Th dumbing down of mortgage holders has begun

[ArcticBoy]

The dumbing down of mortgage holders has begun

A friend of mine has an employee who has not been able to pay his mortgage since his rate has adjusted up. After six months he moved out and Countrywide has his home. Yesterday Countrywide calls him telling him they want his family back in their house. Their proposal...lender will eliminate last 6 months of payments due, restore credit rating due to no payments, reduce interest to 3% for 5 years, (will negotiate later, look out). So I call up wondering if they can do the same for me. "Oh mister G. you have been a excellent customer and you don't appear to need the help". I said I don't want only the low interest rate that should be much easier than what you did for the other family. Apparently this is not an option for good customers so I said then I need to become a bad customer then. No no that's not what we want either. So what's the new lesson for today??

 

[Beels]

Punished for staying within your means and paying your bills on time...

 

[anziconda]

Good post...I was wondering the same. I have a 7% fixed and have been making my mortgage payments on time. I have been thinking about contacting my lender and inquiring about lowering my interest rate. After reading your post, I think I already know the answer. People are being rewarded for being ****ups!!! Where is the help to the people who haven't caused this ****?!? I hope the stock market and the economy go to **** totally. I'm tired of the way this country is being ran right now...time to wipe the slate clean and start over imo!!!!!!

 

[milehighassassin]

I don't believe they restored his credit, I can see the rest of the offer.

I honestly think there is nothing wrong with this, It is better for the banks and the borrower. The bank is going to take a loss on this house no matter what, they are FAR ahead to try and keep the person in the house. The saying goes "Something is better than nothing".

Yes it does suck for those that played by the rules, but life is not fair. Some people get breaks and some people don't.

What is really bad is when someone is RENTING a house. The owner of the house goes into foreclosure and the renters get thrown out with about 3 hours notice. Not only do they get thrown out, but many times they also get an eviction put onto their credit history. So they paid their rent on time, every month. The schmuck owner doesn't use that money to pay the mortgage and the renter gets screwed.

I don't understand that one, I would think the banks would simply tell the renters, that you can stay but you now need to make your rent payments to us, and the house is on the market, we will give you a 60 day notice if it sells.

 

[POLZIN]

Good post...I was wondering the same. I have a 7% fixed and have been making my mortgage payments on time. I have been thinking about contacting my lender and inquiring about lowering my interest rate. After reading your post, I think I already know the answer. People are being rewarded for being ****ups!!! Where is the help to the people who haven't caused this ****?!? I hope the stock market and the economy go to **** totally. I'm tired of the way this country is being ran right now...time to wipe the slate clean and start over imo!!!!!!

I totally agree ! The mortage companies should have negotiated before this whole mess even got started. That kind of forward thinking could have created a win/ win for everyone especially those of us who actually pay there bills and taxes !My business has had our toughest year ever and obviously this directly affects my personal income so I cut back to met my obligations. Where is my reward ? Its no wonder this country is declining at such a rapid rate ! Rewarding stupidity its the American way !

 

[JDKZRT]

IMO --- The "unfairness" of your bail out plan is staggering.
If I had a mortgage with up to date payments --- I would sure be looking at throwing the front door keys on my bank managers desk and seeing what shakes out.
Every congressman/woman that supported that bail out as written should be kicked out too.... whether Dem or Rep.
I have a feeling you guys ain't seen nothing yet. Have you noticed every time Paulson or Bernekie (sp) open their mouths the dow loses 10%.

JMO-- flame away

 

[POLZIN]

IMO ---
Every congressman/woman that supported that bail out as written should be kicked out too.... whether Dem or Rep.


This country is about to give one of those chitheads a promotion!

 

[Sidehiller]

I don't believe they restored his credit, I can see the rest of the offer.

I honestly think there is nothing wrong with this, It is better for the banks and the borrower. The bank is going to take a loss on this house no matter what, they are FAR ahead to try and keep the person in the house. The saying goes "Something is better than nothing".

Yes it does suck for those that played by the rules, but life is not fair. Some people get breaks and some people don't.

