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Old 02-23-2009, 08:58 AM
 
Location: Barrington
42,074 posts, read 31,818,472 times
Reputation: 14122

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Quote:
Originally Posted by sheenie2000 View Post
But who created the no income verification loans? Someone created them because they knew the sheeple would fall for it. It was all over tv, the news, bush uttered it as well, 'the american dream', the dream of home ownership. The people are very emotional about homes and home ownership, and the elite knew this. So they crafted commercials, advertisements, loans, and easy credit. And they took the bait.

The people need to get their heads out of the sand as it's the only way to get out of this mess.
No income verification loans have been around for about 25 years.
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Old 02-23-2009, 09:31 AM
 
930 posts, read 2,123,913 times
Reputation: 1000
Quote:
Originally Posted by dgrilley View Post
My house is down 220k since buying in 06 and the banks actually assured me at the signing that the market would hold steady.

If you bought between 04-06 in a huge bubble market with nothing down staying in your home is nothing short of idiocy.
So your mortgage broker and realtor assured you that your home value would hold steady when you purchased in 2006?

Explain idiocy to me.
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Old 02-23-2009, 09:47 AM
 
25,362 posts, read 37,572,812 times
Reputation: 13281
More and more I see people who are able to afford their homes but are becoming so sick of living in these houses who lost value, and they want out or get some help too when others just stop paying and some even have bought bigger homes by putting the homes in one name, than default and buy a bigger house which is way cheaper in the other persons name...The scamming keeps going on and the government in a way is making people hate their homes...Some people have lived for free for over a year before foreclosing and no tears have been seen, just driving around in fancy cars and getting plastic surgery but no mortgage paymetns or HOA payments...it is becoming a discusting issue!
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Old 02-23-2009, 10:42 AM
 
Location: State of Superior
8,578 posts, read 13,479,866 times
Reputation: 2708
Quote:
Originally Posted by tilli View Post
We were renters and we most certainly did not do the same. We watched local housing prices skyrocket right about the time my husband and I would have liked to buy, but even the "fixer-uppers" were insanely inflated and getting worse every day. I don't care what the realtors claimed about being forever priced out of the market, I was not paying that kind of price for that product in this town. Renting was far cheaper.

They sure did offer us a "free" house with an astounding pricetag and a tempting low monthly payment, but I said to myself... there are no free lunches, so what's the catch? ARM, what does that mean? Ah... adjustable rate. So what happens when the rate adjusts? Hmmm. Then I said, no thanks. We'll keep renting, save our pennies and wait for prices to come back to Earth. Finally we are nearing the point where we can find something modest and livable where P&I and taxes and insurance would be roughly equal to what we pay in rent. If we wait a little longer it might even be cheaper than rent. I have very little sympathy for people who refused to heed that old adage "if it sounds too good to be true, IT IS."

These same people who snickered nastily at renters for "throwing their money away" are having to eat their words. So many people were running around town like they were royalty, spending money they didn't have on crap that they didn't need while looking down their noses at people who lived within their means. Maybe if they'd have been saving instead of making minimum CC payments and sucking the bubble equity out of their homes they would have a fallback position now that it's all gone to hell. They need to learn some personal responsibility and stop pointing fingers at everyone else for their poor decisions and expecting people who made good decisions and lived frugally for years to pay to support their extravagant lifestyles. It's the grasshopper and ant story all over again.

Sure, the banks had a hand in this, but it all comes back to supply and demand. If there had been no demand for these loans (on the back end but also on the front) then they wouldn't have continued to offer them. Everyone in the chain is responsible for their role in this calamity, but of course no one wants to own up and instead they expect people who didn't hop on the ponzi scheme to bail them out. It's pathetic.
All th talk is cheap. Most of what is being said means little for the average responsible homeowner. It is in places around the country like Cal. , AZ . Fla. NV. where we are hearing the horrific stories. Now , in very depressed job areas , the same thing is happening.. Michigan , ohio , SC . , and a lot of pocket areas that have special problems due to massive job loss.

The Government is tiring to separate out those who were just greedy , from those who are truly in trouble because something beyond their control.. Give the plans a chance to work , suck up your pride and self pity and get behind the program. I like free money as much as the rest , and , I will have my hand out also. I would like to put all the bad guys in jail , but , I and you know , it won't happen. Take what you can get , its the American way.
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Old 02-23-2009, 11:26 AM
 
930 posts, read 2,123,913 times
Reputation: 1000
Quote:
Originally Posted by bentlebee View Post
More and more I see people who are able to afford their homes but are becoming so sick of living in these houses who lost value, and they want out or get some help too when others just stop paying and some even have bought bigger homes by putting the homes in one name, than default and buy a bigger house which is way cheaper in the other persons name...The scamming keeps going on and the government in a way is making people hate their homes...Some people have lived for free for over a year before foreclosing and no tears have been seen, just driving around in fancy cars and getting plastic surgery but no mortgage paymetns or HOA payments...it is becoming a discusting issue!
So true!!!

Here is a guy who is asking for a bailout on his second residence, a vacation home in California.

Deficiency ramification for 2nd home - Loan Modification Forum - Loan Safe
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Old 02-24-2009, 08:09 AM
 
25,362 posts, read 37,572,812 times
Reputation: 13281
Quote:
Originally Posted by Beena View Post
So true!!!

Here is a guy who is asking for a bailout on his second residence, a vacation home in California.

