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Old 05-20-2009, 12:17 PM
 
1,956 posts, read 4,677,754 times
Reputation: 1101

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Quote:
Originally Posted by ufcrules1 View Post
Says the person who is probably behind on their mortgage.

He might not be looking for sympathy.. but he sure does have some sympathizers on this board. I wonder why?
Not behind on any of my bills, and don't have a mortgage to worry about, so sorry, your bold type and silly emoticon were all for naught.

I'm not a sympathizer, but I'm not a critic either. Aside from applauding the man for his ability to write a decent story and be honest about his situation, my feelings about him and his situation are pretty much neutral. It is what it is. If in telling it he inspires other people in similar situations to come up with creative ways to make money, great. If he inspires action in banks and politicians to prevent this kind of mess from happening again, great. If he gives someone 10-15 minutes of entertainment, great.
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Old 05-20-2009, 12:29 PM
 
Location: Castle Hills
1,129 posts, read 2,284,637 times
Reputation: 605
Quote:
Originally Posted by StoneOne View Post
Not behind on any of my bills, and don't have a mortgage to worry about, so sorry, your bold type and silly emoticon were all for naught.

I'm not a sympathizer, but I'm not a critic either. Aside from applauding the man for his ability to write a decent story and be honest about his situation, my feelings about him and his situation are pretty much neutral. It is what it is. If in telling it he inspires other people in similar situations to come up with creative ways to make money, great. If he inspires action in banks and politicians to prevent this kind of mess from happening again, great. If he gives someone 10-15 minutes of entertainment, great.
If he looks like a d a m n fool.. GREAT!, If he helped ruin our economy GREAT, If he helps raise our taxes..GREAT. Are you for real? Please.

He 100% deserves to be called a fool and if his story is in fact true, he is one lost clueless soul and is part of the reason our economy is so messed up right now.
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Old 05-20-2009, 01:53 PM
 
Location: Baltimore
1,802 posts, read 7,069,024 times
Reputation: 1910
Quote:
Originally Posted by ufcrules1 View Post
If he looks like a d a m n fool.. GREAT!, If he helped ruin our economy GREAT, If he helps raise our taxes..GREAT. Are you for real? Please.

He 100% deserves to be called a fool and if his story is in fact true, he is one lost clueless soul and is part of the reason our economy is so messed up right now.
Very well said. I don't have a problem with people who choose to be stupid as long as they are the ones who suffer the consequences. But this type of stupidity has had a huge negative impact on the rest of us, and that does bother me.

Having said that, I recognize that there's nothing we can do to change what has already happened, and we need to move forward. But I won't be buying his book, as I do not find his story at all entertaining, and I resent that he is hoping to exploit his situation even further by selling his self-serving story about how he ended up in this situation.
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Old 05-20-2009, 01:56 PM
 
1,956 posts, read 4,677,754 times
Reputation: 1101
Quote:
Originally Posted by janetvj View Post
and I resent that he is hoping to exploit his situation even further by selling his self-serving story about how he ended up in this situation.
So if given the choice between foreclosure and possibly making enough money to pay off his debts, you would rather see the author foreclosed on?

I really am amazed at the vindictiveness in people...
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Old 05-20-2009, 02:08 PM
 
Location: Baltimore
1,802 posts, read 7,069,024 times
Reputation: 1910
Quote:
Originally Posted by StoneOne View Post
So if given the choice between foreclosure and possibly making enough money to pay off his debts, you would rather see the author foreclosed on?

I really am amazed at the vindictiveness in people...
I didn't say that at all. Read his story...he is hoping his bank forecloses. He hasn't made a mortgage payment in months. Even if he can't pay the full amount, he is employed and he is earning a salary. What is he doing with the money he is making? I don't think he has any intention of paying off his debts. Why would that change if he sells his story?
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Old 05-20-2009, 05:13 PM
 
947 posts, read 2,782,797 times
Reputation: 721
This guy was on CNBC's "On the Money" last night. Interesting person. He admits that he wasn't duped that he just fell into it. With Blinders on. He also made a comment that economists have "hormones to". Guess that was in reference to being in la la land with his new marriage.
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Old 05-20-2009, 05:27 PM
 
975 posts, read 1,543,370 times
Reputation: 523
Quote:
Originally Posted by janetvj View Post
He hasn't made a mortgage payment in months. Even if he can't pay the full amount, he is employed and he is earning a salary.
I presume you're suggesting he should pay whatever he can towards his mortgage?? Makes sense to me. Seems rather simple in fact. However, come to find out the banks won't allow you to do that. I guess just another example of how screwed up things are, huh?
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Old 05-20-2009, 05:35 PM
 
Location: Baltimore
1,802 posts, read 7,069,024 times
Reputation: 1910
Quote:
Originally Posted by Traderx View Post
I presume you're suggesting he should pay whatever he can towards his mortgage?? Makes sense to me. Seems rather simple in fact. However, come to find out the banks won't allow you to do that. I guess just another example of how screwed up things are, huh?
Are you saying that the bank will not allow him to make payments if he can't pay the whole arrears? I'm not arguing; luckily I've never been in that situation myself, so I really don't know. If that is true, then yes, it is screwed up. I would think they'd accept whatever they could get, but continue to take whatever collection action that was appropriate in the meantime.
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Old 05-20-2009, 07:13 PM
 
975 posts, read 1,543,370 times
Reputation: 523
Yep, it's nuts.

As I posted earlier I have a relative and a few friends who are in this spot. I've tried helping my relative because she's 74 and scared witless. I called the bank, Citi, and what they told me was:
A. Since she's not behind yet they can't help her.
B. She should stop making payments (their suggestion) and once she's 3 months behind call back and get on the list for help. Then 3-4 months later a conselor would contact her and see what help she qualified for.
C. I asked about partial payments and they said, no, if the payment isnt for the full amount they would send it back.

Stupid, stupid, stupid.

A friend of mine was told by Bank of America that since he's unemployed he won't qualify for any programs so he should stop making payments and save whatever he could for an apt., since it would be 6-8 months before he would have to leave his house.

I figure they don't want him to move out because an occupied house is better than an empty one if your the bank.

Yet another friend was trying to do a short sale but that didn't happen because after 5 months the bank servicing the loan, Citi, couldn't figure out who actually owned the 2nd mortgage so there was no way for them to get an approval. I'll bet that house is worth 50K less now than at the time this was going on.

I hear these stories and it's like I'm living in the twilight zone. There's so many rules but none of them make any practical sense.
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Old 05-20-2009, 09:00 PM
 
Location: Los Angeles, Ca
2,884 posts, read 5,039,406 times
Reputation: 2725
The guy in the story is a complete and utter goof.

-"I have been the paperís chief eyes and ears on the Federal Reserve for the past six years. I watched Alan Greenspan and his successor, Ben S. Bernanke, at close range."

That doesn't mean anything. The great "Maestro" is a maestro of disaster. These are hardly two models of economic success to look upon.

-He only learned he was broke after seeing $196 in his ATM. Doesn't he keep track of his finances? Quicken? Even a simple spreadsheet?

-He didn't understand the checks that came with his credit cards?

-Why didn't they cut spending *before* they got into trouble? $700 clothes from J Crew? Blowing money at J Crew, and they're missing their mortgage, I really cant feel sorry for them.

$1,600 to rent a beach house the previous summer? And they can't make their own mortgage payment?!? Absolutely crazy.
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