Is there something wrong with this picture?

[brokenomore]

I've lost my house and it will soon be in the hands of a realtor.

It will sell at a discounted price.

If Fannie Mae finances it, the interest rate will be low.

Overall, the deal for the new buyer would be one that I could easily afford, but I was not given a modification, and I'm not allowed to buy back (though that would be hard to do considering my situation).

It's very frustrating to see that my house will be sold at an affordable price and terms, and that in this day of supposedly working with the borrowers, that I'm completely shut out and must rent.

[bulletproof77]

Welcome to the club......Try seeing a house that you have lived in for 27 years go away..and then suddenly become "affordable" for someone else..Been there, doing that. Mine was sold 03/18/10 on the courthouse steps to the bank.

[secondtimer]

Could this be part of the " redistribution of wealth " we keep hearing about or are we just victims of circumstances beyond our control.

Middle America got sucked into the housing boom and easy credit then
Our jobs go away..
Our homes go away..
Our purchasing power goes away..

Who actually benefits from all this??

This reminds me of the tax credit we got several years ago on vehicles over 6000lbs. (suv's). Everyone went out and got one.

A year later gas was $4.00 a gallon.

Something's just not right with all of this. I don't know if there is some grand conspiracy or not. I just wish they would stop trying to fix things. Seems they only make it worse.

[brokenomore]

I can sure take a lot of the blame for this, and it could have been prevented.

And I'm now renting a house that is much better than my old house (of 20 years), for a much lower cost than we WERE paying to own.

We were having all kinds of financial issues, but are now stablized and could EASILY afford our old house now, but our credit is ruined, and supposedly we are forbidden to buy the house back--the realtor said we can't "benefit from not paying our bills"--(but if I had the money, I'd figure out a way around that)--but this is FANNIE MAE who owns the house. I thought they were on our side and I thought that there were programs to keep our houses.

Anyway...just venting. It's not all bad where we are, but it is extremely frustrating that at this momemnt we might be able to more easily afford that house than whoever buys it. And though we're living in a nice place for a very good deal on the rent, we would rather have our home back...

[brokenomore]

Welcome to the club......Try seeing a house that you have lived in for 27 years go away..and then suddenly become "affordable" for someone else..Been there, doing that. Mine was sold 03/18/10 on the courthouse steps to the bank.

I'm sorry.

May I ask how much you owed on the house when it was sold, what you paid for it, and what the sale price was to the new buyer? Was the new price something you could have handled if you had been the buyer?

[DeadManCrawling]

A grand conspiracy of supposedly well-meaning stupidity.

I have vented so much over this on various forums I could have written books. I am with you all on this, and the root of the whole issue is pure greed and a cynical, warped perspective on ethics and personal responsibility-this is applied in one direction. Toward the borrower or homeowner.

The only way I see to fix it in one swoop is also the only thing that will NOT happen. Or be allowed to happen.

If every underwater homeowner simultaneously stopped paying, the system would crash instantly and we would see change. It would be messy, nasty, probably create a decade or more of economic chaos in our country, and would ultimately result in changes that MAY sort us out. Or maybe not.

In my view, the risk is worth it. The road we are on, which seems more of the same, will result in the banks being better off than ever, and the common citizens being further enslaved on an ever larger treadmill of debt from birth to death.

The illusion of benevolent capitalism is beginning to show cracks in so many areas I do not think we can hold it up much longer. There are too many holes to be filled, and the key driver of the illusion is consumer confidence. I don't know if that confidence can be shored up quickly enough to keep this economic fantasy alive.

[brokenomore]

Are there any last-gasp possibilities once the home is taken back?

I have heard about some non-profits that buy houses and sell them back to the original owner.

[tigergem]

Oh. Yeah. Google up Marilyn Mock and Foreclosure Angel Foundation. I don't know if she is still doing that or not, or if she even handles your area, but maybe she can refer you to someone who is.

[bulletproof77]

The bank bought mine back...it sits vacant...189K owed, current value 72K, just did not make sense. And yes, I could have easily handled a mortgage at the current value or slightly above..

[brokenomore]

The bank bought mine back...it sits vacant...189K owed, current value 72K, just did not make sense. And yes, I could have easily handled a mortgage at the current value or slightly above..

That sucks.

Have you ever thought about seeing if you could teem up with someone who would buy it and you could at least lease it, and possibly buy it back some years later when your credit is fixed?

The one benefit I have now is that it seems that it must be a renter's market, becasue we are renting a house almost twice as big, with a large inground swimming pool, on fenced acreage, in a very nice rural setting. The property value would be at least 50% more than our old place, but the rent is just $1,200 (including swimming pool maintenance), which is $700 less per month than when we were paying two mortgages, and even if we could buy this house with nothing down and the very best interest, it would be a lot more than the cost of the rent.


The lesson learned from this experience is that it was foolish to "take money out" of my house. I should have left it alone and paid it off. At one time we were very close to having the morgage completely paid off, then we had some financial difficulty, and instead of biting the bullet and working a little harder and smarter, took the easy way out and got a lot of money out of the house, and that process repeated itself a couple of times...

The best thing to do is buy with as much down as possible and strive to pay it off.

[bulletproof77]

I don't want it...I have moved on..too many memories, some good, some bad. I have already leased a better house for less money..