Comments on: Worst Hit Foreclosure Zipcodes: Are you on the list? http://www.girlsjustwannahavefunds.com/2008/02/worst-hit-foreclosure-zipcodes-are-you-on-the-list/ Breaking Financial Ceilings One Stiletto At A Time! Wed, 07 Jan 2009 03:31:25 +0000 http://wordpress.org/?v=2.6 By: Get Your House Together: African-American Women and the Foreclosure Crisis | Girls Just Wanna Have Funds http://www.girlsjustwannahavefunds.com/2008/02/worst-hit-foreclosure-zipcodes-are-you-on-the-list/#comment-307 Get Your House Together: African-American Women and the Foreclosure Crisis | Girls Just Wanna Have Funds Fri, 07 Mar 2008 10:01:37 +0000 http://www.girlsjustwannahavefunds.com/2008/02/worst-hit-foreclosure-zipcodes-are-you-on-the-list/#comment-307 [...] African-American women, then this post is for you. Chances are you’ve heard about the mass foreclosures across the nation and even the phenomenon known as Jingle Mail. We’ve read scores of articles about families [...] [...] African-American women, then this post is for you. Chances are you’ve heard about the mass foreclosures across the nation and even the phenomenon known as Jingle Mail. We’ve read scores of articles about families [...]

]]> By: Ginger http://www.girlsjustwannahavefunds.com/2008/02/worst-hit-foreclosure-zipcodes-are-you-on-the-list/#comment-238 Ginger Thu, 14 Feb 2008 23:39:55 +0000 http://www.girlsjustwannahavefunds.com/2008/02/worst-hit-foreclosure-zipcodes-are-you-on-the-list/#comment-238 Mo, I was pressed LOL! We were paying $1700 for a 900sq ft one bedroom apartment and I was just thinking this could be a mortgage!!! Ive learned alot through this process and I do know that when we buy again it will be in VA. More on that later in another post. Mo, I was pressed LOL! We were paying $1700 for a 900sq ft one bedroom apartment and I was just thinking this could be a mortgage!!! Ive learned alot through this process and I do know that when we buy again it will be in VA. More on that later in another post.

]]> By: Durty Mo http://www.girlsjustwannahavefunds.com/2008/02/worst-hit-foreclosure-zipcodes-are-you-on-the-list/#comment-237 Durty Mo Wed, 13 Feb 2008 03:23:44 +0000 http://www.girlsjustwannahavefunds.com/2008/02/worst-hit-foreclosure-zipcodes-are-you-on-the-list/#comment-237 I'm with you Ginger. I'm kinda removed from the whole homebuying process. I bought last year and although I'm very happy that I did, I wasn't real pressed about getting a home. Like you, I saw it as a HUGE PURCHASE if nothing else. This is excellent information! Thanks! I’m with you Ginger. I’m kinda removed from the whole homebuying process. I bought last year and although I’m very happy that I did, I wasn’t real pressed about getting a home. Like you, I saw it as a HUGE PURCHASE if nothing else. This is excellent information! Thanks!

]]> By: Ginger http://www.girlsjustwannahavefunds.com/2008/02/worst-hit-foreclosure-zipcodes-are-you-on-the-list/#comment-236 Ginger Tue, 12 Feb 2008 17:32:19 +0000 http://www.girlsjustwannahavefunds.com/2008/02/worst-hit-foreclosure-zipcodes-are-you-on-the-list/#comment-236 Thanks Hank!!! :-) Thanks Hank!!! :-)

]]> By: Ginger http://www.girlsjustwannahavefunds.com/2008/02/worst-hit-foreclosure-zipcodes-are-you-on-the-list/#comment-235 Ginger Tue, 12 Feb 2008 17:31:43 +0000 http://www.girlsjustwannahavefunds.com/2008/02/worst-hit-foreclosure-zipcodes-are-you-on-the-list/#comment-235 Perhaps saying I can't understand isnt the right phrasing... I can understand... I guess I am far more emotionally removed from buying and owning a home than others. I see it as a large financial transaction, nothing more, nothing less. When I looked at it 2 years ago mostly everyone we knew were getting into these loans and the broker we worked with then predicted the mess most homeowners are in right now. Most people knew that even at their highest income bracket for their career field they wouldn't be able to afford the house they bought. So how they thought they would afford it was well...I find it hard to understand. I am looking at it from the perspective of someone who <b>stalked</b> DC metro housing sales and predicated that 2007-2008 would be the year the bubble popped. No one listened. When the bubble pops, values go down and that also means the equity in your home goes down as well. There is no room for refinancing without adequate equity, especially when you factor in the other costs of owning a home like insurance, taxes maintenance etc etc. Its like rolling a boulder down a hill and hoping that the pebbles will break it the fall near the bottom. We knew this when our mortgage broker last February told us AT the CLOSING TABLE that he would refi us at no cost if we took the ARM. AT THE TABLE. We declined and walked away. We did the research. I implore others to do the same. We have a 5.375 fixed as a result. We are not perfect, so let me say that, lol...but I just want others to be informed. Didnt want to come off as high and mighty and not understanding but while tempting its something we faced as well and decided against. And I blame the banks as well but that's another post. Perhaps saying I can’t understand isnt the right phrasing… I can understand… I guess I am far more emotionally removed from buying and owning a home than others. I see it as a large financial transaction, nothing more, nothing less. When I looked at it 2 years ago mostly everyone we knew were getting into these loans and the broker we worked with then predicted the mess most homeowners are in right now. Most people knew that even at their highest income bracket for their career field they wouldn’t be able to afford the house they bought. So how they thought they would afford it was well…I find it hard to understand.

