Shit make the beast with two backs damn mother pregnant doges...home loan bullshit

[VisceralReaction]

This is a tough one. I ran into this myself. My experience is thus:
We purchased a house that we could afford here in north Idaho. Small house in a small town for
$78K. We financed for 15 years at 5.5%. This last summer my wife lost her job and we were reduced to my
income of $30K per year. We couldn't make the house payment and all the bills.
We missed 5 payments. I kept calling the bank (Wells Fargo) and they kept saying there was nothing
they could do. They wouldn't change the terms of the loan. Nothing. They said the only way to avoid
forclosure was to sell the house or pay the past due amount. Sarah finally got another job and we are back
in business but the bank still won't budge on a solution. No I don't live outside my means. I drive an
old 92 VW and a 78 Chevy. The bike is paid for years ago. You do hear of instances like above where
someone buys way bigger than they can afford and have new cars etc and get a bail out.
I am irked that I fell on hard times and live well within my means and can't get help.
I asked the bank if they could just tack on the amount due to the backend of the loan so I would be current
and just continue making payments with no luck. I think we'll get enough back for a tax return next month
and be able to pay the past due amount before the house is sold out from under us in March.

Ah such is life.

[mitt]

This is a tough one. I ran into this myself. My experience is thus:
We purchased a house that we could afford here in north Idaho. Small house in a small town for
$78K. We financed for 15 years at 5.5%. This last summer my wife lost her job and we were reduced to my
income of $30K per year. We couldn't make the house payment and all the bills.
We missed 5 payments. I kept calling the bank (Wells Fargo) and they kept saying there was nothing
they could do. They wouldn't change the terms of the loan. Nothing. They said the only way to avoid
forclosure was to sell the house or pay the past due amount. Sarah finally got another job and we are back
in business but the bank still won't budge on a solution. No I don't live outside my means. I drive an
old 92 VW and a 78 Chevy. The bike is paid for years ago. You do hear of instances like above where
someone buys way bigger than they can afford and have new cars etc and get a bail out.
I am irked that I fell on hard times and live well within my means and can't get help.
I asked the bank if they could just tack on the amount due to the backend of the loan so I would be current
and just continue making payments with no luck. I think we'll get enough back for a tax return next month
and be able to pay the past due amount before the house is sold out from under us in March.

Ah such is life.

Yep, that doesn't seem right either.  It really seems like that bailouts are for people who just don't care.

Your bank probably knew from your history that you would make things right eventually, and thus played hardball versus someone they knew had no chance in h3ll of ever paying anything and likely trashing / gutting the house along the way.

The foreclosed house on our block, which was way ahead of the curve, like early 2006, sat un-touched for 1.5 years through 2 bitter winters and 1 really hot and wet summer with no heat or sump pump.  It flooded a couple times and was basically a complete tear-out by a flipper and an eventual sell to some idiots, but at least they mow and shovel sometimes.

mitt

[lauramonster]

if the government (our taxes) bailed them out, can't we move into a bedroom (it was our money anyway!!).   

The government missed an opportunity.  If they needed money, lend it to them - against their social security, estate taxes, whatever.  They SHOULD be responsible to pay it back. 

(rant over)

[cyrus buelton]

This is a tough one. I ran into this myself. My experience is thus:
We purchased a house that we could afford here in north Idaho. Small house in a small town for
$78K. We financed for 15 years at 5.5%. This last summer my wife lost her job and we were reduced to my
income of $30K per year. We couldn't make the house payment and all the bills.
We missed 5 payments. I kept calling the bank (Wells Fargo) and they kept saying there was nothing
they could do. They wouldn't change the terms of the loan. Nothing. They said the only way to avoid
forclosure was to sell the house or pay the past due amount. Sarah finally got another job and we are back
in business but the bank still won't budge on a solution. No I don't live outside my means. I drive an
old 92 VW and a 78 Chevy. The bike is paid for years ago. You do hear of instances like above where
someone buys way bigger than they can afford and have new cars etc and get a bail out.
I am irked that I fell on hard times and live well within my means and can't get help.
I asked the bank if they could just tack on the amount due to the backend of the loan so I would be current
and just continue making payments with no luck. I think we'll get enough back for a tax return next month
and be able to pay the past due amount before the house is sold out from under us in March.

