One-two punch hits housing market

This is on OBama. 2 trillon spent and NO NEW JOBS. This guy is a disaster. 2012 can not come soon enough for the USA.

Truth wrote:

This is on OBama. 2 trillon spent and NO NEW JOBS. This guy is a disaster. 2012 can not come soon enough for the USA.

Palin and Jindahl will save us!

What is really frustrating is that when modifying a loan, the lenders refuse to write off ANYTHING. A friend met with a foreclosure specialist, and reported that he was told that the lenders simply put all the interest and late fees back on the end of the mortgage -- and don't waive anything. Even lenders who have gotten billions of tax dollars (e.g., CountryWide, now Bank of America) are merciless in extracting every single dollar they can -- the "modifications" simply add interest as they shift payments and fees to the back end of the notes.

My friend notes that his home has lost $100,000 in value -- yet he is the only person in the world who has to actually pay that full amount. If he did a short sale, or allowed his home to go to a sheriff's sale -- anyone else would pay at least $100,000 less than he owes. The bank is willing to lose that much to literally anyone else, but will hold him up for every penny it possibly can -- AFTER accepting billions in bailout money!

After hearing this horror story, I can only conclude that the bailouts were intended to bail out bankers -- NOT homeowners! Wealthy bankers get tax assistance, but ordinary homeowners are S-O-L, as usual. How totally Republican!

Hmmmm i didnt know criss dodd, barney frank, obama, were repuiblicans. or that freddie and fannie were run by republican. maybe your buddy can move to china where the democrats force all the jobs with their anti- american buisness climates.energy policies. no more blaming republicans pal .

sorb wrote:

<quoted text>
Palin and Jindahl will save us!

LMAO! That is a good one! Too funny.

Where's my free house that Obama promised me?

No one is to blame but the friggin idiots who signed up for the mortgage. Home ownership means you have responsibilites, you need to pay for mortgage payment, utilities, taxes first. Not the flippin cable,highspeed,cell phone and your hoopty mobile payment first.

I don`t feel the least bit bad for the moron that can`t afford his house payment because his wife`s daycare is slow. You dont put all your eggs in one basket. Quit your bitchin and get a job flippin burgers, delivering papers or whatever do something.

Madaman wrote:

What is really frustrating is that when modifying a loan, the lenders refuse to write off ANYTHING. A friend met with a foreclosure specialist, and reported that he was told that the lenders simply put all the interest and late fees back on the end of the mortgage -- and don't waive anything. Even lenders who have gotten billions of tax dollars (e.g., CountryWide, now Bank of America) are merciless in extracting every single dollar they can -- the "modifications" simply add interest as they shift payments and fees to the back end of the notes.
My friend notes that his home has lost $100,000 in value -- yet he is the only person in the world who has to actually pay that full amount. If he did a short sale, or allowed his home to go to a sheriff's sale -- anyone else would pay at least $100,000 less than he owes. The bank is willing to lose that much to literally anyone else, but will hold him up for every penny it possibly can -- AFTER accepting billions in bailout money!
After hearing this horror story, I can only conclude that the bailouts were intended to bail out bankers -- NOT homeowners! Wealthy bankers get tax assistance, but ordinary homeowners are S-O-L, as usual. How totally Republican!

Does your friend find his/her name or someone else's at the bottom of the mortgage? If it's his/hers, they should pay it and stop whining.

There isn't enough money to write off loans to everyone with buyer's remorse. There isn't. You can't invest billions of public dollars in banks and then write off trillions in mortgages from people that have buyer's remorse. The banking system would implode. While you might think that only benefits Republicans and bankers, think again. If you or the company you work for borrows money, you need banks to survive.

I am just barely making my payments after my ARM payment increased by $300 this year. In talking to my lender, US Bank, I am told that if I am not late on my payments there is nothing they can do for me. The loan is held by US Bank, not Fannie or Freddie, so none of the Obama programs help.

And I have no way to refinance, as even with an 800 credit score, I owe more on the house than it is worth.

Last wonderful point, next year the ARM will adjust again. Its really frustrating, and with no real hope in site, it might be better just to let the bank have the house. Bought for 310,000. Owe 270,000. Appraised for 240,000. I have been here four years. I dont know what other option I have. If the payment goes up again, even a couple dollars would push me over the edge. Maybe better to let it go into foreclosure and get started trying to start over.

Meanwhile, US Bank got the help they needed from the Govt and are back to making money.

Madaman wrote:

What is really frustrating is that when modifying a loan, the lenders refuse to write off ANYTHING. A friend met with a foreclosure specialist, and reported that he was told that the lenders simply put all the interest and late fees back on the end of the mortgage -- and don't waive anything. Even lenders who have gotten billions of tax dollars (e.g., CountryWide, now Bank of America) are merciless in extracting every single dollar they can -- the "modifications" simply add interest as they shift payments and fees to the back end of the notes.
My friend notes that his home has lost $100,000 in value -- yet he is the only person in the world who has to actually pay that full amount. If he did a short sale, or allowed his home to go to a sheriff's sale -- anyone else would pay at least $100,000 less than he owes. The bank is willing to lose that much to literally anyone else, but will hold him up for every penny it possibly can -- AFTER accepting billions in bailout money!
After hearing this horror story, I can only conclude that the bailouts were intended to bail out bankers -- NOT homeowners! Wealthy bankers get tax assistance, but ordinary homeowners are S-O-L, as usual. How totally Republican!

