ok so My dh works in collections/mortgage refinance for people that have defaulted. He deals with people all day long that have terrible credit and he helps them stay in their home. The other day he had a guy who made (no joke) 12,000 NET a MONTH and was complaining about his 1500 house payment so my husband did his thing and got this guy a .05% interest rate FIXED for 50 years. So he was telling me this story and he suddenly says “well maybe I should just screw up my credit really bad and not pay any of my bills and then I can get a .05% rate too.” and it kinda pisses me off too because my dh and i work very hard to have good credit and we can refinance but only for a 6% rate...thats the lowest they will go but for the person with the terrible credit they get a half of a percent interest rate????? what do you guys think of this???
Asked by Anonymous at 6:19 PM on Apr. 5, 2009 in Politics & Current Events
My brother and his wife nearly lost their home. They have their mortgage with Wells Fargo. They mortgage is normally 600 a month but will only be 150 for 6 months. Their interest rate is nearly nothing during that time. In 6 months their new rate will be determined it will be something they can afford. If they are late at all during the 6 months they will lose their house. Not sure what program this is but it is what Wells Fargo is giving them.
Answer by Anonymous at 12:28 AM on Apr. 6, 2009
Answer by LoriKeet at 6:27 PM on Apr. 5, 2009
Answer by louise2 at 6:31 PM on Apr. 5, 2009
Answer by Anonymous at 7:00 PM on Apr. 5, 2009
anon 7:00PM As CRAZY as it sounds, they actually DO exist!!! http://www.bankrate.com/brm/news/mortgages/20060427a1.asp
Answer by LoriKeet at 7:06 PM on Apr. 5, 2009
Answer by Anonymous at 7:13 PM on Apr. 5, 2009
there is no such thing right now as a half of a percent interest rate. And 50 year home mortgage loans do not exist. troll question
OP here My husband works for wells fargo....this is NOT a troll question this is something he deals with every single day!!!! Do you work for a mortgage company because if you don't then don't pretend to know everything about the process. And also the 50 year loan has been around for years it is just eaiser to get now! and by the way if you want proof I would be MORE than happy to give you the phone number to the department that my husband works in and someone there can tell you!!!
Answer by Anonymous at 7:38 PM on Apr. 5, 2009
Answer by Anonymous at 8:51 PM on Apr. 5, 2009
Answer by Anonymous at 8:56 PM on Apr. 5, 2009
Answer by Anonymous at 9:01 PM on Apr. 5, 2009