Bank of America just gave ME attitude!!

Good for you for walking away i have made it my life goal to screw every bank,credit card company and any other corporation i can..its fun.

Originally posted by nikiano

Originally posted by elevatedone

For whatever reason, now you want the bank to lower the amount you are to pay back.

For whatever reason? How about for the reason that my house is now worth HALF of what it was in 2005, when I bought it?? And my realtor is telling me it will NEVER be worth what I paid for it.

I would call that strang and extenuating circumstances.

So would you abandon a new car when it is up-side-down the moment you drive off the lot? I also bought at that time, and yes we lost alot of value, however my house is still worth the price I paid in my mind. Just because I can't sell it for that today does not make it less valuable. Walls are still up, roof is fine, what has changed other than what is written down? Mind you I do plan to live in mine for 30 years. And by then, If we have not blown up the world, I expect it to be worth many times over the original price.

Just like a mansion built the 1930's, and they are worth what today even in a cr@ppy market? You need to think long term. Now if you can't still afford the payments because of job loss, then you have real troubles and a true case to have some adjustments to the interest, but not the principle in my opinion. Why? Well that is my tax money they would be using to pay for your home, and that would not be fair to the general community.

It's not the bank's fault, nor the government's fault. It is the FAULT OF THE AMERICAN PEOPLE for being greedy, not reading fine print, buying too much house, having too optimistic expectations about the future, etc. Don't take it personally, I don't mean to rag on you...millions made the same mistake. But it was THEIR MISTAKE as much as anyone else's.


[edit on 9/8/09 by silent thunder]

Um, sorry, but I was not greedy, and I did not buy too much house, and I did not get suckered into a bad loan.

I bought a SMALL townhouse, for much less than what I could afford. I got a good, fixed rate interest. I did not get one of the "bad loans" out there. My mortgage lender tried to sucker me into one of those ARM loans, but I was too smart, and said, No, I want a fixed rate mortgage.

As far as what I was expecting for the future? I was expecting my house to NOT lose 50% of it's value. I was HOPING it would incrase in value like everybody else's house usually did, but I was NOT expecting it to decrease in value by 50%.



[edit on 8-9-2009 by nikiano]

Wow, hundreds of thousands of dollars in interest alone ? That must be a nice property !

You can approach your mortgage as a contract negotiated in good faith(without disception)

I do not know the specifics of your loan, so lets start with the basic deal the trade of money for real property:

The seller of the house sold you a house that was over priced and you elceted to buy the over priced property because you believed that realestate always goes up in price. However starting in 2008 realestate no longer went up in price, it went down in price. This is called a loss. This is irrelevevnt to the bank and is between you and the seller, sometimes you win(the seller) and sometimes you lose(the buyer) That is the free market in all of its glorious wonder

Now in terms of the loan, the bank may have loaned you more money than
they could resonably expect you to pay back, which is technically illegal but really hard to prove. The banks had a habit of doing this because they were just creating fodder, obligations(CDOs) for exotic derivative packages or structured investment vehicles(SIVs), they were not worried about you defaulting on your loan because the banks vested interest was sold right after they sold you the loan. The buyers of the SIVs were not worried about you defaulting because their investments were insured by companies like AIG with credit default swaps (CDS) basically new loans to replace bad loans with in the SIVs

So, the BOA employee was correct in telling you that your loan was speculation as well as your actual purchase of your house

Now during the course of the loan negotiation you may have not been truthful on your application as many of the late bubble loans were NO DOC(they did not check to see if you even had a job) and no money down as well as no obligation to payback anymore than you had already paid into the loan.

If you have the no money down, no obligation type of loan yes by all means run away from the loan

Or if you feel that either you or the bank did not negotiate in good faith your could claim that the loan is not a valid contract and also walk away from the deal

the only real issue is if you want to keep living in the house, then it becomes a issue that may best be handled out side the world of commercial law

Originally posted by nikiano


Um, sorry, but I was not greedy, and I did not buy too much house, and I did not get suckered into a bad loan.

I bought a SMALL townhouse, for much less than what I could afford. I got a good, fixed rate interest. I did not get one of the "bad loans" out there. My mortgage lender tried to sucker me into one of those ARM loans, but I was too smart, and said, No, I want a fixed rate mortgage.

As far as what I was expecting for the future? I was expecting my house to NOT lose 50% of it's value. I was HOPING it would incrase in value like everybody else's house usually did, but I was NOT expecting it to decrease in value by 50%.

[edit on 8-9-2009 by nikiano]

If you bought it for what you could afford, then why complain now? As the other poster said, as long as the walls and floors are still in good condition and you can make the payment, then so what?

Or, you could walk away. That is legal, and that is an option.

You seem to be contradicting yourself. You said you bought to live in, not as an investment. Then there should be no problems. Then you said you bought " HOPING it would incrase in value like everybody else's house usually did." When we buy something hoping the value goes up, that is called an INVESTMENT (hoping to make money). In ANY investment, where there is the possibility of value going up, there is also the possibility of value going down. Capitalism 101, kind sir.

Originally posted by NWRHINO
Wow, hundreds of thousands of dollars in interest alone ? That must be a nice property !

