Housing Bubble Aftermath: Bird's Eye View

[jk]

Re: Housing Bubble Aftermath: Bird's Eye View

To me, if your debt is greater than the cash you have sitting in the bank, there are no savings! They are probably better off using the $5000 to repaying loans. The retirement plans are another thing -- because of tax implications. But even there, with a joint income of $66,000 the taxes are not likely to be large.

i noticed the "savings" too. stupid. they should use it to pay down their high cost debt. they could always borrow it back out if they really needed to.

[Rajiv]

Re: Housing Bubble Aftermath: Bird's Eye View

Also a good article The Top 10 Mistakes Mortgage Borrowers Make

"Given how easy it is to get skinned on a mortgage deal, it's amazing anyone ever buys a home," says Liz Pulliam Weston, personal finance columnist for MSN Money.

"But buy we do--and then refinance, and refinance again. Our ignorance of how the mortgage process works and the many ways mortgage pros rig the system in their favor lead many of us to pay far more than we should." Taking Ms. Weston's comments into consideration, here is the key information from a former senior loan officer that mortgage lenders don't want borrowers to know: