zevo Posted May 8, 2012 Share Posted May 8, 2012 http://finance.yahoo.com/news/bank-america-starts-mortgage-reduction-100202589.html wow....foolish me for being responsible and purchasing a home that my wife and I could afford even if somehow one or both of us lost our jobs for an extended period of time Link to comment Share on other sites More sharing options...
TheMadCap Posted May 8, 2012 Share Posted May 8, 2012 lame... Link to comment Share on other sites More sharing options...
The Poojer Posted May 8, 2012 Share Posted May 8, 2012 doesn't piss me off, i'd rather the banks re-evaluate the value/worth of a house in drastically different economic times and afford the owners, who may have suffered a life changing setback due to economic conditions, the opportunity to keep their house and not put the burden of a foreclosed house on other taxpayers. http://finance.yahoo.com/news/bank-america-starts-mortgage-reduction-100202589.html wow....foolish me for being responsible and purchasing a home that my wife and I could afford even if somehow one or both of us lost our jobs for an extended period of time Link to comment Share on other sites More sharing options...
Cugalabanza Posted May 8, 2012 Share Posted May 8, 2012 Yes, very much. We happen to be in a situation (like many others) where we owe more than our home is worth even though we have paid on time every month for 10 years. No breaks for us. Link to comment Share on other sites More sharing options...
zevo Posted May 8, 2012 Author Share Posted May 8, 2012 Yes, very much. We happen to be in a situation (like many others) where we owe more than our home is worth even though we have paid on time every month for 10 years. No breaks for us. Bingo....now this situation doesn't apply to me because the real-estate market is pretty stable here in buffalo but it does to my brother who lives in the burbs of chicago. Paid 300 and now worth 220....he pays his mortgage on time every month. doesn't piss me off, i'd rather the banks re-evaluate the value/worth of a house in drastically different economic times and afford the owners, who may have suffered a life changing setback due to economic conditions, the opportunity to keep their house and not put the burden of a foreclosed house on other taxpayers. "hunny...the bank says we can afford a 400,000$ house..." Link to comment Share on other sites More sharing options...
DrDawkinstein Posted May 8, 2012 Share Posted May 8, 2012 doesn't piss me off, i'd rather the banks re-evaluate the value/worth of a house in drastically different economic times and afford the owners, who may have suffered a life changing setback due to economic conditions, the opportunity to keep their house and not put the burden of a foreclosed house on other taxpayers. Basically agreed with Pooj. Yes, very much. We happen to be in a situation (like many others) where we owe more than our home is worth even though we have paid on time every month for 10 years. No breaks for us. If your mortgage was with BoA, you might be eligible to fix that. Not a knock on you, just saying that BoA is (surprisingly) working to un-screw their customers. Link to comment Share on other sites More sharing options...
The Poojer Posted May 8, 2012 Share Posted May 8, 2012 it doesn't piss me off that they are trying to offer relief for something that the banks allowed in the first place. it pisses me off that they allowed such a loan, and shame on people for not doing proper research as to real estate value etc.. I'm glad people are possibly getting some relief, sounds to me that you aren't pissed that it's happening either, more you are pissed that you or your family/friends aren't getting the offer...something tells me that more of this will begin to happen....just keep doing what your doing and be satisfied in the fact that you did it according to the contract you signed. Urge your friends/family to contact their banks to see if they can also get some sort of relief plan in place for those that need it. just my feelings... Bingo....now this situation doesn't apply to me because the real-estate market is pretty stable here in buffalo but it does to my brother who lives in the burbs of chicago. Paid 300 and now worth 220....he pays his mortgage on time every month. "hunny...the bank says we can afford a 400,000$ house..." Link to comment Share on other sites More sharing options...
zevo Posted May 8, 2012 Author Share Posted May 8, 2012 Basically agreed with Pooj. If your mortgage was with BoA, you might be eligible to fix that. Not a knock on you, just saying that BoA is (surprisingly) working to un-screw their customers. Also my probably with this in my brothers case is he can't even touch any of these low refinance rates because of the negative equity...So he is locked into the 6.75%. The good people continued to get screwed. it doesn't piss me off that they are trying to offer relief for something that the banks allowed in the first place. it pisses me off that they allowed such a loan, and shame on people for not doing proper research as to real estate value etc.. I'm glad people are possibly getting some relief, sounds to me that you aren't pissed that it's happening either, more you are pissed that you or your family/friends aren't getting the offer...something tells me that more of this will begin to happen....just keep doing what your doing and be satisfied in the fact that you did it according to the contract you signed. Urge your friends/family to contact their banks to see if they can also get some sort of relief plan in place for those that need it. just my feelings... I mean honestly I would never want anyone to be forced from the home....my problem is...will we ever learn....And your point is valid....I think there should be a break of some sort for the people who have been making it work through this economic period. Link to comment Share on other sites More sharing options...
