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I just closed Friday on the house I've been dealing on since January. It wasn't a foreclosure, rather a pre-foreclosure aka Short Sale. It was a fight and a half, but we got the house $60k less than what a house up the street with 1/2 the property sold for. Really didn't have to do anything other than paint and change the locks upon moving in, but got new appliances. Fixed at 6% with lender-paid PMI.
Do I think the government should step in and solve the problems people are having? Not really, but I also don't want to see the market get so bad because all the banks are going belly-up that when the time comes to sell the house there's no way it'll happen. Like it has been said here in this thread - If the buyer made bad decisions and financed beyond their means, regardless of what anyone told them, then too bad. Sounds harsh, but seriously, take the time and learn what you are signing. Figure out what you can afford. Our payment is less than what I was saving every month toward the down payment and what she paid in rent every month. So basically our lives shouldn't change much financially. If this monkey can figure that part out, then anyone should be able to.
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