Performance Boats Forum banner
1 - 20 of 24 Posts

·
Registered
Joined
·
130 Posts
Discussion Starter · #1 ·
I bought a home in 2004. 30 year fixed @ 5.7% great loan at the time. Alot of peeps were buying stuff on arm loans and buying over thier heads. Homes they basically couldn't afford.

My buddy was one of them and he just got his adjustable rate mortgage swithed to a 30 yr fixed @ 5.25%:mad:. His principle amount was lowered considerably. He also got to skip his payment for 7 months. All said and done his payment is $1000 less and on a fixed loan. A fixed loan that is better than mine. What kind of crap is this?
Oh! One more thing....I make way too money to get my mortgage remoded but I'm still 200K upside down. :(:(
rant over but I'm still pissed.
 

·
Rubbing is Racing!!
Joined
·
2,813 Posts
I bought a home in 2004. 30 year fixed @ 5.7% great loan at the time. Alot of peeps were buying stuff on arm loans and buying over thier heads. Homes they basically couldn't afford.

My buddy was one of them and he just got his adjustable rate mortgage swithed to a 30 yr fixed @ 5.25%:mad:. His principle amount was lowered considerably. He also got to skip his payment for 7 months. All said and done his payment is $1000 less and on a fixed loan. A fixed loan that is better than mine. What kind of crap is this?
Oh! One more thing....I make way too money to get my mortgage remoded but I'm still 200K upside down. :(:(
rant over but I'm still pissed.
It sucks....

Your buddy trashed his credit to get it done though.

I'm right there with you (except making way to much $$$$)and Bank of American nasically told me why would we talk to you about modding when your current. They said (and I quote) were not gonna do anything until your 3+ months behind and trash your credit...WTF

The Obama plan is a huge hoax ;)
 

·
Registered
Joined
·
502 Posts
I bought a home in 2004. 30 year fixed @ 5.7% great loan at the time. Alot of peeps were buying stuff on arm loans and buying over thier heads. Homes they basically couldn't afford.

My buddy was one of them and he just got his adjustable rate mortgage swithed to a 30 yr fixed @ 5.25%:mad:. His principle amount was lowered considerably. He also got to skip his payment for 7 months. All said and done his payment is $1000 less and on a fixed loan. A fixed loan that is better than mine. What kind of crap is this?
Oh! One more thing....I make way too money to get my mortgage remoded but I'm still 200K upside down. :(:(
rant over but I'm still pissed.
What lender do you have? A handful of mortgage companies are still granting modifications of mortgages even if you make good money. They would rather modify your loan than be stuck with a property that is $200K in the hole.
 

·
I got nothing
Joined
·
1,584 Posts
It sucks....

Your buddy trashed his credit to get it done though.

I'm right there with you (except making way to much $$$$)and Bank of American nasically told me why would we talk to you about modding when your current. They said (and I quote) were not gonna do anything until your 3+ months behind and trash your credit...WTF

The Obama plan is a huge hoax ;)
Which way are we rowing this damn boat anyway?
 

·
Registered
Joined
·
41 Posts
I bought a home in 2004. 30 year fixed @ 5.7% great loan at the time. Alot of peeps were buying stuff on arm loans and buying over thier heads. Homes they basically couldn't afford.

My buddy was one of them and he just got his adjustable rate mortgage swithed to a 30 yr fixed @ 5.25%:mad:. His principle amount was lowered considerably. He also got to skip his payment for 7 months. All said and done his payment is $1000 less and on a fixed loan. A fixed loan that is better than mine. What kind of crap is this?
Oh! One more thing....I make way too money to get my mortgage remoded but I'm still 200K upside down. :(:(
rant over but I'm still pissed.
Don't worry too much....about 65% of the people who get their loan restructured default within 2 years. The rest will eventually default since they are way too in debt with everything else. I'm just glad I'm able to pay taxes to help them.
 

·
Slum Lord
Joined
·
2,802 Posts
I bought a home in 2004. 30 year fixed @ 5.7% great loan at the time. Alot of peeps were buying stuff on arm loans and buying over thier heads. Homes they basically couldn't afford.

My buddy was one of them and he just got his adjustable rate mortgage swithed to a 30 yr fixed @ 5.25%:mad:. His principle amount was lowered considerably. He also got to skip his payment for 7 months. All said and done his payment is $1000 less and on a fixed loan. A fixed loan that is better than mine. What kind of crap is this?
Oh! One more thing....I make way too money to get my mortgage remoded but I'm still 200K upside down. :(:(
rant over but I'm still pissed.
The prudent buyer is the one getting the short end of the stick.....without any vasoline :|err:|err
 

·
mud slinger
Joined
·
1,983 Posts
Don't worry too much....about 65% of the people who get their loan restructured default within 2 years. The rest will eventually default since they are way too in debt with everything else. I'm just glad I'm able to pay taxes to help them.
65% of the people who get their loan restructured default within 2 years
I would like to know how they know this. It was just past.
 

·
Registered
Joined
·
1 Posts
so basically my neighbor got a loan they should of never had in the first place. Then short sell their house along with 3 or 4 others and I'm left with a house that just lost 300k in value because of the BS comps. I can't refi w/ the loan to value and I have no hope of seeing positive equity this decade. What am I suppose to do????

Man my ass is sore!!!
 

·
8anned
Joined
·
4,041 Posts
Remember the video after Obamanation got the win? The one where the lady was so happy she wouldn't have to worry anymore about her house payment and stuff..........wonder where she is now?
She's in Los Angeles. She came here for the Michael Jackson funeral yesterday.
 

·
Premium Member
Joined
·
7,846 Posts
Remember the video after Obamanation got the win? The one where the lady was so happy she wouldn't have to worry anymore about her house payment and stuff..........wonder where she is now?
She's now living in a $800,000 home in Laguna Nigel and has a government gas card.
She probably makes $35,000 a year, Barnie Frank and Chris Dodd helped her on the loan app.
 

·
Registered
Joined
·
542 Posts
I also tried talking to B of A about getting a better finance rate....basically if u made the irresponsible mistake in the past and took out lots of money and signed up for a bad loan they will help you. If you were responsible and make enough money now, you are shit out of luck..!

Thanks Barack Hussien Obama..
 

·
Boss of the McIntyre Mob
Joined
·
1,938 Posts
Pisses me off too.
Bought my house for $273k 7 years ago. Was as high as almost $700k. I could have pulled all my money out, bought a new rail, diesel pusher, 100k boat and new truck. Stop making my payments and get help.

Instead, played by the rules, lived within our means. This sucks. Hope karma comes around soon. oh, yea, it did. I still have a job!!:D
 

·
Registered
Joined
·
623 Posts
Pisses me off too.
Bought my house for $273k 7 years ago. Was as high as almost $700k. I could have pulled all my money out, bought a new rail, diesel pusher, 100k boat and new truck. Stop making my payments and get help.

Instead, played by the rules, lived within our means. This sucks. Hope karma comes around soon. oh, yea, it did. I still have a job!!:D
Bought ours waaay long time ago. Actually been in our house 30 years. Looked for something new many times over the years and thought, no way, too expensive, don't want to be house poor.....Stuck with ours, remodeled...saw it hit almost a MILLION DOLLARS...wtf? Didn't sell because what could we buy? Something else that would be totally inflated and we would now owe money on a million dollar home.... Of course now looking back if I'd sold and just held on and rented, I'd be in a better position but oh well. Now, reality...Prices correcting. Have remodeled over the years, owe some but hope to be paid off within the next 5 or so but again....WTF?
Yea that karma thing...x2
 
1 - 20 of 24 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top