mandc05

Fannie and Freddie's Unbelievable Proposals

I agree with the a couple fellow posters - we have NEVER defaulted. We took a subprime loan in 2005 due to having not stellar credit scores (ah the college years) having gotten married we went the responsible route. We were okay with the ARM because in two years we knew our credit would be greatly improved and our agent assured us at that time we could easily refinance. Unfortunately, while our credit is now stellar our house is worth a fraction of what we paid for it - we bought my childhood home so we aren't going anywhere if we can help it.

Why shouldn't we have the opportunity to refinance - we didn't buy more house than we could afford - we bought a house for 63,000 and mortgaged only 45,000. Now this may seem like peanuts to many of you but we are stuck with a 10.5% interest rate - if you view a house as a HOME and NOT an investment, you can easily see that allowing some people upside down to refinance only makes sense. My house is MY HOME - I don't care what the bank says it's worth I'm going to make my payments because I WANT to live here and it's where I'm raising my family.