stevendedalus stevendedalus

Mortgage Extension

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Mortgage Extension

from JoeUser Forums

 

How about allowing delinquents to stay in their homes and pay rent, 20% of which goes toward principal?

OR extend 30 yr. mortgage to 40 yr. These two options could detoxify the loans and allow the financial world to get on with it.

And btw as long as we're in a bailout mode why not have the government buy out bankruptcy level medical bills?

Did I mention a buy out of my beta tapes library?  

beta buy bankruptcy politics
10,693 views 29 replies
Reply #26 from JoeUser Forums Top

if you extend a morgate to INFINITE years (aka, they only pay interest) the payments are gonna be only SLIGHTLY lower then a 30 year mortgate... on the first 25 years or so most of the amount you pay monthly is just the interest.

Only thing to do is refinancing where they just give people breaks.. (ok, we are gonna take 20% off of what you owe us and reduce your interest by 2 points... just don't declare bankrupcy cause then you loose everything, and we don't get a cent back) 

Reply #27 from JoeUser Forums Top

if you extend a morgate to INFINITE years (aka, they only pay interest) the payments are gonna be only SLIGHTLY lower then a 30 year mortgate... on the first 25 years or so most of the amount you pay monthly is just the interest.
End of quote

Yes, look at what the interest is on the first year payments.  That is as low as it goes regardless of the years.

Elemental: Reforged
Reply #28 from JoeUser Forums Top

Yes, look at what the interest is on the first year payments.
End of quote
Well, I guess we're back to square one--rent with an option to buy.

Reply #29 from JoeUser Forums Top

Well, I guess we're back to square one--rent with an option to buy.
End of quote

If you can find one, that is a real sweet heart of a deal.  But the seller (other than the one I read about in Texas) is not going to be altruistic.  Usually that costs more, and the only reason it is good is because the buyer does not have a down payment.