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Originally posted by crawgator406
i have a mortgage and when my wife and got the itimized final payment . i will have payed 158,000 dollars for a house we bought for 54,500 dollars. so there is some justice to be had in the man dozeing his house. it one thing to charge intrest but when a person pays 3x the asking price for somthing that is only going to go up in value, the actoin would be very appropreate.
Originally posted by Lil Drummerboy
Originally posted by crawgator406
i have a mortgage and when my wife and got the itimized final payment . i will have payed 158,000 dollars for a house we bought for 54,500 dollars. so there is some justice to be had in the man dozeing his house. it one thing to charge intrest but when a person pays 3x the asking price for somthing that is only going to go up in value, the actoin would be very appropreate.
Agreed, this is my point exactly.
MrXYZ, I have no sympathy for anyone who defaults on a loan just cause they simply don't want to pay it any more.
But their Are many Americans that have busted butt to have a home and when a banks greed becomes the issue, then the hell with the banks intrest.
[edit on 19-2-2010 by Lil Drummerboy]
Originally posted by drink2forget
I am currently in similar situation..
My wife and I bought a house in the eastern Panhanlde of WV. We struggled and budgeted and made every payment on time. We made it work and it felt completely worth it...
Then the Obama home-owner refi plan came to light. This was a joke. I wish I could have the hours back I spent on the phone with Bank of America trying to see if we "qualified." We never did because we paid on time, were not deadbeats, and we had an 80/20 Mortgage..and most of all because our Mortgage wasn't owned by "Freddy or Fanny."
All we wanted was a simple refi. We just wanted a smaller mortgage for some more financial breathing room. It never came to light.
Originally posted by 2manyquestions
Originally posted by drink2forget
I am currently in similar situation..
My wife and I bought a house in the eastern Panhanlde of WV. We struggled and budgeted and made every payment on time. We made it work and it felt completely worth it...
Then the Obama home-owner refi plan came to light. This was a joke. I wish I could have the hours back I spent on the phone with Bank of America trying to see if we "qualified." We never did because we paid on time, were not deadbeats, and we had an 80/20 Mortgage..and most of all because our Mortgage wasn't owned by "Freddy or Fanny."
All we wanted was a simple refi. We just wanted a smaller mortgage for some more financial breathing room. It never came to light.
Same thing happened to a friend of mine! He was making all his payments on time. He owned two homes, one of which he was renting out. He tried to save both his homes, or at least one, but the bank turned him down and wouldn't refinance his loans. The woman at the bank told him that had he missed a few payments before coming to them, she could have done something for him. How $%^*## up is that??? This man was making all his payments on time, wanted to continue paying them off, just needed a little help and they wouldn't give it to him, because apparently he was too responsible.
Originally posted by djusdjus
He borrowed money to buy something he couldn't afford anymore.
He didn't make arrangements to protect himself or his investment.
I would say he has acted irrationally and selfishly.
Since when is a bank a charity?
Why don't you have laws that allow the person being foreclosed on to sell? Effectively moving the mortgage to someone who can pay.
In a capitalist system, banks are not charities to be used like housing welfare.
Seriously, what does it take to satisfy america? Friggin bridezilla she is.
Originally posted by kozmo
Brilliant! I love reading stories about the "little guy" getting one over on the banks.
Originally posted by autowrench
I live not too far from the guy with the bulldozer, bully for him! Anyway, in our little town, there are a lot of foreclosed homes, sitting empty. Crack makers are moving in them, and they sit there, rotting down. The banks don't want them, but won't rent them out, or sell them either. I think TPTB are saving them for something. Any ideas why?
Originally posted by djusdjus
In a capitalist system, banks are not charities to be used like housing welfare.