Chef Jim Posted October 9, 2008 Share Posted October 9, 2008 Unless you're planning on selling so what. The relentless slide in home prices has left nearly one in six U.S. homeowners owing more on a mortgage than the home is worth, It's not so much the relentless skid as it was people using their homes as an ATM. I saw people that were refiing every year and pulling cash out to buy shiit. I'm glad the piggy bank is try for some people. It's a good lesson for them. Link to comment Share on other sites More sharing options...
DC Tom Posted October 9, 2008 Share Posted October 9, 2008 Unless you're planning on selling so what. Some mortgages will have balloon payments or rate adjustments if they're underwater. And when did the term become "underwater"? I've always heard it as "upside-down". Link to comment Share on other sites More sharing options...
SD Jarhead Posted October 9, 2008 Share Posted October 9, 2008 Well if you live in Houston or New Orleans... Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted October 9, 2008 Share Posted October 9, 2008 Some mortgages will have balloon payments or rate adjustments if they're underwater. And when did the term become "underwater"? I've always heard it as "upside-down". I have heard underwater... I thought upside-down was for stuff like automobiles. It is just homes have never really been underwater in our lifetime... So I guess the term never gets used. Link to comment Share on other sites More sharing options...
taterhill Posted October 9, 2008 Share Posted October 9, 2008 Some mortgages will have balloon payments or rate adjustments if they're underwater. And when did the term become "underwater"? I've always heard it as "upside-down". or as my kid says....up-a-side down Link to comment Share on other sites More sharing options...
LewPort71 Posted October 9, 2008 Share Posted October 9, 2008 When I read the title, I thought this was about a big East Coast Tsunami... Link to comment Share on other sites More sharing options...
KD in CA Posted October 9, 2008 Share Posted October 9, 2008 It's not so much the relentless skid as it was people using their homes as an ATM. I saw people that were refiing every year and pulling cash out to buy shiit. I'm glad the piggy bank is try for some people. It's a good lesson for them. Exactly. Too bad no one will be honest enough to point that out when we start hearing how the government must "do something" and politicians make horrifying comments like "we should let judges change the terms of peoples' mortgages". Link to comment Share on other sites More sharing options...
kegtapr Posted October 9, 2008 Share Posted October 9, 2008 Western NY living +1 Link to comment Share on other sites More sharing options...
stuckincincy Posted October 9, 2008 Share Posted October 9, 2008 Exactly. Too bad no one will be honest enough to point that out when we start hearing how the government must "do something" and politicians make horrifying comments like "we should let judges change the terms of peoples' mortgages". And add credit card debt into that sandbox that huge numbers of people play in...(insert head-shaking smiley). http://www.indexcreditcards.com/creditcarddebt/ Link to comment Share on other sites More sharing options...
Acantha Posted October 9, 2008 Share Posted October 9, 2008 Exactly. Too bad no one will be honest enough to point that out when we start hearing how the government must "do something" and politicians make horrifying comments like "we should let judges change the terms of peoples' mortgages". Yep. From the banks who lent it, to the people who signed their lives away, they should all suffer the consequences of their stupidity. Bailing them out only assures they will do it again. Link to comment Share on other sites More sharing options...
KD in CA Posted October 10, 2008 Share Posted October 10, 2008 Yep. From the banks who lent it, to the people who signed their lives away, they should all suffer the consequences of their stupidity. Bailing them out only assures they will do it again. And let's not forget the idiots running the show in Washington. From failure to ensure proper oversight to idiotic legislation like the "Community Reinvestment Act", they certainly did their share to help create the problem. Link to comment Share on other sites More sharing options...
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