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Tristan....you mention self employed. What did you do? And what line of work are you moving to and why?
I'd rather not say. it's not bad and all..but I'd just rather not say . WE do make a good living..and I haven't really worked as much in my field in hte past 2 years due to having my son..
I will be taking a full time job adminstratively once I relocate.. because as self employed individuals.. while I make more take home pay.. I pay twice as much taxes AND ..and well health insurance I won't even get into.
But.. I will strive for independent wealth by taking the money we make and buying assets.. and being smarter with the money we make.
I don't get how you can talk your lender into writing off part of a loan and lowering the interest rate? Is there something I'm missing here? I pay my mortage on time each month. Where's my reward for doing that?
I think that in order for that to happen you must have a very hight, like 800 point creditscore. My bank told me to kiss off when I asked them...
I think that in order for that to happen you must have a very hight, like 800 point creditscore. My bank told me to kiss off when I asked them...
Well.. here's the deal.
Banks like Countrywide were saying they were working out things like that. Hope NOw announced awhile back a group of banks that were also participating. ANd there is that bill that made it's way thruogh the house and is , I believe, now through the Senate.. just waiting to see what the Prez does that if the lenders write the mortgage down to something like 80% of the homes current value and the homeowner can afford the new payments at a fixed rate.. then the modification will happen with the FHA securing the mortgage. The amount written off is forgiven. BUT the government gets a stake in your now 20% equity.. I believe 100% of it if you sell within the first year.. and then there is a scale.
It hasn't passed yet though.. they say October it will.. although too late for me.
Most of the "WORKOUTS" I believe are just BS PR ploys by these lenders to make them seem good to the public and the gov't. they throw out a few bones.. and ifyou are one of the lucky ones to catch it your saved. Just enough for hte feds to say.. see th ey are working with homeowners.. so lets bail them out.. when really they are not and more poeple than not are going into foreclosure.
I do believe that I would have had a much better shot at getting the mortgage company to just modify my loan to the fixed interest rate had I been a subprime mortgager with one of those exotic loans.. but as it was I was not and so they are not doing anything for me beyond the normal.. they offereed forebearance.. a joke because it doesn't solve the problem of the adjusting interest..
Sorry but, what you support is nothing more than an old fashion Con - a scam.
Elvicks scheme sent him to jail. Just as Schiffs tax scheme sent him to jail.
With all due respect for your opinion . But as usual what you are talking about is like apples ,oranges and grapes There all fruit and that is all they have in common. I have been in front of many Judges with these Ucc-1 filings. and i am still here. If the bank attorneys that have so far challanged these filing is any example of whats out there let me tell you they have helped to improve the process, rather the distroy it. You need to read all the articles on Roger Elvick, then read my post. night and day. I would think you would have trouble believing i have a process using our own laws to get you out of paying ANY traffic ticket. I guess that you would call that a scam, and attach it to actions of Roger Elvick too? am i anti -government ?Well just let me say this , I don't sleep with any Cops Judges, Lawyers and I don't date politions so use your own Judgement!!!
Sorry but, what you support is nothing more than an old fashion Con - a scam.
Elvicks scheme sent him to jail. Just as Schiffs tax scheme sent him to jail.
Question being the expert on scams how about this. Did you know that the Banks are actually Just collection agents for our own goverment. Or that your house was all ready paid for thru a gov. corporation called Fanny mae & Uncle Mack, so the next time some one asks the question HOW CAN THEY DO IT? , (reduce the loan amount) the answer is very simple it's only thge paper that controls your life , the amount doesn't matter. Look at how our government changes the interest rate, things get too good the interest rate goes up,it take a down turn ,what happens ? the first thing to change is the interest rate (CONTROL) People made too much money buy & selling their homes so what did our government do ! thru the banks (Gov. controled banks) they played with all of our lives to get us back in line (control ) what you thought you had , what profit you paid taxes on is now GONE who is going to bennifit from all this havick . the banks ( the gov. )because they lost nothing , it's only paper. they didn't loose any gold half of the house didn't melt away it just represents a different number on a piece of PAPER. and life goes on to another day. maybe not as bright a day , but a new day still.
I would like to know the same thing. My house is definitely worth less than what I paid for it. I have no problem making my mortgage payments but maybe I should just stop so I can receive these same concessions.
This is not an easy decision to make. It affects you on so many levels, it takes life away from you. I don't want to walk away. I would love to keep my house but I don't know what to do. If you are willing to put yourself and family through this emotional ordeal to save money then you should. But I don't recommend it to anyone. I wish I were in your situation where I could pay my mortgage and keep my house.
I would never wish this on anyone, never in a million years. You took a risk and lost. Some folks we worked with in CA took the same risky loans and managed to flip them and make $$$. Good for them, bad for those who were stuck. There were many ruthless mortgage brokers and assessors out there and have given the decent ones bad names. I am glad to see some of these bad ones going to court. The woman in Nevada with her "strawman" dealings made millions. I hope she goes to jail for a loooooong time.
We got tricked into an ARM when we tried to refinance to lower our rates. The broker knew what he was getting us into and when we would ask questions he would somehow get us off track. We trusted him and because of this loan now we are in danger of loosing our home because we can't make the payments. I would love to go after this man. Is there a legal way to get him?
This is not an easy decision to make. It affects you on so many levels, it takes life away from you. I don't want to walk away. I would love to keep my house but I don't know what to do. If you are willing to put yourself and family through this emotional ordeal to save money then you should. But I don't recommend it to anyone. I wish I were in your situation where I could pay my mortgage and keep my house.
This person was just being sarcastic.. with that hearltess statement. People like them think that others are gettnig "bigger cookies" than they are.. if you know what I mean.. What they don't know is that most of us would rather NOT be in this position etc. they think we all did thsi on purpose to get some sort of FREE ride.. meanwhile..there is nothing free about any solution!!
We got tricked into an ARM when we tried to refinance to lower our rates. The broker knew what he was getting us into and when we would ask questions he would somehow get us off track. We trusted him and because of this loan now we are in danger of loosing our home because we can't make the payments. I would love to go after this man. Is there a legal way to get him?
You would have no problem in proving "damages", but you would have difficulty proving "fraud" or "gross negligence". This would involve DOCUMENTING" false statements by the lender and PROVING you were totally ignorant or mentally incapacitated when you signed the papers. When you signed the loan documents you assumed full responsibility for your lack of education or financial expertise. I see no "legal way to get him".
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What they don't know is that most of us would rather NOT be in this position etc. they think we all did thsi on purpose to get some sort of FREE ride.. meanwhile..there is nothing free about any solution!!
