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You know.. I"m sorry to sound so angry in my last post.. I KNOW that i can swing this if they would JUST JUST Work with me.. that's all I'm asking!! I don't think giving me the shot of FIXING my interest would really hurt their bottom line as much as takign my home would! If they would JUST do it. .they'd see all would be fine... I've paid my mortgage on time for many years.. I've paid my rents ontime for many years.. I pay all my other bills on time..
I haven't paid my mortgage or even partial because the partial DOESN'T COUNT.. you still fall "late" because you are not paying the full amount.. AND if they WILL NOT WORK WITH ME.. WHY KEEEP THROWING GOOD MONEY after bad!! I've told them this.. WHY SHOULD I PAY THEM WHEN I KNOW I'M GIONG TOLOOSE IT ANYWAY BECAUSE OF THEIR REFUSAL TO WORK WITH ME!! I've already sunk so much into this house.. I won't sink another penny into it. I may put one more month to fall below 90 to buy a little more time.. but that's it.. I'll need that moeny to hire a lawyer to find out a way to get out of this with minimal damage!
And yeah.. short sale.. but i'll need an attorney for that too..
Is it possible for either you or your spouse to get a job with a stable income? Can you open an at-home day care for a couple of the other parents in the neighborhood to earn some extra cash while you raise your own kid? Do you have cars that you can sell and replace with beaters so you don't have car payments hanging over your head? Do you have internet access and cable TV that you can cancel until you get back on top of your debt? Cheaper cell phone plans? Can one of you get a job in the evenings while the other one stays at home with the kids? If you're making credit card payments, tell them to pound sand while you get on top of your house payments. They'll get mad, but the roof over your head is far more important right now. You should always pay your mortgage and utilities first and pay your other bills with whatever is left over.
You still have the choice to keep your home, but you have to be willing to fight for it.
You want it both ways. You want it to be a business decision, but then you want the bank to consider your personal situation, too. On paper, you are a credit risk. You are trying to argue a business proposition from an emotional standpoint. You are enraged, accusatory and non-paying, so no, they are not going to be eager to work with you. I know someone in a similar situation who negotiated a workable solution with their bank, but they had a far different attitude. Banks work with people who work with them, not against them. Sean98125 is right-- the concessions start with you.
Is it possible for either you or your spouse to get a job with a stable income? Can you open an at-home day care for a couple of the other parents in the neighborhood to earn some extra cash while you raise your own kid? Do you have cars that you can sell and replace with beaters so you don't have car payments hanging over your head? Do you have internet access and cable TV that you can cancel until you get back on top of your debt? Cheaper cell phone plans? Can one of you get a job in the evenings while the other one stays at home with the kids? If you're making credit card payments, tell them to pound sand while you get on top of your house payments. They'll get mad, but the roof over your head is far more important right now. You should always pay your mortgage and utilities first and pay your other bills with whatever is left over.
You still have the choice to keep your home, but you have to be willing to fight for it.
Mother in law is here for awhile..so on top of contributing to the business with my husband (it takes two) i will be getting another part time job (my husbasnd already works almost around the clock with out business) His hours arent' regulary and steady.. and he usually works even when he's at home till about 2 am in the morning doing the research etc. .. but the part time job will help a little.
we've been pretty much on top of things.. but the mortgage adjustments we'll just never be able to keep up with no matter what job I get outside of that. I'm also not about to take on the responsiblity of other peoples children.. too risky a liability.
aS for cars, one we own outright, the other we have a loan on .. can't sell it because I probably can't get what it's worth.. which is the story with most cars you own. Plus we really need it. My husbands car he uses to go out and do what he does, mine is for when he needs to take a load with him (it is a small SUV.. our family car really- I dont' drive much so we don't burn much gas). But I need a car to do the things I need to do for us and my hsuband is always out and about and unreliable to share a care with.. I wouldn't be able to work or go anywhere if we went to a one car household. We have the Optimum triple play and internet is needed for our business.. as is our cell phones.. so can't 86 them. I did manage to use Verizon against them to get the price of my monthly down .. If i cut out cable TV it saves like $30 a month.. which doesn't even SCRATCH the surface of the mortgage adjustment.
