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Financial Meltdown
#45
I bought a house on an ARM loan that was fixed for five years. I'm in my fourth year and hoping to sell it for a profit after turning it into a fairly nice home...unlike the dump it was when I bought it. Major renovations were done. Now the market is bad though, so maybe I'll just break even or at least just make enough profit to cover the costs of buying again. Have to do something before the adjustable rate kicks in though. I can see how many got screwed. That bank was willing to give me double what I asked for with no credit at all. Luckily I didn't take it.
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