F*** all of these plans.
My wife and I were priced out of the market in 2004 or so. I can not remember when we finally stopped looked, but we realized that $550K+ in Long Beach was not realistic, considering that just a few years prior it was $250K or so. We never applied for any of those "teaser" rates or exotic mortgages. We thought that getting a mortgage at 0% interest was a HORRIBLE idea, knowing full well that the rates could ONLY GO UP from there.
However, we chose to continue renting and thinking we were out for a while, we lived beyond out means for a bit. We are getting that all under control now, and were thinking of jumping back in mid 2010, after the next round of Option and Alt-A ARMs all reset.
If the homeowners who took these loans get saved, I am going to more pissed that I already am at the whole "loan modification" thing.
I have decent apartment in Huntington Beach. Why am I being screwed? I mean look, if I move out of here then the underwater homeowner can move in where I live now, as I move into the house.
