Quote:
Originally Posted by Betty
I'm really not very sympathetic about people going into forclosure - they knew or should have known what they were getting into. I too would have loved to buy a house - but could see that wouldn't be able to afford it. Why should they get a house for being stupid.
|
I think there was some predatory lending but most people were just stupid and keeping up with their neighbors.
You don't buy a house you can barely afford at one interest rate only to have that rate be adjustable when there is no way you could afford it at the higher rate.
I started looking at buying a condo a few years ago - I was offered a mortgage amount based upon credit score alone and they said I could use stated income vs. actual income. Payments would have been "interest only" and I would have barely been able to afford it then. If I had actually gone through with it I would have been SoL now.
Read the fine print people.
The market is supposed to hit bottom around December of next year. Don't give up hope on buying Betty. You'll need 20% down or money for PMI and stellar credit to get a mortgage but housing isn't done dropping.