• meseek #2982@lemmy.ca
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    1 year ago

    I mean they are literally just taking your money and telling everyone it’s a good thing. Fucking wild man. My buddy has a second property that went up from $1700 a month to $2700. Insane. That some private entity can one day decide people have too much money and just literally take it.

    And capitalism is the way???

    • Alexstarfire@lemmy.world
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      1 year ago

      There seems to be a lot of context missing because this does not make sense. A private entity has no say in what you pay after you purchase a property. Unless there is a private entity doing tax assessments. Which I’m hoping would be extremely unusual but I’m only familiar with the process in my area.

      • felixthecat@lemmy.whynotdrs.org
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        1 year ago

        Probably the payment went up because of the taxes or insurance. Or maybe they didn’t have an escrow account and didn’t pay taxes or insurance and it was force placed.

        If you have a variable rate it could also go up for that reason. But most people when rates were low had fixed rate mortgages.

          • Alexstarfire@lemmy.world
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            1 year ago

            In the US a fixed rate does not expire. At the end the loan has been repaid. I do not know of they are in the US.

            • uranibaba@lemmy.world
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              1 year ago

              How does that work? You take a loan, negotiate a rate (say 3%) upfront, and you have this rate as long as the loan is not payed?

                • uranibaba@lemmy.world
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                  1 year ago

                  I meant payed off.

                  So if I borrow $100.000 at 3% interest rate, I will 3% for the entire duration of the loan? Even if FED increased the rates to something else?

                  • Alexstarfire@lemmy.world
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                    1 year ago

                    Yep. That’s why people who got these historic low rates are going to be very resistant to moving. Myself included.