No, what I mean is that with EVERY home loan out there, you end up paying hundreds of thousands of dollars in interest MORE than what the home is worth. That's how it works with everyone....the banks just don't tell you that when you sign the papers.

reply to post by nikiano


You may be interested in this video. The banks were so busy fobbing off debts with CDO's etc, they would be hard-done-by to prove the original agreement.

Make them swallow their own red-tape bureaucratic paperwork and choke on it. Failing that, why don't you just rack up as much debt as humanly possible on credit cards and declare bankruptcy. Fight back and hit 'em where it hurts I would capitalise on your excellent rating, before making rash decisions, just hide the money by buying gold or silver and bury it in the garden.

Edit: Just wanted to say nikiano, i completely emphasise with what your saying; you are a victim of the greedy vulchers that mis-sold mortgages during the bubble. Always sign your name like this [MY NAME] to negate the legalities of contractual obligation



[edit on 8-9-2009 by PrisonerOfSociety]

yeah, God forbid you actually keep your word and pay as you promised.

[edit on 8-9-2009 by elevatedone]

You need to make some noise that will get their attention. Figure out who you might get as an advocate and see if you can't get them to go to bat for you.

Do you have a local TV station that might be willing to investigate your plight (Action News)? I think your story is newsworthy from a human interest standpoint. People need to hear how this bailout has become a scam. Contact the newspapers in your area.

How about contacting your legislators if you have any decent ones? I would still be waiting for my social security disability back pay if my congressman didn't turn the heat up.

How about a Better Business complaint?

Talk to the person in charge, this dude's supervisor and if he doesn't listen just take his name and find out who his/her supervisor is and bend their ear. Take down the names of everyone you talk to. Be sure to let them know you are spreading this dirt they dish far and wide if they are unwilling to help. Contact the CEO if you must. Theaten to picket the bank. Nobody likes that going on outside their business.

Is there a regulatory agency you can give this information? With a the governmental offices we have you would think someone oversees this kind of bull#.

These may not be the best ideas, but maybe a little brainstorming on this thread might lead to a solution.

This is your life. Be as proactive as you can.

Good luck. We are all rooting for you!

No, I did not lie on my loan documents. I had a job...I still have a job.

Fine. You all think I'm whining....well, fine. If you think I made a bad investment and should just suck it up, fine. I'll admit to that. I didn't buy the house as an investment...but fine, whatever. I bought the house to LIVE in it.

But what I'm MOST PISSED about is not the fact that I bought a house that went down in value.

What I'm MOST pissed about is that our government released hundreds of billions (BILLIONS, MAYBE TRILLIONS) of dollars, TO THE BANKS, for them to then release the money TO THE PEOPLE who got caught in the housing crisis.

THE BANKS ARE NOT releasing any of the money. I know tons of poeple here who are trying to get their homes modified, and nothing...nada...zilch, zippo. The banks are holding on to the money and not letting it go.

You don't want your tax dollars to go to help me out, fine.

Well, I don't want MY tax dollars going to the banks, if they are just going to sit on it....and that's what they're doing....THEY ARE SITTING ON IT. They are not lending it out. They are not modifying loans. At least, not in Arizona.

And THAT is what I'm pissed about. TRILLIONS of dollars that was released to supposedly fix this crisis....right into the banks vaults....never to be seen again.

That was MY tax money, too.

The main point of this post was this: The next time our government tells you that they're giving money to the banks so that the banks can get us out of a crisis.....don't believe them.





[edit on 8-9-2009 by nikiano]

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.

reply to post by elevatedone


Or the person could just destroy the house if you’re going to walk away why not. Than the bank can't sale what is not there I would just file bankruptcy and wash my hands of the whole thing. OR can you switch your loan to a better bank? One that will treat you with respect.

Originally posted by elevatedone
reply to post by nikiano

 

It's been that way for years.

I realize that. I realized that going into buying the house.

But now that my house is not worth the amount it first was, I am not willing to keep paying all that interest on a house that is no longer worth it.

I think you guys aren't seeing my point...I'm not so much bitching about MY situation, as the fact that I'm bitching about the fact that the banks were supposed to use that money to FIX the housing crisis....not ignore it.

They were supposed to DO SOMETHING with that money they were given...not just sit on it! They were supposed to DISTRIBUTE IT.

Whatever. It's all falling on deaf ears.

[edit on 8-9-2009 by nikiano]

reply to post by elevatedone


What, you mean like the puppets in g'ment. It takes two to tango on this dance-floor

reply to post by ashnomadonte


I think that is against the law. Better check first.

Again, why, why do it, doesn't make sense to me.

Man up and accept the fact that you signed you need to pay.

Our loan modification came through. Our situation is more critical. We lost jobs, wife got cancer, and were qualified for Social Security. Life happens bad sometimes. I want to thank the corporations and fellow citizens of the US for helping us out. We've been in our home for 25 years. Who would have thought for a moment that everything would collapse? It was doing so well.

Lesson learned.

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.

Perhaps I'm biased.

I work in the financial / credit world.

Originally posted by elevatedone
Perhaps I'm biased.

I work in the financial / credit world.

Hah! thank you for that disclaimer / disclosure.

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...