The only thing I could sacrafice is my health insurance..which is $800/month...but im' a juvenile diabetic and have a 2 year old.. so givign that up is not very wise. Welcome tot he terrible state of health care in this country... it would be alot mroe if I didnt' have a business.. I'd be paying well over $1000! We've already sacraficed having my husband on the insurance plan becasue we can't afford the differnce.
Besides another adjustment is coming so the $800 jump is about to go up even more.. and it could reach as high as 12.95% and near the $5,000 mark!! Honestly.. this house is NOT WORTH paying $5000 / month for! A LEVITT house! it's probably not even worht $3000 / month I'd been paying.. but I'm willing to do that..
Every angle has been looked at an examined. The job i will get will take care of the small bills and help with the increase in heating oil, electrict etc (I live with the thermostaton 62 adn Idon't have CAC..if I did I wouldn't use it anyway at these prices). I dont' eat out either..heck .. I've been making my own bread in the bread machine i bought at a garage sale for $10 awhile back!!
You want it both ways. You want it to be a business decision, but then you want the bank to consider your personal situation, too. On paper, you are a credit risk. You are trying to argue a business proposition from an emotional standpoint. You are enraged, accusatory and non-paying, so no, they are not going to be eager to work with you. I know someone in a similar situation who negotiated a workable solution with their bank, but they had a far different attitude. Banks work with people who work with them, not against them.
This a pointless debate, so good luck to you.
NOT a pointless debate.. I HAVE BEEN working WITH THEM.. hte ONLY thing they have offered me up to this point is a "repayment plan" of the mortgage I'm not behind because my payments have adjusted .
THIS IS WHERE MY ATTITUDE comes in. I'M FRUSTRATED, ANGRY AND RESENTFUL...you bet.. Iv'e been burning up there phone since AUGUST.. AUGUST .. when I wans't behind and I knew what was coming.... I've done EVERYTHING I can.. I've filled out every paper they have asked for.. given them my budget information.. my profit loss., my bank statements . ALL OF IT.. and NOTHING!!! NOT ONE IOTA of anything accept a stonewall answer..
SO yes.. NOw I'm like to hell with you.. do this to me and see what you get!!
I told them that things have slowed down and now the $3300 a month payment is a little tough.. BUT they can see on paper I can afford probably in the neighborhood of the high 2,000 mark.. not too shabby if you ask me!!
So YOUR argument and sticking up for the banks are pointles.. yes.. I'm enraged.. I've jumped through HOOPS for months and im' NOWHERE!! NOWHERE.. I willble making my partial payment.. what i ahve been paying for january's payment next week... so i'm not being "non paying!!"... but I'm certainly not giong to keep throwing those greedy bastards money when I've given them every shread of everything I can to get them to work with me and haven't gotten nothign but B S in response!
Enraged does not even come close to how I'm feeling right now!!!
And btw, I certainly haven't spoken to them IN ANGER as I am on these boards.. I'm venting now.. but my tone with them is civil, not enraged, not difficult.. I've given them everything they've asked for every time.. sometimes they've asked for things 3 or 4 times AND I have the faxes to prove it!
You want it both ways. You want it to be a business decision, but then you want the bank to consider your personal situation, too. On paper, you are a credit risk. You are trying to argue a business proposition from an emotional standpoint. You are enraged, accusatory and non-paying, so no, they are not going to be eager to work with you. I know someone in a similar situation who negotiated a workable solution with their bank, but they had a far different attitude. Banks work with people who work with them, not against them. Sean98125 is right-- the concessions start with you.
This a pointless debate, so good luck to you.
And what bank was there loan with. What attitude did they have.. yeah. YOU hear my attitude here because I'm venting.. I'm frustrated.. I'm angry. I've given them EVERY shread of anything they wanted. I've told them I DESPERATELY Want to stay in my home and pay my mortgage. I've asked them and TOLD them way back when I couldnt' refi that I can't afford the adjustmetns.. and I've proven that on paper!! I've given them everythign they've asked for 3 or 4x's over.. I've been pleasant and even thankfull when it appeared that probably something was going to be done.. only to find out later.. NOTHING!!!
