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You do know all those predatory loans were given out during the bush admin after W took the reigns off of big banks,..
Actually started under Clinton, but you are so right, was stupid of the Bush adminstration for sure. So, uh, uh, uh uh uh uh, what is Obama doing but continuing the insanity by drainining our tax dollars to shore up Freddie and Fannie who still give out insane loans.
Or my personal favorite is the stupid lender that lent a couple making $14,000 a year $750,000 for a box in L.A. Yep. So we need to help morons like this?
Location: Georgia, on the Florida line, right above Tallahassee
10,471 posts, read 15,850,195 times
Reputation: 6438
Quote:
Originally Posted by summers73
What's also interesting about HAMP is that it's allowing banks to deny modifications for those who have substantial equity in their homes. This way, a foreclosure will present a fantastic means of recouping losses from having to rewrite homes. Since I had substantial equity, after the first denial and having to reapply, I learned that I needed to hide all possible assets to prevent another denial. Unfortunately, the banks are very slippery and are using any possible reason to deny those who are not underwater in order to get a quick foreclosure moving along.
Yes there were a lot of bad loans, out there, we all know that. But when i was in real estate for over 15 years, sorry to say this, but here it go's there are some couples out there, that have to have the BIGGEST HOUSE OUT THERE, VACATION HOMES TO BOOT, and they hardly qualified for these homes. Some of these couple buying a second home, knew they would have trouble with the mortgage, but oh yes still went ahead with the deals. Not in all cases, somtimes couples had bad credit problems. Not excusing the bad loans that went out there, there were plenty of them to go around and still happening. But so many times, why is it that People want and have to have, that they cannot afford. So many of these homeowners who lost their homes, were given mortgages based on a inadequate income and a poor credit history, lenders should have known better, this is a disaster in the making. Knew this program would not work.
Location: Georgia, on the Florida line, right above Tallahassee
10,471 posts, read 15,850,195 times
Reputation: 6438
Quote:
Originally Posted by summers73
They (wells fargo) tell you that you have nothing to worry about by falling further and further behind with the diff between the trial payment and the old payment, but forums postings on loansafe mentioned to not do this because you could be a foreclosure risk. Play the game and stay in this time range. Even if HAMP is denied, and you sell your hidden physical commodities to "catch up" within 30 days, you're good to go and your credit is reinstated. Worked fine for me, although my payment savings is only about 30%, or $400/month, but it's permanent. HAMP is easiest if your investor is Freddie Mac, which mine was.
Plus, I get to see if the federal class action against WF will yield me some more money, but this may take years to finish up.
Good to know Obama has helped you so much. He's fightin' to help people just like you, everywhere. God Bless.
George Bush gave me this job, indirectly, but still.
It's in Iraq. BUt hey, it's a job. It pays the bills and my family has a place to sleep at night, food to eat and to be honest, we ain't doing bad.
I remember bitching about something George bush related to a friend of mine over here and he said, "Say what you will, but George Bush is the best thing that ever happened to me and my family."
Physical assets and IRAs cannot be counted in deriving HAMP assets. The former because, well, the bank just don't know about it, and the latter is prohibited by the stipulations of the program. I can withdrawl from the IRA afterwards penalty free because I can claim educational expenses such as room and board (figuring that I would pay myself rent since I own). Owning precious metals helps also. You just can't do a lot of depositing or withdrawing while on HAMP, so you stage your accounts before doing it.
Banks, F&F, and the idiots signing on the dotted lines were allowing up to 45% of homeowners GROSS income to go towards mortgage payments. Thats crazy in itself.
Homeowners Say HAMP Program Left Them Hanging - cbs5.com (http://cbs5.com/consumer/HAMP.trial.loan.2.1651127.html - broken link)
I don't think he can handle the truth.
Quote:
Originally Posted by summers73
b-b-b-b-b-b-b-b-b-b-but San Diego!
Yes, as long as San Diego is doing well, to hell with the rest of the nation.
Epic, classic FAIL.
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