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Answered Yes
We made a few misjudgements and we didn't correctly predict the future; but we could survive with minimum concessions by our mortgagor. I copy my comments from th question of whether we're still in trouble: The STUPID mortgage companies won't work things out with people not yet behind but in trouble, even though it would save them a LOT of money in the long run. So a lot more problems are coming. THEY'D RATHER FORECLOSE and lose or take a short-sell and make a familly homeless! A lot of us have hung on with savings, maybe even from an equity loan, and even tapped credit card cash just hoping for a solution. BE AMAZED AT WHAT THE MORTGAGE COMPANY SAYS TO FOLKS: "We won't make adjustments. You can get a fixed loan if you qualify (WHO CAN?), short-sell, OR...and they really said this...stop paying your non-collateral bills and then file BK." Of course, they wouldn't send a copy in writing. They are encouraging people to file BK instead of making a small rate adjustment and applying some already paid interest to lower the principal balance. SO WHO IS THE EVIL HERE? It's not the people trying to make things work. That was Wachovia after taking over a World Savings loan, BTW. -
I'm not in the crises but I can and do sympathies with you. I think the larger financial groups are swallowing up the smaller ones and those that can stand it are encouraging people to BK because it’s a huge write off for them at the end of the Quarter and the Year. They can actually save money by doing this. People are not even in the picture. It’s all figures on a computer screen. This is another way to get rid of all the small financial lenders out there so there will be only the big boys left. Actually it’s a Wal-Mart strategy. GET RID OF THE COMPITITION UNDER ALL CIRCUMSTANCES!
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Thanks for understanding. But I still don't see how they can make more money by going through the legalities and unpaid months of a foreclosure, having a home sit on the market for who-knows-how-long (our neighbors would love one more like that!), and then selling at a loss. Just taking 1/2 the probable amount of the loss from the sale and reducing principal, and dropping the interest rate (though ours isn't all that high, but our credit numbers are still good), would cost much less and protect a family with two of three adults disabled and a troubled pre-teen. If they lose just 20% of the principal balance on our loan from a short-sell, they would be out almost $100,000. They would do much better to work with us, no matter how big they are. And let's not forget that it was THEIR employees who called almost daily to convince us to refi over and over (and who gave inflated appraisals which we trusted). During a period of unemployment, their rep just made up an income and source after we'd signed the app papers! We were vulnerable and they were vultures; but now we're the only ones who are trying to correct the mistake. If you have savings in Wachovia, don't be surprised if they get an FDIC takeover because they won't work with their mortgagees!
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Answered No
No because I purchased my new home and made a very large down payment with the equity from the sale of my old home. I have good credit because I pay my bills, I have no credit card debt and got an excellent interest rate. People that are part of the mortgage crisis finance 100%, generally have bad credit and get ARMS or horrible interest rates and buy way more house than they can afford and willingly sign on the dotted line knowing realisitcally they can't afford but want what they want. -
Answered No
NOPE!
We sold a house and bought a new one last year in the same town. We wrote out a realistic budget and even bought a little less house at the end, than we planned for. Money in the bank, no credit card debt and enjoying what we have and not wasting time wanting what we can't afford. -
Isn't life wonderful without a mortgage payment? We bought this home we are in for the rest of our lives from the sale of our business and home. We bought it for cash and own it out right. We have no bills other than utilities and things we can't pay off. We couldn't live where we do without that.
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Hey, I didn't know we could sell things here on SodaHead. I've got 2 sheds full of stuff I was going to put on eBay but what the hey, I'd rather put it here anyway... BTW yes on Tenant, she's a schoolteacher and pays rent like a bank. Wants to buy the place but went through a divorce and no credit... OK, as for the rest of the stuff, I've got ....... I’ll make a list and publish later on your "SELL IT HERE" section of SH.
If you take me up on this notion, a bill for the idea will be forthcoming...
Answered No
No. We luckily bought when housing prices were still reasonable & most importantly bought what we could afford. Our home has appreciated nearly 200% of our origional purchase price. We could never afford it now.Crazy, just crazy.