Mortgage Modifications?

[Mi Bankruptcy]

Wow, I am so glad someone can sit on a stool and judge. I put down 3k for my home. I used FHA. I decided not to take the ADJ rate mortgage for fear I wouldn't be able to pay for my home later on. If it was not for my father and his real estate investments and my interest in real estate I may have fallen for the low adjustable rate and suffered increased rates and higher house payments. My education taught me.. Take the higher fixed interest rate, pay the higher house payment. I bought a home that should have not passed the FHA inspection. However, I knew how to play the game and asked the sleazy broker if he could recommend any home appraisers. A broker that I am sure took advantage of people. I was well aware of what my home was worth. I have my taxes & insurance escrowed. I have never been late for a house payment( automatically deducted on the 15th).

Now, while you sit and judge not everyone has had the privilege of receiving an education on buying a home. People don't know how to look at the local market to tell if their home is over priced or fortunately for me under priced.
I once judged what kind of idiot would allow themselves to be 20-30k in credit card debt..My being the idiot or not receiving the education about effects of credit slowly through time;I fell into the credit trap. Credit and health costs, some my fault, some not.

Why don't you try looking at the whole picture and showing some compassion. No one wants to lose their home, no one want's bankruptcy. No one buys a home so they can lose it. Surely you can understand this. Is life fair to people paying on time that someone would receive a write down on their principle. NO.. however, would you prefer to see a family homeless or would you prefer to pay more out of your paycheck because they end up on public assistance because a domino effect occurs?

I'm not in bankruptcy, not at all. You have to understand how people like us are angry about paying for everyone else's mistakes. Of course you are human and in hindsight made the wrong choices, but it is still very frustrating to keep getting kicked in the ass when we didn't make those choices. We didn't take the same risks, we were careful and still ended up losing half the value of our home because of what others did. Because we didn't take risks and didn't screw up, we have to continue to pay a higher interest rate on an upside down home, while people who did the wrong thing get a lower rate.

IMO, if they are going to write down anyone's principal they need to do it for every mortgage borrower in the country. We put 20% down and are upside down on our home, yet someone who put down nothing could possibly get a principal writedown and end up with equity? That is so wrong.

[hereforinfo]

NO.. however, would you prefer to see a family homeless or would you prefer to pay more out of your paycheck because they end up on public assistance because a domino effect occurs?

I have no problem with modifications that are FAIR and help people who want to help themselves. Extending out mortgages to 40 years, lowering ridiculous interest rates, etc. But writing down the principal doesn't make sense. If you can't afford the house for the price you paid, at a resonable interest rate, then you can't afford the house. Now if someone lost their income, that's one thing. But if that's the case, they don't qualify for a modification anyway. I am all for some other assistance to help the jobless during this horrible economy, just not writing down a chunk of the mortgage owed.

If they start writing down principal then every homeowner in the country will stop paying their mortgage so they can get in on the action. Then all hell will break loose, like nothing we've seen yet.

[eddiep]

If you can't afford the house for the price you paid, at a resonable interest rate, then you can't afford the house.

I don't know how anybody could buy a house they could afford over the past 5 to 7 years. The cost of homes, especially in some areas in this country have been outrageous! I have often thought over the years thank god we are not trying to buy a house now. It is unfair to pass judgment on someone for wanting a home to live in, raise their children in, buying a home is a big part of living the american dream. Do you think they should have been willing to let all these years pass them by because of an overinflated housing market?

[ansky0007]

I have no problem with modifications that are FAIR and help people who want to help themselves. Extending out mortgages to 40 years, lowering ridiculous interest rates, etc. But writing down the principal doesn't make sense. If you can't afford the house for the price you paid, at a resonable interest rate, then you can't afford the house. Now if someone lost their income, that's one thing. But if that's the case, they don't qualify for a modification anyway. I am all for some other assistance to help the jobless during this horrible economy, just not writing down a chunk of the mortgage owed.

If they start writing down principal then every homeowner in the country will stop paying their mortgage so they can get in on the action. Then all hell will break loose, like nothing we've seen yet.

I have to sort of agree... There should be something in place for every home owner if they are going to start writing down principal. If you are going to start writing everyones principle down for everyone who is behind then what is going to happen? Everyone is going to stop paying their mortgages because if the person next door just saved $100k on his mortgage then sure as hell every neighbor making their payments on their higher mortgage will be like... F that... and they will stop paying also.

