Parts Catalog Accessories Catalog How To Articles Tech Forums
Call Pelican Parts at 888-280-7799
Shopping Cart Cart | Project List | Order Status | Help



Go Back   PeachParts Mercedes-Benz Forum > General Discussions > Off-Topic Discussion

Reply
 
LinkBack Thread Tools Display Modes
  #1  
Old 07-25-2008, 06:55 PM
1990 500SL
 
Join Date: Oct 2003
Location: Hawthorn Woods, IL. USA
Posts: 329
Mortgage Rescue, am I nuts or ???

Saw a thing on Nitely News, couple trying to refi at one of these Mortgage rescue workshops.

They have a 7% mortgage (I didn't catch / they may not have mentioned Fixed or ARM), they want to refi at 3%.


HOW DO I GET MY MORTGAGE REFI'D LIKE THAT ??????????????????


And assuming a 7% fixed, even variable, WHY IS THE GOVERMENT HELPING PEOPLE LIKE THIS ???

When I bought this house, we took a 9 or 10% ARM, fixed were 14ish as I recall at the time.

AM I NUTS ??????????????

OR

Are people just that irresponsible ???

(I want to say STUPID, but I am trying, trying, to be polite).
OK I wasn't.


Just Venting !!!

__________________
KLK, MCSE

1990 500SL

I was always taught to respect my elders.
I don't have to respect too many people anymore.
Reply With Quote
  #2  
Old 07-25-2008, 07:52 PM
450slcguy's Avatar
Don't Tread on Me
 
Join Date: Jan 2006
Location: USA
Posts: 613
So what's your point? What's wrong with trying to refinance at 3%? They want to rescue their home, what's so nuts about that? It's an attempt to make ends.
__________________
Question Authority before it Questions you.
Reply With Quote
  #3  
Old 07-25-2008, 09:22 PM
1990 500SL
 
Join Date: Oct 2003
Location: Hawthorn Woods, IL. USA
Posts: 329
So when MY taxes go up because of them, I assume you'll kick in extra because you think the Goverment should help out people that from everything I saw, their only problem was they made a mistake. So it can't be their fault.

Remember, if they get 3%, who pays that diff YOU AND I.
__________________
KLK, MCSE

1990 500SL

I was always taught to respect my elders.
I don't have to respect too many people anymore.
Reply With Quote
  #4  
Old 07-25-2008, 09:48 PM
450slcguy's Avatar
Don't Tread on Me
 
Join Date: Jan 2006
Location: USA
Posts: 613
Why would our taxes go up by someone refinancing their mortgage?
__________________
Question Authority before it Questions you.
Reply With Quote
  #5  
Old 07-25-2008, 10:19 PM
1990 500SL
 
Join Date: Oct 2003
Location: Hawthorn Woods, IL. USA
Posts: 329
Let's see

For a start the latest rescue plan, I believe our great goverment just passed, is only estimated (goverment estimate - real world x5 +) to cost the tax payers 25 Billion. Yes with a B.
I'll let you do the math, thats how much for each and every person in the US, per homeowner, how about per taxpayer.
We won't even add in the Countrywide mess, IndyMac, BSC, and ........ and .... and .........
Oh, thats 25 B in todays dollars, add 50% $ in interest too, although inflation will kind of wash some of that out.


The real point is there is ABSOLUTELY NOTHING wrong with their mortgage, they got in over their heads and expect us to bail them out. Oh, wanna take a bet on how little they put down (0).


For about 80% of the mortgages issued, that sums it up. Yes their was some fraud etc, and I have my own opinion on that. But MOST people KNEW exactly what they were getting in to. Well as long as housing prices keep rising, and my income keeps rising and the economy doesn't go into the tank.


