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TechGromit
2009 Dec 16, 3:56am
I was actually looking at the rules to modify my mortgage. I pretty much qualify except one small detail. My mortgage is about 29% of my gross income, also, that includes taxes and homeowners insurance. Does anyone know if the 31% rule of income towards your mortgage includes those additional costs?
Done!
2009 Dec 16, 4:05am
Only 29% com'on Techie you're letting our GDP down. Get with the program and spend, spend, spend. Spend like there's no tomorrow for our kids.
I think some money savant somewhere in Washington should be punishing those that over budgeted on housing, instead of trying to give them a financial Mulligan.
Leigh
2009 Dec 16, 4:34am
A friend works at WF, he stated 422,000 mortgage payment modifications started...only 3537 takers thus far (thanks Wachovia). We are both guessing that many of these loan owners are upside down. Are they reducing the principle of the loan or just giving out low rates?
If they'd give me 2% then I'd borrow a shitload of money. I'll get this friggin party started!
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http://money.cnn.com/2009/12/16/real_estate/great_mortgage_modifications/index.htm
Some people are getting mortgages for as low as 2% fixed rate interest for the life of the loan. So the lesson here is, spend more than you can afford for a mortgage and get a special discount mortgage rate. A 2% interest rate on my mortgage would save me $575 a month, where's my modification?
#housing