


"W. Baker" > wrote in message
...
> Julie Bove > wrote:
>
> : "Cheri" > wrote in message
> : ...
> : > "Storrmmee" > wrote in message
> : > ...
> : >> had we to do it over, we would have rented and banked the difference,
> : >> that would have really allowed for a lot more travel, Lee
> : >
> : > We bought our house late in life, and now I wish we had just kept
> renting.
> : > New roofs, and many upgrades aren't cheap, and moving on in retirement
> : > isn't all that easy with a house to sell, especially in this market.
> :-)
>
> : I don't know where my husband got this idea from but he thought he could
> buy
> : a house and make a ton of money by selling it in a few years. Nobody
> could
> : talk him out of that notion. I am sick of this house and all of its
> : problems.
>
> That was the idea that tones of peole had and that was encouraged by
> banks, realtos, etc who then sold houses with trick mortgages tht went way
> up in interest rates afeter a few years. The assumptin was that the house
> woul dbe worth so much more that the people who would be unable to pay the
> high interest rates would be able to sell out at the higher price and do
> the same thing al oer again.
>
> You may not have had the adjustable mortgage, but your husband had the
> idea that many many people had and that ultimately led to the finanial and
> housing crash that has led to the terrible current economy. Your husband
> was far from alone. Many Americans kept taking out money fromtheir houses
> by refinancing or takign out second mortgages that when the housing prices
> fell, they were left underwater(house worth less than mortgage).


There is no way I would get an ARM.