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so frustrated and angry

Is anyone else feeling frustrated and angry about the current mortgage crisis? A year and a half ago we moved into a really cheap rental house with two bedrooms. A month later we took in a friend who needed a place to stay and would pay rent. So it is my husband, my daughter, and me in our bedroom. We did this so that we could save for a down payment. We figured we would sacrifice for a few months and then find a home when we could responsible AFFORD IT!

Now we can not find anyone who will give us a loan. Our only debt is a small student loan, we both have excellent credit, and we have a substantial down payment. Several places weren't even taking applications.

Answer Question
 
jcsscfam5

Asked by jcsscfam5 at 1:42 PM on Nov. 14, 2008 in Politics & Current Events

Level 5 (87 Credits)
Answers (11)
  • I am so angry with the mortgage companies that were so irresponsible. I am also angry with the people who took on loans that they couldn't afford or agreed to balloon payments and didn't pay for them. What were people thinking!!!

    Now we get to pay for the bailout of the companies and the people who can't afford their homes. And we are stuck in this crappy little house!
    Sorry venting. Anyone else in similar situation or disagree?
    jcsscfam5

    Answer by jcsscfam5 at 1:43 PM on Nov. 14, 2008

  • Yes, it's upsetting when those that do the right thing and abide by the rules get screwed as well due to a trickle-down effect.
    Anonymous

    Answer by Anonymous at 1:49 PM on Nov. 14, 2008

  • I am a Realtor and have had to turn away many first time home buyers because of the current credit crunch. Do you have 20% to put down?
    Anonymous

    Answer by Anonymous at 1:54 PM on Nov. 14, 2008

  • I feel ya! We love our home, and the owners are wanting to sell it to us within the next year. Our credit isn't fantastic, and I'm terrified that we won't even be able to get the loan for it. Something has got to change first...
    DusterMommy

    Answer by DusterMommy at 2:00 PM on Nov. 14, 2008

  • You may want to try a credit union for a mortgage as it is not in their practice to "over loan" to people who can't afford it. Try getting pre-approved with them first and you just may have a chance of making your dream a reality. :)
    candygirl1030

    Answer by candygirl1030 at 2:14 PM on Nov. 14, 2008

  • no, i am not angry at all. this was just a big blurb some people saw coming years ago. when the first DiTech commercial came on TV saying they would loan 110% of your house value, some people with some economic sense should have perked up and said "hey, that's pretty dumb".
    people need to learn they can't have everything they want.
    Anonymous

    Answer by Anonymous at 2:51 PM on Nov. 14, 2008

  • Try churchill mortgage. If you truly have good credit they are still taking people. Also don't assume the people who lost there homes are bad. We didn't wake up one day and say oh yeah lets go join the millions in the unemployment line and lose our home. We put up $30K of our 401K money to try and save our home while DH job restructured and it just didn't work. We are losing our home because we can no longer feed our family and pay the bills. The loan at the time was able to be met until the lose of job. Go to a credit union they are also lending. If you have cash you maybe able to get a foreclosure for a great deal.

    Anonymous

    Answer by Anonymous at 3:42 PM on Nov. 14, 2008

  • "when the first DiTech commercial came on TV saying they would loan 110% of your house value, some people with some economic sense should have perked up and said "hey, that's pretty dumb".


    Well some people did, but when they tried to tell people, they got shouted down. They were told, "Oh you're just rich Republicans, you don't want to help poor people get ahead."  So now look what happened, and they are still taking the blame. So you know what? It's your fault, bite the bullet and cry.

    Anonymous

    Answer by Anonymous at 5:23 PM on Nov. 14, 2008

  • I would be more peeved at the lenders who have recieved this bail out money and are being greedy. They are trying to hold out for a better deal from the government. They know they have everyone by the balls because if they don't lend, our economy stays bad.

    And those loans are not the reason why so many are loosing homes. Housing values dropped significantly, so those of us who had loans with enough equity are now at 110% of the value. Plus many, many people lost their jobs.
    sammygrl77

    Answer by sammygrl77 at 5:44 PM on Nov. 14, 2008

  • BTW, I'm sorry you can't get a loan right now. Hopefully the lenders will give in a little and everything will be settled soon.
    sammygrl77

    Answer by sammygrl77 at 5:46 PM on Nov. 14, 2008

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