Can Chapt 13 force Mortgage to modify to a fixed rate, etc? (financial, loan)

[Wendell Phillips]

I think that would be advisable, because there are other consequenses of a mortgage foreclosure (i.e., deficiency and tax liability) that may be avoided by filing bankruptcy depending the jurisdiction in which you reside. In this regard, it is very important to get specific legal advice before acting; and you would be well advised to get more than one opinion.

[TristansMommy]

Originally Posted by sponger42

Well, I guess you can rationalize pretty much anything.

So, earlier in your life you lived a lifestyle of running up credit card debt buying things that you couldn't repay.

Eventually those excesses came home to roost, wrecking your credit.

Then, when you tried to buy a house, your credit situation meant you couldn't get the house you wanted without accepting a loan that would adjust to an interest rate you couldn't repay.

Now that the housing market crashed and the interest rate adjusted, you are thinking about filing for bankruptcy and trying to force your lender to give you an even lower rate than the introductory rate on your ARM, not because you can't afford a higher rate (but still one below what you signed on to pay), but because it would be nice to have, considering the rising prices of other things you want to buy.

Have I got that right?

And I suppose you can twist anythnig you want to suit your point of view.

First..I got those credit cards when I was young, stupid and immature.. in my late teens and early twenties.. I then spent my mid twenties paying OFF those mistakes AND THEN was responsible by NOT running up credit card debt anymore. I learned my lesson in my MID TWENTIES! A lot of people make stupid unwise decisions when they are young and immature. However, I since did the right thing.

ANd.. if you know the definition of what an ALT-A borrower is .. it really doesn't have MUCH to do with credit score AS MUCH to do with the fact that you are self employed and need to go stated. AND if you read.. it wasn't completely without documentation as Ishowed them a years worth of my bank statements. The main reason they wouldn't FIX the interest was because I didn't have an CURRENT open lines of credit. AND.. the OLD stuff was falling off and DID fall off over the past 2 years. There is some stuff still hanging on there.. but they are pretty much gone!!

If it makes you feel better to think that I'm some irresponsible twit... then you go right ahead and think that. Perhaps you didn't make any credit mistakes when you were young.. but I'm sure you've made several stupid choices when you were in your late teens/ early twenties yourself.. People in glass houses!!

[TristansMommy]

Originally Posted by sponger42

Well, I guess you can rationalize pretty much anything.

So, earlier in your life you lived a lifestyle of running up credit card debt buying things that you couldn't repay.

Eventually those excesses came home to roost, wrecking your credit.

Then, when you tried to buy a house, your credit situation meant you couldn't get the house you wanted without accepting a loan that would adjust to an interest rate you couldn't repay.

Now that the housing market crashed and the interest rate adjusted, you are thinking about filing for bankruptcy and trying to force your lender to give you an even lower rate than the introductory rate on your ARM, not because you can't afford a higher rate (but still one below what you signed on to pay), but because it would be nice to have, considering the rising prices of other things you want to buy.

Have I got that right?

And sponger.. read my post to the other person with a similar comment.

I would ASK to get a SLIGHTLY lower rate.. but hope to get it fixed at the introductory.. as I said before.. when going for a salary at a job do you not ask for more than what you want to get .. hoping they'll give you what you originally wanted... and best case scenario you get a little more!! I certainly hope you do! That's the only way you get what you want.. if you ask what you want, they'll counter with below what you asked for THINKING that you were shooting higher!! dUH!

And WHERE did you read that I "wanted" to buy other things?? Do I want to buy food.. no i NEED to buy food.. do I want to buy heating oil.. NO I NEED To BUY heating oil!!

The breathing room isn't so I can go out and buy toys and take vacations.. it's so that I can feed my family. . .it's so that I can replenish .. atleast slowly and very little at a time.. what life circumstances have since taken from my reserves..becasue i"m sure more life circumstances will take even more!!!

[GLS]

Originally Posted by TristansMommy

+

Now you're resorting to name calling and personal attacks.

Re-read what I wrote.. I'm really only hoping for them to fix my interest rate at the introductory.. but will try for a lower..

When you want to make a salary, do you not ask for more than you may actually want in hopes that you'll atleast get what you want.. and the best case scenario you'll get the job for more than you were initially hoping for although not as much as you went in asking for?

We had this discussion two months ago, and in response to my comments you went ballistic. I understand why you are tempted to vent and start multiple threads on this forum. However, it should be obvious that you maintain the same attitude and it has yielded no progress. More importantly, your posts reiterate your desire/expectation that the bank should do something out of "fairness". They will not. Your posts do contain specific action steps that YOU have implemented other than continuing to phone the bank.

Another thread you started on this same subject demands that the responders NOT BE JUDGMENTAL. Well, here are actions that most people take in your situation, and I am straining to with-hold a philosophical treatise on self-responsibility:

1. Curtail your spending to draconian levels.
2. Get a second, or a third job to increase revenue.
3. Borrow from friends.
4. Borrow from family.