What is really bad is when someone is RENTING a house. The owner of the house goes into foreclosure and the renters get thrown out with about 3 hours notice. Not only do they get thrown out, but many times they also get an eviction put onto their credit history. So they paid their rent on time, every month. The schmuck owner doesn't use that money to pay the mortgage and the renter gets screwed.

I don't understand that one, I would think the banks would simply tell the renters, that you can stay but you now need to make your rent payments to us, and the house is on the market, we will give you a 60 day notice if it sells.

I've read all your liberal bs and made no comment, but this is too much! You want to give houses back to people who were to stupid to do things the right way? Screw it then. I'm quitting my job and will move in with you. I want 3 meals a day, I want a new sled, a new truck. Hell, maybe I'll sleep with your wife! If we're going communist, let's share everything!
I'm so tired of this BS. Maybe if we let a few worthless bastards be homeless and foodless the rest would have a reason to work.

 

[sandrailboy]

my only question is when they bought the house (lets say he could afford a 200k house but the bank said with this deal you can pay for a 400k house intrest rate went threw the roof along with the payment lost the house) what i want to know is now that the bottom has droped out of the market will they refinance that same 400k house at the deminished value of lets say its 295k ??? because we all know that our homes that we bought a few years ago aren't worth what we paid.....just a thought.....

 

[Himark]

Yep you fit into the 94% of people that are keeping there payments up. So no help for you for being a good customer. Seems kinda wrong to me too.

 

[mad1818]

Sandrailboy,
That's the plan if McCain gets in. Did you hear him say it at the last debate?
I cannot vote for Osama. And I'm starting to feel the same way about McCain.

 

[Powderhound]

my only question is when they bought the house (lets say he could afford a 200k house but the bank said with this deal you can pay for a 400k house intrest rate went threw the roof along with the payment lost the house) what i want to know is now that the bottom has droped out of the market will they refinance that same 400k house at the deminished value of lets say its 295k ??? because we all know that our homes that we bought a few years ago aren't worth what we paid.....just a thought.....

That is one of the biggest problems that people will not look at. I have been a Mortgage Broker for 10 years and I have never done a subprime loan, or any other negative am loan of any kind. They were from the devil himself. It does not matter what the appraisal of the home is you have to pay the 250k that you borrowed even if the house if worth 500K I am sooo sick of people griping about how their rate went up. Of course itwent up IT WAS ADJUSTABLE. They If you borrowed 250k and your interest rate adjusted up 3% your payment is going up 485.00 roughly. If 485 dolllars throws you into bankruptcy and forclosure then you have been living way too tight and spending every dollar you make. People bought homes that they could only afford on the lowest rate and never looked past 30 days in the future. They got burnt sorry life sucks. Homes are investments if you made the wrong choice suffer the consequenses. !!!!!! No one says you cant rent a home until you are back on your feet. Home ownership is not a right it is a privialige.....


Okay Rant over LET IT SNOW !!!!

 

[Work - Never]

That is one of the biggest problems that people will not look at. I have been a Mortgage Broker for 10 years and I have never done a subprime loan, or any other negative am loan of any kind. They were from the devil himself. It does not matter what the appraisal of the home is you have to pay the 250k that you borrowed even if the house if worth 500K I am sooo sick of people griping about how their rate went up. Of course itwent up IT WAS ADJUSTABLE. They If you borrowed 250k and your interest rate adjusted up 3% your payment is going up 485.00 roughly. If 485 dolllars throws you into bankruptcy and forclosure then you have been living way too tight and spending every dollar you make. People bought homes that they could only afford on the lowest rate and never looked past 30 days in the future. They got burnt sorry life sucks. Homes are investments if you made the wrong choice suffer the consequenses. !!!!!! No one says you cant rent a home until you are back on your feet. Home ownership is not a right it is a privialige.....


Okay Rant over LET IT SNOW !!!!