Well I'm buying a MacLaren and going to the gov when I can't make the payments.
The goverment changed it from a privilege to a right to own a house, so I think high end sports cars should be next.
OK, make it a Tesla, I'll be environmentaly conscience (?).
__________________
KLK, MCSE

1990 500SL

I was always taught to respect my elders.
I don't have to respect too many people anymore.
Reply With Quote
  #6  
Old 07-25-2008, 10:30 PM
Strife's Avatar
General Purpose Geek
 
Join Date: Apr 2004
Location: KY USA
Posts: 2,238
Actually, this violates capitalism itself. Now someone else won't be able to buy that house at a good price. And yes, we do pay for it, because in the future, the possibilities of failures and bailouts will be baked into the initial rate that everyone pays. You can see this happening already on 30-yr loans. Barring a total economic collapse, you will never see 5.5%/30 years again.

These people took a risk, and they lost. They bought the house probably assuming that they could refinance at a lower rate in a few years by having much more equity from increased house value. A lot of people in CA did just that 2-5 years ago, except they took out the cash and blew it. Not my fault.
__________________
86 560SL
With homebrew first gear start!
85 380SL
Daily Driver Project

http://juliepalooza.8m.com/sl/mercedes.htm
Reply With Quote
  #7  
Old 07-25-2008, 11:13 PM
450slcguy's Avatar
Don't Tread on Me
 
Join Date: Jan 2006
Location: USA
Posts: 613
Well I suppose if one believed Pres. Bush, it shouldn't affect the taxpayers. Then again, perhaps the bailout is just another one of his deceits that I bought into. Silly me, I should know better.

http://www.mortgage-bailout.com/what_is_the_mortgage_bailout_plan.html
__________________
Question Authority before it Questions you.

Last edited by 450slcguy; 07-25-2008 at 11:18 PM.
Reply With Quote
  #8  
Old 07-26-2008, 10:17 AM
1990 500SL
 
Join Date: Oct 2003
Location: Hawthorn Woods, IL. USA
Posts: 329
Well if you believe Bush, actually ANY polititian ..

The goverment does a great job of bailing people out that make mistakes, as strife said "They took the risk", they have to accept the consequneces.

Just like these people that recommend you just turn over your keys to the back when you are "Under Water" (House or Car).
If you loose money on the house, the bank eats it, if you make money you pocket it.
Sounds fair to me

We need to return to the understanding, that they loaned YOU the money, they used the house or car as collateral. Just because the collateral is worth less then the loan, doesn't mean you own less, YOU borrowed the money.

How about if the goverment sets up a booth outside Vegas, "You lost how much, here's a check ...".

Although, it will change sometime, we've had these foriegn goverment funds bailing out our various companies in the past year. Won't be long and one will have to bail out Uncle Sam, OK maybe a consortium.
__________________
KLK, MCSE

1990 500SL

I was always taught to respect my elders.
I don't have to respect too many people anymore.
Reply With Quote
  #9  
Old 07-26-2008, 11:11 AM
Da Nag's Avatar
INAPPROPRIATE
 
Join Date: Apr 2005
Location: Edge
Posts: 124
To the "let them sleep in the bed they made" crowd...your tune would change quickly, were you paying your mortgage, but living in one of the many neighborhoods where foreclosures have resulted in 30-40% of the homes being neglected and abandoned. You would be fighting for any plan that kept your "irresponsible neighbors" in their homes.

Blight and crime are the immediate result of mass foreclosures, and the ball gets rolling very quickly...recovering from such a situation may never occur. Much as a bailout from whatever source might seem unfair, the alternative is far more costly, and has serious negative impacts on the remaining responsible homeowners in the community.
Reply With Quote
  #10  
Old 07-26-2008, 12:12 PM
aklim's Avatar
Registered User
 
Join Date: Apr 2000
Location: Location: Greenfield WI, USA
Posts: 8,514
Quote:
Originally Posted by Da Nag View Post
To the "let them sleep in the bed they made" crowd...your tune would change quickly, were you paying your mortgage, but living in one of the many neighborhoods where foreclosures have resulted in 30-40% of the homes being neglected and abandoned. You would be fighting for any plan that kept your "irresponsible neighbors" in their homes.

