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Facing the Mortgage Crisis 
I have been having trouble understanding why the banks at this point in time with so many houses dumped on the market think it is a good business strategy to raise homeowner’s variable rates instead of leaving them at a rate in which the homeowner can pay. Getting 6% and a monthly payment has to be better for their business than raising rates to an unpayable amount so that folks lose their homes and then the bank is stuck with another house to sell in a glutted market.
Does anyone have some comment on this?
I am fortunate in that i am not in this bind, but I want to see our communites strong.
From my own deep trouble waters,I and my husband can say honestly, besides the rate on loans going up, there is also the issue of job loss,some folks may work thier way thru the morgage melt down if they hadn’t lost the good paying job they had when the morgage was taken out…… also the rise in gas and all the things linked to the high gas prices doesnt help, we all have alot on our plates right now but there is help. Seek it out now,dont wait or give help.
I had no idea the foreclosure boom had hit your are so hard.
The mortgage crisis is due to the Financial Industry being allowed by their buddy, G W Bush, to rewrite the Bankruptcy Laws. By allowing all creditors to increase interest rates when a borrower is late on one creditors payment has created a financial hardship on everyone who has had to use credit. The additional fees and increased interest rates coupled with the overall increases due to fuel charges have put this country in a down turn and it will be a long time coming before there is a stabilization much less an up turn. And when the rebound happens many will not be able to return to the economic position they once held due to their failed credit score.
Also there is a deeper issue and manipulation by the “Money Changers” that is leading to a redistribution of wealth.
Those that took fixed rate loans and are managing to meet their commitments will be left in the cold. Buy outs are for those Bear Stearns fools and Manipulated Mortgage Morons who knew they were getting something for nothing but did not care who would have to pay for their indulgences. And we who are still hanging on will pay the bill. Thank you very much.
If you want a deeper understanding read Atlas Shrugged and see the parallels.
A is always A and 1 is always 1. Words have exact meanings.
“Figures don’t lie but Liars figure” is a saying I have heard most of my life, and watching the politicians proves this. But what is worse is those who let lobbyist issues manipulate their vote. And the GOP is the best at this manipulating.
All of us are just a few paydays away from losing our lifestyles. All of us need a “correction”.
Everyone would benefit from these ideas.
1) A 2 to 5% decrease in existing mortgage rates.
2) Payment due dates that “float” with paydays.
3) A decrease in outstanding home loans that are in line with the decrease in the property value.
4) A decrease in property taxes that is in line with the decrease in property values.
5) Creditors to offer a “one time” consolidation of unsecured debt.
These five ideas, if implemented, would prove that the Financial Industry is willing to save this country and their fellow country men. Yes it would allow some who do not deserve help to benefit but overall it makes more sense than the Bear Stearns fiasco.
Yes I accept the nomination for president! (lol)
A SIMPLIFIED SOLUTION TO THE MORTGAGE CRISIS……..
The Government makes fixing this problem way too complicated…..
Here are the three steps that will save our country from the current mortgage crisis.
First, let every bank that got themselves into trouble…. fold.
Second, Congress allows every American with a Mortgage to be absolved of their mortgage balance letting them own their home free and clear…. Since every bank will fold.
Third, The Government use the money that would have been spent on the bailout to implement new financial standards and startup capital for new banks to regenerate and begin anew, in order to prevent this type of mess from happening again.
Just, by following these three steps, we solve the worries of an under regulated banking industry, re-stimulate the economy because every American will be absolved of their biggest financial debt, accomplish the American Dream by helping the average citizen get a piece of this program that’s supposed to help the average citizen (and not providing CEO’s with golden parachutes).
Hence, preventing our taxpaying dollars to be funneled into a bureaucratic system that spends 100 times the amount of money and resources it should ($100,000 toilet seat in the white house 😉 ), just because it’s being run like the government is run instead of the way a business should be….. Do we really want the government placing this bad mortgage debt on everyone?
I really need your help here, whether you know me or not, whether your 13 or 78, please send this on so that our story can go public and someone can stop the bullying by these giant banks. Forward it to everyone. Our atty said it was the best way to get a continuance for our hearing. At the very least we would like to stay in our house til after the holidays.