The DOW tanked today while Pres. Bush was speaking. He threw out two names that make the American people cringe Bernekie and Paulson. We have lost all confidence in either of these guys. In my opinion they need to be replaced TODAY with someone like Mitt Romney who has no ties to Washington, but has proven to be capable of managing a problem of this magnitude.

Powder, I have owned a mortgage company for 25 years. I have never done a sub prime loan, a negative am loan, or most of the adjustable loans that currently have people in trouble. I have never allowed my LO to use these programs. I have taken a lot of heat in the past 10 years for taking this stand.

 

[Powderhound]

The DOW tanked today while Pres. Bush was speaking. He threw out two names that make the American people cringe Bernekie and Paulson. We have lost all confidence in either of these guys. In my opinion they need to be replaced TODAY with someone like Mitt Romney who has no ties to Washington, but has proven to be capable of managing a problem of this magnitude.

Powder, I have owned a mortgage company for 25 years. I have never done a sub prime loan, a negative am loan, or most of the adjustable loans that currently have people in trouble. I have never allowed my LO to use these programs. I have taken a lot of heat in the past 10 years for taking this stand.

For you my friend

 

[Work - Never]

For you my friend

Back to you! I thought I was alone in the world.

 

[anziconda]

I've read all your liberal bs and made no comment, but this is too much! You want to give houses back to people who were to stupid to do things the right way? Screw it then. I'm quitting my job and will move in with you. I want 3 meals a day, I want a new sled, a new truck. Hell, maybe I'll sleep with your wife! If we're going communist, let's share everything!
I'm so tired of this BS. Maybe if we let a few worthless bastards be homeless and foodless the rest would have a reason to work.

I agree... these liberal, bleeding heart mutha****ers is the root of all this evil in the first place. Like the above post says, Maybe I should take my house keys into my lender and sit there and cry and wait for my handout!!!
I've always been a hard worker and pulled my own weight, but the longer I do, I wonder why, when we live in a country of lazy ****ing whiners that want the strong people to wipe their asses for them!!!!! This is why we are in the situation we are in............BUCK UP AND TAKE CARE OF YOURSELF!!!!

 

[TNTCOPP]

Good post...I was wondering the same. I have a 7% fixed and have been making my mortgage payments on time. I have been thinking about contacting my lender and inquiring about lowering my interest rate. After reading your post, I think I already know the answer. People are being rewarded for being ****ups!!! Where is the help to the people who haven't caused this ****?!? I hope the stock market and the economy go to **** totally. I'm tired of the way this country is being ran right now...time to wipe the slate clean and start over imo!!!!!!

If you're at 7% - you would be crazy not to re-fi beings 5.875 is out there for a 30 year fixed. 5.75 was there for a short time yesterday.
My .02

 

[ruffryder]

I've read all your liberal bs and made no comment, but this is too much! You want to give houses back to people who were to stupid to do things the right way? Screw it then. I'm quitting my job and will move in with you. I want 3 meals a day, I want a new sled, a new truck. Hell, maybe I'll sleep with your wife! If we're going communist, let's share everything!
I'm so tired of this BS. Maybe if we let a few worthless bastards be homeless and foodless the rest would have a reason to work.

Lose the feel good argument..... The statement means the best way to keep the housing market up, is to reduce foreclosures. Easiest way to keep foreclosures low is to keep the people in the homes....

You are reading different motives into this...... he doesn't want to do it to feel good, though you don't want to do it to feel good...

There is a problem, and inaction will make it worse..... Your future and mine are dependent upon the ability for this economy to keep going. It might go down a little or a lot, but if it crashes, life will not be good. The average American is not as self sufficient as we used to be....

 

[Nate]

I got 5.25% 2 weeks ago and close the 28th of this month. I dont plan on paying a single payment now

 

[sandrailboy]

i did see the debate and hurd what McCain said thats why i brought it up then again i agree with what Palin said we need to not live above our means....i also think if you are one of the people that got one of the arm type loans and it went bad to bad for you....and yes i think not only the big wigs that came up with the idea of these loans but the lenders should be held responsible toss there buts in prison for a wile (and i don't mean club fed).but we all know thats not going to happen....