[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 27 KB, 512x507, ziu.jpg [View same] [iqdb] [saucenao] [google]
56539598 No.56539598 [Reply] [Original]

I have ARM mortgages on 6 houses. They've been adjusting to the new fed rates this past year and I can't swing payments anymore. I can't sell them because they're all way underwater. At this rate I'll have no savings within 3 months. Help me please.

>> No.56539623

>>56539598
Sell one at a loss and use the money to pay the others. They'll be back above water and you'll be in the green with a little patience.

>> No.56539629

swingies get the rope

>> No.56539637

>>56539598
Not very smart, anon. You are running on very thin margins. Just sell a few and cut your losses. At least you will be able to afford the rest.

>> No.56539650

>>56539598
>he didn’t get fixed rate
Retard

>> No.56540947
File: 198 KB, 1023x890, home equity.jpg [View same] [iqdb] [saucenao] [google]
56540947

>>56539598
The shortest ARM term is 3 years, meaning the purchase would have been done in late 2020.

Homes aren't worth less today than they were in 2020.

97% of mortgages issued in 2020 were fixed rate loans.

Banks will not issue a mortgage unless you can prove you have the income to cover the debts.

You need 2 years tax returns showing that your gross monthly income is 2x-4x your monthly liabilities.

>> No.56541107

>>56539598
And you can't just raise rents why?

>> No.56541689

>>56541107
rents are actually down ~1% over the past year due to massive apartment building

>> No.56541742

>>56541689
Rents are down because landlords aren't pumping those rookie numbers up.

>> No.56542686

>>56539598
OP is a lying bait posting faggot.