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Unfortunately, many people were forced to use less conventional mortgage schemes to be able to afford the houses they wanted in the markets they wanted. Interest only loans, while incredibly unwise, became fairly popular, since they allowed one to buy much more house than would otherwise be affordable. However, as the price of the house fell with the collapse in the real estate market, and the interest rates started to climb, many of these people are finding themselves paying an inordinately high mortgage, which doesn't even begin to give them equity or pay down the principal amount borrowed. I would guess that many of these people, unless their fortunes were incredibly good, will end up in foreclosure or bankruptcy.
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Sailingdog
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Telstar 28
New England
You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.
—Cpt. Mal Reynolds, Serenity (edited)
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Still—DON'T READ THAT POST AGAIN.
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