> gMoney wrote: > "Here's what I make, here's what I've saved, here's the range for what I > want to spend on my next house...." > > "Ok, you're approved!" >
That's how people are walking away from their mcmansions, and - bluntly, I'd do it too. Basically they see their $500k house worth $350k and their ARM about to adjust so they do what you said and get approved. They buy the $350k house for a better fixed rate than their ARM and and tell the $500k bank to feck off knowing that they've used all the credit they need to for the next 7 years. Now the taxpayers own $500k of debt (unless the house can be sold for some of that). ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;203748912;27390454;j Archive: http://www.houseoffusion.com/groups/CF-Community/message.cfm/messageid:263969 Subscription: http://www.houseoffusion.com/groups/CF-Community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
