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Thread summary:

Home foreclosure gloom, ARMs or people just walking away, buyer responsibility, no blame placed on realtors, lender fault, lender secured by asset, overextending budget

 
Old 07-30-2008, 09:36 PM
 
25,362 posts, read 37,582,918 times
Reputation: 13281

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Did you ever realize that the banks had to let go of many employees and now less people have to do the job of others as well as their own, so it takes forever...+ the banks have not much experience in what they have to do now, which makes it harder, even at the court hosue they had a shortage of people to handle the foreclosures while other people were let go from their jobs....so one has to hire and others have to fire people...weird time.
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Old 07-31-2008, 09:36 AM
 
3,583 posts, read 10,270,562 times
Reputation: 5096
Quote:
Originally Posted by TristansMommy View Post
The reason they don't advertise that fact is because it's not true. Earlier this year Bush passed a law called the Mortgage Debt Forgiveness Relief Act of 2007 which simply states that the difference from a short sale/foreclosure is forgiven by the IRS and is not counted as income.

Seems kind of silly anyway to have to report the difference and pay income tax on money you don't have and never did have to begin with. But alas this Bill applies to the years 2007-2009.

I also checked with my attorney when going over my options.
Thank you for correcting this. I wasn't aware of the law and it looks like others here weren't aware either. I learn something new from this forum every day
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Old 07-31-2008, 10:10 AM
 
Location: Pennsylvania, USA
5,217 posts, read 4,120,012 times
Reputation: 908
Quote:
Originally Posted by Va-Cat View Post
Thank you for correcting this. I wasn't aware of the law and it looks like others here weren't aware either. I learn something new from this forum every day
Your welcome.. As much as I thought I knew when I bought my house, I now see there is a lot I didn't know The entire mortgage process is extremely complicated that I don't even think those on the "inside" understand it or even know all there is to know..which I think is very apparent by what has been occurring. So.. every day I google the foreclosure process because I do not want to make anymore mistakes and want to do what's best and the smart thing for myself.. get out of a horrible situation as painfree as possible. So I learned all these things and went over all my options.

i would also like to thank you for your very respectful posts made in response to the negative and judgemental comments that have been thrown at me. AT this point i wasn't on looking for advice.. I already found the solution that I think works best for me. Previous sought out advice rendered little realistic solutions set forth by other posters.. I just kept getting.. find a third or fourth job to make up the difference and pay your mortgage comments from people As if that was a real solution.

I didn't start any of these threads, but I also couldn't sit and just let people sit , as you put it ,from their "armchairs" and pass such harsh judgements on me or anyone else they truly didn't know. While their conclusions may apply to some people caught up, it certainly doesn't apply to all. I think most of what went wrong for me was misinformation, bad timing along with other circumstances that were well beyond my control. I took care of all I could that was in my own hands.. as far as my credit score, etc. The rest was really out of my hands, and I never really realized how far out of my hands.. or that these scenarios could even exits.

It's tough. I'm embarrassed extremely adn I use this forum to speak about it because it's anonymous.. but people beyond my close circle know nothing of my situation. I am a hard working studios person that pays my bills on time and I am an extremely honest person to a fault. I am a nervous wreck about finding a rental because I dont' want people to judge me by a piece of paper, see the foreclosure, and immediately assume I'm scum, irresponsible or unreliable. I'm none of those things. I could be any one of you NOT in this situation.. hardworking, honest, etc. has nothing to do with wether or not you are caught up in this mess.

The only saying I could close with to all of you who have sat so harshly in judgement is " Judge Not Lest Ye be Judged".
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Old 07-31-2008, 10:29 AM
 
48,519 posts, read 81,193,311 times
Reputation: 17979
Quote:
Originally Posted by phantoms View Post
I was taught basic finances and how to balance a check book in high school. Unfortunately, that class is no longer taught here.
I guess that went out with learning to make change in grade school from what I have seen.
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Old 07-31-2008, 10:54 AM
 
3,583 posts, read 10,270,562 times
Reputation: 5096
Quote:
Originally Posted by TristansMommy View Post
i would also like to thank you for your very respectful posts made in response to the negative and judgemental comments that have been thrown at me. AT this point i wasn't on looking for advice.. I already found the solution that I think works best for me. Previous sought out advice rendered little realistic solutions set forth by other posters.. I just kept getting.. find a third or fourth job to make up the difference and pay your mortgage comments from people As if that was a real solution.

