2nd Mortgage paid off
- Thread starter corvetteguy78
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Wow, this went south quickly. It's the internet, everyone has an opinion, no reason for anyone to get upset or offended.
OP, I'm glad it worked out for you in the end, and I think you deserve some credit for not just walking away from the mortgage like so many others have done.
The "peanut gallery" makes some good points as well. It really is all in the fine print. I'm sure next time you sign any mortgage documents you'll be more cautious.
I think the best policy MOST of the time is to not buy a house/condo on a joint basis until there is a marriage.
OP, I'm glad it worked out for you in the end, and I think you deserve some credit for not just walking away from the mortgage like so many others have done.
The "peanut gallery" makes some good points as well. It really is all in the fine print. I'm sure next time you sign any mortgage documents you'll be more cautious.
I think the best policy MOST of the time is to not buy a house/condo on a joint basis until there is a marriage.
Yeah because a marriage is forever.................
The mortgage is more binding then the marriage.
UNDR8D
...has a job!
This whole fucking thing is turning out to be hilarious:
Because it is the LIE that the industry sells...just like colleges telling you that your shiny new degree will help you get the job you want so you can fuck your fat wife in your new hot tub every Wednesday....
False...there is no such thing as a sound investment...this immediately demonstrates a fundamental lack of understanding on your part.
Are you 15 years old? Let's see...houses increase in value at roughly the rate of inflation or about 3%
Plus you are paying $15-$20 per $1000 of assessed value in property taxes (probably higher in a lot of places)...So on a $350k house that is $7000 a year
Plus you are paying 6% on the amount you borrowed
Plus you are paying for maintenance
Well there goes your "investment"...
It is not a motherfucking investment. It CAN be. But it is not inherently such. It is a place to live. Buy a house because you want one, not because you think you are going to cash in your chips in 10 years and walk away with twice what you paid...that's a fucking dream.
Actually it gets you a place to live, which is pretty important last time I checked.
Yes it was
It was pretty genius...you bought into the dream didn't you?
Completely your fault. Do you trust car salesmen? TV salesmen? Insurance salesmen?
Why would you trust a mortgage salesm...oh right..."broker"
False again. 2 bedroom 1 bath houses in Suburban LA for 1.5 million...and no one saw the bubble? C'mon. It was a motherfucking bloody feeding frenzy...
You must be an engineer
The borrower's...just like you research a car's value and reliability ratings before you hit the dealership...not show up and expect the salesman to give it to you straight.
That's because you basically have to be a fucking attorney to sort through that shit.
The Real Estate Settlement Practices Act (RESPA) required all lenders to give you SEVERAL disclosure statements indicating the terms of the mortgage including how much it is ACTUALLY going to cost you with interest, over the full term. This was one of your original closing docs and everything was listed in HUGE BLACK LETTERING...
Because it is the LIE that the industry sells...just like colleges telling you that your shiny new degree will help you get the job you want so you can fuck your fat wife in your new hot tub every Wednesday....
False...there is no such thing as a sound investment...this immediately demonstrates a fundamental lack of understanding on your part.
Are you 15 years old? Let's see...houses increase in value at roughly the rate of inflation or about 3%
Plus you are paying $15-$20 per $1000 of assessed value in property taxes (probably higher in a lot of places)...So on a $350k house that is $7000 a year
Plus you are paying 6% on the amount you borrowed
Plus you are paying for maintenance
Well there goes your "investment"...
It is not a motherfucking investment. It CAN be. But it is not inherently such. It is a place to live. Buy a house because you want one, not because you think you are going to cash in your chips in 10 years and walk away with twice what you paid...that's a fucking dream.
Actually it gets you a place to live, which is pretty important last time I checked.
Yes it was
It was pretty genius...you bought into the dream didn't you?
Completely your fault. Do you trust car salesmen? TV salesmen? Insurance salesmen?
Why would you trust a mortgage salesm...oh right..."broker"
False again. 2 bedroom 1 bath houses in Suburban LA for 1.5 million...and no one saw the bubble? C'mon. It was a motherfucking bloody feeding frenzy...
You must be an engineer
This however is 100% true
The borrower's...just like you research a car's value and reliability ratings before you hit the dealership...not show up and expect the salesman to give it to you straight.
That's because you basically have to be a fucking attorney to sort through that shit.
The Real Estate Settlement Practices Act (RESPA) required all lenders to give you SEVERAL disclosure statements indicating the terms of the mortgage including how much it is ACTUALLY going to cost you with interest, over the full term. This was one of your original closing docs and everything was listed in HUGE BLACK LETTERING...
