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Foreclousre on Christmas Eve

This is a discussion on Foreclousre on Christmas Eve within the Puff Banter forums, part of the Everything But Cigars category; Wow, sorry to hear that Rob. I hope things work out for you....

  
  1. #31

    Certified Liga Addict Animal's Avatar


     

    Re: Foreclousre on Christmas Eve

    Wow, sorry to hear that Rob. I hope things work out for you.

  2. #32

    Elder Puffer Fish Leader Cigary's Avatar


     

    Re: Foreclousre on Christmas Eve

    Quote Originally Posted by CigarSmokePhilosopher View Post
    sorry to sound like an ass here, but people who live in houses for years without paying and then complain when they are finally kicked out and made homeless sicken me... You don't pay for it, why should the owner of the house suffer.

    If you sold a car on payments, and the buyer stopped paying, and then you took the car back and they lost their job due to lack of transportation and called you horrible names and acted like you had no heart, how would you feel???
    People in glass houses shouldn't throw stones...esp. blanket statements like this.

    First of all how much do you really know how the system works? Do you understand what "predatory lenders" do? Do you understand that good people went in with the confidence that their Lender wasn't going to screw them over for their original loan and then after a year sell it to another Lender to cover their deceptive trail? How about these Programs called Making Homes Affordable...Harp...Tarp....this is where the Gov't bailed out all of the Mortgage Companies with whose money...oh yeah...average citizens and then proceeded to guarantee them at about a 3% interest. Fast forward and see how many modified loans are being granted to people who thru no fault of their own are being swindled day after day while the Lenders got bailed out..with your money. They got to pay off all of their debts and then they meagerly dole out money to those who are in need. Let's not forget that the Lenders never followed the laws in Truth in Lending practices by telling the borrower to "fudge" their numbers...after all the housing boom was going to make them rich. A lot of Lenders lied outright on these applications about property taxes on the houses...they deliberately lowered the amounts so the Borrower could get a loan and depending on where the loan originated in some very heavy taxed areas that could be as much as $4k-$6K on a $300,000 mortgage..so divide that by 12 months and your house payment in the second year just escalated by another $500 per month...oh yeah. The poor homeowner didn't realize that until the tax man came with the Lender and said..Whoopsie...you owe pack property taxes so now you're in arrears for the last $5K and now you owe another $5K for the next year.

    I get that some borrowers out there were in collusion with their Lender but it's the Lender who should take the brunt of this...YOU DON'T LOAN MONEY TO ANYBODY UNLESS THEY HAVE THE MEANS TO PAY IT BACK! This is like children telling their parents how to train and discipline them...

    Yes, I blame the Banks and the Lending Institutions for the total collapse...they manipulated the system and got rich for a time...then they lost it and got the Gov't to bail them out and then guarantee them at least 3% on them funding new loans to consumers...now they can't lose and they got bailed out by your taxes to pay off ALL their debts..while you Mr. Consumer get to sit home and wait for your job to be terminated and your house get foreclosed on...because the Lender made sure that you had PMI on your loan to begin with and they can come back and sue the Consumer for any deficiency plus fees they get to make up...pretty sweet deal, huh?

    Yeah, let's blame John Q. Public for buying a home and trusting the loan practices of the local Banking Loan Shark to ensure you are protected.
    Where's my xanax.....
    A mind is like a parachute...it works best when it's open.

  3. #33

    Leading Puffer Fish rob51461's Avatar


     

    Re: Foreclousre on Christmas Eve

    Quote Originally Posted by CigarSmokePhilosopher View Post
    sorry to sound like an ass here, but people who live in houses for years without paying and then complain when they are finally kicked out and made homeless sicken me... You don't pay for it, why should the owner of the house suffer.

