Quote:
Originally Posted by Momma_bear
Nobody deserves a mortgage reduction. Those that get one should consider themselves lucky. If you got yourself in trouble you likely will lose your house. That is unfortunate, but it is the way it should be.
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Not EVERYONE who is looking for a mod. got themselves in trouble or did something they shouldn't have done....
If you want me to re-hash our story, I will......
We built a home in 2007, with every intention of living there for a very,very long time, at least until our children graduated (which is in about 10 years).... we built a home well within our means.
My husband's company started to reorganize soon after our move,much to everyone's surprise as they had just built a multi-million dollar R&D center.
My husband "survived" the reorg only to find out a few months later, they were closing their doors-completely.
After searching for a job, unfortunately, he was not able to find one in the area in which we were currently living. He was however, offered a great opportunity in another state, great salary,benefits,etc.... so the choice was to go with no job or take a new job, elsewhere.
So, he took the job. This is also a great move for his career as well.
My children & I stayed in our home while it was on the market for 6 months, while my husband moved to our new area and lived in corporate housing. In those 6 months, we watched the real estate in our area just completely take that spiral downwards.
We had NO showings,NO calls, no nothing in those 6 months. When it became obvious that nothing was going to happen soon, we decided that we should all make the move to our new area and we were able to rent our home to a nice family.
Unfortunately, the family could not afford what we would have liked in rent, so we rented at a loss and continued to pay the difference while also paying rent here in our new area.
Long story short...... our tenants were in our home for a year, the house remained on the market for most of that time with still very little activity. We continued to watch forclosures pop up all over our area in which our home is located. We continued to watch our house value drop and drop and drop.
...... tried to get a modification because of the strain of paying for 2 homes, were told that because we were current on our mortgage payments and because of my husband's salary, we would not qualify.
Our tenants lived in our home for a year, have since had to also relo due to a job loss, so now EIGHTEEN months later, we are STILL paying for our vacant home, the banks STILL won't talk to us about a modification and now we have a potential contract but they won't talk to us about possibly qualifying for a short sale (our home has now been reduced to $200K below what we paid for it because of all of the foreclosures in the area) again,because we are current on our payments.
SO-let me ask you this.... do you think that we should be punished because of what has happened to the housing market? We certainly haven't done anything wrong. Do you know how easy it is for people to just walk away from their homes right now because the banks can't keep up with all the people who are doing it? for EIGHTEEN months , we have remained current on our mortage for our vacant home,our utilities,our HOA and property taxes. How long would YOU be able to continue paying for 2 homes and all of the other bills that come with owning a home and having children & other responsibilities?
We have struggled with all of this on the morality side and do not for one minute agree with those that have walked away, but to say that no one deserves a modification is quite selfish.
Let's hope that you or your spouse or significant other don't lose your job one day and you can't pay your mortgage, or let's hope you aren't ever in our position...........
Maybe you are a wealthy individual who could continue to pay for 2 homes with no end in sight, but I will tell you that we are not.
We have drained almost our entire savings trying to keep up with both paymens and because we are current, we are being punished.
I think that there are very valid reasons in which why people would seek a modification and it is wrong to imply that everyone who has tried to seek one or will try in the future, has done something wrong.
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