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Topic:
Mortgage modifications: Winning!....? [Locked] |
Taliesihne  Title: Wind on the Deep Waters
Posts: 1,117
Registered: 2004-2-19 04:47:59
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Date Posted:
1/1/00 12:00am
Subject:
Mortgage modifications: Winning!....? |
The wife and I aren't normal.
We live well beneath our means. We were 'approved' for a mortgage that was 3 times what we actually bought.
With no kids and two incomes, we could conceivably pay the mortgage working at walmart if we had to.
I'd lose my Sally though 
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First comes smiles, then lies. Last is gunfire. -Roland Deschain, of Gilead
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Moe_Nox Title: In Moe We Trust
Posts: 1,962
Registered: 2007-2-4 12:17:56
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Date Posted:
1/1/00 12:00am
Subject:
Mortgage modifications: Winning!....? |
Have to keep the pets, that is especially non negotiable with childless couples.
And as much as it pains me, Swirly is pretty much on target on this. While the banks didn't reap huge fortunes on this, they did hedge their bets in a way that both allowed them to take very little loss on the failed mortgages, AND to bet against themselves in the derivatives market to accomplish this.
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The Nanny State cometh
Currency should be bacon cheeseburgers and blow jobs... - Reese
Life at the Outpost: http://www.collegehumor.com/video:1771556 |
Taliesihne Title: Wind on the Deep Waters
Posts: 1,117
Registered: 2004-2-19 04:47:59
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Date Posted:
1/1/00 12:00am
Subject:
Mortgage modifications: Winning!....? |
He is right that banks have a higher responsibility then the average consumer. They know better.
I'm simply trying to dispel the myth that he's some freeloading hippy living high on the hog - his experience is pretty normal.
You'll note that I'm not buying the victim card though. This looks to me like they made a decision to take a little loss instead of a big one.
Sally isn't a pet btw. If we have to live in a cardboard box, our dogs will be with us.
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Jesus saves, Allah protects, and Cthulhu thinks you'd make a nice sandwich
First comes smiles, then lies. Last is gunfire. -Roland Deschain, of Gilead
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Date Posted:
1/1/00 12:00am
Subject:
Mortgage modifications: Winning!....? |
http://www.npr.org/2012/01/30/145995636/freddie-mac-betting-against-struggling-homeowners
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Jesus? No, but there is indeed a god shaped hole in the heart of man, why is yours so empty? -- snarf igraine
the original monotheism: http://en.wikipedia.org/wiki/Phallus
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IMHO Title: Official Outpost Greeter
Posts: 2,287
Registered: 2001-11-1 03:55:02
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Date Posted:
1/1/00 12:00am
Subject:
Mortgage modifications: Winning!....? |
It pains me to say this.... but .... Sweeny is right.
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Date Posted:
1/1/00 12:00am
Subject:
Mortgage modifications: Winning!....? |
IMHO posted:
It pains me to say this.... but .... Sweeny is right.
sig worthy
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Jesus? No, but there is indeed a god shaped hole in the heart of man, why is yours so empty? -- snarf igraine
the original monotheism: http://en.wikipedia.org/wiki/Phallus
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Shimatta33  Posts: 142
Registered: 2003-11-19 23:55:28
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Date Posted:
1/1/00 12:00am
Subject:
Mortgage modifications: Winning!....? |
IMHO posted:
It pains me to say this.... but .... Sweeny is right.
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'tis an ill wind that blows no minds...
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Date Posted:
1/1/00 12:00am
Subject:
Mortgage modifications: Winning!....? |
Taliesihne posted:
sweeny_comodore posted:
how the hell does a cop with 5 kids afford a 275k home??!
well, apparently, he doesnt.
wtf made them think they could afford a 275k home?
Meh, a 275k home is likely a little north of $1500 a month in mortgage payments. No more then 1750. That's 25% of net pay a month at 50k a year.
Wow. Uh, no.
A $275,000 loan with 5% down, which is what they did, puts your monthly payment at $1811 a month. Take home after tax per paycheck when you make $50k a year is $1490 a paycheck. $2980 a month take home.
That's an entire paycheck plus $321 out of the second paycheck just for the house payment leaving $1170 total for the month to spend on car payment, food, $4.00 a gallon gas, internet, cell phone, heating the home, home and car insurance....
Jesus, it's no wonder we have record defaults when buyers don't do the actual math.
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It is no measure of health to be well adjusted
to a profoundly sick society. - Jiddu Krishnamurti
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Date Posted:
1/1/00 12:00am
Subject:
Mortgage modifications: Winning!....? |
Her husband has a teenage daughter from his first marriage. She has 2 kids from her first marriage. They have 2 kids together. She has been a stay at home mom. I know he works for the sheriff's department but not sure exactly how high up the food chain. This is in North Idaho, where California immigrants have raised the cost of housing through the roof for native residents over the past 20 years. A $275k house is pretty reasonable for a family of 7, especially in the town where they live. Even crappy housing is expensive there.
They could have taken the $20k hit but in the end decided it wasn't worth it and are cutting their losses. Still, who thinks paying a $20k penalty for what probably amounts to around $3,500 worth of payments is reasonable?
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I say retarded things all the time.  -Sinlock
Dang Mamogram, that is an impressive display of stupid. -SoO
Women find scars and limps to be sexy, which is why I mutilated myself and ran over my legs with a truck.-[ToS]en |
paulg_68 Posts: 2,469
Registered: 2009-7-27 18:45:54
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Date Posted:
1/1/00 12:00am
Subject:
Mortgage modifications: Winning!....? |
sweeny_comodore posted:
the banks made a ton off the bad mortgages they were pushing on people.
why do you think they were pushing them on people?
You and groucho seem to be confusing writing mortgages with foreclosing on houses.
The banks are losing money on every foreclosure. If there was money to be made the homeowners would just sell the house and pay off the mortgage. Duh.
sweeny_comodore posted:
or do you think the entire population of unqualified homeowners some how managed to con their way into these loans they couldnt afford?
If they borrowed money and didn't pay it back, that's pretty much one of the gold standards of cons.
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