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Just curious, will the stimulus housing refinance options help your situation?
Nope.
Tried all the different ways.
House has lost about $60,000 in 'value'(at least from the time of the 2nd mortgage,although somehow the actual dollar value amount for the house according to the loan documents is unknown...a little hinky)...
We owe $30,000 more than the current appraisal...so no refi possible.
We have lost income in the last year and my hours are being reduced again(chose a profession that has now become a money loser,I make less now than when I first started 13 or so years back)...
Second mortgage just approved a loan modification reducing the monthly payment just over $100..
We are swimming in poop creek with no paddle OR boat....
House has lost about $60,000 in 'value'(at least from the time of the 2nd mortgage,although somehow the actual dollar value amount for the house according to the loan documents is unknown...a little hinky)...
We owe $30,000 more than the current appraisal...so no refi possible.
We have lost income in the last year and my hours are being reduced again(chose a profession that has now become a money loser,I make less now than when I first started 13 or so years back)...
Second mortgage just approved a loan modification reducing the monthly payment just over $100..
We are swimming in poop creek with no paddle OR boat....
But come on in,the water is fine.
oz..do what you need to to survive. I have read numerous stories like yours where all this "consumer/homeowner" help is not really helping many. The White House and MSM put a nice spin on it..helping the homeowners but a reduction of $100 is not really much help, is it ?
With so many people out of jobs (close to 20% shadowstats) and so many foreclosures, having a spotless credit rating is not so important these days. The bar is dropping and sooner or later the banks will have to lower that bar or lend to very few "qualified" people.
Not to turn this into a financial advisor thread, but missing a payment of any kind, as you know, is not preferrable. Have you:
Increased the deductible on your car insurance? (lower payment usually)
Cancelled or reduced your cable or satellite TV service?
Reduced the calling plan on your cell phone?
Bought groceries instead of eating out?
Turn off electrical items when your not home? (Like your PC)
Combined errands with other car trips?
Minimum payments on credit cards are usually pretty reasonable (?). Have you done everything you can to make sure you have the funds to keep up with your obligations? (Rhetorical questions...no answers needed).
Oh I've done everything. I just cancelled cable, my car payment is the lowest in can be, my car insurance is the lowest it can be, I don't even remember the last time I ate out or went to a bar, my calling plan is already the lowest on my cell phone. It's just a matter that I simply do not make enough money to pay all my bills & still have money left over for gas, groceries, fun money. I'll get some relief in summer when my consolidation of bills will finally be paid off after almost 3 years, so that'll be an extra $166./month. In the meantime, I'm trying to start up a small petsitting business on the side but w/no money to start up a website, it's hard to get the word out. I'm going to get business cards soon though. All my bills are normal bills, you know electric, internet, car, school loan, phone. It's a rat race & it sucks.
oz..do what you need to to survive. I have read numerous stories like yours where all this "consumer/homeowner" help is not really helping many. The White House and MSM put a nice spin on it..helping the homeowners but a reduction of $100 is not really much help, is it ?
With so many people out of jobs (close to 20% shadowstats) and so many foreclosures, having a spotless credit rating is not so important these days. The bar is dropping and sooner or later the banks will have to lower that bar or lend to very few "qualified" people.
We will don't you worry,however we still want to honor our debts if at all possible....but in the present state of affairs cannot see that happening.
My wife works in a construction related business and she related to me how just a few weeks ago her co-workers were wondering when they will be let go...
We have a plan and God willing, it will work out for us.
More wining from the liberals, boo hoo hoo, they loaned me money and now they want paid, with a profit.. boo hoo hoo
What, people didnt think their credit card bills would go up to compensate for bad loans?
Doubling and tripling interest rates creates "profit," alright. The kind of profit that's called "usury." Check your Bible. I believe there's something in there about usury.
Credit card companies have turned into predatory lenders. And no, they shouldn't get to ride roughshod over everybody just because they can. And they can boo hoo hoo all they want.
I understand the arguments from personal responsibility and paying off your debts.
At the same time, our society is caught in this economic paradigm of rampant consumerism and we can only push debt financing (both consumerism and government) so far. We the people cannot even afford our own government. Years ago, the government used to finance deficit spending through the American people since we had savings to finance such actions. Currently, we have to finance our insolvent government by going overseas and borrowing from countries like China and Japan.
I think this is a right step in a much more bigger problem that needs to be addressed.
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