Another Housing Bailout Plan

Back to blog

It's not JUST the ARM and sub-prime folks with problems

I have a 30 year fixed at 6% mortgage. I was medically retired which caused a 75% cut in my income. I had to relocate out of the state where the house is located to take a job and am now living with family but the house has been on the market since 3 Jul, 2007.

Smells No Go (comercially known as Wells Fargo) refused to consider an offer on the house in December as I wasn't far enough behind in my payments. I am now nearly 60 days behiind in payments and they are dragging their feet on a second offer that is about to expire.

The wave of foreclosures and fire sale auction pricing of the sub-prime properties is killing the rest of the market too who need to sell.

of AR @ Mar 11, 2008 23:00:30 PM

Back to blog

Add Your Thoughts
About You
Capital Commerce

Capital Commerce

U.S. News business reporter Matthew Bandyk examines the issues, people, and debates that shape the nexus of political and economic life in the nation's capital.

advertisement

advertisement

Subscribe

U.S. News Digital Weekly

A weekly insider's guide to politics and policy — in a multimedia, digital format. 52 issues for $19.95!

U.S. News & World Report

6 months of U.S. News & World Report's print edition for only $15. Save up to 67% off the cover price!