I have a friend in the same situation. Wells Fargo will takethe home back and sell it at a loss, but wont refinance him. He has a good job and good credit. Your post was interesting but you lost me with "totally Republican" You dont think any democrats pocketed some cash. WAKE UP!

Wait till next year when all of the 2005 five year arms come due. You ain't seen noth'n baby. And if you think that's bad wait till all of the commercial properties go into foreclosures next year. Buckle up kids, where're in for a long and bumpy ride.

Frustrated in MN wrote:

I am just barely making my payments after my ARM payment increased by $300 this year. In talking to my lender, US Bank, I am told that if I am not late on my payments there is nothing they can do for me. The loan is held by US Bank, not Fannie or Freddie, so none of the Obama programs help.
And I have no way to refinance, as even with an 800 credit score, I owe more on the house than it is worth.
Last wonderful point, next year the ARM will adjust again. Its really frustrating, and with no real hope in site, it might be better just to let the bank have the house. Bought for 310,000. Owe 270,000. Appraised for 240,000. I have been here four years. I dont know what other option I have. If the payment goes up again, even a couple dollars would push me over the edge. Maybe better to let it go into foreclosure and get started trying to start over.
Meanwhile, US Bank got the help they needed from the Govt and are back to making money.

Just curious, but how did you think you'd be paying for the house that you "bought" when you signed for it?

Hey, I know what we should do. We should raise taxes on business and enact carbon cap & trade to depress the productive sector even further. Yeah. And we should convert to a single-payer national health care system. Sure, it will cost us additional trillion$ that we don't have, but just imagine how much more efficiently the Federal Government will be in administering the system. Take Fannie & Freddie, for instance, if it weren't for the government management of those entities, we would be in REAL trouble now. Thank goodness we at least have Barney Frank looking after our homes. Maybe the government should run the ENTIRE housing industry. Just get rid of all these greedy private interests. Put the Federal Bureaucracy in charge.

sorb wrote:

<quoted text>
Palin and Jindahl will save us!

Either one of them would do a far better job than Obama has. Obama & his far left administration are murdering our capitalist economy.

Dr Frank Lippenheimer wrote:

<quoted text>
Either one of them would do a far better job than Obama has. Obama & his far left administration are murdering our capitalist economy.

At least they would have experience running something before they would fill the position. Obama is a community organizer in chief and that is his view point which affects how he deals with issues. Unfortunately, that view point is driving this country into bankruptcy and socialism.

Dr Frank Lippenheimer wrote:

<quoted text>
Either one of them would do a far better job than Obama has. Obama & his far left administration are murdering our capitalist economy.

Twenty eight years of Reaganomics poison (the illusion of wealth through debt) and Obama is murdering the economy. By the way Doc, look up "fascism" in the dictionary.

pick up a dictionary hit it right. reagonomics trickle down. doesn't work. and doc u know why most middle(whats left of it)class folks don't get raises that even keep up with inflation?? the cost ur employer pays for ur health care. how much has that gone up. my raises don't cover my portion of health care increases each year. any idiot that got an ARM deserves what happens. houses were way overpriced anyway.

Housing prices WILL drop another 20 to 30% by late September.

Former McDowell Resident wrote:

<quoted text>At least they would have experience running something before they would fill the position. Obama is a community organizer in chief and that is his view point which affects how he deals with issues. Unfortunately, that view point is driving this country into bankruptcy and socialism.

Reagan & Bush were pikers compared to Obama when it comes to piling on debt. Obama has taken the Bush budget deficit and tripled it. By the end of Bush's second term the lion's share of the deficit he'd accumulated came in the last year of his administration when he lost his mind and backed the banking bailout -- and as we all recall about that bailout, the only pols fighting AGAINST it were Republicans -- Pelosi/Reid were as responsible as Bush in forcing it through.

As for fascism: "Fascism tends to include ... a contempt for democracy, an insistence on obedience to a powerful leader, and a strong demagogic approach." Which is exactly what we have in Obama.

Dr Frank Lippenheimer wrote:

<quoted text>
Reagan & Bush were pikers compared to Obama when it comes to piling on debt. Obama has taken the Bush budget deficit and tripled it. By the end of Bush's second term the lion's share of the deficit he'd accumulated came in the last year of his administration when he lost his mind and backed the banking bailout -- and as we all recall about that bailout, the only pols fighting AGAINST it were Republicans -- Pelosi/Reid were as responsible as Bush in forcing it through.
As for fascism: "Fascism tends to include ... a contempt for democracy, an insistence on obedience to a powerful leader, and a strong demagogic approach." Which is exactly what we have in Obama.

Good "doctor" ... please go back to Somali-bashing ... your grasp of economic and political issues don't qualify you dispensing advice. Peter, you should stay out of this too. You're much better at slinging arrows. Are we finding ourself on the wrong end of the boiling caldron of social discontent? I think so ...