Thread: Bankruptcy???
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Old 05-09-2020, 02:34 PM
Autoputzer Autoputzer is offline
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Join Date: Oct 2018
Location: NW Floriduh
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Quote:
Originally Posted by vwnate1 View Post
I remember living in apartments, not fun , I think maybe the trailers were better..

I also remember when looking at houses to buy, no realtor wanted to show me anything I could afford ~ I had a budget price set and knew I'd be buying a fixer, they all tried to sell me 2 X the price units telling me 'well, it'll appreciate in value then you can flip it and move on..'

Stupid ****s ~ I already had a job / career and was looking for a place to raise my family, grow old and die in....
Back in the bubble and even as far back as the 1990's, there were balance-increasing mortgages. The monthly payment didn't even pay the interest. That meant that the mortgage balance increased. That was fine as long as the value of houses were going up even faster. But, when the music stopped everything went to ****.

Back in 2003, we prequalified for the maximum "conforming" mortgage, $417k. We bought a house for just over half that, and the RE agents were baffled. The value of our $220k house got a low as $150k during the meltdown. One should never mistake a RE agent or BMW salesman for a financial advisor.
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