Lawn Care Business Forum Lawn Care Business Book Lawn Care Business Blog Lawn Care Software
Home Forum Contract & Flyer Templates Blog Software Videos Podcast Calculators / Estimators Store Mower Review Design It Yourself Lawn Business School

Go Back   GopherHaul Landscaping & Lawn Care Business Marketing Forum > Lawn Care, Landscaping, and Property Management Forums > General Talk

General Talk If it doesn't fit anywhere else, post it here.

Buried by mortgage


General Talk

If it doesn't fit anywhere else, post it here.
Reply
 
Thread Tools Search this Thread
  #1  
Old 03-14-2007, 12:20 PM
Steve's Avatar
Steve Steve is offline
Administrator
 
Join Date: May 2003
Posts: 37,928
Rep Power: 10
Steve has disabled reputation
Default

I think we are going to see a lot more problems with home owners trying to make their mortgage payments.

Have you seen more and more houses on the market?

$1,300...$2,000...there goes your mortgage - Jemima and Ricardo Sanon, 30 and 29, saw the possibility of trouble before they ever signed their mortgage documents in 2004.

The Sanons had diligently saved $5,000 in preparation to buy their first home, but the sum was just enough to cover the closing costs. So to finance the $290,000 purchase price of a Waltham, Mass home, they took one loan for $232,000 and also a piggyback loan for $58,000, both from New Century Financial, a subprime lender.

The smaller of the two mortgages didn't worry them. The terms were fixed for 30 years at 10.7 percent, and the monthly payment of $538 was something they felt they could handle.

But the larger loan was fixed for just two years. After that, the rate would adjust every six months, which is typical for subprime borrowers.

For the Sanons, the initial monthly payment on the larger loan was some $1,300. Two years later, that payment jumped to over $1,800.
__________________
- Subscribe to my Lawn Care Marketing Blog Feed and get daily tips sent to you. Free!
Download your Free trial of Gopher Lawn Care Software.
Reply With Quote

Stop guess-timating. Learn how to estimate and make money! $$$
Mow Time Estimator Lawn Care Price Estimator Mulch and Topsoil Calculator Snow Plow Estimate Calculator


  #2  
Old 03-15-2007, 11:22 AM
tiedeman
Guest
 
Posts: n/a
Default

Lawn care business tipsLawn Care Business Book
That is why you always check to make sure that loan is fixed.
Reply With Quote
  #3  
Old 03-15-2007, 06:19 PM
PremierLand PremierLand is offline
Forum Advisory Member
 
Join Date: Dec 2006
Location: Grosse Pointe, MI
Posts: 89
Rep Power: 0
PremierLand
Default

Around here people are just up and leaving their homes letting the bank take it. Its crazy, the economy around here is terrible. And with all these big 3 buyouts they take that 80grand and buy some lawn equipment and make our market worse than it already is. Lawns that were 18 which was terrible are now 12.
__________________
2000 Ford F350 Dump Truck V10 8\'6\" Western
2006 Chevy 2500HD 8ft Western
2005 8x20ft Haulmark Enclosed Trailer
Exmark Rider and WB and Stihl Handhelds
Reply With Quote
Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Forum Jump

» Recent Threads
  RatingTitle, Username, & Date Last Post Replies Views
Did this job free to...
JJand M Lawncare
05-02-2016 02:33 PM
Today 10:07 AM
by Steve
4 79
Correct way to quote a...
WarriorLandscapingCAN
05-02-2016 11:52 AM
05-03-2016 10:59 AM
by Steve
1 56
How to tell Cust. to...
GeeGood
04-09-2008 09:55 PM
05-02-2016 02:45 PM
by JJand M Lawncare
13 5,227
Having an issue with...
Mr. Mow
04-27-2016 03:58 PM
04-28-2016 05:04 AM
by Sprinkler Buddy
2 127
Hello From Virginia
JJand M Lawncare
04-25-2016 01:02 PM
04-27-2016 05:20 PM
by Steve
5 160
knowledge is Key
Greg'slawnandlandscape
04-23-2016 02:23 AM
04-25-2016 02:40 PM
by Steve
2 147
Hello from Calgary
Freshcut
04-22-2016 06:10 PM
04-25-2016 02:38 PM
by Steve
1 134
Echo Bed Redefiner...
NPM_LLC
04-12-2016 10:54 AM
04-22-2016 06:15 PM
by Freshcut
4 335
Has anyone done a garden?
Brian3137
03-28-2016 10:42 AM
04-22-2016 04:42 PM
by biglee
13 9,784
What would you charge?
markty
04-18-2016 03:28 PM
04-22-2016 09:01 AM
by chris2500hd
6 320
Replaced Mower Engine
Sprinkler Buddy
04-15-2016 06:21 AM
04-19-2016 11:03 AM
by Sprinkler Buddy
6 274
Hello from Oklahoma
Ron Hall
03-24-2016 06:59 PM
04-16-2016 03:51 AM
by Ron Hall
9 9,484
Laying down some stripes
MATTNAPIER89
04-11-2016 09:55 PM
04-14-2016 11:55 PM
by Steve
3 359
Find out what business...
MATTNAPIER89
04-11-2016 09:58 PM
04-13-2016 12:32 PM
by MATTNAPIER89
2 302
Hello my name is Matt
MATTNAPIER89
04-11-2016 09:46 PM
04-13-2016 12:58 AM
by Steve
1 258
How to drop some...
nickeckes
04-11-2016 01:07 AM
04-12-2016 05:22 PM
by Steve
4 332
Trash Receptacle for a...
tannerduncan
04-12-2016 05:02 PM
04-12-2016 05:19 PM
by Steve
1 237
Small Project Lawn
tannerduncan
03-31-2016 08:21 PM
04-12-2016 05:16 PM
by Steve
7 9,362
Please Help! Bidding...
Dorali
02-15-2016 12:02 PM
04-06-2016 01:08 AM
by Steve
36 13,101
Hello
pbcleff
04-05-2016 07:45 PM
04-06-2016 12:35 AM
by Steve
1 429
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 02:06 PM.


(C) 2011 Riggs Publications - Terms of use & Privacy Policy

All times are GMT -5. The time now is 02:06 PM.

(C) 2011 Riggs Publications - Terms of use & Privacy Policy