Deficiency ramification for 2nd home - Loan Modification Forum - Loan Safe
If that guy is serious and I guess he is, he is just as stupid as many others in my neighborhood.
The other day I spke with a neighbor and she explained she was in small claims court (I was there at the same time for asking a judgment against a previous tenant I had) because she broke her lease at an apartment complex and never paid the rent she still owned and thought they would forgive her since she bought a bankowned and paid now almost $ 400.-less than the rent was. She owed 2 months rent + interest. She settled for a little lower amount and agreed to pay next month, but she told she wasn't gonna pay and she had nothing to go after since her vet disability couldn't be touched...I told her that her nice new car and her house that she ownes can be put a lien against....she claimed that the lawyer wouldn't find out....I asked, where did you get served?..her answer: at my house....well than they know where you live....OMG...how more stupid can people be and how can they think they aren't responsible for the contracts they sign...

So her monthly payment went down from $ 1050.- to $ 650.- and that gives her the right not to pay the last 2 months.....

Until people start to understand that what they sign, they are responsible for, we will not get out of this mess! JMO.
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Old 02-24-2009, 11:01 AM
 
Location: State of Superior
8,578 posts, read 13,479,866 times
Reputation: 2708
Quote:
Originally Posted by bentlebee View Post
If that guy is serious and I guess he is, he is just as stupid as many others in my neighborhood.
The other day I spke with a neighbor and she explained she was in small claims court (I was there at the same time for asking a judgment against a previous tenant I had) because she broke her lease at an apartment complex and never paid the rent she still owned and thought they would forgive her since she bought a bankowned and paid now almost $ 400.-less than the rent was. She owed 2 months rent + interest. She settled for a little lower amount and agreed to pay next month, but she told she wasn't gonna pay and she had nothing to go after since her vet disability couldn't be touched...I told her that her nice new car and her house that she ownes can be put a lien against....she claimed that the lawyer wouldn't find out....I asked, where did you get served?..her answer: at my house....well than they know where you live....OMG...how more stupid can people be and how can they think they aren't responsible for the contracts they sign...

So her monthly payment went down from $ 1050.- to $ 650.- and that gives her the right not to pay the last 2 months.....

Until people start to understand that what they sign, they are responsible for, we will not get out of this mess! JMO.
Its called " debt Forgiveness " , haven't you ever heard of that ?......
usually we don't have things like rent controls , unless their is high inflation.. ( Thats coming also ). ... First and last months advance requirements should solve most property owners problems..... The tighter credit gets , the higher house and apartment rents will become. Always check out your renters background , be fore you rent. Their credit standing also.
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Old 02-25-2009, 02:26 AM
 
1,657 posts, read 2,998,278 times
Reputation: 1818
Quote:
Originally Posted by uber_bwnage View Post
I asked my lender (Countywide) about a loan mod since I am underwater now and they told me since I make payments on time, there is "nothing they can do".

Just another example of those who do what they are suppose to do getting screwed by Fuhrer Obama...
Actually, I think you were screwed the moment you signed the contract with Countrywide-RIPOFF !
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Old 02-25-2009, 09:07 AM
 
Location: State of Superior
8,578 posts, read 13,479,866 times
Reputation: 2708
Quote:
Originally Posted by tkdmom View Post
Actually, I think you were screwed the moment you signed the contract with Countrywide-RIPOFF !
Countrywide was bought out by BOA....some of the last things the Republicans got done before the exited. BOA is on the list of banks that have a very weak pulse , along with CITI. As of today , City will be owned ( 40 per cent ) by the Government... In the Banking world , thats ownership plain and simple. We will know more about BOA by the end of the week.... it ain't over yet Folks..
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Old 02-25-2009, 02:06 PM
 
19 posts, read 34,336 times
Reputation: 27
Quote:
Originally Posted by bentlebee View Post
More and more I see people who are able to afford their homes but are becoming so sick of living in these houses who lost value, and they want out or get some help too when others just stop paying and some even have bought bigger homes by putting the homes in one name, than default and buy a bigger house which is way cheaper in the other persons name...The scamming keeps going on and the government in a way is making people hate their homes...Some people have lived for free for over a year before foreclosing and no tears have been seen, just driving around in fancy cars and getting plastic surgery but no mortgage paymetns or HOA payments...it is becoming a discusting issue!

A lot of us weren't really the irresponsible when we bought our homes and we don't live extravagant lifestyles. I drive a $15,000 vehicles, rarely go out to eat, rarely spend money on anything outside of basic necessities. I have almost no debt outside of my student loans. My reward for doing all this is to pay on a mortgage that won't be worth what I paid for 25 years? I bought a house for the amount I did because I thought it was worth that. Turns out it isn't really even worth half that because the banks artificially inflated the prices. Why would I continue paying them when it almost entirely their fault that the market has done this. If they hadn't done this I would have bought a house for what they were really worth which is today's price.

You can get as angry as you want about it, but the fact is our system will not reward you in any way if you stay in your home. The day the bank forecloses on me I will gain $220,000 in net worth. Realistically I'm gaining around $250,000 because I'm living for free for at least 7 months.
Anyone who cares about their long term finances that bought a house between 04-07(in a bubble market with no money down) should walk away. With the amount of money you save while foreclosing you won't need to finance anything. It will disallow you from purchasing a home for a few years, but the market probably isn't even done bottoming out yet.
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