Friday, August 11, 2006

zinsanpassung gefällig? / neg arms in action

habe ja schon oft von krediten mit negativer tilgung gesprochen. heute mal ein beispiel was neil in den blog von ben gestellt hat. (abo erforderlich)

Comment by Neil

"qutote wsj"

Luisa Cordova-Holmes was looking to lower her monthly payments when she refinanced her $312,000 mortgage in 2004. Instead, she wound up digging herself into a ditch.

For their new loan, Ms. Cordova-Holmes and her husband chose a so-called option adjustable-rate mortgage, which carried an introductory rate of 2.35% and gave her multiple payment choices each month. “I had a lot of financial obligations,” says Ms. Cordova-Holmes, an accountant who lives near Detroit. (neg arm, kredit mit negativer tilgung)

Two years later, however, the interest rate on her loan has jumped to 8.75%, her loan balance has climbed to $324,000 and her minimum monthly payment has risen to $2,257. She says the terms of the loan weren’t clearly spelled out.

“Ms. Cordova-Holmes says she would like to refinance, but can’t, in part because her loan carries a prepayment penalty. Instead, she’s trying to sell her home. But with Detroit’s economy slumping, she hasn’t been able to find a buyer. When she and her husband first put the house on the market last summer, they were asking nearly $400,000. Now they’re willing to accept as little as $270,000.”

“‘We’re in a very bad situation,’ she says. ‘The payments are just killing us.’”

“‘Often the reason somebody is put into an ARM or an interest-only because that’s the only way the broker or loan officer could get them qualified,’ says Jordan Ash, director of an advocacy group that focuses on predatory lending issues.”

Edward Snyder, who bought his house in St. Paul, Minn., two and a half years ago. Mr. Snyder financed the $210,000 purchase with a $168,000 interest-only ARM and a $42,000 second mortgage. Mr. Snyder says he was stretched even before a rate adjustment on his ARM boosted his monthly payments by $200 in May. Since then, he has fallen behind on his water bills, car payments and student loan.” (man beachte die typischerweise nicht erforderliche anzhalung/eigenanteil/downpayment, zudem drohen bei der armfinanzierung in den nächsten jahren weitere anpassungen da die max. anpassung p.a. limitiert sind.)

“‘Now, it’s a choice of what gets paid late,’ Mr. Snyder explains. Last month, he received a letter from his lender with the words ‘rate increase’ on the envelope. Mr. Snyder says he hasn’t opened it ‘because it gets too discouraging.’ This week, he’s meeting with a mortgage broker to discuss his options.”

“‘If I had been aware both loans were interest-only, I would have probably turned the loan down,’ says Mr. Snyder, who says that the terms of the mortgage were never properly explained to him. ‘I believe this loan is built for failure. There’s no means to build up equity.’”

die kreditnehmer machen es sich das zu einfach alles auf die bankenabzuschieben. diese suicide loans haben immer noch sie unterschrieben. und wer in zeiten historisch niedriger zinsen keine zinsbindung eingeht darf sich im nachhinein nicht beschweren.

man stelle sich das mal vor! man trifft die wahrscheinlich finanziell bedeutenste entscheidung seines lebens und weiß nichteinmal welche bedingungen der kreditvertrag beihnhaltet? was geht bloß ab in den usa?

bedenkt bitte das dieses art von krediten gerade in den hot spots weit verbreitet (bis zu 80%) ist und keine exotenfinanzierung dastellt.



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