I am looking at it from the perspective of someone who stalked DC metro housing sales and predicated that 2007-2008 would be the year the bubble popped. No one listened. When the bubble pops, values go down and that also means the equity in your home goes down as well. There is no room for refinancing without adequate equity, especially when you factor in the other costs of owning a home like insurance, taxes maintenance etc etc. Its like rolling a boulder down a hill and hoping that the pebbles will break it the fall near the bottom. We knew this when our mortgage broker last February told us AT the CLOSING TABLE that he would refi us at no cost if we took the ARM. AT THE TABLE. We declined and walked away. We did the research. I implore others to do the same. We have a 5.375 fixed as a result. We are not perfect, so let me say that, lol…but I just want others to be informed. Didnt want to come off as high and mighty and not understanding but while tempting its something we faced as well and decided against.

And I blame the banks as well but that’s another post.

]]> By: hank http://www.girlsjustwannahavefunds.com/2008/02/worst-hit-foreclosure-zipcodes-are-you-on-the-list/#comment-234 hank Tue, 12 Feb 2008 17:08:36 +0000 http://www.girlsjustwannahavefunds.com/2008/02/worst-hit-foreclosure-zipcodes-are-you-on-the-list/#comment-234 Hm - hit submit too early - :) Wanted to say: it's the way the ARM is used that gets people. Some people can't afford a house at all and the vision of actually being able to afford one clouds their rational sense. Then again, on the other side are the people that use it to their advantage, paying lower fees for the house, and investing the other money and waiting to refi while reaping the benefits of the lower costs by putting $ elsewhere when housing is tricky! Keep up the good posts! I enjoy your blog - first time visitor; will gander around a bit more... RSS'd! Hm - hit submit too early - :) Wanted to say: it’s the way the ARM is used that gets people. Some people can’t afford a house at all and the vision of actually being able to afford one clouds their rational sense. Then again, on the other side are the people that use it to their advantage, paying lower fees for the house, and investing the other money and waiting to refi while reaping the benefits of the lower costs by putting $ elsewhere when housing is tricky!

Keep up the good posts! I enjoy your blog - first time visitor; will gander around a bit more… RSS’d!

]]> By: hank http://www.girlsjustwannahavefunds.com/2008/02/worst-hit-foreclosure-zipcodes-are-you-on-the-list/#comment-233 hank Tue, 12 Feb 2008 17:02:50 +0000 http://www.girlsjustwannahavefunds.com/2008/02/worst-hit-foreclosure-zipcodes-are-you-on-the-list/#comment-233 I was going to mentioned the same thing as S23; but apparently I was beat to the punch - I know several people that have done exactly what S23 is saying and have already refinanced. It's a different side of the coin; does work, but as with any investing decision, has risks. I was going to mentioned the same thing as S23; but apparently I was beat to the punch - I know several people that have done exactly what S23 is saying and have already refinanced. It’s a different side of the coin; does work, but as with any investing decision, has risks.

]]> By: S23 http://www.girlsjustwannahavefunds.com/2008/02/worst-hit-foreclosure-zipcodes-are-you-on-the-list/#comment-232 S23 Tue, 12 Feb 2008 16:10:38 +0000 http://www.girlsjustwannahavefunds.com/2008/02/worst-hit-foreclosure-zipcodes-are-you-on-the-list/#comment-232 Ginger, I usually read and just lurk, but something you said caught my attention. You were wondering why someone would listen to a mortgage broker who tells them to take on an ARM and just refinance it. Well personally speaking, I can understand why someone would have thought an ARM was a good idea. They want a home and it would make sense to think that they can afford the mortgage (before it resets) and then refinance when it does get ready to reset. One would think their credit would be better and there would be a history of making timely payments, etc. But unfortunately, they won't have the equity needed and their credit just may be worse. There are a lot of circumstances. But I just wouldn't necessarily say I couldn't understand someone who made that choice. Ginger, I usually read and just lurk, but something you said caught my attention. You were wondering why someone would listen to a mortgage broker who tells them to take on an ARM and just refinance it. Well personally speaking, I can understand why someone would have thought an ARM was a good idea. They want a home and it would make sense to think that they can afford the mortgage (before it resets) and then refinance when it does get ready to reset. One would think their credit would be better and there would be a history of making timely payments, etc. But unfortunately, they won’t have the equity needed and their credit just may be worse. There are a lot of circumstances. But I just wouldn’t necessarily say I couldn’t understand someone who made that choice.

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