A good sign about the mortgage settlement

[shah269 0]

Also furthermore, someone is offended and possibly threaded that I am upset and was not happy with me venting about how I would perhaps look the other way if harm came to some and their family of a given industry or background.

Just as being held hostage is a form of terrorism stating what i stated could be viewed as such. And I wouldn't want to be seen as such.

And this is not how my upbringing or a reflection of my education and status, and I am sorry about going off the deep end.

Thus my sincerest apologies.

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[weekender 0]

Quote

Also furthermore, someone is offended and possibly threaded that I am upset and was not happy with me venting about how I would perhaps look the other way if harm came to some and their family of a given industry or background.

Just as being held hostage is a form of terrorism stating what i stated could be viewed as such. And I wouldn't want to be seen as such.

And this is not how my upbringing or a reflection of my education and status, and I am sorry about going off the deep end.

Thus my sincerest apologies.

I was offended and i clearly posted so. I appreciate your apology. i believe you when you say it was just venting.

I disagree with you on almost all your post, however, i admire you for making an apology. It shows a strength of character.

"The point is, I'm weird, but I never felt weird."
John Frusciante

[Rstanley0312 0]

this whole deal is BS really. It will create more homeowners that go delinquent on their payments so they can cash in on this bailout. It's sad ..... a person's word/signature means nothing anymore to them. There is no personal responsibility anymore...... the attitude is "it's not my fault".

Life is all about ass....either you're kicking it, kissing it, working it off, or trying to get a piece of it.
Muff Brother #4382 Dudeist Skydiver #000
www.fundraiseadventure.com

[normiss 622]

You're NOT being held hostage when you freely agreed to the loan you're under.

Stop making threats. Especially in a public forum. Internet threats ARE taken very seriously in today's world.

They CAN find you. Easily.

Wake up, Neo ...

[shah269 0]

No no no it's 100% my fault.
I would be a fool if i didn't think it was.
But that said there needs to be some fluidity to the system.
yes we had a bubble, yes we had a crash yes many things were done on both sides of the agreement.
Buyers over bought banks over stretched....

And from the buyers side it appears that the TARP did a good job of saving the banks from bankers.

Now who or what will save the people from themselves?

The refinance option that I was looking forward to is a very nice option.
I work very hard to keep my credit score in check and at 800 level ( On needed a very good credit score so as to be able to partake in the HARP program)
For me this new agreement to move my loan from 7% to 3% would free up capital which I could utilize to pay off the differential of the loans value and the homes value.

And things looked to be on the right track there was fluidity in the system...and then...all of a sudden it stopped. And not just for me. But from the last support group I attended...it's across the board.

Is there an easy solution? No I don't think so.

Is there animosity? Hostility? And a good bit of misunderstanding?
Yeah!

Will things get better? Well in the end it will all get better. The question is will you be around to enjoy it.

Last numbers I was aware of was that it would take 10 years from today until things leveled out again.

And with that, i'm going for a walk, it's not good to be this unhappy and feel this trapped.

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[livendive 8]

Quote

this whole deal is BS really. It will create more homeowners that go delinquent on their payments so they can cash in on this bailout. It's sad ..... a person's word/signature means nothing anymore to them. There is no personal responsibility anymore...... the attitude is "it's not my fault".

Note that's true on both sides of the loan. The Wall Streeters and banks who made these loans had no problem blaming it all on the government and taking bailout money. The individual homeowner blaming it on the banks is no different. If buyers had only taken loans they could afford, we wouldnt be in this mess. Similarly, if banks stood behind the loans they wrote (and only issued loans they'd stand behind), we wouldn't be in this mess. The difference here is one actually gets paid for their expertise on mortgages, and deals with thousands of them per year, while the other will go through it a handful of times in their life. But money buys influence, so the side with the money got bailed out years before the side without.

