Well, a 30 year fixed interest rate loan is for all intents and purposes an interest-only loan if you sell in the first ten years. If someone is under water on the mortgage, it's not just because they took out a balloon mortgage. The property value has to have fallen. After all, if you borrow 90 percent on a 100,000 house, even if you don't pay any principle you still have 10 percent equity IF the value hasn't dropped.
Actually, where most folks got into trouble was with VARIABLE-RATE mortgages. They got sucked in by "teaser" rates, only to find they couldn't afford the real interest rate. Lots of people went underwater on their mortgages, but the ones who had fixed interest rate mortgages just rode it out.
Of course, the dumbest thing anyone came up with during the bubble was the "negative amortization" mortgage. I have no sympathy for those who took out these loans, and even less sympathy for the banks who issued them.
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Today's Featured Article - The 8N and the Fox - by Zane Sherman. Dec. 13 1998, Renfroe, Alabama. Last niht I dreamed about the day that I plowed the field of about 10 acres over on what Jimmy and Dandy called the Ledbetter field. I was driving the 1948 8N Ford tractor that Jimmy bought in 48 new This was prebably in about 1951 and maybe even befor the house was built. This would have made me to be about16 years old and I drove the tractor for nothing and would have paid to drive it if I had had any money which I didn't, but neit
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