12-10-2007, 11:20 AM
G.Irish Wrote:More fuel for the fire sale:
<!-- m --><a class="postlink" href="http://www.washingtonpost.com/wp-dyn/content/article/2007/12/09/AR2007120901197.html?hpid=topnews">http://www.washingtonpost.com/wp-dyn/co ... id=topnews</a><!-- m -->
Bring it on!
Quote:There were 79 foreclosures for every 10,000 Washington area households in the third quarter, not including renters
Still a very small number on the aggregate - more media sensationalism than anything else, and these articles tend to paint these people in "trouble" as "victims" and I hate that.
Quote:Leonid Frolov may soon join their ranks. Frolov, a translator for a commercial satellite company, used what is called a piggyback mortgage to buy his first home, a small D.C. condominium, three years ago.
That means he took out two loans. The first was at a fixed rate. He later refinanced it into an adjustable loan so he could pull cash out to buy a car and pay off credit cards. The second was a smaller loan to help cover the remaining cost of the house. He now pays $2,439 a month.
Frolov felt confident he could refinance the larger loan again before it adjusted in March. But the value has fallen and he owes more than it's worth, so he can't refinance.
"I bought more stuff than I could afford and now I am le fucked". Imagine that.