Blues,
Dave

"I AM A PROFESSIONAL EXTREME ATHLETE!"
(drink Mountain Dew)

[normiss 622]

Where's this "bubble" for those of us that have and continue to stand by our word? That have and will satisfy the details of a loan I signed off on?
Why the fuck should some deadbeat who can't make a proper financial decision and stand by it be rewarded for mucking it up in the first place????

[shah269 0]

Quote

Where's this "bubble" for those of us that have and continue to stand by our word? That have and will satisfy the details of a loan I signed off on?
Why the fuck should some deadbeat who can't make a proper financial decision and stand by it be rewarded for mucking it up in the first place????

normiss

Read carefuly. I can and am paying my loan like many hard working folks.
The value has tanked by a solid $100k. And I'm not alone. Many are in the same boat as well.

You know how you buy GAP insurance on your car?
That god forbid if you buy a new car and a week later some SQID t bones you that you are not out more than the value of your car?

Well maybe we need that in the system.

Till then...well I'm now sitting with a broken car in my front lawn which I'm making payments on for the next 5 years.

I'm sorry I'm not sure how i can make it easier.

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[Rstanley0312 0]

Quote

No no no it's 100% my fault.
I would be a fool if i didn't think it was.
But that said there needs to be some fluidity to the system.
yes we had a bubble, yes we had a crash yes many things were done on both sides of the agreement.
Buyers over bought banks over stretched....

And from the buyers side it appears that the TARP did a good job of saving the banks from bankers.

Now who or what will save the people from themselves?

The refinance option that I was looking forward to is a very nice option.
I work very hard to keep my credit score in check and at 800 level ( On needed a very good credit score so as to be able to partake in the HARP program)
For me this new agreement to move my loan from 7% to 3% would free up capital which I could utilize to pay off the differential of the loans value and the homes value.

And things looked to be on the right track there was fluidity in the system...and then...all of a sudden it stopped. And not just for me. But from the last support group I attended...it's across the board.

Is there an easy solution? No I don't think so.

Is there animosity? Hostility? And a good bit of misunderstanding?
Yeah!

Will things get better? Well in the end it will all get better. The question is will you be around to enjoy it.

Last numbers I was aware of was that it would take 10 years from today until things leveled out again.

And with that, i'm going for a walk, it's not good to be this unhappy and feel this trapped.

Shah... my post was not directed at you. Just an observation and comment on the story in the OP.

Life is all about ass....either you're kicking it, kissing it, working it off, or trying to get a piece of it.
Muff Brother #4382 Dudeist Skydiver #000
www.fundraiseadventure.com

[normiss 622]

put enough down to not need any sort of insurance.
Gap and mortgage insurance are there to protect the lendor from lendees who can't afford what they're borrowing money on.

[Rstanley0312 0]

Quote

Quote

this whole deal is BS really. It will create more homeowners that go delinquent on their payments so they can cash in on this bailout. It's sad ..... a person's word/signature means nothing anymore to them. There is no personal responsibility anymore...... the attitude is "it's not my fault".

Note that's true on both sides of the loan. The Wall Streeters and banks who made these loans had no problem blaming it all on the government and taking bailout money. The individual homeowner blaming it on the banks is no different. If buyers had only taken loans they could afford, we wouldnt be in this mess. Similarly, if banks stood behind the loans they wrote (and only issued loans they'd stand behind), we wouldn't be in this mess. The difference here is one actually gets paid for their expertise on mortgages, and deals with thousands of them per year, while the other will go through it a handful of times in their life. But money buys influence, so the side with the money got bailed out years before the side without.

Blues,
Dave

Agreed.... but that is the problem with our model. Most banks do not hold their own paper. Even the big ones don't keep it all. They sell it to Fannie & Freddie who push what they see as acceptable. Do you know that FHA loans are not score driven at all? Insane.... banks obviously put limits on the score but if Fannie/Freddie/govt. had their way it would not take a credit score in to account at all.......