Ah such is life.

5.5% is a good interest rate.

I just re-financed to 5.0%, was at 6.3% fixed and I refinance a few years ago.

[corey]

theo just fire up that S4 and rip by their driveway everyday in 1st about 9k.
keep reminding them that their fancy beamers have alarms

[DucofWestwood]

people like that ... sooner or later their lifestyle always catches up with them.  it may take a while - like when they're ready to retire and they don't have any savings, or when they try to get financing for anything else and can't due to this blemish on their credit report - but it will happen. 

for now, just enjoy the ability to sleep at night.

i work with a guy who's sort of my financial role model.  i'm in my early 30's, he's in his 50's.  he's made good money for a long time, but he's spent very little of it.  still lives in the house he and his wife bought when they were newlyweds.  drives a 20-yr old pick-up truck.  over the years he's bought up real estate and now owns about 6 rental properties.  if he got fired tomorrow, he'd be fine.  and now that he's older he can afford some toys.  last year he bought a '90s era porsche.  year before that he bought a '65 mustang.  says he's never had a loan other than his mortgage, which is now all paid off.  that's a bit extreme if you ask me, but if i can do half of that, i'll be happy.  much easier said than done.

[Johnny OrganDonor]

This is a tough one. I ran into this myself. My experience is thus:
We purchased a house that we could afford here in north Idaho. Small house in a small town for
$78K. We financed for 15 years at 5.5%. This last summer my wife lost her job and we were reduced to my
income of $30K per year. We couldn't make the house payment and all the bills.
We missed 5 payments. I kept calling the bank (Wells Fargo) and they kept saying there was nothing
they could do. They wouldn't change the terms of the loan. Nothing. They said the only way to avoid
forclosure was to sell the house or pay the past due amount. Sarah finally got another job and we are back
in business but the bank still won't budge on a solution. No I don't live outside my means. I drive an
old 92 VW and a 78 Chevy. The bike is paid for years ago. You do hear of instances like above where
someone buys way bigger than they can afford and have new cars etc and get a bail out.
I am irked that I fell on hard times and live well within my means and can't get help.
I asked the bank if they could just tack on the amount due to the backend of the loan so I would be current
and just continue making payments with no luck. I think we'll get enough back for a tax return next month
and be able to pay the past due amount before the house is sold out from under us in March.

Ah such is life.

From what you describe, I'm guessing that you're only behind by about $3,000 or maybe even less.  And they're looking at foreclosure???  Bastards.  I'm sure you've gone all over this, but there ought to be some way to restructure that.  It would probably cost the bank way more to foreclose.  Good luck.

[Johnny OrganDonor]

5.5% is a good interest rate.

I just re-financed to 5.0%, was at 6.3% fixed and I refinance a few years ago.

It's the time to do it. I just signed the paperwork yesterday to refi from 5.75% to 4.625% fixed 20-yr (no points.)  More red tape though, with new lending rules.

[VisceralReaction]

yeah exactly!! just about $3900 and they want to foreclose.
I hear of people that haven't made a payment in a year and a half and the bank is finally doing something about it.
You know I don't need restructuring or anything. I dont' need a lower payment now.
I just need to be current and come up with the past due amount.
I'm pretty sure I'll be fine, or next month I have an electrical fire 

[Johnny OrganDonor]

I'd suggest a HAZMAT spill........ or better yet find some asbestos in the house.

[redxblack]

I hope your situation works out. It's heartbreaking to see people go through such hardship when they've done the right thing.

[corey]

i want to relate this to airport security.
it's another example of people coming to work just to run machines.
there is no personal attention to wtf is going on, they are just there to enter numbers into spread sheets.
if you numerically qualify, you get the money/equity.
these people should be coming to the homes, investigating the situation, seeing those BMW's, seeing the irresponsibility, seeing you down the street doing it the right way.

i salute you my friend, you are living the REAL american dream.
you are working hard to be able to live the best life you can, and to provide for those you care about.

[VisceralReaction]

That was a pretty good analogy. ^
I have worked in the travel industry for 15 years and something came across my desk today
A child is on the watch list due to having the same name as someone on the list.
He's being patted down at the airport by TSA at 2 years old due to his name.
idiocy in the most extreme form