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Has Anyone Got Help On Their Mortgage?

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Posted: #26
they wont help u unless u got a shietload of assets and a lot of tax returns that show that you make a lot of dough. good luck.

if your tax returns are iffy and only a few years, they will ignore you.
 
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Posted: #27
Quote Originally Posted by TheTotalHunter:

I bought my home in 2006 right at the top of the market. Anyways it is worth about 350K and I owe over 680K on it. GMAC refuses to do anything except give me the run around. I can't let it foreclose because my credit is all fucked up now and I could never get another loan.



If they won't help, fuck them back. Fucking walk dude and let them figure it out. Get debt help, screw your credit for 2yrs, rent for those 2yrs and rebuild. OR, wait and pray that your house increases by 100% in value which will take a decade.

IMHO the housing market hasn't collapsed, it's returned to fair market value. The US housing market will never see these levels for a long time. Think Nasdaq bubble of 2000.  It was at 5000 then the bubble exploded. 12 yrs later and the Nasdaq is at 3000, which to me is still overvalued.

Don't go bankrupt, surrender your debt to debt agency and get on a fractional payment plan for 2yrs.

Take control of your life that's my two cents.
 
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Posted: #28
tundra is right, those people screwed a lot of people.

they didnt even look at the documents.
 
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Posted: #29
Quote Originally Posted by depeche2:



It's not a crime to breach a contract.  You breach, you pay damages to the extent provided by contract and law.  Not saying it's a good idea, but it's not unethical or immoral IMO.


IMO morality/ethics have nothing to do with what is or isn't in a contract, or what is or isn't legal.  If you can pay, it is unethical to do so, if you can't you don't worry about what is a moral decision. 

The golden rule is to ask yourself what would happen if it became a rule that everyone in the same position made the same decision... would it cause chaos.  If everyone who was underwater walked away it would be a catastrophe.  If everyone who could no longer afford to pay walked away, not the case.

Do what you can, unless you have to do what must be done IMO.  Terrible situation. 
 
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Posted: #30
Quote Originally Posted by TheTotalHunter:

I bought my home in 2006 right at the top of the market. Anyways it is worth about 350K and I owe over 680K on it. GMAC refuses to do anything except give me the run around. I can't let it foreclose because my credit is all fucked up now and I could never get another loan.



Is it safe to assume that your household income is 250k-300k?  Are you trying to sell the house?  What kind of help are you expecting someone to give you?? Did you put down 20%?
 
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Posted: #31
What accelerated and keeps suppressing the market is people wanting to bail on their obligations, leaving those who are trying in the grasp of this situation.


i'm not so sure about that. the way you worded 'keeps suppressing the market', leads the reader to believe that you feel that the market wants to go higher

THis is post bubble, we have yet to return to fair market value, let alone the massive overshoot to the downside that is waiting in the wings once the government stops pouring trilliions of dollars of other peoples money down that rat hole. Supply is super saturated, over 10% of housing stock in this country sits empty and idle. Might as well start bulldozing all that crap
 
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Posted: #32
Quote Originally Posted by DickyR:



People like you are the problem. This man will NEVER recover from the collapse.


Scaring people out of making a wise financial decision, is problematic, however, it's hard to say that is the problem. The problem, is all the idiots that have zero financial sense and no understanding of capitalism, that were buying houses in the mid 2000's at these absurd levels

the solution is for these RENTERS, to foreclose, let prices come in, and allow the market to function at some type of normalcy, and people that can actually afford the houses, can buy them up at affordable levels. The renters can go back to where they belong, paying rent
 
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Posted: #33
I would never pay a mortgage that I was 330,000 upside down on. 

 
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Posted: #34
Quote Originally Posted by I_Need_A_Detox:

I would never pay a mortgage that I was 330,000 upside down on. 



good thing you'll never be faced with the opportunity

how's the whole house flipping scheme going these days
 
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Posted: #35
Quote Originally Posted by gfinger:

Pay the bank their money. You signed the mortgage right?


why not give the bank back their house? They drew up the contract and collateralized it with the house for a reason, no?
 
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Posted: #36
Quote Originally Posted by wallstreetcappers:


Because we allow it here. Other countries the laws are a bit tougher. 

Maybe if we had tougher laws with contracts, less people would break them.




maybe you live in the wrong country

you make me sick with this desire to see people thrown in prisons, it's no wonder you are such a Clinton cheerleader

smoke dope? go to prison

can't pay your debts? go to prison

the things you are about, are the opposite of what american values are all about. Move to Europe
 
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Posted: #37
Quote Originally Posted by be easy:



good thing you'll never be faced with the opportunity

how's the whole house flipping scheme going these days

with what ... being 330k upside down? 

it's going ... 

How's your house in Colorado so you can smoke pot legally going? 

 Moving to smoke pot legally. 


 
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Posted: #38
Quote Originally Posted by I_Need_A_Detox:


with what ... being 330k upside down? 

it's going ... 

How's your house in Colorado so you can smoke pot legally going? 

 Moving to smoke pot legally. 




thou doth assume much

where on earth did you make up all that nonsense?

