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Originally posted by elevatedone
Perhaps I'm biased.
I work in the financial / credit world.
Originally posted by grammo078
Your Relator is speculating about the price of your home. He has no way of knowing what the housing market will be like in a few years. It sucks now but, in a few years it could very easily rebound or even be worth more in value. You said you called the bank in your post, have you been to your local branch? It is easier to be rude and dismiss someone over the phone, as opposed to face to face confrontation. That's why collection agencies call over the phone and talk to you like a criminal or a 5 year old. They wouldn't speak that way to you if you were setting right across from them. In my experience face to face always works better. Sometimes the squeaky wheel gets the oil. Sorry if I am rambling, suffering from a cluster headache, on meds...
Originally posted by elevatedone
Perhaps I'm biased.
I work in the financial / credit world.
Originally posted by CookieMonster09
It's late. I'm tired. Nevertheless, let me throw in some words of advice on this matter.
Having worked in the world of banking and finance for most of my adult life, I would only make a few suggestions.
[edit on 8-9-2009 by CookieMonster09]
Originally posted by rogerstigers
Originally posted by elevatedone
reply to post by nikiano
It's been that way for years.
You've always had to pay tons of interest for the home. The only difference today is, the homes just lost the value.
Your contract didn't change, you still have to / need to pay.
I wholeheartedly disagree. He can and should do whatever it is he wants to do. I, personally, refuse to put any moral obligation on him to pay back his debt to an organization that couldn't care less about him or his money. He has to / needs to do whatever it is that suits his fancy provided that he is willing to navigate the rocky waters ahead and accept the consequences of his actions.
Originally posted by nikiano
Thanks, Roger. I appreciate it.
(P.S. I'm a female, though.
Originally posted by rogerstigers
Originally posted by nikiano
Thanks, Roger. I appreciate it.
(P.S. I'm a female, though.
My humble apologies for the gender mixup. I usually use the asexual "they" to avoid such things, but I am operating without my brain this evening.
Originally posted by silent thunder
This thread is a good opportunity to state something that rarely gets mentioned: you aren't really a "homeowner" unless your house is 100% paid off.
Don't have the actual deed in hand? Then you aren't a homeowner. You are a glorified renter who might, someday, 20 or 30 years down the road, become an owner. Until then, you have less freedom than a renter because you are tied to your price.
Why the deep stigma to renting in America? Why does everyone have to be an owner? In most nations, as a matter of fact, far more rent than own.
The reward to being a homedebtor (i.e., a "homeowner" with a mortgage) comes, as stated above, in 20 or 30 years. Perhaps by then the OP will have reaped his reward. But when choosing a dwelling, I think its best to either rent or get into the mortgage with the knowledge that the final reward will only come when the mortgage is completely paid off.
Originally posted by defcon5
Originally posted by nikiano
But then I realized... IT'S THEIR FAULT THAT MY HOUSE HAS DEPRECIATED IN VALUE BY HALF....not my fault.
How is it the banks fault that your house depreciated? Why is it their obligation to take a loss on a poor business investment that you made? Did someone from bank of America show up and force you to buy that house?
Originally posted by SpiritoftheNightSky
And if you don't pay the taxes that someone arbitrarily decides that you should pay, the state will sell your house from under you at less then 1% of its value.
So do you really ever own it?
Originally posted by Miraj
reply to post by nikiano
First I need to correct you. They are no longer known as "Bank of America"
They are now renamed to "Bend Over America"