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Old 10-06-2013, 04:40 PM
 
Location: San Antonio Texas
11,435 posts, read 15,963,834 times
Reputation: 5224

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My current southern Calif housemate bought her home back in 1980 when they were still affordable. She told me that she paid $80,000. When the home prices were dramatically higher in the LA area, she did very little work, took out loans from the home's inflated value and tended to her rose garden. She's only in her 50s, not retired. She got herself into a pickle with all of this when the home prices came down to more reasonable levels. Now, she has to demonstrate to a bank that she is BEHIND in her mortgage and needs help. She told me that she purposely didn't pay on time in order to qualify for some type of program. She also said that she is trying to get off an adjustable rate and qualify for a fixed rate. Why is the government/banks doing this? If you can't pay a mortgage of only $1,600/mo in uber-expensive southern Calif, then you probably shouldn't be there. I'm sick of the government propping up the deadbeats of this country with free healthcare, free food, mortgage adjustment, etc. Am I missing something here?

 
Old 10-06-2013, 07:06 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
28,457 posts, read 50,738,531 times
Reputation: 28766
It may not have anything to do with the government. The regular lender programs for loan modifications require that payments be behind before you can apply. Some are not really ''forgiving" anything, they lower the rate and payment but add whatever they missed onto the end so they end up with the same amount of interest at the end.
 
Old 10-07-2013, 02:12 AM
 
Location: Portlandish, OR
899 posts, read 1,450,394 times
Reputation: 928
just because she qualifies doesn't mean she's going to get anything.
 
Old 10-07-2013, 08:53 PM
 
3,322 posts, read 7,269,271 times
Reputation: 4106
Quote:
Originally Posted by wehotex View Post
My current southern Calif housemate bought her home back in 1980 when they were still affordable. She told me that she paid $80,000. When the home prices were dramatically higher in the LA area, she did very little work, took out loans from the home's inflated value and tended to her rose garden. She's only in her 50s, not retired. She got herself into a pickle with all of this when the home prices came down to more reasonable levels. Now, she has to demonstrate to a bank that she is BEHIND in her mortgage and needs help. She told me that she purposely didn't pay on time in order to qualify for some type of program. She also said that she is trying to get off an adjustable rate and qualify for a fixed rate. Why is the government/banks doing this? If you can't pay a mortgage of only $1,600/mo in uber-expensive southern Calif, then you probably shouldn't be there. I'm sick of the government propping up the deadbeats of this country with free healthcare, free food, mortgage adjustment, etc. Am I missing something here?

Yes. A soul.
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