Sunday, June 10, 2018

The Future Housing Crash In Kalifornia

If you are a veteran and want to live in California or have been living there for years as a homeowner, boy, do we have a deal for you. California veterans are entitled to buy a home up to $649,999 dollars with no money down. At present interest rates, that's about a $3,000 a month payment.

My wife and I bought our home for about 500k and put 50k down for a down payment about 18 months ago. We have been getting 3 to 10 letters a week like the one below to refinance our mortgage and drag out another 100K in cash.

Something is wrong here, this refinancing with nothing down as a veteran is insane. The 10 solicitations a week to refinance our home loan sounds like an exaggeration of what we are receiving in the mail but it isn’t. Back in 2005 I wrote Greenspan a letter about the abuses in the real estate market and got a form letter back and these were published in my blog back in Aug 28, 2009. Here is a Link

You have to wonder why a lender would want to give any VA home owner all of the equity in their home including the appreciation. I am still trying to figure out why they wrote me a thirty year loan at the age of 70 , I'll be a hundred years old when I pay it off.