U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-28-2008, 08:07 AM
 
Location: Pennsylvania, USA
5,217 posts, read 4,113,603 times
Reputation: 908

Advertisements

Quote:
Originally Posted by NYSinger View Post
What's going to happen is that your credit score will go so low after 90 days of not paying your mortgage that no landlord is ever going to allow you to rent.
That's not necesarily true.

AND.. for anyone out there i preforeclosure, foreclosure.. go to the landlord with your credit report in hand.

Tell them why you are in foreclosure. AND then show them that , despite theforeclosure, you DO meet all your other obligations. For example, get the electric, phone, heating company to write a letter saying tnat your accounts are up to date and that you have never been late (if you have never been, that is) I had to have my utilities do that for me onmy mortgage because I didn't have a credit history (no credit cards. . that's why I'n not trapped in an ARM.. long story!)
Reply With Quote Quick reply to this message

 
Old 08-28-2008, 08:47 AM
 
Location: Pennsylvania, USA
5,217 posts, read 4,113,603 times
Reputation: 908
Quote:
Originally Posted by nnyl View Post
wondering if my experience qualifies as fiscal irresponsibility. I am fixing to have to call my mortgage company for the first time, ever, to ask for some help.

I can't make my mortgage payment the first of this month upcoming. We are self employed, construction industry, and have been for 20+ years and it has sustained us. Not so these days. The jobs are scarce. We've been eeking by for almost two years that the economy has gone south.

But finally, it has dried up to the point that there has been no work anywhere for the last month. And for the first time, i can't make my mortgage payment.

We had to refi the home two+ years ago, to help sustain us thru a major operation dh had to endure (knee replacement) and him out of work for the better part of almost 3 months. Took out what equity existed at that time. To pay bills, sustain us thru time of unemployment.

Since that time, the economy has turned on it's ear. And real estate has plummeted. So we probably don't owe more on the house than it's worth, but we certainly don't have any equity anymore.

And for the first time, ever, i am going to have to call the mortgage company and plead my case. No work, no money, can't pay the mortgage. Are we headed to be one of the numerous statistics of folks loosing their homes? May be.

And before anyone chastises me to cut back. Believe me, i have. We don't go out anywhere, anymore. We budget fuel for the vehicles for work only. I go to work outside the home and bring in what i can, i provide our health bene's thru my job. We haven't taken a vacation of any sort in over two years, not even a weekend trip away to see family. Can't afford it. I have (our local utility company has jacked up rates to an exorbatant level) turned the thermostat way up, turned off lights, begun hanging clothes to dry, you name it, all in an effort to reduce an electric bill that is over $400 for a home that's only 1700 sq. Ft. We don't go out to eat, i cut corners every way i can at the grocery store. I cut one of our life insurance policies, i'm doing everything i know to do to cut corners. And still, when there's no work, there simply is no money. It's been tight, for over two years, ........... But this is reaching a whole new low at this point.

So am i what some of you would consider fiscally irresponsible?

absolutely not.. God bless you and wish you the best of luck
Reply With Quote Quick reply to this message
 
Old 08-28-2008, 09:47 AM
 
Location: Full time RV"er
2,403 posts, read 5,621,267 times
Reputation: 1459
Quote:
Originally Posted by NYLATINQT View Post
Oh I need to get in on this thread. I was going to start a new one just to vent about the mortgage "crisis" going on. I work as a counselor who deals with people who are going into foreclosure. Let me just say that my empathy, sympathy or whatever has run dry. I am so sick and tired of dealing with broke, irresponsible homeowners who got in over their heads and now want the banks to lower the debt that they owe. Give me a break. If you knew you couldn't afford a $500K house on a $10 per hour job, then you should have not signed for an interest only or negative amortization loan. The American entitlement mentality has gotten ridiculous. I have people calling me who can barely rub two pennies together and they were investing in multiple properties trying to flip them. Now shame on the banks too for being greedy idiots in the first place and giving out no documentation loans. Now everybody has to pay the piper. Freddie Mac, for example, is scrambling and is giving out mass loan modifications--without income verification!! Isn't that what created the problem in the first place? I personally feel that there should be no bail out. Let the prices drop back down to reality and those that should never have been in a home in the first place, go rent an apartment, get your credit straight and save some money.
I think it's a joke that I have to go home with a headache because people don't want to take responsibility for their own stupid decisions. People, wake up! Get out of debt. Save some money. Get your lives in order. Work hard and stop trying to get rich quick. And if by chance you legitimately can't pay your mortgage because you lost a job, then sometimes in life, things don't always go as planned, cut your losses and move on. Just don't expect your mortgage company to let you live in the house for free.
Simply put you have options too, you don't need to go home each night with a head ache, but to that you would have to QUIT you job ! but you can't .see because as you state WAKE UP! and you would have to take your own advice ( tough place to be in ). In reality some time you have to do what you have to do. lAnd that what thousands of people are doing !
Reply With Quote Quick reply to this message
 