I didn't start any of these threads, but I also couldn't sit and just let people sit , as you put it ,from their "armchairs" and pass such harsh judgements on me or anyone else they truly didn't know. While their conclusions may apply to some people caught up, it certainly doesn't apply to all. I think most of what went wrong for me was misinformation, bad timing along with other circumstances that were well beyond my control. I took care of all I could that was in my own hands.. as far as my credit score, etc. The rest was really out of my hands, and I never really realized how far out of my hands.. or that these scenarios could even exits.

It's tough. I'm embarrassed extremely adn I use this forum to speak about it because it's anonymous.. but people beyond my close circle know nothing of my situation. I am a hard working studios person that pays my bills on time and I am an extremely honest person to a fault. I am a nervous wreck about finding a rental because I dont' want people to judge me by a piece of paper, see the foreclosure, and immediately assume I'm scum, irresponsible or unreliable. I'm none of those things. I could be any one of you NOT in this situation.. hardworking, honest, etc. has nothing to do with wether or not you are caught up in this mess.

The only saying I could close with to all of you who have sat so harshly in judgement is " Judge Not Lest Ye be Judged".
Thank you for your kind remarks. I can only imagine the turmoil this situation has caused for you. I encourage you to get thought it and then put it behind you but remember the lessons you've learned along the way. Has far as going for a rental, I'd like to suggest that you be completely up front with any rental agent or landlord before they pull your credit. I've found that most will appreciate your honesty and will look more favorably on you for it. My husband and I went through a very bad time with credit for a while. In fact, we are still rebuilding. During our worst times, we approached every credit situation with honesty and I think it helped us in many situations. I hope that it helps you as well.
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Old 07-31-2008, 01:39 PM
 
Location: Charlotte, NC
2,193 posts, read 4,454,138 times
Reputation: 1072
Quote:
Originally Posted by TristansMommy View Post
Your welcome.. The entire mortgage process is extremely complicated that I don't even think those on the "inside" understand it or even know all there is to know..which I think is very apparent by what has been occurring.
I went to this Homebuying Seminar that was offered by KB. (They were giving a free 25 dollar gas card for attending!). There was a rep from Countrywide there who did a speech. Someone asked him the difference between points and pmi. The guy himself didn't even know! He was explaining it and it made no sense. I wanted to raise my hand and say no this is what it is! You would think a guy working for Loan company would know!
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Old 07-31-2008, 01:52 PM
 
Location: Cary, NC
1,036 posts, read 3,631,805 times
Reputation: 503
Quote:
Originally Posted by sheenie2000 View Post
I went to this Homebuying Seminar that was offered by KB. (They were giving a free 25 dollar gas card for attending!). There was a rep from Countrywide there who did a speech. Someone asked him the difference between points and pmi. The guy himself didn't even know! He was explaining it and it made no sense. I wanted to raise my hand and say no this is what it is! You would think a guy working for Loan company would know!

I know a lot of untrained, uneducated loan officers (see plenty of my posts) but you think if they are doing a seminar they would at least prepare.

Problem is most buyers didnt even ask this question the last few years, or about their loan officers education, training, experience or licensing. All they asked was "how much house can I buy" and "what rate do you have"?

These are the WRONG questions to start the lending process. You don't walk into the doctor's office and ask "what medicing are you giving me to fix my problem" and "how much will it cost". You first make sure the doctor IS a licensed doctor and knows what they are doing. You then discuss what your situation is and what you are looking for. Then the doctor can make a diagnosis and prescribe a course of action.