Hahaha it's not. It's easier to get divorced than it is to get someone's name off a mortgage. In fact they would have to die for that to happen
Last edited:
UNDR8D
...has a job!
My sarcasm was missed apparently
No I totally got it man...look at the bottom of my post
95b16coupe
Well-Known Member
The banks were gladly giving loans to people who couldn't afford them. No one was forcing them. They allow the person to use their life savings as a down payment, then 18 months later when they can't get by, the bank gets the house. They sell it and make money. Short-term. Not over 30 years like that would have if the person was able to afford the house.
They were know in the industry as NINJA loans. No Income, No Job, APPROVED.
The financial community as a whole came up with tons of "creative" ways to make money or get capital. If you don't believe me, look into Auction Rate Securities. It was a creative way to finance projects long term while paying interest at short-term rates.
We had a discussion on the Goldman thing in my Accounting class the other night. Everyone wants to hate on them because they have been so successful and basically rule the market. But I digress. My older sister works for them and I want to work for them so I'm probably biased. But there current situation was unethical, not unlawful. Then again, as my professor put it, "Unethical and unlawful just depends on what book the rule is written in."
UNDR8D
...has a job!
False. Read up on HUD and CRA....it forced banks to relax lending standards that were in place to mitigate risk, in favor of making the american dream accessible to those that would not have normally qualified....because everyone deserves a house!
This whole fucking thing is turning out to be hilarious:
Because it is the LIE that the industry sells...just like colleges telling you that your shiny new degree will help you get the job you want so you can fuck your fat wife in your new hot tub every Wednesday....
False...there is no such thing as a sound investment...this immediately demonstrates a fundamental lack of understanding on your part.
Are you 15 years old? Let's see...houses increase in value at roughly the rate of inflation or about 3%
Plus you are paying $15-$20 per $1000 of assessed value in property taxes (probably higher in a lot of places)...So on a $350k house that is $7000 a year
Plus you are paying 6% on the amount you borrowed
Plus you are paying for maintenance
Well there goes your "investment"...
It is not a motherfucking investment. It CAN be. But it is not inherently such. It is a place to live. Buy a house because you want one, not because you think you are going to cash in your chips in 10 years and walk away with twice what you paid...that's a fucking dream.
Actually it gets you a place to live, which is pretty important last time I checked.
Yes it was
It was pretty genius...you bought into the dream didn't you?
Completely your fault. Do you trust car salesmen? TV salesmen? Insurance salesmen?
Why would you trust a mortgage salesm...oh right..."broker"
False again. 2 bedroom 1 bath houses in Suburban LA for 1.5 million...and no one saw the bubble? C'mon. It was a motherfucking bloody feeding frenzy...
You must be an engineer
This however is 100% true
The borrower's...just like you research a car's value and reliability ratings before you hit the dealership...not show up and expect the salesman to give it to you straight.
That's because you basically have to be a fucking attorney to sort through that shit.
The Real Estate Settlement Practices Act (RESPA) required all lenders to give you SEVERAL disclosure statements indicating the terms of the mortgage including how much it is ACTUALLY going to cost you with interest, over the full term. This was one of your original closing docs and everything was listed in HUGE BLACK LETTERING...
Hahaha it's not. It's easier to get divorced than it is to get someone's name off a mortgage. In fact they would have to die for that to happen
You live in a world where the glass is half empty don't you. i couldn't possibly live that way, but to each their own.
Anyways, I have a solid plan set and I'm happy with, which is all that counts.
My glass is not half empty - in fact it is overflowing at the moment. I have a beautiful wife that has survived a cancer scare. I have been happily married for 3 years. I have been living in my gorgeous house for 2.5. I have totally job security and my wife just got into grad school off the waiting list at the second rated university in her prospective field.
My comment was based on the stat that 50% of marriages end in divorce that is all.
"I think the best policy MOST of the time is to not buy a house/condo on a joint basis until there is a marriage."
UNDR8D
...has a job!
And you run around with blinders on, doomed to repeat your own mistakes.
95b16coupe
Well-Known Member
I didn't mean to say that that wasn't happening too. That definitely did happen. But some didn't see it as force, some saw it as an advantage to do what I described.
UNDR8D
...has a job!
Exactly. The Fed tried to force banks to make the American dream accessible to people who hadn't earned it so they turned around and said "OK, we can do it but it's going to cost them", because of course the legislation did not lay out the terms of the lending...only that they had to do it. A prime example of why governments FUCKIN FAIL at regulating industry...When you have reverends and municipal employees turned politicians and other business-ignorant people dictating legislation...