Since you continue to look for a legal or governmental "escape hatch" and have not implemented the above, accept the reality, YOU WILL LOSE THIS HOME. Dump it. Learn from it. Move on. If you think you are r in pain now, wait until you start receiving the lawyer invoices in addition to the mortgage payments. And when you can't afford your next heating bill, trust me the lawyer isn't going to let you live at his house.

[Wendell Phillips]

Don't listen to these people; seek legal advice.

[sponger42]

Originally Posted by TristansMommy

If it makes you feel better to think that I'm some irresponsible twit... then you go right ahead and think that. Perhaps you didn't make any credit mistakes when you were young.. but I'm sure you've made several stupid choices when you were in your late teens/ early twenties yourself.. People in glass houses!!

Sorry, my post was probably too condescending. I apologize. I think you made some bad choices, but I don't think you're overall an irresponsible person. I don't think what you were asking for in other threads was irrational. I think that your situation warrants the bank doing the smart and right thing and doing what it can to extend a reasonable interest rate to you. I thought that your plan to get legal council was a good one.

I just thought it strange, considering everything you've written complaining about how the greedy bank was mistreating you, that you would try to threaten bankruptcy force a lower interest rate than you already have. It seems that you are already mistreating the bank by trying to ride a judgement into a lower interest rate than you agreed to pay, I wonder how your actions are that much different from the bank's when it comes to going for the lowest interest rate you can squeeze them for?

I suppose it makes economic sense, though.

I wonder; what fixed interest rate could you live with? I would guess that's what you're probably going to get after a 3rd party looks at your finances if it goes to a judgement or arbitration.

[texdav]

That was being considered where the judge could modify the terms but has been removed from the bill now being considered sponsored by Barney Frank. He annouced this yesterday. I am sure it was opposed by many including cities that could see people just walking away from any home that was worth less than owed; not just those in foreclosure.That would really bring on a crisises.

[goodbyehollywood]

Originally Posted by TristansMommy

+

Now you're resorting to name calling and personal attacks.

Re-read what I wrote.. I'm really only hoping for them to fix my interest rate at the introductory.. but will try for a lower..

When you want to make a salary, do you not ask for more than you may actually want in hopes that you'll atleast get what you want.. and the best case scenario you'll get the job for more than you were initially hoping for although not as much as you went in asking for?

No, I didn't call names or engage in personal attacks. I said surely nobody could be as selfish and self-centered as your posts indicate. If you'll re-read the responses to your posts on almost every thread you kvetch on, you'll begin to see a common theme.

But I do have a suggestion for you, and it's the last one I'll offer. Spend 10 minutes of the time you spend whining on this forum to getting a feel for how other people live. Watch a homeless person dig through trashcans to find lunch, help an abused woman try to get back on her feet after they've been kicked out from under her, try to explain to a child why his family can't afford to buy him a 99 cent rubber ball, much less meat for dinner. Watch while an elderly person that's worked hard all her life tries to stay warm when her social security runs out and the gas company hikes rates 40%. Make eye contact with a person who asks you for money on the street and cringe at the desperation in his eyes. Volunteer at an animal shelter and see how many pets have been abandoned because their families can no longer afford to feed them. Then come back on this forum and post about how tight things are for you and how you need a little breathing room on that $3300 mortgage that you can easily pay, but why not ask for more than you need so you can get what you want.

I apologize if my words offend you. I'm grateful for many, many things, but most of all, I'm grateful that when I look in the mirror, I don't see you looking back.

Enjoy your nice Long Island house and good luck forcing your bank to give you special treatment so your life will be a little easier. Sounds like you really need it.

[tkdmom]

Originally Posted by Wendell Phillips

Don't listen to these people; seek legal advice.

I agree !

Also, since the FED cut rates so low why can't the greedy banks pay it forward to the borrower.

[TristansMommy]

Originally Posted by GLS

We had this discussion two months ago, and in response to my comments you went ballistic. I understand why you are tempted to vent and start multiple threads on this forum. However, it should be obvious that you maintain the same attitude and it has yielded no progress. More importantly, your posts reiterate your desire/expectation that the bank should do something out of "fairness". They will not. Your posts do contain specific action steps that YOU have implemented other than continuing to phone the bank.

Another thread you started on this same subject demands that the responders NOT BE JUDGMENTAL. Well, here are actions that most people take in your situation, and I am straining to with-hold a philosophical treatise on self-responsibility:

1. Curtail your spending to draconian levels.
2. Get a second, or a third job to increase revenue.
3. Borrow from friends.
4. Borrow from family.

Since you continue to look for a legal or governmental "escape hatch" and have not implemented the above, accept the reality, YOU WILL LOSE THIS HOME. Dump it. Learn from it. Move on. If you think you are r in pain now, wait until you start receiving the lawyer invoices in addition to the mortgage payments. And when you can't afford your next heating bill, trust me the lawyer isn't going to let you live at his house.