DrDawkinstein Posted May 8, 2012 Share Posted May 8, 2012 I think I'd be more pissed if I was someone who lost their house to foreclosure 6 months ago, and now my bank was offering this program. Something similar happened to me back in '07. I was out of work and lost my Jeep to repossession about 4 months before it wouldve been completely paid off, with a long history of good payments and communicating with Chrysler through my whole ordeal. Not even 6 months later, Chrysler comes out with this program where they forgive late payments and gave customers all these breaks. THAT pissed me off. Link to comment Share on other sites More sharing options...
\GoBillsInDallas/ Posted May 8, 2012 Share Posted May 8, 2012 it pisses me off that they allowed such a loan, and shame on people for not doing proper research as to real estate value etc. 1999: http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's. Link to comment Share on other sites More sharing options...
DC Tom Posted May 8, 2012 Share Posted May 8, 2012 It doesn't piss me off that the banks want to modify their own mortgages. It would piss me off as a government program. And it would piss me off if it only applies to people in default or foreclosure. Link to comment Share on other sites More sharing options...
ieatcrayonz Posted May 8, 2012 Share Posted May 8, 2012 It doesn't piss me off that the banks want to modify their own mortgages. It would piss me off as a government program. And it would piss me off if it only applies to people in default or foreclosure. Maybe you didn't read the part about it being a settlement with 49 thugs AGs. That pretty much makes it a government program, no? Link to comment Share on other sites More sharing options...
DC Tom Posted May 8, 2012 Share Posted May 8, 2012 Maybe you didn't read the part about it being a settlement with 49 thugs AGs. That pretty much makes it a government program, no? Yes, it does. I didn't see or hear that part. Link to comment Share on other sites More sharing options...
ICanSleepWhenI'mDead Posted May 9, 2012 Share Posted May 9, 2012 http://video.cnbc.com/gallery/?video=3000089031&play=1 Link to comment Share on other sites More sharing options...
zevo Posted May 9, 2012 Author Share Posted May 9, 2012 gotta love the qualifications required to get the relief.....basically if you were a terrible mortgage customer...you get the relief..... Link to comment Share on other sites More sharing options...
ICanSleepWhenI'mDead Posted May 9, 2012 Share Posted May 9, 2012 http://articles.chicagotribune.com/2012-02-09/business/chi-robisigning-settlement-to-be-finalized-20120209_1_servicers-foreclosure-practices-mortgage-payments Officials also announced that Bank of America would pay $1 billion to the federal government to resolve civil claims that the bank and Countrywide Financial Corp. and certain of its subsidiaries, which Bank of America acquired in 2008, knowingly made loans insured by the Federal Housing Administration to unqualified homebuyers and did not adequately evaluate borrowers for participation in the administration's Home Affordable Modification Program. Half the amount will be used to fund a loan modification program for Countrywide borrowers who have underwater mortgages, and under that program, Bank of America will contact all potentially eligible borrowers and provide loan modifications to those who accept a modification offer. The other $500 million will go to the FHA. It is the largest-ever False Claims Act settlment related to mortgage fraud, according to Loretta Lunch, U.S. attorney for the Eastern District of New York. So Bank of America defrauds government entity FHA, settles its legal liability for $1 billion, and half of that settlement money (that belongs entirely to taxpayers) gets diverted to assist the minority of people who aren't paying their mortgages - - what could possibly be wrong with that? If you read the entire article, a big chunk of the $25 billion overall multi-party foreclosure fraud "settlement" is structured in a similar way - - rather than having the banks and loan servicers pay actual dollars to the government (because all taxpayers ultimately got the bill for the banks' fraudulent conduct), the banks get "credit" toward the $25 billion every time they take some of the money that rightfully belongs to the government (i.e., all taxpayers) and use it to financially assist irresponsible people. It's a sad time in American history. Maybe the NFL should start giving participation trophies to guys who don't make final team rosters. Just my 2 rupees. Link to comment Share on other sites More sharing options...
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