And what the hell were these FOOLS thinking when they took out ARMs in a market that's balanced for fixed rates? Did they think that rates would really go down any further than the record lows we've seen the past five years? Puh-leeze.
Unfortunately a lot of people fall for a sales pitch.
We were in the market for a house a decade ago. I knew our credit wasn't good, but gave it a shot anyway. The realtor offered reasonable payments on a house we liked. We both thought it was priced too high - the housing bubble had recently hit this area. I read over the mortgage agreement (against the wishes of the realtor) and found it had an adjustable rate. She told us not to worry - if it ever did go up it would only be a fraction of a percent and we could always refinance because real estate prices would only go up.
We walked out and renewed our apartment lease.
I don’t know a single person who fell for the adjustable rate scam. Maybe Good Ole Boy Redknecks are smarter than city libs.
It would be an honor to buy you a beer. Doing the right thing is not always doing the easy thing or even doing the difficult thing, but sometimes it's the toughest bitch of a thing to do.
It took a lot for you to go back to your apartment and I cannot praise you enough for that decision.
If you're ever in Sacramento pm me. Beer and dinner will be on me.