stuckincincy Posted May 16, 2008 Share Posted May 16, 2008 Paid off less than 800 bucks on a $360K property. He must be one of those poor schmucks victimized by predatory lenders that some Congressmen are wringing their hands about... http://www.wlwt.com/news/16278073/detail.html Link to comment Share on other sites More sharing options...
Billadelphia Posted May 16, 2008 Share Posted May 16, 2008 Boy he's having a heck of a career! Way to keep your life in order, Chris. Link to comment Share on other sites More sharing options...
stuckincincy Posted May 16, 2008 Author Share Posted May 16, 2008 Thanks - edited! Link to comment Share on other sites More sharing options...
Billadelphia Posted May 16, 2008 Share Posted May 16, 2008 Question Cincy - is the foreclosure rate going crazy in Cincy like it is in Cleveland right now? I guess I don't understand how an NFL player can't afford to pay a mortgage on a $360K house unless there's more to it than he's a dumb@ss. Link to comment Share on other sites More sharing options...
stuckincincy Posted May 16, 2008 Author Share Posted May 16, 2008 Question Cincy - is the foreclosure rate going crazy in Cincy like it is in Cleveland right now? I guess I don't understand how an NFL player can't afford to pay a mortgage on a $360K house unless there's more to it than he's a dumb@ss. No...not like CLE. I read somewhere recently, that nationwide the rate is less than 3%. Certainly there were unscrupulous lenders - but the basic question folks should have asked was: Why would someone lend me money with 0 or near 0% down? It wasn't so long ago that less that 20% was sub-prime. At closing, APR and payment schedule are prominent. Only a miniscule number of buyers fail to understand those numbers. A good number of folks went in wide-eyed, buying property that their financial strength could not support. I personally know 2 folks that bragged about how clever they were to get a large house with zip put down. No idea how they sit now - but they rolled the dice themselves. Regarding Henry: He won the game if he's off the hook with only spending less that 800 bucks for his occupancy. Cheap livinng. I'd speculate he got a sweetheart deal...name recognition, potential earnings and the like. Not to start a political row, but perhaps one could liken it to the Clinton's deal on their posh place in NYS, in 1999: NY Times article: http://query.nytimes.com/gst/fullpage.html...75AC0A96F958260 The old adage... "An ounce of pull is worth a pound of push", still rings true... Link to comment Share on other sites More sharing options...
Beerball Posted May 16, 2008 Share Posted May 16, 2008 What is the poor guy gonna do? He's homeless but under house arrest. Link to comment Share on other sites More sharing options...
Billadelphia Posted May 16, 2008 Share Posted May 16, 2008 No...not like CLE. I read somewhere recently, that nationwide the rate is less than 3%. Certainly there were unscrupulous lenders - but the basic question folks should have asked was: Why would someone lend me money with 0 or near 0% down? It wasn't so long ago that less that 20% was sub-prime. At closing, APR and payment schedule are prominent. Only a miniscule number of buyers fail to understand those numbers. A good number of folks went in wide-eyed, buying property that their financial strength could not support. I personally know 2 folks that bragged about how clever they were to get a large house with zip put down. No idea how they sit now - but they rolled the dice themselves. Regarding Henry: He won the game if he's off the hook with only spending less that 800 bucks for his occupancy. Cheap livinng. I'd speculate he got a sweetheart deal...name recognition, potential earnings and the like. Not to start a political row, but perhaps one could liken it to the Clinton's deal on their posh place in NYS, in 1999: NY Times article: http://query.nytimes.com/gst/fullpage.html...75AC0A96F958260 The old adage... "An ounce of pull is worth a pound of push", still rings true... Yeah, the nationwide average of actual foreclosures are still low. There are certain trouble spots where its higher and property values are falling, too. Places like Michigan, Cleveland, and CA, it's a lose-lose situation. I was just curious if it was like that in Cincy as I hadn't heard that it was. I work for a nationwide lender on the commercial side, and we won't even lend in Cuyahoga County (Cleveland) anymore. No doubt Chris got a steal of a deal on it, same as the Clintons did. Link to comment Share on other sites More sharing options...
stuckincincy Posted May 16, 2008 Author Share Posted May 16, 2008 What is the poor guy gonna do? He's homeless but under house arrest. Well, he could go back to the land of his collegiate fame - with court permission. My guess if he does that, he'll be fished out of the Monongahela River sometime in the future. "Don't Cry for Me, West Virginny"... Link to comment Share on other sites More sharing options...
Pete Posted May 16, 2008 Share Posted May 16, 2008 What is the poor guy gonna do? He's homeless but under house arrest. Link to comment Share on other sites More sharing options...
Steely Dan Posted May 16, 2008 Share Posted May 16, 2008 Question Cincy - is the foreclosure rate going crazy in Cincy like it is in Cleveland right now? I guess I don't understand how an NFL player can't afford to pay a mortgage on a $360K house unless there's more to it than he's a dumb@ss. No, I'm pretty sure that's all there is to it. No...not like CLE. I read somewhere recently, that nationwide the rate is less than 3%. Certainly there were unscrupulous lenders - but the basic question folks should have asked was: Why would someone lend me money with 0 or near 0% down? It wasn't so long ago that less that 20% was sub-prime. At closing, APR and payment schedule are prominent. Only a miniscule number of buyers fail to understand those numbers. A good number of folks went in wide-eyed, buying property that their financial strength could not support. I personally know 2 folks that bragged about how clever they were to get a large house with zip put down. No idea how they sit now - but they rolled the dice themselves. Regarding Henry: He won the game if he's off the hook with only spending less that 800 bucks for his occupancy. Cheap livinng. I'd speculate he got a sweetheart deal...name recognition, potential earnings and the like. Not to start a political row, but perhaps one could liken it to the Clinton's deal on their posh place in NYS, in 1999: NY Times article: http://query.nytimes.com/gst/fullpage.html...75AC0A96F958260 The old adage... "An ounce of pull is worth a pound of push", still rings true... That's completely true. Ken Stabler walked into a Chevy Dealer in Alabama and drove off with a new Corvette and a promise to pay them when he got his NFL contract. Anyone who believes the rules of life aren't substantially skewed in favor of the rich and powerful has a second grade eduction or is just blinded buy political brainwashing. What is the poor guy gonna do? He's homeless but under house arrest. He won't be allowed to stray too far from under the bridge. Link to comment Share on other sites More sharing options...
BEAST MODE BABY! Posted May 16, 2008 Share Posted May 16, 2008 I'd be willing to bet it was an interest-only loan, with little-to-zero principle being paid down. Link to comment Share on other sites More sharing options...
stuckincincy Posted May 16, 2008 Author Share Posted May 16, 2008 Ken Stabler walked into a Chevy Dealer in Alabama and drove off with a new Corvette and a promise to pay them when he got his NFL contract. Anyone who believes the rules of life aren't substantially skewed in favor of the rich and powerful has a second grade eduction or is just blinded buy political brainwashing. Did Stabler pay the debt? Link to comment Share on other sites More sharing options...
ieatcrayonz Posted May 16, 2008 Share Posted May 16, 2008 Paid off less than 800 bucks on a $360K property. He must be one of those poor schmucks victimized by predatory lenders that some Congressmen are wringing their hands about... http://www.wlwt.com/news/16278073/detail.html Billy, errrr Mr. Mortgage will soon be doing an expose on the injustices suffered by Mr. Henry at the hands of Wall Street. Link to comment Share on other sites More sharing options...
Steely Dan Posted May 16, 2008 Share Posted May 16, 2008 Did Stabler pay the debt? I don't remember. Link to comment Share on other sites More sharing options...
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