Source: USA TODAY
Publication date: March 5, 2007
By Noelle Knox
Edward Booker is one of nearly 3 million homeowners with adjustable-rate mortgages who've had trouble paying their bills. And, like Booker, many of them won't be able to refinance their loans once the interest rates start rising. At that point, they'll have to tighten their belts, sell their homes or lose them through foreclosure.
This month, the mortgage payment on Booker's Chicago home rose $200, to about $1,300. It'll go up again in September. He wants to refinance, but he fell behind on payments after his wife died of cancer in 2005, so no lender wants to take the risk.
"I'm just trying to hold onto my house until I can figure out something else to do," says Booker, 58, a former rail-car inspector who's on disability.
Lots of people got greedy. They listened to their buddies, the guy down the block, the late night infomercials, the real estate agents, the mortgage agents, and not that little voice in their heads warning them...
IF YOU CAN'T AFFORD IT, DON'T BUY IT!
Nothing goes up forever. Schemes are schemes and bubbles are bubbles. The next few years will be very hard on some people. At least they can say they once owned a home, right?
6 comments:
yeah, arms be affectin chicago! lotsa brothas gettin keeled ova some reel buwlshit. now a brotha b fast but cant b outrunin no 9mm. gubment gotta do sumthin bout that cus lotsa mutha fuckas b dyin & shit.
eh, u no, arms are a way of life in dis city. i love tu drive el camino without a licencia or de insurance drinking a corona after having shot at a bunch of kings who think thier shit don't stink.
i have the lorcin 9mm and it shoots reel good but it is heavy. i want a glock one day but 500.00 buys a lot of beer and pussy u know. i am startin high school nwxt year at taft and want to buy a caro.....maybee a 63 chevy or sumthin u know. i would love tu have the glock but a 63 with a few 40s and all the pussy that would bring......i don't know, man. sheet.
oh my, i wanted to comment on housing but it seems that the unwashed masses are breaching your virtual walls and deficating their thoughts and ideas in your cyber space. the odor of their krepitations is making me ill and i fear i may expell my dinner if i do not immediatly sever my exposure to youre blog.
please forgive my abrupt departure knowing it is for the best.
unwashed masses, lady?
it was the great unwashed masses, armed and rebelling against tyranny led by men such as washinton, hamilton, franklyn and madison that broke off this little piece of heavin you and i call home. if men with balls and guns had not stood up and proclaimed "bullshit" and convinced their ladies that freedom was a concept worth fighting/killing/dieing for our lives would be unpleasently different today.
every time i hear one of you liberals say "if it saves just one life it is worth it" when discussing giving up one of our liberties it makes me sick. it makes me sick because i have many relatives who have served in the armed forces and risked their lives to preserve the freedom you enjoy and seek to destroy for future generations. a gun is a tool. what fool volentarily gives up the use of a tool?
hey asshole! you're a tool.
guns are an instrument of evel and have no place in a civilized society. you should spend your energy creating not destroying. and learn how to spell.
i thought this fuckin blog was sposed to be about housing!
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