posted on Jul, 17 2009 @ 02:48 PM
reply to post by Heatburger
I completely agree with you. I know that the banks 'generally' do try to help people out when it is in their best interest. However, we get this
sticky situations. You see, I have a close friend that makes just above what Flagstar (their holder) considers the level for any type of need.
That's just 52k.
I don't get this. When he purchased the home everything was based off of his gross. Okay, that's another issue right there. However, he doesn't
take home 52k. Living in Ohio he is lucky, after all taxes and his health care expenses, to take home 30k a year. Yet the rescue programs look only
at the 52k.
He has 3 kids and a wife and a family member who is disabled and cannot work that he is supporting. Of course the family member is not blood related
so he can't claim him as a dependant. That's besides the point. The point is that the way things are right now with costs for energy and food (gas
is back down again but who knows where that is ever going to end up), he barely makes enough to pay the mortgage he was told he could afford.
Okay, it's his fault for not really thinking things through but I cannot blame the guy for trying to buy a home for his family.
What do people like this do when they are falling behind each month? He is now filing for bankruptcy as he has done everything he can to try and cut
his monthly expenses. He has voluntarily returned his most expensive vehicle but still owes a ton. He did it because he didn't want to screw the
bank over who gave him the loan in the first place.
Yet, when he approaches the bank they say he doesn't qualify for any help. Then he can apply for help but it's a different process and there is
just no guarantee of help through that conduit. Oh well. The banks aren't all out there to help. I just thought that when a home that was
purchased for $142k is valued at less than $120k now in a market where the last house to sell was in auction for about $40k less than what was owed
that the banks would do WHATEVER they could to keep people in their homes. Even consider 6 to 12 months deferment to allow poeple to build up a
cushion until hopefully this economy swings back into motion.
Either way, I appreciate you coming forward with this. I had to convince him to avoid a scam with a company in San Fanscisco. They had him apply
and everything. Talked to him and said that the attorney fees would be $24.95. Well, they said it like that. I told him that there wasn't a chance
in hell that it was 25 bucks. Turns out that after all is said he asked for clarification and they said that indeed it was $2495. What a scam!
So yes, you can try to talk to your bank but be ready to be turned down or have to fight for what you want. They want to get as much as they can from
the deal too because after all they are there to make money.