Old 09-01-2008, 10:04 AM
 
25,346 posts, read 37,490,972 times
Reputation: 13268
Quote:
Originally Posted by NYLATINQT View Post
Oh I need to get in on this thread. I was going to start a new one just to vent about the mortgage "crisis" going on. I work as a counselor who deals with people who are going into foreclosure. Let me just say that my empathy, sympathy or whatever has run dry. I am so sick and tired of dealing with broke, irresponsible homeowners who got in over their heads and now want the banks to lower the debt that they owe. Give me a break. If you knew you couldn't afford a $500K house on a $10 per hour job, then you should have not signed for an interest only or negative amortization loan. The American entitlement mentality has gotten ridiculous. I have people calling me who can barely rub two pennies together and they were investing in multiple properties trying to flip them. Now shame on the banks too for being greedy idiots in the first place and giving out no documentation loans. Now everybody has to pay the piper. Freddie Mac, for example, is scrambling and is giving out mass loan modifications--without income verification!! Isn't that what created the problem in the first place? I personally feel that there should be no bail out. Let the prices drop back down to reality and those that should never have been in a home in the first place, go rent an apartment, get your credit straight and save some money.
I think it's a joke that I have to go home with a headache because people don't want to take responsibility for their own stupid decisions. People, wake up! Get out of debt. Save some money. Get your lives in order. Work hard and stop trying to get rich quick. And if by chance you legitimately can't pay your mortgage because you lost a job, then sometimes in life, things don't always go as planned, cut your losses and move on. Just don't expect your mortgage company to let you live in the house for free.

I felt sorry in the beginning, but not anymore. What you decribe is what I see in my neighborhood. Fancy boats, new cars, fitness equipment, nannies, lawn mow companies comming out to mow,etc...

Than you see the mowing companies aren't coming anymore since they didn't get paid, the HOA isn't get paid, nannies aren't showing up, but the boats are still being used in the weekends, nice cars are parked in different spots and not in their driveway anymore.....repo might come and get them....(one wife told me she called repo herself because she got so sick of her husband hiding the car, and her marriage is ending so she decided to have repo pick up the car)

Last month a realtor who thought she could flip a house foreclosed, even after she tried to have more family members moving in and sharing the costs, she could afford it anymore....(stupid for a realtor to buy a house on a spot where every one knew the busy road behind it would be widened and the busy traffic would almost be in her back yard,....smart buyers stayed away), another realtor is in foreclosure with 2 houses, and many lousy investors are in foreclosure or gave the keys back....most people in my neighborhood took so much equity out that the bail out and refi isn't going to help them.
What about the money they took out and spend and now they walk away....IMO it is similar to grand theft....many other honest home owners who still pay their mortgage are sick of it too, this is hurting so many others and still we have to find the first one over here who lost their job and/or had fanacial issues due to health issues....I'm not counting realtors who have less income since they knew that the market is always different and as one realtor told me that mortgage companies look at their income different because of that, and on top of that they are the professionals, at least that is what they call them self!
Reply With Quote Quick reply to this message
 
Old 09-02-2008, 08:56 AM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,138,805 times
Reputation: 5685
I agree with all of the above. Every home on our block that has fallen into foreclosure had multiple new cars and boats in the driveways. They all had lavish parties just about every weekend, life was good, they looked good...for awhile.
Reply With Quote Quick reply to this message
 
Old 09-03-2008, 08:54 PM
 
Location: Western North Carolina
4,748 posts, read 7,539,821 times
Reputation: 9686
I'm temporarily living in an "apartment" complex where the apartments are not much better (or bigger) than ordinary hotel rooms. They are clean and neat, and in a good part of town, but they are sure not anything to write home about, few amenities, the rent is pretty modest. What amazes me is the cars in the parking lot at this place. I have a paid off 1994 Honda, but all around me are Cadillac Escalades, Mercedes Benz, BMW's, most of them look brand spanking new. We're in a pretty small southern town, these people are not exactly "Upper Class", I can't imagine how much the car payments and insurance must be. I'm going through the mortgage process myself right now to buy a home, but I think a lot of these people have decided it's more important to have an impressive looking car than a house. To each his own I guess.
Reply With Quote Quick reply to this message
 
Old 09-04-2008, 12:53 PM
 
4,963 posts, read 3,928,956 times
Reputation: 2917
I cant get it. I am getting so angry hearing about people who stop paying their mortgages, live in the house for up to 2 years free, then moan and groan that the bank is kicking them out.

