Fix my mortgage? or leave it as an ARM?

NEW -> Contingent Buyer Assistance Program
[quote author="hbguybill" date=1223450026]....I gross about 250K and net 150K although this year I will be probaly net around 160K to 170K. My wife works p/t and makes about 20K a year....I will pay my mortgage off in 10-12 years. It is amazing what you can do when you have no debt....</blockquote>


While I am sure it helps that you are debt free, I think the whole $250k thing is the bigger factor. ;-P
 
[quote author="homeowner" date=1223360952][quote author="irvine_home_owner" date=1223353937]Did you find out if this loan adjustment is part of the FHA program? Any other catches other than the forced escrow... like PMI?



$5000 a month for a home that is $900k is the norm... it's when you have been used to paying only $3000 a month that makes it seem abnormal.</blockquote>


Yes, forced escrow. Im not sure if it is part of the FHA program. And I dont have PMI on my mortgage.



And to those who say I should have bought a home for $500,000... I would have loved to! But there were no homes at that time for that price that were suited for us. After all, we sold our 1700 sq ft home for $700,000. The least expensive home I found was $850k at that time that suited my family. So, living here, I am forced to overpay (above my means I believe, but I can afford it) for a home that would cost $250-$300k in other parts of the country. I did not know that prices would be dropping THIS much. So, I dont believe buyers like me are driving prices up, I think we are preventing a more drastic loss.</blockquote>


ooohh you are one of those f...ing idiots who should have not bought a home in the first place and got us in this mess... IO, no tax impound and now you are surpized about the real math and cost of a home...



you were forced to buy ? there was not one rental availible... OMFG



this is why i will move to a small island with cocnut trees... this country is going to hell
 
[quote author="irvine_home_owner" date=1223603089]Note to self:



Must find business where I can earn $250k gross per year.</blockquote>


Note to self and irvine_home_owner:



We both must find businesses where we can gross $250K per year AND that is apparently global recession proof...
 
After 10 years in medical school my brother makes 210k a year as a radiologist for Kaiser.

Although the economy sucks, he has not gotten a pay cut. Instead, Kaiser is making him read more cases for the same pay.
 
[quote author="skek" date=1223612020]How to make $250k in 2008:



<em>Find a job that paid you $500k in 2007.</em></blockquote>
Can you make a list so I know where to look? :-P
 
Yes making 250K a year makes it easier to be debt free but I have alot of friends who make actually use to make 250K or even 400K or 500K a year and they spent more thanthey made believe it or not. Somebody who will spend more than they make does that no matter how much they spend.
 
[quote author="hbguybill" date=1223647633]Yes making 250K a year makes it easier to be debt free but I have alot of friends who make actually use to make 250K or even 400K or 500K a year and they spent more thanthey made believe it or not. Somebody who will spend more than they make does that no matter how much they spend.</blockquote>
We actually have a friend who makes $350 per year.

Two weeks ago he asked us to borrow $5k because he couldn't pay his credit card bill.

He even said that he's already borrowed money from his brothers and a couple of other friends.

Now, maybe I would feel bad if he didn't have health insurance and he needed to pay medical bills.

But I don't feel bad when he has a boat sitting in the driveway, a new pool in the backyard, a few nice cars in the driveway, etc.
 
[quote author="CalGal" date=1223674913][quote author="hbguybill" date=1223647633]Yes making 250K a year makes it easier to be debt free but I have alot of friends who make actually use to make 250K or even 400K or 500K a year and they spent more thanthey made believe it or not. Somebody who will spend more than they make does that no matter how much they spend.</blockquote>
We actually have a friend who makes $350 per year.

Two weeks ago he asked us to borrow $5k because he couldn't pay his credit card bill.

He even said that he's already borrowed money from his brothers and a couple of other friends.

Now, maybe I would feel bad if he didn't have health insurance and he needed to pay medical bills.

But I don't feel bad when he has a boat sitting in the driveway, a new pool in the backyard, a few nice cars in the driveway, etc.</blockquote>


I feel NO sorrow. Streamline, this guy is just like many people I know, they have ZERO clue on how to manage money and have zero self control.



But some part of me feels bad that he has issues, apparently he hasn't sat down and though about what he could/should do to fix the situtation. His current method is not working.... Oh well, good luck

-bix
 
[quote author="biscuitninja" date=1223676029][quote author="CalGal" date=1223674913][quote author="hbguybill" date=1223647633]Yes making 250K a year makes it easier to be debt free but I have alot of friends who make actually use to make 250K or even 400K or 500K a year and they spent more thanthey made believe it or not. Somebody who will spend more than they make does that no matter how much they spend.</blockquote>
We actually have a friend who makes $350 per year.

Two weeks ago he asked us to borrow $5k because he couldn't pay his credit card bill.

He even said that he's already borrowed money from his brothers and a couple of other friends.

Now, maybe I would feel bad if he didn't have health insurance and he needed to pay medical bills.

But I don't feel bad when he has a boat sitting in the driveway, a new pool in the backyard, a few nice cars in the driveway, etc.</blockquote>


I feel NO sorrow. Streamline, this guy is just like many people I know, they have ZERO clue on how to manage money and have zero self control.



But some part of me feels bad that he has issues, apparently he hasn't sat down and though about what he could/should do to fix the situtation. His current method is not working.... Oh well, good luck

-bix</blockquote>
I know. And I'm sure it was VERY DIFFICULT for him to ask my husband for money.

My husband blamed it on me and said that I said no (I didn't mind).