    If you sold a car on payments, and the buyer stopped paying, and then you took the car back and they lost their job due to lack of transportation and called you horrible names and acted like you had no heart, how would you feel???
    Just wanted to tell you that you fail horribly with your opening statement. This is the same little prick that not even a month ago was asking for the sympathy of the members of this forum to "help out a BOTL" in his time of need when he couldnt afford some smokes. You actually had me feeling bad for you and I still have a bag of 20 sticks I WAS going to send you until you started spouting off about the great deal you got 3 days later, and how you got your first credit card and was going to max it for cigars, and then the last straw was asking about the bands of your ISOMs. Man you are full of it! As angry as I am at you about your idiotic statement GOD forbid when you grow up and away from mommie and daddie with a family of your own you are stricken with an illness or job loss that puts you in the place of those not as fortunate as you are. You have alot of maturing to do and the first lesson is when to keep your fool mouth shut esp in your field, what would you tell a client??? STFU and pay your mortage or leave?? Rant on tempoary hold waiting for another stupid remark.

  4. #34

    Scotch & Cigars


     

    Re: Foreclousre on Christmas Eve

    Glad to hear you are able to stay and try and sell the house Robert! Just ignore the other crap, I am sure you have plenty on your plate right now, don't need any more BS added to it.

    Every year taxes go up, gas goes up, utilities go up, food goes up, I sure as heck did not take that into account when I purchased my home. And for many of us our paychecks stay the same.

  5. #35

    ENIGMA Batista30's Avatar


     

    Re: Foreclousre on Christmas Eve

    Gary is right about this. Yes, we can spread the blame through the entire system and including some of the homeowners. I worked in the mortgage industry for a bunch of years and essentially, loans were manipulated so the borrower would be approved for the loan. I realized this when it was happening and questioned the underwriters whose hand was somewhat being forced to approve the loan as a favor.

    But these favors occurred many times. An instance is where loans couldn't be approved as a conventional, but if it were converted to an ARM(adjustable rate mortgage), it would be approved. Of course the borrowers could pay back the loan at 4% interest, but what happened when 3 years later, it went up to 7% and eventually to cap of 12%? Default, that's what. Many borrowers had no idea of this and it wasn't because they were ignorant. It's because mortgage brokers neglected to explain the contract to them.

    I'm not going to blame Rob. These practices were and are rampant in New Jersey. Rob, as others have stated, just keep working with them and stay in contact and do what you can. When things go wrong in the United States, the people pay the price.

  6. #36

    One day at a time Scott W.'s Avatar


     

    Re: Foreclousre on Christmas Eve

    [QUOTE=CigarSmokePhilosopher;3075197]sorry to sound like an ass here, but people who live in houses for years without paying and then complain when they are finally kicked out and made homeless sicken me... You don't pay for it, why should the owner of the house suffer.

    If you sold a car on payments, and the buyer stopped paying, and then you took the car back and they lost their job due to lack of transportation and called you horrible names and acted like you had no heart, how would you feel???[/QUOTE]

    You are shitting me here with this right? Please just say it was the booze or your extra chromosome talking right?

  7. #37

    Thou Shall Not Doubt Me MoreBeer's Avatar


     

    Re: Foreclousre on Christmas Eve

    Hopefully Bank of America holds the note on your mortgage. You'll have a good chance with them to work things out. A guy who worked for me was in default for "15 months" and had a Bofa mortgage. They recently restructured the loan and he's now fine. Best of luck to you!
    "I'll Buy That For A Dollar"

  8. #38

    Leading Puffer Fish rob51461's Avatar


     

    Re: Foreclousre on Christmas Eve

    When we got our mortage it was an ARM @ 5% for 3 yrs then It was sold after 1 year and the new company rased the interest to 6% and also sold it and so on until we were at 8.5%. It was sold so many time I forget who we started out with. Then we restructured to a 6% 30 yr with a 15yr baloon and all was fine. The problems were when I missed the fed extensions by 2 base weeks and lost my UI benefits and had to go on welfare.Cant pay all the bills on $150 a month. But Im trying to keep a positive attitude and hope that I can find work and restructure the loan again with this company. In all that the banks really screwed up our economy and I guess the fed is part also for lowering the rates so low and the banks ran with it.

