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Old 11-04-2009, 04:22 PM
 
328 posts, read 775,886 times
Reputation: 195

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Why should the government help you because you are underwater in your mortgage? They are people who do not have anything to eat and do not have anywhere to live. Thank God for your blessings. Life can change for the worse in a flash.

I do not understand why people envy those who are receiving loan modifications. Who wants to be in that situation? I like being able to pay my bills. I've been broke and it is not fun. Have you ever had to worry about food and shelter? The economy will eventually reach some level of normalcy and you will be fine. Many will not.
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Old 11-04-2009, 08:36 PM
 
Location: SoCal desert
8,095 posts, read 12,740,520 times
Reputation: 14832
Quote:
Originally Posted by NateE View Post
There are two types of people in the world: providers and dependents. I know which one I am, do you?
INdependent.
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Old 11-06-2009, 12:26 PM
 
Location: Tucson
42,837 posts, read 77,111,830 times
Reputation: 22814
Quote:
Originally Posted by homeowner35 View Post
I do not understand why people envy those who are receiving loan modifications. Who wants to be in that situation? I like being able to pay my bills. I've been broke and it is not fun. Have you ever had to worry about food and shelter? The economy will eventually reach some level of normalcy and you will be fine. Many will not.
I'm not sure what these "modifications" are. If they're getting a 40-year mortgage, let's say, instead of 30, so that their current burden is reduced, that's fine and dandy with me. BUT if somebody gets his outstanding balance cut somehow, no, I'm not OK with that at all! My money went down the drain just like everybody else's who bought a house in the last few years and being able to pay doesn't make any difference as far as fairness goes!
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Old 11-06-2009, 04:05 PM
 
328 posts, read 775,886 times
Reputation: 195
Quote:
Originally Posted by sierraAZ View Post
I'm not sure what these "modifications" are. If they're getting a 40-year mortgage, let's say, instead of 30, so that their current burden is reduced, that's fine and dandy with me. BUT if somebody gets his outstanding balance cut somehow, no, I'm not OK with that at all! My money went down the drain just like everybody else's who bought a house in the last few years and being able to pay doesn't make any difference as far as fairness goes!

I am disgusted about what has happened. It is not fair but most things aren't. It is a terrible time for most of us. 10.2% unemployment.
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Old 11-06-2009, 05:33 PM
 
3,460 posts, read 4,790,435 times
Reputation: 6677
Quote:
Originally Posted by homeowner35 View Post
It is a terrible time for most of us. 10.2% unemployment.
By the time you factor in all the workers who would like a full time job but can't find one (pretty much everyone who works at places like Wal-Mart, Target, Home Depot, etc.), the number goes up to 17.5%

If you factor in the people who were forced to retire a few years earlier than they would have liked, we're probably looking at a "real" unemployment rate of 20%+
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Old 11-07-2009, 02:01 PM
 
Location: CA
1,544 posts, read 1,842,972 times
Reputation: 1561
And, unemployment has 'nothing' to do with mortgage problems, right? (eye roll)

Bank (mortgage) losses -EXIST- (we all know it - except them) -- but the banks don't want to (refuse to!) acknowledge those losses (for their stock holders sake) - because they will lose money (heaven forbid!). The banks (et al) will be the LAST to lose the LAST thin dime - and the first to make it back. (Clue - look around - what names are on the last standing fancy buildings in your town?)

Remember when -- licensed mortgage 'professionals' called 12 times a day -- selling their wares.... well, if my licensed professional contractor friend says you can remove a wall, but then your house falls down -- guess who is responsible? The 'stupid' homeowner..... (NOT!)

And, unemployment has 'nothing' to do with mortgage problems, right? (eye roll) And, unemployment numbers include the unemployed self-employed? (NOT) (Oh, and, they don't get unemployment either!)
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Old 11-07-2009, 04:40 PM
 
Location: State of Superior
8,575 posts, read 13,455,740 times
Reputation: 2707
Again , ..its all about wealth, money. Those who have it , and those who do not....In tough times , like the Great Depression , those few that HAD IT , made out big time , buying what ever they wanted for pennies on the dollar. A lot of giant companies and investors , are around today , that got their start during this time peroid.
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Old 11-08-2009, 09:04 AM
 
4,010 posts, read 8,705,725 times
Reputation: 1580
Quote:
Originally Posted by sierraAZ View Post
I'm not sure what these "modifications" are. If they're getting a 40-year mortgage, let's say, instead of 30, so that their current burden is reduced, that's fine and dandy with me. ....
It doesn't mean this because 40 year mortgages mathematically don't reduce the burden. What is happening is the balances are being reduced and the taxpayers are eating the difference.
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Old 11-08-2009, 09:36 AM
 
975 posts, read 1,543,198 times
Reputation: 523
Quote:
Originally Posted by lumbollo View Post
It doesn't mean this because 40 year mortgages mathematically don't reduce the burden. What is happening is the balances are being reduced and the taxpayers are eating the difference.
I don't believe you. Can you prove that?

I know of several people personally who have tried and tried to get a mod and never has the concept of reducing principle been brought up. I also know someone who runs a very large loan mod company and while they do get mods done they have never gotten principle reduced. In fact, the mods are a rip off. All they're doing is reducing the payment and/or interest for a few years and then tacking everything on to the back end so these people getting mods are ultimately getting screwed.
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Old 11-08-2009, 10:07 AM
 
4,010 posts, read 8,705,725 times
Reputation: 1580
Quote:
Originally Posted by Traderx View Post
I don't believe you. Can you prove that?
It goes on all the time. Look at the last sentence of this article. Guess what Wachovia (Wells) is going to do with this loss? Unfortunately for the tax payer, it would seem she won't be paying off any more equity anytime soon due to the foolish 40 year mortgage.

Wachovia Attorney Loan Modification Success Story California
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