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Got To Big A Mortage...No Problem

Discussion in 'Economics' started by Aaron Copland, Oct 31, 2008.

ericryan1000
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Quote from lowhangingfruit:

Over the last 15 years I have been using sub prime loans to run my life. I'm a self employed general building contractor who has maintained an excellent credit record (780 fico) and paid all of my bills. I used to use sub prime loan products to finance the homes that I bought. These are now referred to as a liar loan. The only thing that was true about it was that I had large down payment ( around 50%) in the homes that I purchased. Now thanks to all the bull shit that is going on in the financial sector, there are no loan products available at this time. In 16 months my 5 year loan converts to an ARM. I wonder what is going to happen. Thanks for reading my vent.
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I agree and feel for you. Is your ARM on the libor index?

#11 Nov 3, 2008

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