  9. #39

    CRT #1984, CRA #99974873 szyzk's Avatar


     

    Re: Foreclousre on Christmas Eve

    Quote Originally Posted by rob51461 View Post
    When we got our mortage it was an ARM @ 5% for 3 yrs then It was sold after 1 year and the new company rased the interest to 6% and also sold it and so on until we were at 8.5%. It was sold so many time I forget who we started out with. Then we restructured to a 6% 30 yr with a 15yr baloon and all was fine. The problems were when I missed the fed extensions by 2 base weeks and lost my UI benefits and had to go on welfare.Cant pay all the bills on $150 a month. But Im trying to keep a positive attitude and hope that I can find work and restructure the loan again with this company. In all that the banks really screwed up our economy and I guess the fed is part also for lowering the rates so low and the banks ran with it.
    What a messed up system, right? Who cares about the little guy when Joe #1 made his commission, then Joe #2 made his commission, then #3, #4, etc.

    Best of luck to you. I definitely feel for what you're going through. If I could offer anything else I would.

  10. #40

    Elder Puffer Fish Leader Cigary's Avatar


     

    Re: Foreclousre on Christmas Eve

    Quote Originally Posted by Batista30 View Post
    Gary is right about this. Yes, we can spread the blame through the entire system and including some of the homeowners. I worked in the mortgage industry for a bunch of years and essentially, loans were manipulated so the borrower would be approved for the loan. I realized this when it was happening and questioned the underwriters whose hand was somewhat being forced to approve the loan as a favor.

    But these favors occurred many times. An instance is where loans couldn't be approved as a conventional, but if it were converted to an ARM(adjustable rate mortgage), it would be approved. Of course the borrowers could pay back the loan at 4% interest, but what happened when 3 years later, it went up to 7% and eventually to cap of 12%? Default, that's what. Many borrowers had no idea of this and it wasn't because they were ignorant. It's because mortgage brokers neglected to explain the contract to them.

    Here is where the doodie is going to really hit the fan...2011-2014 there is going to be another huge influx of those ARM's coming due and how in the hell are people going to be able to re-fi their original loans where they can afford their house? Banks are tightening up and putting so many restrictions on any loans they are going to make that you'd have to almost have a Triple A credit rating to get a loan. If your credit sucks you'll have to come up with a ton of cash to even be considered...20% at the very least..maybe even your first born.

    I'm not going to blame Rob. These practices were and are rampant in New Jersey. Rob, as others have stated, just keep working with them and stay in contact and do what you can. When things go wrong in the United States, the people pay the price.
    Sad and very true...the market was never self sustaining because the smart ones knew it was going to blow like a volcano...and it did and the volcano isn't nearly through. We're going to see another 3 years of foreclosures that are going to make the last 2 years feel like a burp....Lenders are going to put screwdrivers along side their computers and calculators and fold their hands and say..."Sorry but you're not a good risk." That's funny, 6 years ago anybody with a job and a pulse were getting loans at 125% market value with 3% down and an ARM that would scare a dead man.

    Quote Originally Posted by rob51461 View Post
    When we got our mortage it was an ARM @ 5% for 3 yrs then It was sold after 1 year and the new company rased the interest to 6% and also sold it and so on until we were at 8.5%. It was sold so many time I forget who we started out with. Then we restructured to a 6% 30 yr with a 15yr baloon and all was fine. The problems were when I missed the fed extensions by 2 base weeks and lost my UI benefits and had to go on welfare.Cant pay all the bills on $150 a month. But Im trying to keep a positive attitude and hope that I can find work and restructure the loan again with this company. In all that the banks really screwed up our economy and I guess the fed is part also for lowering the rates so low and the banks ran with it.
    Yeah buddy...this is how they do it because they knew in advance they'd never have to service the loan from the beginning and sell it off to another company and they'd sell it to another company and so on...hmmmmm...isn't this how 'shell companies' work? They call that illegal but this is how Lenders run their businesses. Remember the Libor Loans where they would talk people into buying a house based solely on INTEREST ONLY because the 'market' was so hot that you could make a fortune in a year or two and dump it? "Flipping" houses was the hot item and the Lender was totally onboard with this...actually pushing the market because it was fast money for them to keep those loans coming in..churn and burn and then with hardly any money being put down here comes the PMI on top...they get that insurance to bail them out...just in case...while John and Mary Q Public believed all the rhetoric. The banks got what they wanted...they were too big too fail and now we get to bail them out. Let's put it like this in general terms so we all understand....it's like putting a murderer in prison and then letting them out because we're afraid if we don't they might escape and come kill us...makes perfect sense.