[B65]

I agree with you

I have lived my life by never judging people. I feel the people that do, really did not ought to throw stones, especially when their houses are made of fragile glass. I used to be married to a very wealthy man and after being left penniless with 2 children 10 years ago and where my life is at now, you just never know when it will all come tumbling down... the people that judge others quite frankly can kiss my a** karma is a bit**! I am in the real estate business and let me tell you 4 years ago unless you wanted to raise your kids in a slum with drug addicts you had to pay a fortune to buy a house. 10 years ago in the states houses were cheap, it was disgusting the way the prices tripled! I saw agents and appraisers do what they could to push up prices to line their own pockets with huge commisions and mortgage brokers fiddle the papers so they could get theirs..... so if someone stretches to buy a house i feel for them..not judge them, they also got lured into digusting mortgages, what should they have done?

In the states unless you live near a huge city( where house cost a FORTUNE) has to rely on cars unlike say a place like the Uk where ppl can walk to stores and work, so when gas soared and food and utilities that house payment became tight really quick... most people in the US cannot choose to walk, also the ppl that have to pay thousands in insurance for health every month, how in he** are they supposed to pay that, houses need to be cheap in the US because of the other expenses they have to pay out of pocket unlike other countries. I am fortunate most of my heath care is free it is military, but the average american is not so lucky...

My heart bleeds for every person suffering in the US right now, and to come on this site with your high and mighty boring opinions does not help anyone.

Hopefully one day, you will be judged.

B

[hereforinfo]

I don't know how anybody could buy a house they could afford over the past 5 to 7 years.

Oh please. People were buying 3000+ square feet homes and going crazy with upgrades, when they could have bought a 2000 sf home half the amount. Home ownership is not a right, it's earned. Our society is centered around entitlement. Everyone feels they're entitled to more, more, more. Instant gratification, no one wants to wait they want everything NOW. If you can't afford to buy a home, then you rent or you buy smaller in a less expensive neighborhood. It's not the government's or the taxpayers' responsibility to make sure everyone owns a home or has a bonus room and granite countertops.

That is why we are in this mess (obviously along with several other reasons, greedy lenders, lack of regulation and oversight, etc.), it's not the people who were struggling to make ends meat that caused it - it's the people who wanted to keep up with the Joneses and way over leveraged themselves. And now there are a lot of people suffering and struggling because of them.

[hereforinfo]

It is unfair to pass judgment on someone for wanting a home to live in, raise their children in, buying a home is a big part of living the american dream. Do you think they should have been willing to let all these years pass them by because of an overinflated housing market?

Well, yes I think that if someone can't afford to buy a house they have no choice but to wait. Otherwise we'll have a bunch of risky loans and a real estate bubble and eventually all those people won't be able to pay the mortgages that they can't afford, causing millions of foreclosures, and then we'll have a mortgage meltdown and then our economy will go into a deep recession and possibly a depression, unemployment will hit 10%...Oh wait...that did happen!

[B65]

the correct

term is "meet" not meat.

[B65]

dont tell me

you voted Bush, it is all the small peoples fault and not the super rich ripping of average people right?
why are you on this board,,, why don't you just bog off.

[hereforinfo]

Seriously, your only comeback is to point out a typo? Ok, I could point out a quite a few grammar errors in your post but that is childish.

We are all entitled to our opinions.

[hereforinfo]

it is all the small peoples fault and not the super rich ripping of average people right?

If you had read my post, you'll see where I named other parties to blame. It's a complex set of events and circumstances that caused our economic problems, but it takes 2 to tango.

[B65]

your boring

and not very clever, I feel sorry for you on your little judging post..I can just imagine and KNOW what kind of person you are, you do have my pity.
I will not repsond to you any more or any more of your posts, little ugly trolls like you get off on the fight.

[eddiep]

Are you here for info or to pass judgment?

[Trixie007]

I'm sorry - but I just can't laugh any more, it's bothering my stitches! Could this thread just be closed??

I'm sorry I responded initially to this person and got this whole ball rolling.

None of us are going to change HereforInfo's mind - and if you go look at their other posts, this is the tone that dominates in a large percentage of those posts- why waste the time?

I even laid out for them that at the time of our purchase we qualified in every sense but a little bit of time in self employment for our loan - and we went into both houses with greater than 20% equity!! Still, no apology from that poster for slamming me as being the root of the problem our economy is in today... I don't expect this to change any time soon... So, Grace!

[B65]

trixie

rest easy ! you will burst a stitch! you need to be relaxing... You know there is always a bad apple, ... lol., My heart goes out to everyone on here, as for the troll.....not so much....
LOLOLOLOL
B