Life is all about ass....either you're kicking it, kissing it, working it off, or trying to get a piece of it.
Muff Brother #4382 Dudeist Skydiver #000
www.fundraiseadventure.com

[shah269 0]

Rstanley0312
It's ok Bro it's ok.

normiss
If you have enough liquidity to buy a home cash then more power to you and god bless you for living in a place where homes are affordable and for having the good fortune of having that much money on hand.
I live in the north east and well I'm sorry even if I didn't eat and lived in a tent with may $100k job I would have a hard time assembling $300k+ in under 3 years to buy a home cash.

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[normiss 622]

You still have trouble with comprehension and details I see.

[rushmc 18]

You got a square deal

Now you want to change horses in the middle of the stream

Stop blaming others

You are a big boy

I think

"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln

[rushmc 18]

Quote

Yeah I guess it is what it is....as I've heard it more times than I can count in the support groups....
Being held hostage, pass me the pills.

And before you kick a brother when he's down two things.
One I did pay for my appraisal and various legal fees before the bank who was in agreement that the refi was a good idea pulled out.
we all do, but that does NOT guarantee you a loan. You pay to for the bank to analye you for the risk they are taking. If you do not meet the criteria then you do not get the loan. You think the back should pay for all of that?

And two, there is an old Persian saying "Don't look down on those who's are in hell for you yourself are but one misstep away from being right next to them."who is looking down at you. I told you I am sorry for your posititon. Being sorry for you does not change your responsibilities

And with that....it's not worth it...venting being pissed off...eating one's self from the inside out....i think I'll sit outside and have my lunch.

Yeah I may be held hostage by an intuition who's ransom I can't pay. But thank god I have enough money for a can of coke and a bag of chips.

You do have enough to survive. It is just going to be painful

but in the end, only you are to blame. No one is holding you hostage

"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln

[rushmc 18]

It shows a strength of character.

[airdvr 198]

Still playing that pitty whore card? How's that working out for you?

Please don't dent the planet.

Destinations by Roxanne

[shah269 0]

It's funny how me paying for a refinance all of a sudden is a bailout.
I'm paying the bank to bail me out........or somehow unethical and not right?
Yeah...i'm paying for the appraisal, I'm paying for the legal reviews and what not and there is a fee to the bank to reprocess the paper work and
I am asking for a bail out?

Makes me wonder how much money the banks had to put out when they were bailed out via TARP?

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[rushmc 18]

Quote

It's funny how me paying for a refinance all of a sudden is a bailout.
I'm paying the bank to bail me out........or somehow unethical and not right?
Yeah...i'm paying for the appraisal, I'm paying for the legal reviews and what not and there is a fee to the bank to reprocess the paper work and
I am asking for a bail out?

Makes me wonder how much money the banks had to put out when they were bailed out via TARP?

shah!

You did not pay for a re-fi.
You payed to have your house appraised to see if it met the loan rules

Yours didnt

End of story

It has happened to thousands of people

"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln

[shah269 0]

Nope but I had all the paper work and was about to.
Write that last check for the bank work.

However a refi is not a bail out.....correct?

I don't know I may be wrong

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[rushmc 18]

Quote

Nope but I had all the paper work and was about to.
Write that last check for the bank work.

However a refi is not a bail out.....correct?

I don't know I may be wrong

All you was doing was trying to refinace your home at a lower rate. Correct?

What bail out do you think is owed you? (serious question and NOT try it be sachastic)

"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln

[shah269 0]

Quote

All you was doing was trying to refinace your home at a lower rate. Correct?

What bail out do you think is owed you? (serious question and NOT try it be sarcastic)

No i don't think I'm owed any bail out.
I was in the process of being able to refinance my home under the extended HARP program which is for those of us with good credit (700+) who are at between 125% and 135% under water.

I still had to pay for all the other stuff that everyone pays such as appraisal and closing costs. However the loan was backed by FHA...as I recall.

We were very close but all through January the bank was dragging its feet asking for me to resubmit various documents it had "lost".

