Instamortgage.com Predatory refinancing / false information Internet

Without knowing the dates that you did your home purchase or refinance I make the following comments only on assumptions;

I contacted InstaMortgage some five years ago during the big real estate boom when people were refinancing their homes and taking out equity like drunken sailors because home prices were rising faster than they could realistically keep up with. I had actually been in the mortgage business for years before the time I refinanced with them and had a good knowledge of what  the market was doing. I warned people that these 120% refinance deals were unrealistic and would come back to bite them when the market corrected itself. Well that didn't compute well with most of the general population because of greed and people just listened to the loan officers and pulled all their equity out to buy cars, other properties and toys not thinking of how they would pay there loans off.

I make my payments, on time. My property values have dropped as well, however I didn't pull unrealistic amounts of equity out either. But now people think the government should bail them out by renegotiating the amount they owe by the current value of their home. Why? Why should these people who stopped making payments at all get any kind of break for their greed. If you income and debts could afford you a $150,000 home, why did they buy a $300,000?
  
The greed of the banks coupled with the greed of the people pulling out equity are the cause of what is happening to home prices and the foreclosure problems we are experiencing now, not just the banks. Based on the $1760 payment on your $335,000 loan, it appears your rate is at about 4.8%. not a bad rate and if you could refinance into a fixed your rate would probably be about the same. Your problem is that you are among a large percentage of americans who felt you had
this whole real estate thing fiqured out that a home purchase is a source of income not a roof over your head and now YOU want the government to bail you out because the extra money you pulled out when you refinanced to buy you new car or pay off your credit cards is gone and now you can't make your payments. I'd like to feel bad for you but I can't. Instamortgage is in the business of making loans to people who state they have the ability to pay them back. Unfortunately many of these loan officers do not have the proper education in economics and are just trying to make a commission. We will all learn a valuable lesson from this economic meltdown, as the banks have that is why it is harder to get those fixed rate loans today.