By: hurtwilliams16
29/09/2009
3:04 pm |
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By: hurtwilliams16
29/09/2009
3:03 pm |
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By: hurtwilliams16
29/09/2009
3:02 pm |
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By: ecchi.gaijin
22/09/2009
2:43 pm Yahoo! Profile:
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"we have signed a house and land contract and did have pre approval with RAMS but due to a delay in contracts being prepared and signed we went over the pre approval time frame and now they wont help us"
The contract I am referring to is the contract to buy the house. Very nasty situation when you are caught in a purchase contract with no mortgage to pay for it. Hence they "urgently require a 95% loan". |
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By: hdmausguy
22/09/2009
11:51 am Yahoo! Profile:
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| ecchi - From what these people have said is that their RAMS contract had expired. Therefore due to RAMS not proceeding with financing them they were seeking finance from anywhere else they could get it. Accordingly there would have been no need to apply any "out clauses" as any contract they had with RAMS would subsequently have lapsed. The whole point of my reprieve part was to encourage them to rethink their financial position so as to lower their future risk to higher interest rates,losing the home & bankruptcy. |
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By: ecchi.gaijin
22/09/2009
10:24 am Yahoo! Profile:
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"but my view is that the UNIVERSE has given you a reprieve here"
I think you will find that the problem this person is in is no out clause on their contract and no finance to pay for it. Not sure if the possibility of becoming a bankrupt again is much of a reprieve ...... |
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By: hdmausguy
21/09/2009
9:32 pm Yahoo! Profile:
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| CONT. willing to compromise? Many discussions have been had on this subject. A number of posters had lost their homes through over commitment. This was when interest rates rose,income reduced;lost job,baby & 1 income etc. The general concensus was either keep renting even if it means moving to a cheaper area,buy a house in a less expensive area or even get a nice place in a mobile village for less than $150k. Plenty of sites for these on the net. The idea is to live within your means and swallow your pride if necessary. Financially we have proved that starting out the less expensive way will have you ultimately owning that original dream home far sooner than on a near maximum mortgage(savings instead of big mortgage interest). A less expensive option usually allows for less financial pressure and therefore a better quality of life. I hope to get your views on this, best wishes. |
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By: hdmausguy
21/09/2009
9:09 pm Yahoo! Profile:
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| Re your home loan. 1st up I'll tell you I've got nil interest in supplying home loans. I'm usually a poster on the higher traffic financial threads and your post caught my eye. I don't know your exact circumstances but my view is that the UNIVERSE has given you a reprieve here. With RAMS giving your loan application the flick(have you read the raw deals RAMS has dished out to many other posters here)it's obvious that you do not meet their loan/repayment/risk criteria. Lets look at the human condition here,DESIRE. You've found the "HOME OF YOUR DREAMS" and you urgently require a 95% loan to get into the place. If the FHOG is your deposit of 5% is the 95% $608,000? I strongly suggest you take a step back here and take another look at the financial burden you are saddling yourself with for many decades of your life. What value do you place on your quality of life? And look at what is likely to happen with interest rates once this recession worldwide turns the corner. Higher interest rates are virtually a certainty even hyper inflation, how would you fare if home interest rates got up to 9% - 10% & then 12% & 14%? They got that high and even 17% when Hawke/Keating were in power.Check up yourself. If your at or near your limit now you,d almost be certain to lose your dream. Thousands of mortgage defaulters have been through the trauma of the mortgager taking possession of your house and selling it for what ever they can get for it at auction with you still responsible for the difference.As I said before the universe has intervened here for a reason? Is there an answer? Maybe/yes/no? It depends on how realistic you are and how much you're willing CONT. |
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By: brthorley
21/09/2009
4:17 pm Yahoo! Profile:
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| hi is there anyone out there that can offer a home loan to my partner and myself, I am a discharged bankupt (due to a previous relationship that left me with all debts), we have signed a house and land contract and did have pre approval with RAMS but due to a delay in contracts being prepared and signed we went over the pre approval time frame and now they wont help us. We urgently require a 95% loan - we are able to get the $32000 FHOG. Please can any one assist? contact me a brthorley@yahoo.com.au |
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