'I just wanted to pay for my house'

FactSheet wrote:

I saved for years and wanted to put $50,000 down on a $100,000 house and get a 15 year mortgage on it. I could't get a bank to talk to me about it. They want your 15 years of interest on that 30 year mortgage. They are NOT your friend. This is big money business.

Lies, Lies, Lies! You can get the 30 year mortgage and pay it off any time you want. You can pay it off in 15 years and save on interest. Geeze....

MPO wrote:

The stimulus money given to CItigroup,Bank of Ameria,Wells Fargo, and J P Morgan to help home own stay in their homes. What did they do with the BILLION they received?

www.americanbankingnews.com/.../federal-reser... - of-bailouts-to-jpmorgan-chase- nyse-jpm-citigroup-nyse-c-bank -of-...

I suggest trying www.makinghomeaffortable.gov (complete a modification). It took approximately 2 months to get temporarily approved and then they set up contract payments (reduced payment to ensure you can pay it). As long as you can make your 3 months of contract payments, your modification is approved, reducing your payment by about 25% for 5 years. I was not already behind on payments but payments became a struggle for similar reasons. It brings homeowners current on payments if need be. My mortgage is through Nationstar and they were helpful in the process. My understanding is that all mortgage companys/banks are cooperating with the program. Good luck and I hope things work out.

He has the money to make his regular payments. FORECLOSING IS FREAKING STUPID.

Demanding the entire amount of the loan because of a perceived missed payment IS FREAKING STUPID.

The mortgage company not allowing him to paydown his missed payments separately IS FREAKING STUPID.

All the wasted time and resources that go into foreclosing a home when these big freaking banking companies are raking in BILLIONS OF PROFIT every year is FREAKING STUPID.

GOD HELP US ALL and GOD BLESS THIS FAMILY.

The politicians have done nothing to stop THIS CORPORATE GREED.

If the person can pay let them PAY.

I recently refinanced and THEY HAD THE WRONG ADDRESS ON MY LOAN PAPERS, THE WRONG AMOUNT ON MY LOAN SHEET, THEY GAVE ME OVER $8.000 CASH WHEN I DIDN'T REQUEST ANY CASH BACK. NO WONDER THIS WORLD IS IMPLODING. I actually told them at closing to stop it because I DIDN'T WANT ANY CASH BACK and they said "too late" you just take it.

LIKE I SAID "God help us all!!!!"

I_CAN_ADD wrote:

It is hard to feel bad for people that overextended themselves. We bought what we could afford, not what we wanted.The banks would have loaned us twice what we could afford to pay, and had we taken it, we would be in the same situation.

Thank for your opinion, and we are not asking people to feel bad for us. We just want to shed some light on what the banks are doing, and warn other people who are in our situation. And f.y.i. we did not overextend ourselves. We bought our home 7 1/2 years ago. how were we to know my husband would loose his job, also we did buy what we could afford not what we wanted. We have 4 kids and live in a three bedroom. We make it work so our kids could go to good schools. I hope this never happens to you and your family, God Bless

Diana wrote:

<quoted text>Thank for your opinion, and we are not asking people to feel bad for us. We just want to shed some light on what the banks are doing, and warn other people who are in our situation. And f.y.i. we did not overextend ourselves. We bought our home 7 1/2 years ago. how were we to know my husband would loose his job, also we did buy what we could afford not what we wanted. We have 4 kids and live in a three bedroom. We make it work so our kids could go to good schools. I hope this never happens to you and your family, God Bless

My heart goes out to your family, and I hope everything works out for the best.

Diana wrote:

<quoted text>Thank for your opinion, and we are not asking people to feel bad for us. We just want to shed some light on what the banks are doing, and warn other people who are in our situation. And f.y.i. we did not overextend ourselves. We bought our home 7 1/2 years ago. how were we to know my husband would loose his job, also we did buy what we could afford not what we wanted. We have 4 kids and live in a three bedroom. We make it work so our kids could go to good schools. I hope this never happens to you and your family, God Bless

I sure hope you also have a job to help pay the mortgage, since his new job pays less!

HanoverResident wrote:

I suggest trying www.makinghomeaffortable.gov (complete a modification). It took approximately 2 months to get temporarily approved and then they set up contract payments (reduced payment to ensure you can pay it). As long as you can make your 3 months of contract payments, your modification is approved, reducing your payment by about 25% for 5 years. I was not already behind on payments but payments became a struggle for similar reasons. It brings homeowners current on payments if need be. My mortgage is through Nationstar and they were helpful in the process. My understanding is that all mortgage companys/banks are cooperating with the program. Good luck and I hope things work out.

