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Old 09-18-2008, 09:27 AM
 
930 posts, read 2,121,226 times
Reputation: 1000

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I think that word "want" comes into play wayyyy too often here.

We are going to have to redefine "needs" as the housing market plummets and the economy worsens over the coming months.

I think it is absolutely critical to point out that it is not single family homeowners like Tristan who are causing this housing market meltdown. It is the people who purchased multiple homes on speculation with 100% financing or cash back at close and then walked away. If you want an example...google "Casey Serin".

Then multiply him by 100 thousand.
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Old 09-18-2008, 02:24 PM
 
516 posts, read 1,687,300 times
Reputation: 270
Quote:
Originally Posted by kinkytoes View Post
I am a landlord and and I should say that I would personally be more understanding about a mortgage default than I would about prospectives who just didn't pay credit cards, medical bills or student loans. In light of the numbers of people defaulting on home loans that they could not afford, I think it would be unfair not to consider their circumstances when considering their applications. You can discuss any issues with the landlod before or after he/she has the results of your credit score. If you pay your other bills and are a law-abiding applicant with sufficient income to pay the rent with ease, the landlord may choose to ignore a default. This is just my two cents. (no spell check)
I currently have a $1850/month rental payment. I wanted to move to a house for $1300/month. I have a BK on my credit report about 5 years ago, and a very clear pattern of having improved my situation since then - 2 car loans in good standing (one paid off), old bills paid off, etc. I also have a 6-figure income, so plenty of money to pay the rent.

Property management company declined me because my credit score was too low.

I told them "good luck finding someone" - and now I'm looking at buying another house on the same street - the exact same model, in fact.

I wish there were more reasonable landlords like you.
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Old 09-18-2008, 10:30 PM
 
52 posts, read 97,023 times
Reputation: 21
Quote:
Originally Posted by JerseyGirlinFL View Post
With all due respect, your comment is way too much of a generalization. You seem very judgmental in many of your comments on this board. I think that you shouldn't assume everyone is a deadbeat, and realize that there are extenuating circumstances in a lot of these situations. You shouldn't judge someone unless you've walked a mile or two in their shoes. Just my humble opinion.
correction, a mile or two. sorry for the typo
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Old 10-25-2008, 01:05 PM
 
1 posts, read 1,459 times
Reputation: 10
Default talking to your bank

I can honestly agree with you; however, I will tell you that your bank will not help you unless you are already delinquent. I just got off the phone with my mortgage company. I have golden credit and have never been late on a mortgage payment in almost 15 years and I do not want to be a statistic. I am busting my ass to make my mortgage on time and have gone into debt elsewhere to make that happen. We live in the house my husband grew up in and have 5 of our combined 7 kids at home.

I just wanted to restructure the loan a bit. Unless I am delinquent and shoot my credit to ****, I cannot be helped. We are what is called "upside down". We owe more than the house is worth. Why there is nothing out there for those of us who are truely trying to stay afloat and not drain the system even more is beyond me. I am a great risk, too great. Help is only out there for those who made poor decisions or are choosing to purchase a new home for a lower amount and then walking away from their own mortgages. It is very dishartening.

The only way I can get relief is to stop paying my mortgage. What kind of crap is that!

I told my bank that if I stop paying my mortgage for 3-4 months, I could pay down my debt (from trying to keep current on my mortgage) then actually get my loan restructured. How backward is that!
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