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Debtors Revolt Update Part II

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posted on Feb, 12 2010 @ 12:30 PM

Alright since I wrote the first thread, a few of my debtors have agreed to help me help them not many though, a few interest rates were reduced.

However money is and was still tight; Back in May/June of 2009 I applied for the making home affordable loan and attempted to refinance my home. I was told by Bank Of America I didn’t qualify. I explained to them that the first time I had to make huge repairs to the house I was not going to be able to afford it and I would walk away. The Loan advisor told me do what you feel is necessary but we will not refinance and you do not qualify for the Making Home affordable plan.

Fast forward to Jan 28th 2010; I had a mold problem in my bathroom and my toilet kept clogging up. ( I have three daughters) So I began to save up some money when I could to redo the bathroom. On Jan 28th 2010 I had the money to do it, about a grand. My dad (who by the way does this for a living) and I began to tear out the bathroom. Upon tearing out the dry wall I saw that the mold problem was more extensive the thought. He advised me to clean that out before place drywall up. So the idea now became to tear out the bathtub, sink, and toilet until the mold was cleared. After we ripped up the floor, it became apparent the subfloor would have to come out.

So after we ripped everything out from the subfloor, bathtub, and drywall, we began to snake out the main drain to clear any and all debris and push it into the city main. After 5 minutes into snaking it the snake wrapped around the pipe and would not become dislodged. We ran a camera down it to see what the problem was the clay pipes had broken in two places causing the snake to leave the pipes and wrap around a tree roots. Now the pipe is useless and I cannot pay to fix it, leaving the house useless to me.

There are other problems to like the roof is dry rotted and needs replaced, the kitchen needs redone, and some of the main tressels need repaired, there are cracks in the foundation that if not repaired will damage the house further....

After talking with my father, making a list of the damages and how much it will cost I came to the nice figure of 35,000. (with out labor Just repair costs) (mind you I have had the house for 5 years and the previous owners never did any upkeeps on it.) I called Bank of America and told them the problem and asked them to help me. They told me NO... I told them fine, and have relocated my wife and kids and I am renting a property from a family friend. I have called the bank and told them to come and get it; I am really stuck now. There are several other factors involved in the home, but I do not have the time to go through them all, maybe at a later date.

I wanted to save the house it was our first home, I wanted it to be perfect for us, but I was forced to suck up my pride and walk away from our home...

Now I have asked for help repeatedly from the bank and the VA , but since I began my debtors revolt, no one will touch me because my credit score is low... Mind you I am aware that I screwed myself, but I believe that the banks and the Feds have a part of this as well. Who knows, what will happen but this is my second update.

The reason I feel the banks and Feds are at fault as well is this reason. The President and Congress loaned the banks a lot of money for purposes like this, but did not watch the banks and how they handled taxpayer money. The making Home affordable program hasn’t helped anyone as you can see from the amount of foreclosures still out there.

posted on Feb, 12 2010 @ 12:44 PM
I should add I know I am partly to blame, I let some things get out of control, But the state of the house I attempt to fix, what can you do when noone will help you. But will bail out the banks?

posted on Feb, 12 2010 @ 01:04 PM
reply to post by poedxsoldiervet

this is going to sting a little, so be prepared. The only one to blame for your situation is you. Not the government, not the banks, not Obama himself. Just you. You are not alone. I made multitudes of mistakes with my finances and may likely be in your shoes before year end. But I am painfully aware of whose fault it will be. My goal now is a bit different than 5 years ago. Then I wanted a beach house to rent out and invest with so I could make some money. I should have invested in 3 acres and a trailer. Hindsight and all that.
I intend to fix my mistakes, if possible. But nobody forced me to invest like a dumbass, or to use credit cards for stuff I didn't need. man up and accept responsibility. It will get better, but not until you learn from your mistakes. Playing the blame game does nothing for that task.

posted on Feb, 12 2010 @ 01:26 PM
It seems to me that most political groups are based on the principle of working against anyone and anything successful. If you have a lot of resentment and hate inside, here's a brief summary of historically successful groups you can direct your hate against:

- Whites
- Heterosexuals
- Middle class
- Christians
- Muslims
- Neoconservatives
- Americans
- Israelis
- Capitalists
- Rich people

Wait, did I just create a new movement for Communists and Neo-Nazis? Well, since they're so marginalized on their own, why not create a common party and simply declare war against successful people? It could become the most successful movement in America.

posted on Feb, 12 2010 @ 01:30 PM
reply to post by network dude

i dunno i think you're being hard on him. where did all the money go if it isn't to help people wiht mold in their bathrooms and broken pipes? sounds like a perfect case to get a loan for.

besides, you're ignoring hte fact that businesses don't give a flying fart about you and thye'll sit there and watch you drown to make a $500 profit reselling the house to a sucker who doesn't get it inspected first.

not to mention the banks more than likely put up no consideration for the intial loan to begin with. don't be so quick to judge people juts because we aren't walking talking lawbooks and don't have an army of lawyers and accountants at our disposal.

posted on Feb, 12 2010 @ 01:41 PM
reply to post by network dude

You are right I am to blame for some of this, HOWEVER I asked for help under these programs, And was denied, So where is the 27 trillion dollars the goverment used to bail these assclowns out? Remeber Obama said it should trickle-up not down.... Well the banks diddnt help us why should I continue to help them?