    Dammit...I'm out of xanax!!
    A mind is like a parachute...it works best when it's open.

  11. #41

    No longer a community member.


     

    Re: Foreclousre on Christmas Eve

    I just want to say I am frustrated with both the lenders and the buyers who didn't or did know what they were doing and got in dept beyond their means. But...............

    I really want to end with if you think you are safe inside your own little bubble and get any joy out of someone losing their home you need to re think how fast it could be you!

    I am possibly going to be jobless if I can't fix my back, from there I realize I do not have enough money to last more than a few years without digging into my retirement and once you start that it's all downhill. But I have plenty of friends and family to move in with sounds funny at 51 doesn't it. I have no dept so I am better off than many and less than some.

    The point is never be happy or angry about this just hold those words if ya don't like someone. Rob I wish you the best and have heard your story so many times and like Gary say's it is not over.

    I do know one thing I will not be buying cigars or drinking or doing anything but existing if I lose my Job. I think that is one of the reasons I built such a large collection, my cigars may be the only calm thing in life in a situation like this.

    Best of Luck!

    Dave

  12. #42

    Leading Puffer Fish rob51461's Avatar


     

    Re: Foreclousre on Christmas Eve

    Talk about the" Libor Loans" Cape May county and esp Wildwood was for sale for a song in the late 90s into the early 00s. people were dumping their life savings into buying Island properties averaging about $40,000 per property and then getting interest only loans to build and got caught when the market bottomed out. Our local weekly paper has at least 8-10 public notice pages each week over the thousands of properties in either tax sale or sherrifs sale. You drive down the road and the For Sale signs have a Short sale notice on them. Its really bad here

  13. #43

    One day at a time Scott W.'s Avatar


     

    Re: Foreclousre on Christmas Eve

    Quote Originally Posted by rob51461 View Post
    Talk about the" Libor Loans" Cape May county and esp Wildwood was for sale for a song in the late 90s into the early 00s. people were dumping their life savings into buying Island properties averaging about $40,000 per property and then getting interest only loans to build and got caught when the market bottomed out. Our local weekly paper has at least 8-10 public notice pages each week over the thousands of properties in either tax sale or sherrifs sale. You drive down the road and the For Sale signs have a Short sale notice on them. Its really bad here
    I've seen it. My wife stayed at a place on Ferry St. (The Star Resort I think) last year and the place was dead. I went to see a client of mine at her store made $140 that day..........$90 of it was what I spent. George's Restaurant was even dead. 3 people besides my family was there.

  14. #44

    Elder Puffer Fish Leader Cigary's Avatar


     

    Re: Foreclousre on Christmas Eve

    Bump on this post...here is a really good site to go to for anybody who is experiencing foreclosure or might be in the future...click on this link and and then scroll over on the right hand side where it says FILE COMPLAINT....File a Complaint about a National Bank

    Understand that you need to have all of your information so you can plead your case effectively and not just going on there to "complain"....there are steps you need to take in order to be able to get help. Stay in touch with your Lender no matter what..build your case and dont ignore it or you won't have any rights whatsoever and they can foreclose on you and basically throw you out on the streets.
    A mind is like a parachute...it works best when it's open.

  15. #45

    Leading Puffer Fish rob51461's Avatar


     

    Re: Foreclousre on Christmas Eve

    Quote Originally Posted by Cigary View Post
    Bump on this post...here is a really good site to go to for anybody who is experiencing foreclosure or might be in the future...click on this link and and then scroll over on the right hand side where it says FILE COMPLAINT....File a Complaint about a National Bank

    Understand that you need to have all of your information so you can plead your case effectively and not just going on there to "complain"....there are steps you need to take in order to be able to get help. Stay in touch with your Lender no matter what..build your case and dont ignore it or you won't have any rights whatsoever and they can foreclose on you and basically throw you out on the streets.

    We tried that after we found out about the forced ARM loans, we were qualified at the time for a conventional mtg, but when the mtg co threatened our accountant ( my gfs boss ) she backed off because at the time he was the mayor of Wildwood and didnt want or need the press. F'ed up if you ask me

    We had an open case with the state, and they called us back and asked if we were threatened and we said no, but in fact the mtg co threatened fraud charges against my accountant and we withdrew to honor his request

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