He must be really desperate because he has asked my husband a few times to keep "working on me."

He said he would pay us back in a few months with 10% interest (yeah, like we would ever see that money again).

I'm sure he has already sucked the equity out of his house as well.

The sad part is that his wife doesn't even know how bad of a financial crisis they are in.
 
[quote author="CalGal" date=1223676441][quote author="biscuitninja" date=1223676029][quote author="CalGal" date=1223674913][quote author="hbguybill" date=1223647633]Yes making 250K a year makes it easier to be debt free but I have alot of friends who make actually use to make 250K or even 400K or 500K a year and they spent more thanthey made believe it or not. Somebody who will spend more than they make does that no matter how much they spend.</blockquote>
We actually have a friend who makes $350 per year.

Two weeks ago he asked us to borrow $5k because he couldn't pay his credit card bill.

He even said that he's already borrowed money from his brothers and a couple of other friends.

Now, maybe I would feel bad if he didn't have health insurance and he needed to pay medical bills.

But I don't feel bad when he has a boat sitting in the driveway, a new pool in the backyard, a few nice cars in the driveway, etc.</blockquote>


I feel NO sorrow. Streamline, this guy is just like many people I know, they have ZERO clue on how to manage money and have zero self control.



But some part of me feels bad that he has issues, apparently he hasn't sat down and though about what he could/should do to fix the situtation. His current method is not working.... Oh well, good luck

-bix</blockquote>
I know. And I'm sure it was VERY DIFFICULT for him to ask my husband for money.

My husband blamed it on me and said that I said no (I didn't mind).

He must be really desperate because he has asked my husband a few times to keep "working on me."

He said he would pay us back in a few months with 10% interest (yeah, like we would ever see that money again).

I'm sure he has already sucked the equity out of his house as well.

The sad part is that his wife doesn't even know how bad of a financial crisis they are in.</blockquote>


I remember my boss telling me how a close friend of his had come to him desperate to borrow some money. They went ahead and lent him the money, but never got paid back because it turned out that he actually had a gambling problem.
 
<blockquote>I remember my boss telling me how a close friend of his had come to him desperate to borrow some money. They went ahead and lent him the money, but never got paid back because it turned out that he actually had a gambling problem. </blockquote>
I have a family member who gambled away his retirement and home equity in his 50's.

They are now 73 years old, still working and living in an apartment.

Very sad. It's a bad addiction.

Wife didn't know until everything was gone.
 
[quote author="CalGal" date=1223674913][quote author="hbguybill" date=1223647633]Yes making 250K a year makes it easier to be debt free but I have alot of friends who make actually use to make 250K or even 400K or 500K a year and they spent more thanthey made believe it or not. Somebody who will spend more than they make does that no matter how much they spend.</blockquote>
We actually have a friend who makes $350 per year.

Two weeks ago he asked us to borrow $5k because he couldn't pay his credit card bill.

He even said that he's already borrowed money from his brothers and a couple of other friends.

Now, maybe I would feel bad if he didn't have health insurance and he needed to pay medical bills.

But I don't feel bad when he has a boat sitting in the driveway, a new pool in the backyard, a few nice cars in the driveway, etc.</blockquote>


Should have given him the $5K and taken the boat in return... Do they do short sales on boats?!
 
My highschool friend asked me to loan him a thousand bones back in 2007 because he bought a house out in Lake Elsinore area with an exotic loan. Since he just had an kid, I gave him $500 bucks and told him it was a gift for his baby. I also told him not to ever ask for money again.



I haven't heard from him since.
 
[quote author="CalGal" date=1223676441][quote author="biscuitninja" date=1223676029][quote author="CalGal" date=1223674913][quote author="hbguybill" date=1223647633]Yes making 250K a year makes it easier to be debt free but I have alot of friends who make actually use to make 250K or even 400K or 500K a year and they spent more thanthey made believe it or not. Somebody who will spend more than they make does that no matter how much they spend.</blockquote>
We actually have a friend who makes $350 per year.

Two weeks ago he asked us to borrow $5k because he couldn't pay his credit card bill.

He even said that he's already borrowed money from his brothers and a couple of other friends.

Now, maybe I would feel bad if he didn't have health insurance and he needed to pay medical bills.

But I don't feel bad when he has a boat sitting in the driveway, a new pool in the backyard, a few nice cars in the driveway, etc.</blockquote>


I feel NO sorrow. Streamline, this guy is just like many people I know, they have ZERO clue on how to manage money and have zero self control.



But some part of me feels bad that he has issues, apparently he hasn't sat down and though about what he could/should do to fix the situtation. His current method is not working.... Oh well, good luck

-bix</blockquote>
I know. And I'm sure it was VERY DIFFICULT for him to ask my husband for money.

My husband blamed it on me and said that I said no (I didn't mind).

He must be really desperate because he has asked my husband a few times to keep "working on me."

He said he would pay us back in a few months with 10% interest (yeah, like we would ever see that money again).

I'm sure he has already sucked the equity out of his house as well.

The sad part is that his wife doesn't even know how bad of a financial crisis they are in.</blockquote>


CalGal,

Hmm... how about lending to him if he is willing to fully document his income/assets/etc.... just like what the banks are doing? And how about asking to take a position on his now-depreciating home? For all you know, he is defaulting on all of his notes.



The fella must be desperate - and he's keeping this from his wife?! Doesn't sound like bad business/financial decisions... something dark does lurk here... hmm...
 
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