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CMBV22

CMBV22

Joined: 08 May 2008
CMBV22's page
Posts: 378



4034 Magic Points
 
 Posted on Mon Jul 14, 2008 12:10 am  
exactly, and now you see these huge companies (Fannie and Freddie) needing to be bailed out by the Gov.
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goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3138



5338 Magic Points
 
 Posted on Tue Jul 15, 2008 2:57 am  
I think the whole mortgage crisis is such a shame, one particular part that bugs me is the companies that come in and appraise the properties much higher than the property is worth, then they lend on that amount, knowing full well that they are doing the owner an injustice, then they talk them into a flexible rate and the owner ends up falling behind and losing their home. Some have had these homes in their families for generations, some are just starting out and end up with a foreclosure on their books at a very young age.

I hope the government puts some laws in place so that once we make it through this, that we don't end up in the same boat again. I just think the whole crisis is shame.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 2861



2006 Magic Points
 
 Posted on Sat Jul 19, 2008 1:14 pm  
That really angers me to good natured. I have never seen so many home foreclosures in my life and it is a shame good places like Fannie and Freddie need help.
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3138



5338 Magic Points
 
 Posted on Sat Jul 19, 2008 4:25 pm  
They do this a lot, over appraise propery and then give only the high intrest loans and then end up forclosing on them anyway. I feel really bad for this.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 2861



2006 Magic Points
 
 Posted on Sat Jul 19, 2008 5:53 pm  
It is such a scam. There sure are alot of scammers out there now a days
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3138



5338 Magic Points
 
 Posted on Sat Jul 19, 2008 10:01 pm  
"That is why it is so important to educate yourself and be aware of you situation.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 2861



2006 Magic Points
 
 Posted on Mon Jul 21, 2008 1:03 am  
It is like weeding an overgrown garden. You have trouble figuring out what is good and what is a weed. Frauds tend to disguise themselves real well.
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3138



5338 Magic Points
 
 Posted on Mon Jul 21, 2008 2:55 am  
good analogy, but I know where my cucumbers, tomatoes and watermelon are, LOL
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 2861



2006 Magic Points
 
 Posted on Tue Jul 22, 2008 6:06 pm  
Good. I like that. LOL
 
Mary

Mary

Joined: 06 Jul 2006
Mary's page
Posts: 322



8655 Magic Points
 
 Posted on Thu Jul 24, 2008 7:11 am  
Yes, it is a regular happening where the companies over appraise the property only to lend money to the owners at high interest rates. The problem is that the the owners think that the property is worth the amount they got loan, but ultimately end up in unpaid debt resulting in either short sale or foreclosure of the property. So having a sound knowledge of the credit market helps us in avoiding such situations where we may lose the roof over our head. I have learnt many credit related issues from this forum and the ways to get out of such situation. It is a wonderful platform to learn, I think.
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Where there's a will, there's a way !!
 
JPolito830



Joined: 21 Jul 2008
JPolito830's page
Posts: 28
Location: Richmond, VA


948 Magic Points
 
 Posted on Thu Jul 24, 2008 3:55 pm  
Luckily I have never come across any scams...but many of my friends and family members have been taken for a lot of money. Make sure you do tour research.
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Searching for debt consolidation assistance.
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 2861



2006 Magic Points
 
 Posted on Thu Jul 24, 2008 11:32 pm  
That nis a really good explanation MAry. I never thought people would take that kind of chance especially if it is their family home. Someone would really have to be hurting to take such a risk.
 
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