I had been looking at buying 10-20 acres of forest in upstate NY, however, Colorado is awesome, and the idea of living somewhere with some just laws, is appealing. I figured there was some Colo residents on covers, so i figured it couldn't hurt to ask

silver spoon babys trying to flip houses ten years too late
 
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Posted: #39
39 responses, and not ONE reply is directed at the question asked in the topic header.  I guess you got your answer that nobody is getting any help....That's a damn shame if you ask me.
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Posted: #40
Quote Originally Posted by webba:

39 responses, and not ONE reply is directed at the question asked in the topic header.  I guess you got your answer that nobody is getting any help....That's a damn shame if you ask me.


what kind of help are you expecting, and from whom?
 
MVP
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Posted: #41
WSC said his 'friends' are going to utilize HARM2TAXPAYER pt duex

The only help that anyone american should expect, is to wake up and open their eyes to the reality of their situation, and help themselves to 24-30 months of squatting in the banks house, then turn over the keys and go rent something they can afford
 
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Posted: #42
BE,

Why the constant hostility?

Read again what I said..in other countries there are more rights regarding contracts and in other countries PMI is required irregardless.

HAMP II isnt evil, if it helps people like my friends who are upside down but want to stay and will pay, just wanting a set interest rate, I dont see how that is abusive to anyone, in fact it is a positive thing.

Finally, what is continuing to suppress the markets where I live is people bailing, actually the fact people are underwater is making this PHX market spike. There is no supply, prices are going higher because people arent able to sell and the buyers have little to choose from.
 
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Posted: #43
Quote Originally Posted by wallstreetcappers:

BE,

Why the constant hostility?

Read again what I said..in other countries there are more rights regarding contracts and in other countries PMI is required irregardless.

HAMP II isnt evil, if it helps people like my friends who are upside down but want to stay and will pay, just wanting a set interest rate, I dont see how that is abusive to anyone, in fact it is a positive thing.

Finally, what is continuing to suppress the markets where I live is people bailing, actually the fact people are underwater is making this PHX market spike. There is no supply, prices are going higher because people arent able to sell and the buyers have little to choose from.

 A former coworker bought a big house down there a couple years ago for $145k but his wife wanted to come back to the NW...........much to his surprise, they were able to sell in 2 days for $180k.........just did it 2 weeks ago.

 
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Posted: #44
get the book "the big short" you idiots who are backing the banks will figure out the truth...





the bozos and clowns at firms like bear sterns were out having fun and f'n people over... they were a "real" fake company that would be considered a shell company for the "REAL" big boys on wall street.




u have small fish, big fish, bigger fish, huge fish and REAL GIANT that dont even fit in a fish tank.





and then now you know why they're guys making six and 7 figure bets waging on football and baseball games, bcuz they figure out the odds. these guys making these bets were the same exact guys that made millions in CDS and Derivatives as well as the stock market. they want to regulate and take over online gambling because they know if they can give the odds it would be just like giving the odds of whether u will default on your loan or re-fi your home. all of which is big e'ff'n bucks.
 
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Posted: #45
Quote Originally Posted by THEMUGG:

 A former coworker bought a big house down there a couple years ago for $145k but his wife wanted to come back to the NW...........much to his surprise, they were able to sell in 2 days for $180k.........just did it 2 weeks ago.


Its crazy down here..multiple offers, no supply. I have a friend who is looking at there just is nothing out there in the middle section of the market, meaning decent and clean 2k sf ish types of houses.

To the OP..from what I have seen big banks refuse to deal, smaller banks deal all day..
 
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Posted: #46
Quote Originally Posted by TheTotalHunter:

I bought my home in 2006 right at the top of the market. Anyways it is worth about 350K and I owe over 680K on it. GMAC refuses to do anything except give me the run around. I can't let it foreclose because my credit is all fucked up now and I could never get another loan.


What exactly do you want them to do?  You want them to let you re-finance for free at a lower interest rate so it takes you even longer to pay them back?  

Our house has depreciated 20% since we bought it in 2004.  But we didn't spend over our heads when we bought.  

You have 3 options.  Continue to meet your obligations.  Walk away.  Or threaten to walk away if they don't help you out.  
 
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Posted: #47
people are starting to realize the NW is where its at.
 
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Posted: #48
Quote Originally Posted by TheTotalHunter:

I bought my home in 2006 right at the top of the market. Anyways it is worth about 350K and I owe over 680K on it. GMAC refuses to do anything except give me the run around. I can't let it foreclose because my credit is all fucked up now and I could never get another loan.

I'm confused, did you choose to get in over your head from the start, lose a job or have or other hardship, or just sour grapes over a decline in the value of the property?  Buying a home is a risk as any other investment.  Why does the lender have the obligation to make any change to a signed, agreed contract?  If you fell on hard times, I feel for you and hope things turn around for you.  If you were just irresponsible, then like anything, there are conseqenses.
 
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Posted: #49
Quote Originally Posted by wallstreetcappers:

Thats tough but you signed the documents, so if you CAN pay it you SHOULD pay it.

It is unfortunate that our society wants to bail on obligations because the value of the house goes down or because others are bailing.

What accelerated and keeps suppressing the market is people wanting to bail on their obligations, leaving those who are trying in the grasp of this situation.

It might sound harsh but at some point if you sign the line and can make the payments you should continue to uphold your obligation.

Very good post Wall
 
 
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Posted: #50
what are your payments?  $4k/mo or so?  if you still have the income to afford that, why not pay?  you still have a roof over your head that you own, not rent.  plus, in 10 years that house will probably be sold for $1m.
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