Blight and crime are the immediate result of mass foreclosures, and the ball gets rolling very quickly...recovering from such a situation may never occur. Much as a bailout from whatever source might seem unfair, the alternative is far more costly, and has serious negative impacts on the remaining responsible homeowners in the community.
You would, I'm sure. I wouldn't.
__________________
01 Ford Excursion Powerstroke
99 E300 Turbodiesel
91 Vette with 383 motor
05 Polaris Sportsman 800 EFI
06 Polaris Sportsman 500 EFI
03 SeaDoo GTX SC Red
03 SeaDoo GTX SC Yellow
04 Tailgator 21 ft Toy Hauler
11 Harley Davidson 883 SuperLow
Reply With Quote
  #11  
Old 07-26-2008, 12:57 PM
Da Nag's Avatar
INAPPROPRIATE
 
Join Date: Apr 2005
Location: Edge
Posts: 124
Quote:
Originally Posted by aklim View Post
You would, I'm sure. I wouldn't.
I'll go out on a limb, and suggest your willingness to have your neighborhood turn into a slum is not universal.
Reply With Quote
  #12  
Old 07-26-2008, 01:06 PM
aklim's Avatar
Registered User
 
Join Date: Apr 2000
Location: Location: Greenfield WI, USA
Posts: 8,514
Quote:
Originally Posted by Da Nag View Post
I'll go out on a limb, and suggest your willingness to have your neighborhood turn into a slum is not universal.
Probably, you are right. OTOH, we do give in to hostage situations too. We get a great short term benefit and we don't worry about the long term implications. So you want the govt to help these people out of this mess and so they can move on to another mess? Just like a hostage situation. You get the hostages out today with some tricks. Well, somebody else comes along with a counter-plan to take hostages and get away with it. Now you endanger another bunch of people. OTOH, if the hostage idea didn't work from the get-go, people are less likely to try that same trick again. If it almost work, they will come up with a new angle that might work. No thanx. Govt intervention has not had the greatest history, has it?
__________________
01 Ford Excursion Powerstroke
99 E300 Turbodiesel
91 Vette with 383 motor
05 Polaris Sportsman 800 EFI
06 Polaris Sportsman 500 EFI
03 SeaDoo GTX SC Red
03 SeaDoo GTX SC Yellow
04 Tailgator 21 ft Toy Hauler
11 Harley Davidson 883 SuperLow

Last edited by aklim; 07-26-2008 at 01:26 PM.
Reply With Quote
  #13  
Old 07-26-2008, 01:06 PM
Hatterasguy's Avatar
Zero
 
Join Date: Nov 2002
Location: Milford, CT
Posts: 19,307
Quote:
Originally Posted by 450slcguy View Post
Why would our taxes go up by someone refinancing their mortgage?
Government pays the difference, between market and whatever they are offering. Correction, we the taxpayers pay it.
__________________
2020 GMC Sierra Denali
2007 Tiara 3200
Reply With Quote
  #14  
Old 07-26-2008, 01:09 PM
Hatterasguy's Avatar
Zero
 
Join Date: Nov 2002
Location: Milford, CT
Posts: 19,307
Quote:
Originally Posted by Da Nag View Post
To the "let them sleep in the bed they made" crowd...your tune would change quickly, were you paying your mortgage, but living in one of the many neighborhoods where foreclosures have resulted in 30-40% of the homes being neglected and abandoned. You would be fighting for any plan that kept your "irresponsible neighbors" in their homes.

Blight and crime are the immediate result of mass foreclosures, and the ball gets rolling very quickly...recovering from such a situation may never occur. Much as a bailout from whatever source might seem unfair, the alternative is far more costly, and has serious negative impacts on the remaining responsible homeowners in the community.

I wouldn't live in a new subdivision.
__________________
2020 GMC Sierra Denali
2007 Tiara 3200
Reply With Quote
  #15  
Old 07-26-2008, 01:33 PM
Mistress's Avatar
No crying in baseball
 
Join Date: Apr 2006
Location: Inside a vortex
Posts: 624
Waiting for Howitzer to chime in.....

__________________
"It's normal for these things to empty your wallet and break your heart in the process."
2003 S430- "Yolanda"
Reply With Quote
Reply

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On




All times are GMT -4. The time now is 05:04 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0
Copyright 2018 Pelican Parts, LLC - Posts may be archived for display on the Peach Parts or Pelican Parts Website -    DMCA Registered Agent Contact Page