Mortgage Modifications?

[Mi Bankruptcy]

Oh please. People were buying 3000+ square feet homes and going crazy with upgrades, when they could have bought a 2000 sf home half the amount. Home ownership is not a right, it's earned. Our society is centered around entitlement. Everyone feels they're entitled to more, more, more. Instant gratification, no one wants to wait they want everything NOW. If you can't afford to buy a home, then you rent or you buy smaller in a less expensive neighborhood. It's not the government's or the taxpayers' responsibility to make sure everyone owns a home or has a bonus room and granite countertops.

That is why we are in this mess (obviously along with several other reasons, greedy lenders, lack of regulation and oversight, etc.), it's not the people who were struggling to make ends meat that caused it - it's the people who wanted to keep up with the Joneses and way over leveraged themselves. And now there are a lot of people suffering and struggling because of them.

I agree 100% with you on this. I even remember asking my dad for a $1.00 to buy a "Big Gulp" at 7-11. He would ask what have you done to earn a dollar. I am struggling with the entitlement issue with my teenager as she thinks she is entitled to a cell phone. What a surprise she received when she earned a bad grade in school and I took her cell phone and took away access to her myspace.

My whole concern with your prior post was focused primarily around the predatory lending. When I went to sign my papers my broker jacked our rate up on me. I got up and walked out of the meeting. My wife freaked.. we didn't have any place to live in the next 3 days if we did not buy our home.

He just happened to have the correct papers with him..
Ya know an honest Mistake the "OLD" paperwork

How many people fell victim to these types of situations, how many people were fooled into believing their ARM would only adjust by 1% or it would not be any problem obtaining refinancing for a lower rate they still could afford, to find out that was not true.
I visited 3 companies that were trying this tactic on me in 2000-01. I said to the last person before talking about financing.. if you even mention a ADJ mortgage our conversation will stop and I will walk..Don't even waste your time or mine. These are the people I am concerned about. Not the people trying to keep up with the Jones. I wont even discuss how writing down also could help your neighborhood with maintaining your value. I live way out in the country.. 8 miles of cows & fields and 8 miles to the nearest store. I can't believe all the vacant homes, and homes for sale. I wouldn't know what to do if I was upside down to the tune of thousands of dollars.

[SubPrimeME]

Wow- hereforinfo

Listen, for most people, instant gratification was NOT the cornerstone of why we purchased a home that was outside of our financial reality. For me it was about 40 years of data showing that a home had a very good return. SO before you judge others consider what you are saying- it's simple math, so I will break it down for you:

If you have a home at 100k and a return of 12% you get x. Now take the same formula at a home at 300k and you get a much larger return. SO call it what you want, over extending, living beyond your means... It DID not matter, as history has proven that the home is a good deal.

It's called risk/reward, if you don't think that happens everyday on Wall Street, or the Ma/Pa putting there life savings down to start a new business, then you must not understand how our capatalism works.

I took the risk of buying a home beyond my means, I for one only put the blame on myself as I took the risk. I have to file a BK becuase of it, but you know what? That's my right. Have a nice day.

[albacore44]

I recieved a mod on my loan and they cut the interest rate 2.5 percent. I am still upside down on my home but we are keeping it (we are those people who have a big house and did all kinds of upgrades like someone in this thread mentioned) and thats fine. A cram down would be awesome! but at the same time anyone could let their mortgage fall behind and try to get the same deal. Once Goverment steps in like this they will step into just about everything else as well. So sure I wish I could have it both ways..

Not talking about you LOL............... and your situation is very similar to mine

[Overmylimit]

I recieved a mod on my loan and they cut the interest rate 2.5 percent. I am still upside down on my home but we are keeping it (we are those people who have a big house and did all kinds of upgrades like someone in this thread mentioned) and thats fine. A cram down would be awesome! but at the same time anyone could let their mortgage fall behind and try to get the same deal. Once Goverment steps in like this they will step into just about everything else as well. So sure I wish I could have it both ways..

[Overmylimit]

LOL me or hereforinfo?

[albacore44]

He sounds like one of my angry neighbors

[Overmylimit]

WOW! This threads getting kinda riled up, I am not going to take any sides but hereforinfo if you aren't in or going into BK just why are you here.....are you writing a book?

[B65]

trixie

rest easy ! you will burst a stitch! you need to be relaxing... You know there is always a bad apple, ... lol., My heart goes out to everyone on here, as for the troll.....not so much....
LOLOLOLOL
B

[Trixie007]

I'm sorry - but I just can't laugh any more, it's bothering my stitches! Could this thread just be closed??

I'm sorry I responded initially to this person and got this whole ball rolling.

None of us are going to change HereforInfo's mind - and if you go look at their other posts, this is the tone that dominates in a large percentage of those posts- why waste the time?

I even laid out for them that at the time of our purchase we qualified in every sense but a little bit of time in self employment for our loan - and we went into both houses with greater than 20% equity!! Still, no apology from that poster for slamming me as being the root of the problem our economy is in today... I don't expect this to change any time soon... So, Grace!

[eddiep]

Are you here for info or to pass judgment?

[B65]

your boring

and not very clever, I feel sorry for you on your little judging post..I can just imagine and KNOW what kind of person you are, you do have my pity.
I will not repsond to you any more or any more of your posts, little ugly trolls like you get off on the fight.

[hereforinfo]

it is all the small peoples fault and not the super rich ripping of average people right?

If you had read my post, you'll see where I named other parties to blame. It's a complex set of events and circumstances that caused our economic problems, but it takes 2 to tango.

[hereforinfo]

Seriously, your only comeback is to point out a typo? Ok, I could point out a quite a few grammar errors in your post but that is childish.

We are all entitled to our opinions.

[B65]

dont tell me

you voted Bush, it is all the small peoples fault and not the super rich ripping of average people right?
why are you on this board,,, why don't you just bog off.

[B65]

the correct

term is "meet" not meat.