Mortgage Refinancing Coming
Sep 25, 2011
- Since the Bank determines what your house is worth, why would the bank do anything but wait for the foreclosure, collect the mortgage insurance, … that you paid for each month,… and have the Feds tell the Mint to print cold hard cash and give to to them, …then take your house too. Any American that ask for refinance is just saying to any bank that they are dead beats that can not afford to do business with the Bank. Why would ANY Bank believe in mutual support of others when it can serve its own self interest instead?
- Maybe the Federal Reserve will eventually understand is that it is FINANCIALLY PRACTICAL FOR THE UNDERWATER HOMEOWNERS TO STOP PAYING THE MORTGAGES AND LIVE RENT FREE… If your House is worth much less than the mortgage, why refinance? You will only gain a few dollars in Monthly Note Reduction and the REFINANCING FEES WILL EAT THE SMALL SAVINGS. THEN AFTERWARDS YOU STILL HAVE TO DEAL WITH THE LOSS IN EQUITY. If you stop paying the mortgage at least you have that huge monthly cashflow until foreclosure happens (maybe 18 months…). So what if your credit is damaged! YES, I KNOW THAT IS NOT THE AMERICAN WAY, BUT TELL THAT TO THE BANKING CROOKS THAT GOT US IN THIS MESS. If you want to get a job in another State you can rent and then move without the hassle of having to SELL A HOUSE. ONLY THE REALTORS AND TITLE COMPANIES PROFIT…
- Lending has to be strict to prevent another housing bubbles. Don’t they understand? And also if one doesn’t have a job, how can the bank approve the loan? It is a very tough time right now, but in the long run, people will be used to the strict lending and start living within their means. The government needs to stop blaming the banks for that and start curbing bank risk taking and remove some of the stupid regulations that are killing jobs.
- Lending Standards should be strict! PEOPLE SHOULD RENT IF they do not have enough DISPOSABLE INCOME AND A GOOD EQUITY DOWNPAYMENT(including Closing Costs) to BUY A HOUSE. If a mortgage is not paid the Foreclosure should happen in a legal manner.
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