Yes, price is very important... but if I tell you I can get you a 1% rate, wouldn't you want to know all the terms/conditions and if this product works for you? Many did not, and they ended up with serious problems.
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Old 07-31-2008, 02:17 PM
 
25,362 posts, read 37,582,918 times
Reputation: 13281
I had potential renters telling me their story about the foreclosures and how it affected their credit and the needed to rent. I'm not goin to lecture them at that point, they aren't asking me for my opinion. On this blog people ask for replies otherwise you can write an email to your self. When a renter explains the situation and has proof of income, that is enough for me...a credit score doesn't explain everything. I do check on references and background check, but most people who rent aren't having the best credit scores or the would buy a property or they are trying to get their score better.
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Old 07-31-2008, 04:24 PM
 
Location: No Sleep Til Brooklyn
1,413 posts, read 4,681,395 times
Reputation: 591
Quote:
Originally Posted by sheenie2000 View Post
I went to this Homebuying Seminar that was offered by KB. (They were giving a free 25 dollar gas card for attending!). There was a rep from Countrywide there who did a speech. Someone asked him the difference between points and pmi. The guy himself didn't even know! He was explaining it and it made no sense. I wanted to raise my hand and say no this is what it is! You would think a guy working for Loan company would know!
This is another issue about education. Are people taught to evaluate sources anymore? I went to a homebuying seminar sponsored by a neighborhood group and the featured speaker was a broker. It was at the top of the NYC bubble and of course he told everyone that they had to buy now or be forever priced out. It made me sick to my stomach.

Mortgage brokers, real estate agents, appraisers, banks - they are all interested in what is in their best financial interests. And there is NOTHING wrong with that. The problem is that many people don't seem to understand this basic fact of a capitalist system.
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Old 07-31-2008, 07:38 PM
 
25,362 posts, read 37,582,918 times
Reputation: 13281
Quote:
Originally Posted by TristansMommy View Post
Your welcome.. As much as I thought I knew when I bought my house, I now see there is a lot I didn't know The entire mortgage process is extremely complicated that I don't even think those on the "inside" understand it or even know all there is to know..which I think is very apparent by what has been occurring. So.. every day I google the foreclosure process because I do not want to make anymore mistakes and want to do what's best and the smart thing for myself.. get out of a horrible situation as painfree as possible. So I learned all these things and went over all my options.

i would also like to thank you for your very respectful posts made in response to the negative and judgemental comments that have been thrown at me. AT this point i wasn't on looking for advice.. I already found the solution that I think works best for me. Previous sought out advice rendered little realistic solutions set forth by other posters.. I just kept getting.. find a third or fourth job to make up the difference and pay your mortgage comments from people As if that was a real solution.

I didn't start any of these threads, but I also couldn't sit and just let people sit , as you put it ,from their "armchairs" and pass such harsh judgements on me or anyone else they truly didn't know. While their conclusions may apply to some people caught up, it certainly doesn't apply to all. I think most of what went wrong for me was misinformation, bad timing along with other circumstances that were well beyond my control. I took care of all I could that was in my own hands.. as far as my credit score, etc. The rest was really out of my hands, and I never really realized how far out of my hands.. or that these scenarios could even exits.

It's tough. I'm embarrassed extremely adn I use this forum to speak about it because it's anonymous.. but people beyond my close circle know nothing of my situation. I am a hard working studios person that pays my bills on time and I am an extremely honest person to a fault. I am a nervous wreck about finding a rental because I dont' want people to judge me by a piece of paper, see the foreclosure, and immediately assume I'm scum, irresponsible or unreliable. I'm none of those things. I could be any one of you NOT in this situation.. hardworking, honest, etc. has nothing to do with wether or not you are caught up in this mess.

The only saying I could close with to all of you who have sat so harshly in judgement is " Judge Not Lest Ye be Judged".
Video - Breaking News Videos from CNN.com


I HAD A CONVICTED FELON AS MY REALTOR WITH OUT KNOWING IT AND I WAS SHOCKED AND ON CD SOME PEOPLE WERE LIKE....YOU MAKE TOO MUCH OUT OF THIS AND THAT IS NOT POSSIBLE......WHAT ABOUT THIS AND HOW THIS MORTGAGE BROKER REACTION IS, IS TOTALLY DIFFERENT FROM WHAT I HEARD ON THIS FORUM, EXECPT FROM "PALMCOASTING" , this mortgage broker is saying that if the State allows this, "what if I tell clients I'm licensed, what is that standing for"....


SO THIS WAS ONLY ABOUT MORTGAGE BROKERS....WHAT IF THE LOOK INTO THE REALTORS....AS I ALREADY HAD A 3 X CONVICTED FELON AS A REALTOR!!!!

Maybe you can check about your mortgage brokers background and see what his background is, you might be able to sue and get some money back.
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