thank you to all the broke *** MoFo's in my town....

[Chevillac 5,000+ posts]

**** thats crazy.

 

[IamDeMan 5,000+ posts]

**** thats crazy.

These are //content.invisioncic.com/y282845/emoticons/crazy.gif.c13912c32de98515d3142759a824dae7.gif times.

 

[Qbenjamin 10+ year member]

that sux.

 

[Johnny Drama 5,000+ posts]

Has to be lien free money...or so they say. Gonna have to save it i guess, either that or borrow against my 401k , but thats a bad idea

Ive always been under the impression that it isnt a bad thing...cause the interest you pay you are paying yourself.

 

[IamDeMan 5,000+ posts]

Ive always been under the impression that it isnt a bad thing...cause the interest you pay you are paying yourself.

Exactly. Why wouldn't one borrow from their 401k?

 

[hoss 5,000+ posts]

I went to my bank today to apply for a loan to buy my second duplex and guess what? Since there is a 62% foreclosure rate in my Fk'n town, all the banks are requiring 20% cash down payment or some other form of equitable collateral. The duplex i was trying to buy was $110,000, so they want $22,000 down plus closing costs and what-not. I just have that kind of cash readily available. So thanx to broke people, they are making it hard for me to make money....

dont blame broke people, blame the mortgage industry itself... they bit themselves in the *** a few years ago and now everyone else is suffering the consequences...

ARMs ftmfw!

i really hope this is a bad joke... i didnt think you were retarded, but an ARM is NEVER a good idea... and as a matter of fact, ARMs are probably the largest contributing factor as to why the OP cant currently get a loan.

 

[deaf tones 10+ year member]

if you don't have enough equity in your first place to borrow against to cover the down payment on your second place...you're in no financial position to be making that move. the bank is protecting your ***.

 

[hoss 5,000+ posts]

if you don't have enough equity in your first place to borrow against to cover the down payment on your second place...you're in no financial position to be making that move. the bank is protecting your ***.

i would kindly ask you to stop speaking, as you clearly have no clue what you are talking about...

 

[connersdad19 10+ year member]

i would kindly ask you to stop speaking, as you clearly have no clue what you are talking about...

i agree on this one.

 

[stratusrt01 10+ year member]

dont blame broke people, blame the mortgage industry itself... they bit themselves in the *** a few years ago and now everyone else is suffering the consequences...

That's the best post in this thread. Mortgage companies were giving loans to people who shouldn't have qualified for them daily. They did that by offering them adjustable rate loans at low interest rates, or interest only loans for a period of time. So people who could only afford in reality a 100k house, were living fat in a 250k house, until time came where the interest rates started rising, or the interest only period was up, and where they had a $1000 mortgage payment, all of a sudden it went up to $2500, where it should have been the entire time. Then of course, they couldn't pay that, and went under foreclosure. There's probably 30 houses in my neighborhood that happened to, and they've been empty for 1-2 years now.

But now the government is going to protect the stupid people who bought more home than they can afford, and guess who's going to pay for it? People like me who were smart and asked the mortgage broker "Do I look Stupid?" when he tried to give me an adjustable rate.

That's the problem with today, we protect stupid people too much. Back in the stone age, the guy that kicked the dinosaur got his *** ate, now we create laws to protect those types of people, and it's becoming a burden on society.

 

[deaf tones 10+ year member]

*shrug* if he was in the financial position to afford the second duplex he would have been able to prove it and qualify w/o the need of such a high down payment. he obviously :fail:ed at proving his case and instead of doing something about it he came to an audio forum to b1tch. given that, the bank made the right move.

/discussion.

 

[hoss 5,000+ posts]

*shrug* if he was in the financial position to afford the second duplex he would have been able to prove it and qualify w/o the need of such a high down payment. he obviously :fail:ed at proving his case and instead of doing something about it he came to an audio forum to b1tch. given that, the bank made the right move.
/discussion.

http://www.caraudio.com/forum/showpost.php?p=4235086&postcount=23

furthermore, read the thread... the banks are REQUIRING ALL BORROWERS to pay the 20% down payment... not just him.

this is a common move for banks in several parts of the world. now, in case you missed it the second time, please read this for a third time, be cause you are only making it more obvious how uneducated you are on the subject:

http://www.caraudio.com/forum/showpost.php?p=4235086&postcount=23

 

[deaf tones 10+ year member]

*shrug* if he was in the financial position to afford the second duplex he would have been able to prove it and qualify w/o the need of such a high down payment. he obviously :fail:ed at proving his case and instead of doing something about it he came to an audio forum to b1tch. given that, the bank made the right move.
/discussion.

http://www.caraudio.com/forum/showpost.php?p=4235086&postcount=23

furthermore, read the thread... the banks are REQUIRING ALL BORROWERS to pay the 20% down payment... not just him.

this is a common move for banks in several parts of the world. now, in case you missed it the second time, please read this for a third time, be cause you are only making it more obvious how uneducated you are on the subject:

http://www.caraudio.com/forum/showpost.php?p=4235086&postcount=23

lol @ your quitting spirit. a bank telling you [no] is like a girl telling you [no]...they really mean [yes] but only with some convincing. I seemed to have missed the part where he said he sat with the branch manager to discuss his finances further and prove he's actually worthy. But of course, it didn't happen...because like they assumed when he walked in -- he'd give up just like the rest of the 62% of teh brokemofo's when things got somewhat difficult.

 

[2002XLT 5,000+ posts]

definantly know its tough times when you cant get a second mortgage without putting down any money.

 

[bonesninja 5,000+ posts]

if you don't have enough equity in your first place to borrow against to cover the down payment on your second place...you're in no financial position to be making that move. the bank is protecting your ***.

the bank isn't protecting shit...the second property is a rental. What are they protecting me against? If i really want the money, i could just borrow against my 401k but i choose to leave that money alone.