I ahve one house that i cant sell because the house nextdoor is boarded up ; they never paid one dime for 2 years ; not one dime on the mortgage. Now my house will dip in value because of these dead beats.
Then I have a friend who didnt pay for 2 years and last week had to leave ; I loaned her the money for her new landlord. Meanwhile for the past two years they have done the ski trips, the beach weeks etc.
Another person I know has just stopped paying his mortgage. He got it when his wife lived there, now she is gone and he is in over his head. He figures he has 2 years for free. Meanwhile he just bought a new car AND a used pickup.

Oh then there is the tenant who cant pay her portion of the rent as she had unexpected expenses ; how is kids going back to school unexpected ; I have kids and need to get their back to school stuff too!! But I cannot tell my bank that I will pay the mortgage when the tenant pays me!!

Can you tell I am tired. I scrimp, save, pay on time and this is the first month in a while I am fretting about paying bills. I will pay what I can, but I wont over extend myself and I will pay things on time.

Sometiems it would be easier to join the deadbeat gang.

d
Reply With Quote Quick reply to this message
 
Old 09-04-2008, 01:04 PM
 
Location: Pennsylvania, USA
5,217 posts, read 4,113,603 times
Reputation: 908
Quote:
Originally Posted by okaydorothy View Post
I cant get it. I am getting so angry hearing about people who stop paying their mortgages, live in the house for up to 2 years free, then moan and groan that the bank is kicking them out.

I ahve one house that i cant sell because the house nextdoor is boarded up ; they never paid one dime for 2 years ; not one dime on the mortgage. Now my house will dip in value because of these dead beats.
Then I have a friend who didnt pay for 2 years and last week had to leave ; I loaned her the money for her new landlord. Meanwhile for the past two years they have done the ski trips, the beach weeks etc.
Another person I know has just stopped paying his mortgage. He got it when his wife lived there, now she is gone and he is in over his head. He figures he has 2 years for free. Meanwhile he just bought a new car AND a used pickup.

Oh then there is the tenant who cant pay her portion of the rent as she had unexpected expenses ; how is kids going back to school unexpected ; I have kids and need to get their back to school stuff too!! But I cannot tell my bank that I will pay the mortgage when the tenant pays me!!

Can you tell I am tired. I scrimp, save, pay on time and this is the first month in a while I am fretting about paying bills. I will pay what I can, but I wont over extend myself and I will pay things on time.

Sometiems it would be easier to join the deadbeat gang.

d
Well..

Mortgage companies do not take partial payments on mortgage payments. So lets say your mortgage was 2000 and jumpted to 3000 and you can't make 3000 / month right.. if you send in 2000 you're not going to stop the inevitable.. the loss of your house.

So.. financially it doesn't make sense to keep paying 2000 a month that is giong to ..well NOTHING.. and since foreclosure process takes awhile.. you live in it for free. You haven't had to pay the mortgage for months so that 2000 you had for living is now "extra".

in the case of your friend who needed to borrow from you for a new landlord after not paying for 2 years on her mortgage.. well she was kind of reckless.

As for me. I stopped paying (now shortselling, not foreclosing..) I've taken that money and invested it in our business, paid down some credit cards I took on when I had my kid and put a little away... hey.. I suddenly had 3000 month that I had to pay before available to me..

IN the end.. I have a little nest egg, was able to pay down debt.. and you bet I lived in the house I put over 100K into for free for as long as I could until the closing. It would be foolish to do otherwise.

I didn't take any crazy vacations or buy anything crazy.. I used that extra to firm up my biz and pay down debt.. so I did use that time wisely.. thuogh.. and I think that's important
Reply With Quote Quick reply to this message
 
Old 09-04-2008, 01:24 PM
 
Location: Montrose, CA
3,031 posts, read 7,866,597 times
Reputation: 1925
Quote:
Originally Posted by TristansMommy View Post

I didn't take any crazy vacations or buy anything crazy.. I used that extra to firm up my biz and pay down debt.. so I did use that time wisely.. thuogh.. and I think that's important
Wisely?!

It wasn't "extra". It was money you had agreed to put into your mortgage. And that 100k you say you put into your house for "free"? Maybe you should have put that towards the mortgage instead of over-improving the property.

We hear stories like yours all the time, and it starts to be annoying after a while for those of us who actually live within our means and pay our bills like we agreed to do. And the story about how it was all your husband's idea and you didn't want to do it? Well, maybe you should have tried a little harder to buy a house you could actually afford.
Reply With Quote Quick reply to this message
 
Old 09-04-2008, 01:30 PM
 
4,963 posts, read 3,928,956 times
Reputation: 2917
maybe you should use that nest egg to pay the debt that the bank forgave!!!

Wish I had that set.

I too live on Long island, am self employed so can identify with what you said except that I have no nest egg to rely on. I tend to prefer to pay my bills but am getting so angry at people who dont.

As a cop said to me once ; the good guys always finish last.

I am tired of being a good guy.
d
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top