It's my understanding that this is only available for Freddie Mac or Fannie Mae based loans. So basically if you do not have an FHA or USDA loan, you can't do the loan modification...and if you loan is 'in house' it is up to the bank.

It costs banks money to foreclose, so I'm surprised the bank wasn't willing to work with them.

Right Wing Lunatic wrote:

It costs banks money to foreclose, so I'm surprised the bank wasn't willing to work with them.

Cost a lot to refinance too! Wow...I thought about it, then checked into it and they needed $3,500 extra to do it. Too much!!!!!!!!!!

Right Wing Lunatic wrote:

It costs banks money to foreclose, so I'm surprised the bank wasn't willing to work with them.

I saw a clip that showed the formula of how banks are recouping the costs of foreclosure and it actually makes them MORE money if you go in foreclosure. Works something like this...you pay PMI or MIP depending on if you have FHA or Conventional loan and ratio is under 80/20. So that is insurance that if you default, the lender still gets their money. So let's say you have a house that is 100,000 and you owe 97,000 and default. The lender forecloses, files an insurance claim and gets their money. THEN they get a local realtor or some such company to put it on the market for x amount of money...notice the reductions on a lot of the foreclosures? They only need a certain amount and the rest is icing on the cake for them....win for them, lose for the poor guy that lost his job and down on his luck..oh let's bail these poor lil banks out. I say, the gov't should have given each working AMERICAN citizen $100,000. I guarantee we would be out of this hole by now.

Just saying wrote:

<quoted text>
I sure hope you also have a job to help pay the mortgage, since his new job pays less!

Thanks for your concern, and yes I do have a job, I have two as a matter of fact :) But the issue is Chase bank, not my husbands pay. He makes more then enough to pay our mortgage. We can pay, we want to pay. Chase wants the house. We sent them a payment when this all started, It was never cashed. We called chase to ask why, they said that it must have got lost in the mail, so that day we sent a double payment, they wouln't take it over the phone. 2 weeks later it wasn't cashed again. My husband called chase again. After being sent to 10 people for 45 minutes they again said they didn't get it so they were going to forclose. Around 3 weeks later we get a call from our lawyer telling us he just got all our checks back from Chase, who all along had them. Chase wants the house, how do you fight and win against a bank? We have tried everthing. Any ideas that are nice, please let us know. And while your at it if you have a second please say a prayer for my children, none of this is their fault. And sadly they have seen some of the negitive comments and heard some from people in school who read this article. Thanks, and God Bless

MPO wrote:

<quoted text>When?

Dec 23, 2009.....please keep up

Diana wrote:

<quoted text>Thank for your opinion, and we are not asking people to feel bad for us. We just want to shed some light on what the banks are doing, and warn other people who are in our situation. And f.y.i. we did not overextend ourselves. We bought our home 7 1/2 years ago. how were we to know my husband would loose his job, also we did buy what we could afford not what we wanted. We have 4 kids and live in a three bedroom. We make it work so our kids could go to good schools. I hope this never happens to you and your family, God Bless

I wondering, what is the bank doing to you? Oh that's right, they want you to honor an agreement that you signed to get the loan for the house(bad bank, shame on you bank). please, complain when there is something to complain about.

Common Tater wrote:

<quoted text> I saw a clip that showed the formula of how banks are recouping the costs of foreclosure and it actually makes them MORE money if you go in foreclosure. Works something like this...you pay PMI or MIP depending on if you have FHA or Conventional loan and ratio is under 80/20. So that is insurance that if you default, the lender still gets their money. So let's say you have a house that is 100,000 and you owe 97,000 and default. The lender forecloses, files an insurance claim and gets their money. THEN they get a local realtor or some such company to put it on the market for x amount of money...notice the reductions on a lot of the foreclosures? They only need a certain amount and the rest is icing on the cake for them....win for them, lose for the poor guy that lost his job and down on his luck..oh let's bail these poor lil banks out. I say, the gov't should have given each working AMERICAN citizen $100,000. I guarantee we would be out of this hole by now.

Please.........
The proprety is sold, and the insurnace company(PMI) covers the difference betweent he sales price outstanding balance.
Before posting, know what you're talking about.

Common sense wrote:

<quoted text>
If that were the case, no one would buy a house! We have faith going into a home not to ever experience a hardship of any kind, the hardships that affected everyone were economy driven which we can thank Wall street for! now gently put your head back in the sand, and pray you never experience a financial hardship.

I actually recently purchased a house for $140,000. Because we don't live beyond our means, if my wife or I lost a job, we could still afford our mortgage. People who do not plan accordingly are why America is in this situation. Yes, Wall Street and the banks did approve huge loans, but the people who accepted a 300,000 loan while making 40,000/year are idiots.