REWahoo
Give me a museum and I'll fill it. (Picasso) Give
Cute Fuzzy Bunny said:ARMS can be a great idea if your horizon to sell is pretty short (less than 3 years).
...or if you are going to pay it off within that time frame.
Cute Fuzzy Bunny said:ARMS can be a great idea if your horizon to sell is pretty short (less than 3 years).
Cute Fuzzy Bunny said:I remember posting as to whether the folks here thought it would be a good idea to pull a few hundred thousand on that 5/1 and try to arb it. The collective consensus was that it wasnt a good idea. You guys dont know anything! I'd have made a bundle
REWahoo! said:...or if you are going to pay it off within that time frame.
Gosh, I thought at the end of the 5/1 you were going to roll it over to a wad of zero-interest credit-card balance transfers!Cute Fuzzy Bunny said:I remember posting as to whether the folks here thought it would be a good idea to pull a few hundred thousand on that 5/1 and try to arb it. The collective consensus was that it wasnt a good idea. You guys dont know anything! I'd have made a bundle
Cute Fuzzy Bunny said:Whadda I look like? JG?
Laurence said:And why is his ARM Mortgage higher than my 20 year fixed in San Diego? These examples make a good story on the surface, but they don't pass the smell test. Not typical, even for spendthrift Americans.
Not to get too off topic, but while I like to bash predator businessmen/legal loan sharks as much as the next guy, I don't feel much sympathy for people in over their heads on mortgages. People will spend 40 hours figuring out their NCAA brackets or football pools, but can't go to lending tree or do a little research to make sure when they sign the most important documents (probably) in their life, they aren't getting a raw deal?
My MIL just vented to me she thought she was going to lose the house. She and FIL seperated about a year ago (total mid life crisis-whatever), he's paying ~$1,000 a month (they have two kids still under 18), and they bought their house over ten years ago for ~$120,000, and she makes a pretty good wage, 20 years in a govt. job. Yet somehow she can't make what should be $1200-$1300 payment, tops?
I tried to help her, but it was no use, run up credit cards, refinance and pay off. Nail in the coffin was getting a pool put in right before they seperated. On the one hand, she admits she wouldn't have done it if she had known what was coming, but it should have never been that close to the edge in the first place.
Even still, I tried to sit down with her and work the numbers, figure out what she can do. The more I dived in, the more my head was reeling, $200+/month on "whole" life insurance on the kids? How much for car insurance? I told her what she needed to do, I garantee she hasn't done it. And six months from now things will be even worse and she won't remember this conversation.
I love her very much, she is the best MIL one could ask for in many ways, but she suffers from a mental block that I just don't think is curable. I told DW that if it comes to it, we'll buy a bigger house and have her move in, pay us rent that is equivalent to the difference in the house payment. She's great with her grandaughter, and I couldn't bear the thought of her living anyplace but a nice home.