We have 5 children
I would like to share some input as to the mortgage crisis and what we are going through with our mortgage company. December of last year we knew that we were not going to be able to make our $900 mortgage payment, because my husband had taken a temporary lay off. We called our mortgage company and asked if we could do a payment holiday, and they said sure that our next payment would be due Feb1st of 2008. We were getting ready to make that payment but called first to make sure we sent the right amount. We were transferred to the collections department and were told that because we were on a subprime mortgage we did not qualify for a payment holiday and that we would have to remit just over $4000 to get caught up. Well we had just filed our return and would have the $4000 within the week. We again called and then were told that it was too late to send the payment our house was already going thru the foreclosure procedure. We told them we had all the money but they still refused to take it. They even said that if we did send it they would just send it back. So we contacted a secondary group, who put us in touch with an atty that would talk to the mortgage company on our behalf. By April of 08 we had agreed to pay on a forebearance. After which Wells Fargo agreed to do a loan modification If and only if all payments were received on time every month. We made every payment on time and then received our Loan modification papers. We filled them out and sent them with a check for almost $900. Soon after we received notification that our loan modification had been approved and what our new mortgage would be. It was about $300 higher than our original mortgage, but if it meant we got to keep the house then we were willing to comply. Two weeks later we got a check back from Wells Fargo for $900, we assumed we had made an overpayment, but the following day we received a letter from them denying our loan modification because we didn’t send them the money. (The check they had sent us the day before) We immediately called and tried to work something out, and they agreed to look at our loan modification again. In the mean time we received foreclosure notice, we filed an answer and a demand for delay. They again denied our loan modification and gave us two options sell the house, or file a deed in lieu of foreclosure. We agreed to the latter, We received notice last Friday to appear in court on the 20th of Nov and then received a letter denying us the Deed in Lieu. My patience has worn thin with this company since we have done everything they asked from us and they are still denying every option we have available despite all of our attempts to right this. I sent them an email discussing my frustrations and got a response to contact their lawyers. We have since been notified that we are not the only people going thru this. These greedy banks need to be exposed for what they are. They received millions of dollars in bailout money but have yet to extend that to the people. What good is it to give successful banks money to bail them out when its their lowly clients that need the help, especially when every available effort to get back on track is pulled out form under them. If you are suffering like we are and have honestly tried everything to save your home but the bank has blocked your efforts then please contact me. They need to be exposed and at the very least embarrassed for their practices. We have already filed a complaint with the FTC for predatory lending, but we cannot hire a local atty because it becomes a conflict of interest when they represent the banks. We have 5 children and this bank is forcing us into homelessness. We work hard, and play little and then have to deal with the fact that we may not have a home by the holidays. For nine months we have complied and gotten nowhere. Not only have they destroyed our credit, but any chance of us ever buying another home, because even though we made payments, our credit reports as if we have not made a payment since last November. Tell me how foreclosing on a house is making them money? We bought this house to grow old in, to raise our children in, we love the neighborhood, it was our dream home, and where else are we going to be able to find a 5 bedroom home? We did what they asked, and got nothing, we are now out thousands of dollars we spent on legal fees and court fees, not to mention the mortgage payments we made for naught. I am done trying to negotiate with a bank who could care less about us, and only want to apprise there wealthier investors. I will fight for my home, I probably will not win against a this giant organization, but I will not take it lying down. If you are going thru a similar situation and want your voice to be heard then please Contact me through my email at zuke2112@yahoo.com
April Diss
I don’t think that this market will hit bottom for at least another 2 years.
I think it’s time to get used to the idea of crisis, because thats going to be the life in the future.
I agree with Sherry.. it will certainly not be within the next 2 years.
as someone who has been responsible for his debt, and managed my affairs accordingly, including not taking risky loans, leveraging up my house, or spending unwisely, i find it difficult to understand why my tax dollars should bail out irresponsible behavior, at rates and terms better than someone with perfect credit can get….please explain your rationale
Way to go Sherry!
Light a candle, pray for all, HAVE FAITH
I lost my job 2 wks ago it was a good paying job and as a single parent now is the time I am worried I might lose my home of 12 yrs. The mortgage company is just being really mean and will not work with me at all. I am going to try again tomorrow by again submitting paperwork to see about a loan modification. Now that I have my unemployment paperwork. I am keeping my fingers crossed