posted on Feb, 21 2009 @ 11:47 PM
I bought my house in 05, had an 80/20 with an ARM. My credit and finances wouldn't allow me to get a 6000 sq ft. manse in a gated community. What I
got was a solid house that my wife and I could fit into comfortably. I drive a Chevy Metro to work, it's paid for, my wife has an old Camry that's
also paid for, and we have a truck for hauling stuff that's not paid for. When I bought my house, my mortgage broker told me to work on cleaning up
my credit for the two years until the rate reset, and he'd see what I could get at that point...
Another friend of mine got into a similar house, similar credit problems, and did nothing to fix his credit. He got a new mortgage about six months
after his reset, which went up to 14% from 5%. Now he's at 7.5%, thirty year fixed. I worked my credit and got a 5.87% 15 yr fixed, and immediately
signed up for bi-weekly payments. I paid for two months of my rate hitting 10% when my rates reset, but now my payments are lower than the first time
around. I also round up to the nearest hundred over my payment amount and that is also going to the principle, not interest. I am making an extra
$2000 payment each year, and it looks like I will be done in 2017, if the bank is still around!
After Ike, I asked my lender, WF, to defer two payments to the end of my note, allowing them to make interest on them. They said no loan
modifications. OK, so now they won't work with me, so I am trying to double up my payments to try to get my house paid off in 2014. It will result in
their losing about 20k in interest- all due to their not helping out a storm survivor. I didn't ask for two payments to be dismissed, just deferred.
They would have made more money off that transaction, but said no way. Fine. This is their punishment. Arrogant, greedy bastages!
I paid my own way, didn't get help when I needed it, so therefore I should pay for my buddy's bad decision? I need to pay his mortgage? How does
THAT seem fair? Do I get to claim all the people whose mortgages I am paying for on my taxes next year? I figure about 9 should be good enough for