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Foreclosures May Jump As ARMs Reset
Yahoo Finance News & AP ^
| June 19, 2006
| J.W. Elphinstone and Alex Veiga
Posted on 06/19/2006 10:44:06 AM PDT by GI-Frog
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1
posted on
06/19/2006 10:44:07 AM PDT
by
GI-Frog
gee... never saw this one coming...
2
posted on
06/19/2006 10:44:35 AM PDT
by
GI-Frog
To: GI-Frog
3
posted on
06/19/2006 10:46:02 AM PDT
by
aynrandfreak
(The Left hates America)
To: GI-Frog
If you can't afford the highest possible payment under an ARM you are considering, then you can't afford that mortgage. Period.
4
posted on
06/19/2006 10:46:08 AM PDT
by
Disambiguator
(I'm not paranoid, just pragmatic.)
To: GI-Frog
This is going to get real ugly...
5
posted on
06/19/2006 10:47:00 AM PDT
by
2banana
(My common ground with terrorists - They want to die for Islam, and we want to kill them.)
To: GI-Frog
In every one of these articles (and there seem to have been plenty posted lately), why is there always a couple paragraphs about buyers not knowing what they are getting into with these ARM's?
My wife and I have had an ARM in the past, and have a fixed rate now, and in both cases, I made sure to read everything about each. I mean, you're not buying a sofa here, it's a house and there aren't too many purchases that are bigger.
6
posted on
06/19/2006 10:47:43 AM PDT
by
goalinestan
(Build it...and they won't come (as easily))
To: GI-Frog
"Nationwide, ARMs account for 24 percent of all home loans."
What were these people thinking? That interest rates were going to go DOWN?
(5.5 on 15 for me)
7
posted on
06/19/2006 10:48:14 AM PDT
by
rightinthemiddle
(Islamic Terrorists, the Mainstream Media and the Democrat Party Have the Same Goals in Iraq.)
To: GI-Frog
Instead of news we get maybes. N Kor might launch a missile. So what?
8
posted on
06/19/2006 10:49:25 AM PDT
by
RightWhale
(Off touch and out of base)
To: RightWhale
Yeah, I tend to not panic when I see "may", "might" and "maybe" as key words in the headline.
9
posted on
06/19/2006 10:51:35 AM PDT
by
VegasCowboy
("...he wore his gun outside his pants, for all the honest world to feel.")
To: GI-Frog
I plan to buy a house in 2007. I suspect there's a good chance it will be a foreclosed home.
10
posted on
06/19/2006 10:52:24 AM PDT
by
Antonello
(Oh my God, don't shoot the banana!)
To: rightinthemiddle
What were these people thinking? That interest rates were going to go DOWN?No, we just hoped they'd stay flat for a while. Dopy us.
(5.5 on 15 for me)
I had a 3.5% ARM, and in 2005 it went up to 7%. I refinanced halfway through the year and now have a 20-year 6.5% fixed. I could have had a 5% fixed if I'd just started that way (kicking myself). However, I'll have it paid off by Feb 2011, by golly!
11
posted on
06/19/2006 10:53:55 AM PDT
by
American Quilter
(Equal laws protecting equal rights...the best guarantee of loyalty and love of country. -- Madison)
To: GI-Frog
It's not like the MSM hasn't warned us (every day since Bush was first elected).
12
posted on
06/19/2006 10:53:56 AM PDT
by
1rudeboy
To: VegasCowboy
Yeah, I tend to not panic when I see "may", "might" and "maybe" as key words in the headline Yes, especially when the only hard piece of data in the article says this:
Foreclosure figures just released by the Mortgage Bankers Association show that foreclosure activity fell in the first quarter of 2006 over the first quarter of 2005 for all loan categories except subprime loans.
13
posted on
06/19/2006 10:54:13 AM PDT
by
So Cal Rocket
(Proud Member: Internet Pajama Wearers for Truth)
To: rightinthemiddle
(5.5 on 15 for me)4.75 on 15 for me. I just couldn't turn down the rate.
14
posted on
06/19/2006 10:56:37 AM PDT
by
lafroste
(gravity is not a force. See my profile to read my novel absolutely free (I know, beyond shameless))
To: All
To: GI-Frog
How the hell was she paying $1400 a month on a $141,000 home?
Over thirty years, she'd have to be at something like 12% to start, and 17% now.
Likewise the guy in Atlanta.
16
posted on
06/19/2006 10:57:39 AM PDT
by
furquhart
(Time for a New Crusade - Deus lo Volt!)
To: lafroste
You nailed it.
I was just so busy during when rates dropped below 5% I missed the opporunity to refinance.
17
posted on
06/19/2006 10:58:48 AM PDT
by
rightinthemiddle
(Islamic Terrorists, the Mainstream Media and the Democrat Party Have the Same Goals in Iraq.)
To: American Quilter
I had a 3.5% ARM, and in 2005 it went up to 7%. I refinanced halfway through the year and now have a 20-year 6.5% fixed. I could have had a 5% fixed if I'd just started that way (kicking myself). However, I'll have it paid off by Feb 2011, by golly!Stupid question department: How could you take out a 20 year mortgage in 2005 and have it paid off in 2011? Are you doubling up your payments?
18
posted on
06/19/2006 10:59:08 AM PDT
by
lafroste
(gravity is not a force. See my profile to read my novel absolutely free (I know, beyond shameless))
To: American Quilter
19
posted on
06/19/2006 10:59:25 AM PDT
by
rightinthemiddle
(Islamic Terrorists, the Mainstream Media and the Democrat Party Have the Same Goals in Iraq.)
To: Antonello
You'll probably get a good price and a decent interest rate.
The price you pay from the start matters just as much as the rate!
20
posted on
06/19/2006 11:01:04 AM PDT
by
rightinthemiddle
(Islamic Terrorists, the Mainstream Media and the Democrat Party Have the Same Goals in Iraq.)
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