I bought my house 23 years ago. We tried Fannie Mae and Freddie Mac, but we didn't qualify, so we went with an adjustable. The interest was around 7.25%, but the payments were very affordable.
A little over a year later, the interest rates took a small jump (with economic indications of more increases to come), so we refinanced with a fixed rate. Got a decent deal and knew what our payments would be and could plan.
A few years later, the tax rules were changed so that interest on auto loans and a bunch of other things you do in everyday life couldn't be written off. We needed new cars, we had a ton of equity in the house, interest rates had dropped, so over the next few years, we pulled some of the equity out got decent vehicles, added a little to the home loan (tax deductible)and moved on with life.
I'm now separated from my now minimally waged wife (income cut in half), with all the same responsibilities, plus some debts that were a...surprise. When I signed those contracts, I didn't know that these things were going to happen! It isn't fair.
I've muddled through, so far. I'm paying off what I can when I can. I just deal with it one thing at a time. Once something is gone, I move to the next. Constant stress, but I keep hoping that there are no new things popping up. It's got to stop somewhere.
I had the privilege of listening to Maxine Waters today telling me that people who signed contracts saying they didn't understand them, or what could happen if interest rates go up. She informed me that due to lack of regulation, it wasn't their fault.
Let's go see what was said:
(Maxine starts at 2:00 and runs thu 3:18, but you really should watch the whole thing)
I was yelling at the TV so loud that I scared my dog.
I then got to hear a Republican(?) Rep from Michigan try to tell me that giving money to the auto companies is in my best interest.
Cavuto: Why should the taxpayer give their money to a failing company to continue?
Representative: It's not their money.
From what I've read, about $3,000 of that 1 trillion is mine. $6,000 with my (still) wife. Either I pay it all now, or they just print more dollars that are worth 5% less...which will work out great for me trying to get out of my personal debt...what's another 5% added on?
I'm seriously considering not paying my mortgage for three months so that I can get the gov't to reduce my payments. Damn stupid of me to play by the rules of personal responsibility and to pay off any debt I incurred. I didn't understand everything in the multitude of pages I signed or initialed during refinancing...but I'm just a dumb oilfield worker, not a lawyer, so how can they hold me to it. The three biggest corporations in the world, with all their lawyers couldn't foresee signing contracts with the UAW would bankrupt them? Why do they get gov't money to correct their mistake, but not me?
I've lost faith in my country's ability to face up to missteps. When the market doesn't go they way they want, it's the fault of somebody else. Nobody told them that the economy cycles? After way too many years of an up market, nobody expected a
I bought my house at around 100K (I felt it was overpriced, but I loved and wanted to live in my home turf), and last year was it would list at around 550K...pretty good return. I didn't foresee this either. If I don't weather my current storm and have to sell my house, I'll still come out OK. I bought at a good time and survived long enough. Luck!
My Uncle gave me some of the best advice when I was around 16 and becoming aware of the stock market. He said "Never invest money that you can't afford to lose."
I couldn't find the video of that asshole cogresscritter telling us "It isn't our money" at first, but ran across it at Hot Air this morning. This guy lost his reelection bid, but I bet the guy replacing him has big plans for HIS money also.