posted on Feb, 12 2010 @ 02:06 PM
reply to post by poedxsoldiervet

You don't have to help them. You do have to learn from this and come out a stronger person. Nobody is ever going to bail out lower middle class america. We have proven time and again that we will bail ourselves out eventually. This is no different. I plan to come out of this not owing anybody and not playing the game. I will wait for the real estate market to come back, sell my house, and take my equity and buy a residence with cash. Giving the banks interest is not in my plans anymore. It will take sacrifice. That is something my parents tried to get me to understand for 40 years. I am a slow learner. But I will pick it up eventually. Just remember that if you claim to have integrity, you must hold yourself accountable for your mistakes. This economic environment is what will build a stronger country. We might get a glimmer of the hope that the 70 year olds had in their day. A strong country filled with pride.

I didn't mean to come down so hard on you, just trying to put all of this in perspective.

posted on Feb, 12 2010 @ 02:13 PM
reply to post by network dude

Trust me when I say, I do understand what you are saying, I had a long hard debate on to stay the course or walk away, in the end I choose to walk away; WAY after I exhausted every finaical recourse I could. So I do know that I caused some of this mess, However As I stated before, there is more to this then I have told, But it has no bearing on the current mess.

posted on Feb, 12 2010 @ 02:20 PM
I feel for you I really do. I have been in trouble and yes it was my own fault but no one was interested in helping.

Banks are to big to fail, greece is to big to fail but all us chumps who are paying for it can go belly up and live in our respective countries form of poverty and these same people that we the people bailed out will get a healthy bonus and a good wage rise.

If I was in your postion I would be tempted to abandon it and tell the bank to get lost.

Mortages have to be one of the biggest rip offs ever invented. In the UK you pay on average 3 times more than what you borrow if you want to own your own house even more if you have a 50 or even a 100 year mortgage which was popular in England.

posted on Feb, 12 2010 @ 02:21 PM
reply to post by poedxsoldiervet

Just make sure you use this for what it is. A learning experience. The best lessons in life usually cost a bunch or hurt real bad. Sometimes both. Don't waste them.

posted on Feb, 12 2010 @ 02:25 PM
reply to post by network dude

Now that I can agree, Like you mentioned earlier I will save money to buy a few acres and a trailer.

posted on Feb, 12 2010 @ 02:26 PM

Originally posted by jpmail
Banks are to big to fail, greece is to big to fail but all us chumps who are paying for it can go belly up and live in our respective countries form of poverty and these same people that we the people bailed out will get a healthy bonus and a good wage rise.

Seems to be the song of the day


posted on Feb, 12 2010 @ 02:33 PM
reply to post by SLAYER69

Dont ya know... I feel kinda of backed into a corner, like a wounded animal, I fought for this country and they tossed me to the sidde

posted on Feb, 12 2010 @ 05:59 PM
reply to post by poedxsoldiervet

...Ok, I can understand your feeling let down and all that the Government didn't come and save you like they saved the banks.. but honestly.. nothing listed sounded like anything out of the ordinary. Your situation in life however will never change if you hold resentment against entities you have absolutely no control over, feeling like you have been victimized but guess what? You haven't .. everything you said is your fault. You moved into a house with damages, you didn't pay down your debts, you didn't have a back up plan, everything you bought, invested in, what ever.. was your choice. When you took out a credit card you KNEW that the day you miss a payment (or for any other reason a bank can think of) they were going to jack up your rates. You should have known that with a low LTV on your mortgage, banks DO NOT refinance.

And most importantly...


Take the mistakes you learned and move on in life, put all this behind you. Stop blaming the Government, stop blaming the Banks. And please for the love of God, stop looking to either for help. They don't care about you. Never did, never will. To them you are a consumer (and now a poor consumer) and a number, nothing more or less. Best of luck to you mate, and I implore you to find light of your situation .. this is your chance to cast aside materialism, live within your means, disconnect yourself from the servitude towards banks, loan sharks, and big government.

posted on Feb, 12 2010 @ 06:15 PM
reply to post by poedxsoldiervet

My best wishes go out to you and your family.

We read about these things , joke about Doom and Gloom threads , but its

entirely different when you can put a name to the story.

I hope things work out for you sir.

posted on Feb, 12 2010 @ 06:34 PM
BoA gets $1,000.00 of bail-out money every time they "consider" a mortgage modification. Consider being the key word.

My ex bought a house he couldn't afford 2 years ago. He made 2 payments. The last one was late. He lost his job. There was no help for him. They foreclosed last year. He is still living there, not paying a dime. The house has been on the market for over a year. BoA will not allow it to be sold for less than what is owed - not even a few hundred dollars. There have been well over 30 offers on this property. From what I've been told, BoA has gotten $1,000.00 each time they have "considered" an offer. They did tell my ex that if he got a job and worked for 3 weeks that he would be eligible for the program. The ex hasn't bothered to look for a job.

A family member just purchased a short-sale property from BoA for a song, in less than 3 weeks! This property had been on the market for over a year and had many offers on it, some much more than he paid for it. From the onset of putting in the offer it was obvious that something shady was going on. After calling the broker and the person handling the property at BoA on their indiscrepencies and letting them know he knew what the procedure was when "considering" modifications, everyone was more than eager to sell this property for much less than it is worth, even in this market.

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