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I mean, aren't they the ones who bought these homes that they couldn't afford? Why do they get pissed off at banks when they are the ones unable to make the payments?
just a thought as I read about how a homeowner has strapped explosives to his house that is about to be foreclosed on.
Do more research and talk to some people in this situation, banks are not willing to work with homeowners that want to refinace their homes so that they can afford to go ahead and pay off the home. Yes, some people made the mistake of buying a home through a bad type of loan but others are in a bad situation because either one or both bread winners have lost their job through no fault of their own, the world is not black and white and every situation is different.
Trust me, when businesses fail we all should think about it.
This was not poor management.
Just the "fundamental change" we were promised.
No, it's poor management. If you can't pay the bills in tough times, you made a bad decision. You can't count on others to save the day for you, you have to be prepared for what might lie ahead. That right there is a big problem in this country, people don't think there situation completely through then just throw their hands up when the inevitable happens. I do know that things happen, but people need to think more thoroughly about their decisions.
No, it's poor management. If you can't pay the bills in tough times, you made a bad decision. You can't count on others to save the day for you, you have to be prepared for what might lie ahead. That right there is a big problem in this country, people don't think there situation completely through then just throw their hands up when the inevitable happens. I do know that things happen, but people need to think more thoroughly about their decisions.
"I did buy property that had a mortgage payment more than my salary could afford. Now I am retired, so my income is even less."
Yes you are to blame, nobody else! You basically started a business of renting and it was succesful for a while and you enjoyed it and when the "business" wasn't succesful anymore you started to blame others, but you are to blame for not selling on time and not the bank for not refi or allowing a short sale, etc.
It was an investment property and just as any other business that is failing you have to face the consequences....
You decided to do a quit claim deed and give the deed back which has "clouded" the title in your case and the bank didn't want to deal with it in that manor....it is not like you can decide to do whatever you want!
When you have a mortgage you are not allowed to change the deed in any way without lenders approval and you did....nobody else, just read the print of your mortgage! Stop whining!
He's not whining. You are. He took a risk, it paid off for many years, and in the end fell through because of the economy and a greedy bank.
People get ahead by taking risks, sometimes they work, sometimes they don't. It seems to me this guy did everything he could to make things right.
So stop whining.
And as far as short sales and banks go, its all true. Very hard to get approval. We're attempting to buy a house in Orange County Ca., but its probably not gonna happen. Our 3rd attempt.
The banks would rather foreclose. Greed. Pure and simple.
We bought a 'Multi-Family-Residence' [a single building with multiple apartments] in an area near to a Navy base where we knew that I would likely be stationed many times.
We planned on the rental income helping us to carry the mortgage payments.
For us this plan worked very well for 19 years.
*.................Edited for length....................*
I am mad at that bank, for refusing to accept a buyer. They refused to take cash in exchange for their lien.
I am mad at that bank for refusing to acknowledge my bankruptcy.
I am mad that at bank for suing me in their attempt to double their money.
I am mad that at bank for continuing to pester me now.
I'm going to take the position that while you can be angry at a lot of things the bank did, your due diligence was lacking thusly:
Consider the financial pendulum swinging in ever quickening fashion, there have been economic downturns basicly every decade for the last few.
Perhaps you entered into this with a smaller profit margin thn you should have considered for the longer term. Your occupancy rate to mortgage payment ratio was just too tight.
You needed to anticipate that while "things worked great for 19 years" at least once or twice during that 19 year period you needed to forego the new car or some other thing and take a whack of your rental return to pay down that mortgage to renegotiate the interest rate.
The other item might be that while real estate housing was booming and casinos were thriving, you probably considered at least once; "should we sell now while we're riding a crest" and you made the choice to forego taking your profit at that time. It turned out you chose badly, it happens but it's not the banks fault.
My surmisal is based on your "exposure" limit you set for yourself. In all things financial we need to consider the worse case scenario and plan accordingly. Your original considerations to purchase should have included a possible occupancy rate downturn and still enable you to carry the mortgage payments.
The banks behaviour is inexcusable, but in all things financial we are exhorted from a very young age to "trust no one but ourselves when it comes to business". I'm betting your upbringing was no different.
To those of you who lay the blame at FBKs' feet, I am curious if you think that the bank would have refused to allow a sale to one of the three buyers if bailout money had not been involved?
Trust me, when businesses fail we all should think about it.
This was not poor management.
Just the "fundamental change" we were promised.
Wake up "no poor management"....what part of doing business don't you understand?
A good business has money to survive in bad times and not just be able to stay alive in good times....this person basically had no money for any disaster and was "lucky" to stay in business for such a long time...this is called "bad business", and the OP is to be blamed for the situation.
We all know that banks are not very flexible and easy to work with but the OP wouldn't have to deal with that if she entered into a business deal that she could afford in the good and bad times.
Give the guy a break. Firstly, he is taking full responsibility which is something that is rare these days. He had a few buyers to take the property off his hands and the bankers won't let him. If everything he says is true, I blame the banks here.
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