Anyone Here About to Lose Home?

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posted on Aug, 10 2007 @ 12:37 PM
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Given the light of what's going on, I want to open this thread for members to share stories about the housing market crash.

Anyone here about to lose his/her home?

Anyone here being laid off from a job due directly to the credit crunch?

Or please share stories of people you know who are finding themselves in misfortune.

I open this, not to wallow in the doom of things, but because I'm curious -- in a very unscientific way -- just how bad the market is right now. We're hearing a potential of 7 million Americans may foreclose on their homes. Just how true is that?




posted on Aug, 10 2007 @ 12:45 PM
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we almost bought a house last year. we instead decided to wait until we were absolutely sure we could afford it. i did research on the types of loans that were being flashed at me on tv and the internet: "$400,000 mortgage for only $500/month!" it sounded too good to be true and upon further investigation i found out how it actually worked. i consider it criminal in nature because i'm sure these banks just wanted to make their buck and probably didn't fully explain the terms of these loans. now i hear a lot of stories about people who recently bought houses are having trouble because their payments are getting out of control. maybe you're talking about something else, but in general i can attest that you're not the only one having problems in this area. i'm not sure if i should be glad i waited or not - hopefully this won't adversely affect my chances of getting my own house a couple of years.




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