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Has Anyone Got Help On Their Mortgage?

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Posts: 57

baronman

Banned

Joined: Sep, 2010

Posts: 1333

Posted: Apr. 11, 2012 - 4:26 PM ET #51

dickyr , your right try to refie. try hamp program.also if you go bankrupt that take care of your creditors bank will still take your house eventually.if your making decent salary i just refied my loan got 30 years ,first 7years fixed 3.25 no points apprasial $450& credit report $35. close escow rebate $135.will save $800 month.also i did notmiss any payments or had any lates.my loan is through boa.which is one best out there & fannie mae. good luck

be easy

MVP

Joined: Oct, 2006

Posts: 15433

Posted: Apr. 12, 2012 - 11:48 AM ET #52

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.

because this is beyond insanity. The guy took out a 3/4 MILLION dollar mortgage, and now wants some type of help from the legal system? THIS IS THE PROBLEM. Until the herd realizes the reality of housing, and the depth of the housing markets woes are allowed to play themselves out, no chance in hell of any economic recovery. WHAT IS WRONG WITH PEOPLE

A HOUSE IS A PLACE TO LIVE, NOT AN INVESTMENT

He said he has shitty credit as well, let's all have a go at a sob session for the guy that over levered himself and now wants a bailout

TheTotalHunter

Prospect

Joined: Nov, 2011

Posts: 438

Posted: Apr. 16, 2012 - 10:03 AM ET #53

I don't understand why people are getting so angry. Didn't the government bail out the big banks so they could help us? I can make the payments the point is why should I? If you think I have some morale feeling towards the fucking banks that brought this country to it's knees I don't. The right thing to do is for the bank to cut the home to what it is worth while I live in it and if I ever sell it they can have any profit. Seems simple to me. My neighbor hasn't made a payment in 14 months and he is still there. I just don't wanna live like that.

mainmanmainman2

Veteran

Joined: Feb, 2011

Posts: 4357

Posted: Apr. 16, 2012 - 1:53 PM ET #54

if the banks dont have ur deed, then you can live in the house forever.

they cant find anyones papers.

"show me the papers"

if they come after you, ask them for the papers, they will try to make u sign over ur house. dont sign anything.

supadame

Veteran

Joined: May, 2009

Posts: 1468

Posted: Apr. 17, 2012 - 4:48 AM ET #55

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.

Let's say Donald Trump or a big corporation brought property and the bottom fell out, and they were severely underwater on said property. They would walk away from it and cut their losses and it would generally be applauded as a good, tactical business decision.

Normal people employ the same strategy and they're wrong and deadbeats. Go figure.

supadame

Veteran

Joined: May, 2009

Posts: 1468

Posted: Apr. 17, 2012 - 4:49 AM ET #56

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.

Don't take a foreclosure. Short sell it, cut your losses, move on and regroup.

be easy

MVP

Joined: Oct, 2006

Posts: 15433

Posted: Apr. 17, 2012 - 7:28 AM ET #57

Quote Originally Posted by TheTotalHunter:

I don't understand why people are getting so angry. Didn't the government bail out the big banks so they could help us? I can make the payments the point is why should I? If you think I have some morale feeling towards the fucking banks that brought this country to it's knees I don't. The right thing to do is for the bank to cut the home to what it is worth while I live in it and if I ever sell it they can have any profit. Seems simple to me. My neighbor hasn't made a payment in 14 months and he is still there. I just don't wanna live like that.

simple is one word for it

what planet are you from that this hairbrained idea sounds like 'the right thing to do', to you?

The right thing to do is to realize you were a fool and a sucker to have overpaid so much near at the peak of the bubble, and to regain your senses and give the bank the keys to their house back.

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Has Anyone Got Help On Their Mortgage?

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