You are condescending, arrogant and self righteous and your posts come across that way.. (menat for Goodbyehollywood)

To GLS: YOur suggestions sir or mam.. whatever you are.. are already what i'm doing. My husband works and I work CONSTANTLY.. we happen to work from home in our business. Now..prior to having a child I worked outside of the home self employed in addition to the business that I worked with my husband.. however the cost of childcare became prohibitive in that budget of ours. Don't know where you live, but where I live one child in daycare can run you $400 a week! I don't have friends with money I can borrow from.. as they are all struggling LI familes as well .. young familes.. as for family.. same thing..as a matter of fact, my husband for years hsa been supporting his mother who is from Europe by sending her money now and then when SHE needed it!! My mom is not in a financial situation to help either.. as my father is deceased. .. but then again. .none of this is really any of yoru business.

I pay for neccesities only.. some of the neccesities you may consider "luxuries" like cell phones and internet.. but then they are needed to do busienss today. Without these tools you are a dinosaur and cannot be productive in the modern 21st century environment. I don't buy anything for myself nor does my husband outside food.. no clothes either..just for my growing son.. and I am a good shopper that looks for discounts. YOu know nothing about my spending habits nor my lifestyle.

To Goodbyehollywood and GLS: You may think that $3300 / month buys me a big house.. but then you know nothing about LI. I bought in one of the cheapest neighborhoods on LI AND I bought a fixer upper in what was one of the cheaper neighborhoods. Perhaps I could have gone slightly cheaper.. but not much.. and purchased in a neighborhood riddled with gang violence.. but again.. those homes were really NOT much cheaper! My house.. has no basement a small ktichen (very small) Livign room and then 2 bedrooms up and 2 bedrooms down..but tehy are small.. yes.. two batrhooms too. .but if you know anythign about a Levitt house you know that what is now upstairs is a converted attic. All in all the house is 1100 square feet.. again those rooms are NOT very big. The garage doubles as a laundry room, garage and a basement.) So..I'm not living in the lap of luxury here. Those payments also include my property taxes which are almost $700/month.. LI pays 3x's the nation average in property taxes. yeah.. I chose to live here..but then not really..I grew up here. ..it was all I knew so I tried to stay.

GOODBYEHOLLYWOOD: I have NEVER passed up a homeless person and NOT given money... even in times where I had very little for myself. As for volunteering and the other stuff.. I wish I had time....but again.. I'm busy chasing money to for all the things I have.. I am VERY sympathetic to anyones plight.. and I DO know that I am blesed.. becasue i have a beautiful son, a loving and honorable husband.. etc. I don't for a minute forget that.. but that doesnt' mean that I should just lie down and allow all I have to be taken away from me!

Don't stand their and be so self righteous. You dont' even bother to read my posts.. . I have been FORCED to try and FORCE the banks hand because I've been trying through other means to get things worked out and hold on to my home. It's people like me fighting to keep our homes in this situation that you should be happy we are trying to do so. Believe me.. it would be much easeir and less stressfull if I just gave up and walked away leaving everyone else to hold the bag.. I'm NOT doing that.. nor am I trying to do that. I'm trying to STAY in my home and PAY back the loan.. I'm only trying to change the terms (fix the rate, extend maturity to compensate). ANd now , since what i have done so far has not been affective.. I will not seek out OTHER means.. If hte programs are there.. I will use them.

I probably could afford a 6% or 5.95% interest rate slightly easeir than a 6.95%..but again.. and Iv'e said it a millin times.. I would be fine if they would just keep my rate at the initial rate of 6.95%.

What do you suggest I do.. in a perfect world I would just love to actually have the money to pay whatever the payment is and not have any of this mess. As it is.. I can't and there is no if's ands or butts about it. Immediately I started trying to put something in motion to get it to work..but nothing has worked.. so .. here I am taking WHATEVER steps I can to either save my home or leave it with as little damage as possible to me and my family.

I mean what would make you happy? Not that I care.. but arguing about HOW I got into this is redundant at this point.. can't go back and change it.. and if I could I would have done it differently.. .. I mean.. you're not happy with those just walking away, your not happy with those that are TRYING to work directly with their lenders for a resolution (which wouldn't use taxpayers money, woulnd't flood the crowded market with yet another foreclosure).. and you're obviously not happy with those that then try to use whatever means and laws are available to them to fix the solution as best they can in their own best interest... ..

How ironic.. no one really complains and tries to demean corporations for all their loopholes etc.

Yeah. the lawyer would cost me money..but without one I can't get a resolution to this situation at this point.. I've done as much fighting as I can on my own..

And I come to these boards to vent my frustrations.. of course I do.. consider it my therapy.. it's cheaper than paying a therapist.. becasue believe me.. this situation is horrible and wreaks havoc on you.

TO: GOODBYEHOLLYWOOD

Just remember.. we all make mistakes.. and we all have problems.. and maybe you don't have any in this type of situation but sometime in your life you will be in a place where you will hope for a little understanding and a little compassion adn I hope you are not met with the same type of person that you are..

And GOODBYEHOLLYWOOD..... I wake up in the morning and I'm glad the person I'm looking at is not YOU! (woops.. GLS ... that last comment and some of the comments in here weren't all meant for you.. it was meant for someone else.. I got you two confused... and I guess I'm responding to both you and goodbyehollywood guy sort of at the same time