Well it was moving, be it slowly, but when the feds came in and busted the other banks for their inappropriate actions my bank as many others, per my discussions with my friends and those in the support group, froze all action.

In a normal market this is not an issue for I or anyone would walk over to another financial institution and refinance with them! However now with the condo being under water by 100K I will have to bring that to the table so as to be able to move to another financial institution.

In my book, it appears that I am being held hostage to a financial institutions whims and the funds I have to bring to the table to move to another one is ransom.

Overall not a very good situation where there is room for great animosity and hostility.

Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay.

The only thing that falls from the sky is birdshit and fools!

[rushmc 18]

Quote

Quote

All you was doing was trying to refinace your home at a lower rate. Correct?

What bail out do you think is owed you? (serious question and NOT try it be sarcastic)

No i don't think I'm owed any bail out.
I was in the process of being able to refinance my home under the extended HARP program which is for those of us with good credit (700+) who are at between 125% and 135% under water.

I still had to pay for all the other stuff that everyone pays such as appraisal and closing costs. However the loan was backed by FHA...as I recall.

We were very close but all through January the bank was dragging its feet asking for me to resubmit various documents it had "lost".

Well it was moving, be it slowly, but when the feds came in and busted the other banks for their inappropriate actions my bank as many others, per my discussions with my friends and those in the support group, froze all action.

In a normal market this is not an issue for I or anyone would walk over to another financial institution and refinance with them! However now with the condo being under water by 100K I will have to bring that to the table so as to be able to move to another financial institution.

In my book, it appears that I am being held hostage to a financial institutions whims and the funds I have to bring to the table to move to another one is ransom.

Overall not a very good situation where there is room for great animosity and hostility.

Sounds more like the feds did it to you. Not the bank

"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln

[dks13827 3]

Quote

Where was it I read that the sign of a truly fair compromise (in any regard) is when both parties are pissed off?

Never bought into that. For example, the US might propose giving, for example, 30 Billion to some thug 3rd world county ( none of which will go to the regular citizens ). But perhaps the opposition, who cannot stop it completely, gets an agreement to only give the thug 20 billion. Now everyone is pissed off ! To me, the amount should be zero. This happens all the time and has much to do with the ruination of our country and many others.

I myself am in dire straits due to layoff (20 months) yet since I have not paid late yet the mortgage company has told me to 'drop dead'.... which has some appeal.

• Quote

[kallend 1,635]

Quote

Quote

Quote

this whole deal is BS really. It will create more homeowners that go delinquent on their payments so they can cash in on this bailout. It's sad ..... a person's word/signature means nothing anymore to them. There is no personal responsibility anymore...... the attitude is "it's not my fault".

Note that's true on both sides of the loan. The Wall Streeters and banks who made these loans had no problem blaming it all on the government and taking bailout money. The individual homeowner blaming it on the banks is no different. If buyers had only taken loans they could afford, we wouldnt be in this mess. Similarly, if banks stood behind the loans they wrote (and only issued loans they'd stand behind), we wouldn't be in this mess. The difference here is one actually gets paid for their expertise on mortgages, and deals with thousands of them per year, while the other will go through it a handful of times in their life. But money buys influence, so the side with the money got bailed out years before the side without.

Blues,
Dave

Agreed.... but that is the problem with our model. Most banks do not hold their own paper. Even the big ones don't keep it all. They sell it to Fannie & Freddie who push what they see as acceptable. Do you know that FHA loans are not score driven at all? Insane.... banks obviously put limits on the score but if Fannie/Freddie/govt. had their way it would not take a credit score in to account at all.......

I think you miss his point entirely.

Bankers and other mortgage lenders are (supposed to be) professionals in the financial services industry and capable of looking after their own interests. The average homebuyer is not a financial services professional and is likely to believe what the (supposedly) professionals tell them they can afford.

Fortunately I bought my homes at a time when mortgage lenders were, on the whole, honest.

...

The only sure way to survive a canopy collision is not to have one.