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mariah26
Joined: 24 May 2009
Posts: 2
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| Posted: Sun May 24, 2009 12:11 pm Post subject: Mortgage Payments and Downsizing |
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The current credit crunch has affected most people around the world. Market prices will slide further before it even recovers. This year has forced many to downsize their properties. Many are jobless due to the worst economic slump in nearly two decades.
Since many are jobless, loans are not usually a viable option to maintain house mortgages at the moment. This very problem will continue and will mean many more foreclosures which is definitely a bad sign for the economy.
Hopefully a stimulus package can bring the economy back to where we need it. My mortgage has definitely felt the mortgage and credit crunch and i am currently in the middle of an equity release . I am now paying up to double on just a small condo, although it is by the beach and will hold it's value when the market recovers, I have to hopefully refinance soon and bring down my mortgage payments. I think the future for real estate is good. The market will recover, every so often, the economy get's like this and we have to come up with better solutions to our everyday problems. |
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almsloanmod
Joined: 21 Sep 2009
Posts: 14
Location: Orange County, California
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| Posted: Sat Dec 05, 2009 4:36 pm Post subject: |
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| It is tough, and FHA guidelines are getting more restrictive, look at the new DU 8.0, tougher for a home buyer to qualify. |
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JPowell
Joined: 20 Jan 2010
Posts: 103
Location: PA
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| Posted: Sun Jan 24, 2010 4:25 am Post subject: |
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almsloanmod wrote: It is tough, and FHA guidelines are getting more restrictive, look at the new DU 8.0, tougher for a home buyer to qualify.
Are the guidelines really that tough? From what I've seen on here it doesn't seem like they're very outlandish. Sure they won't let every Tom, Dick and Harry get a home, but that's a good thing and that's what got the market in trouble in the first place isn't it? |
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