Talk about a mess and just a web of..well I don't know what..
Spoke again with midland.. pretty much had a meltdown (built up stress).. not taking it out on them. but venting my frustrations. I have to say they are very understanding and probbaly just as frustrated as I am.
They service the loan for Wells Fargo that services the loan for a mystery entity .. a guess a group of investors (apparently I'm just lumped into something on Wall Street..or whatever!!). Hm.. talk about waste.. lets pay someone to pay someone else to service this mortgage. How retarded is that!! No wonder I can't get anywhere!!! I'm in nowhere land..
want to laugh..here's what they offered.. pay three consecutive payments of the increased mortgage price at now $4070 for three months.. then they'll take what I'm currently behind and rework that intot he principal of the loan.. THAT IS A SOLUTION>.. are they REALLY That stupid.. WHAT PART OF I CAN'T AFFORD THE NEW INTEREST RATE AND THE NEXT ADJUSTMENT AND THE ONE AFTER THAT.. do they not get. DUH!!! If I COULD pay that $4070 .. I WOULD HAVE BEEN PAYING IT!!
Idiots.. true idiots (not midland.. the mystery whatever that holds my note)..Now the fun starts.. how to get to THAT person.. it's like an onion of B S.
All the wall street people are laughing..they're getting moneyf rom the gov't AND they are taking houses!! PIGS!!
I have been reading your post from the beginning and my heart goes out to you and your husband. My daughter and son in law live in CA and they were talked into an intrest only mortgage a few years back and have refinanced a few times with a 2nd. Each time they did that daughter asked about a fixed mortgage and the bank said they were better off with an interest only loan. Meanwhile their house has also lost about $50,000. So I know first hand
how a bank can put you in a bad situation.
One Question is there anyway your mother in law or parents can help out? I know we have money in reserve just incase that happens to them because I do know it will.
Good luck and I do hope it all works out for you.
I have been reading your post from the beginning and my heart goes out to you and your husband. My daughter and son in law live in CA and they were talked into an intrest only mortgage a few years back and have refinanced a few times with a 2nd. Each time they did that daughter asked about a fixed mortgage and the bank said they were better off with an interest only loan. Meanwhile their house has also lost about $50,000. So I know first hand
how a bank can put you in a bad situation.
One Question is there anyway your mother in law or parents can help out? I know we have money in reserve just incase that happens to them because I do know it will.
Good luck and I do hope it all works out for you.
Thank you for your understanding post.. and I feel for your daughter. People usually sit in judgement.. but c an't know unless they were there.. you know.
As for my mom.. well she has moved to MT from NY in 2002 after my father died and before the real estate boom. She doesn't have much savings.. her own fault really.. but she is SET for when she retires on my dad's pension from the company he worked at as an engineer in NY for 30 years PLUS SS.. as teh cost of living in MT is .. well REALLY cheap. She is definately NOT in a situation that she can help us out.
as for my mother in law..she's European and it's actually my husband that has helped HER out for many many years. The dollar is stronger than their Krun and she really has NOTHING.. I mean nothing. She's is here for awhile to be free child care for my son so that I can go and get a job outside of the business i work with my husband. But that job won't really help with the mortgage situation.
I wouldn't take money from either of our parents even if they had it to give.. not really. Because that would be for their retirement. Fortunately for my mother in law she lives in a country that has Universal Health Care.. so for her it's not going to be a big problem like it would be for my mother in the future.. as far as covering what Medicare wouldnn't..etc. And again. .my mom got the hell out of NY and lives in a low cost area.. She has a cute little job.. but what she makes is peanuts really...but enough for her for now. She'll make more money NOT working when she retires..LOL.. she has the money in 401K's too.. no real liquid cash.. I wouldn't ask her to dip into that either.. It would be pointless unless this mortgaeg is re-negotiated and the terms adjusted.
I guess I 'll have to hold on and hpe that the initiatives that are being brought to Congress get passed and hope for the best. I will be consulting with an attorney too for a contingency walk away plan so taht i CAN own a home.. becaues what's so sickening is here I am soeone that can afford to pay just about $3000 a month to own a home!!
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