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why that was nice
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<blockquote data-quote="woc47" data-source="post: 3627991" data-attributes="member: 555590"><p>well put!</p><p></p><p>It was impossible for these financial savy individual's who took out ARM's to predict the flatline or decline in mortgage value's. Historical trends show home value appreciating alot faster than a rising interest rate. Which is why alot of people went with ARM's because they were able to maximize their cash flow and were'nt planning on staying in the home for a long period of time or it was an investment property.</p><p></p><p>Now i agree that it was the wrong choice for some of these people but they were the ones who signed and were supposed to read over the documents. Have any of you seen a closing package that was an ARM HOLY COW! their is like 50 pg's that says your rate will increase and their will be negative amortization in every page. These people knew what they were doing and some of them just got to greedy!!!</p><p></p><p>Oh Yeah this quote unquote bail out is not going to help or cost anything at all because the bill is next to impossible to qualify for, and here is why.</p><p></p><p><span style="color: Blue">First you can't be late on your mortgage</span></p><p></p><p><span style="color: Red">second the ARM can not be scheduled to adjust until after jan 2008 til july of 09 and can only be purchased between jan 2006 till july 2007</span></p><p></p><p><span style="color: Green">third you have to have below A 660 CREDIT SCORE (impossible because if you qualified for an ARM it was above a 660 and its likely to increase because you're not allowed to be late on your mortgage which boosts your credit)</span></p><p></p><p><span style="color: DarkOrange">fourth you have to have less than 3% equity remaining in the home from the original appraised value not the declined value of today </span></p><p></p><p><span style="color: Red">Less than 1/2% of people in ARMS qualify. This was implemented to make it look like the Government is trying to help but all it's doing is putting false hope into people's hearts and will cause more people to loose their homes because they now think they will be saved when in reality their payments will go up and they will be required to pay or foreclose</span></p></blockquote><p></p>
[QUOTE="woc47, post: 3627991, member: 555590"] well put! It was impossible for these financial savy individual's who took out ARM's to predict the flatline or decline in mortgage value's. Historical trends show home value appreciating alot faster than a rising interest rate. Which is why alot of people went with ARM's because they were able to maximize their cash flow and were'nt planning on staying in the home for a long period of time or it was an investment property. Now i agree that it was the wrong choice for some of these people but they were the ones who signed and were supposed to read over the documents. Have any of you seen a closing package that was an ARM HOLY COW! their is like 50 pg's that says your rate will increase and their will be negative amortization in every page. These people knew what they were doing and some of them just got to greedy!!! Oh Yeah this quote unquote bail out is not going to help or cost anything at all because the bill is next to impossible to qualify for, and here is why. [COLOR=Blue]First you can't be late on your mortgage[/COLOR] [COLOR=Red]second the ARM can not be scheduled to adjust until after jan 2008 til july of 09 and can only be purchased between jan 2006 till july 2007[/COLOR] [COLOR=Green]third you have to have below A 660 CREDIT SCORE (impossible because if you qualified for an ARM it was above a 660 and its likely to increase because you're not allowed to be late on your mortgage which boosts your credit)[/COLOR] [COLOR=DarkOrange]fourth you have to have less than 3% equity remaining in the home from the original appraised value not the declined value of today [/COLOR] [COLOR=Red]Less than 1/2% of people in ARMS qualify. This was implemented to make it look like the Government is trying to help but all it's doing is putting false hope into people's hearts and will cause more people to loose their homes because they now think they will be saved when in reality their payments will go up and they will be required to pay or foreclose[/COLOR] [/QUOTE]
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