Jumping on Ye Olde Bandwagon….. but really, I didn’t realize how FUCKED I was until I started adding up the numbers to make this sign. REALLY???
Fucking bloodsucking greedy bastards!! I hope Jebus comes back to Earth soon and smashes all the moneylenders into miserable smithereens!!!!!!!!!!!!!!!!!
My house is valued at $ 74 000 according to Zillow…….and I bought it for WAY more. I read that 4 out of 5 home owners in Vegas are under water. It’s very sad.
I will be in Vegas soon, we could put on a two woman demonstration.
Or you should let JR help you out if the bank does not want to work anything out for you.
Zillow is full of shit…but still! It IS sad. And we should TOTALLY demonstrate when you’re in town!!!!
OK, life sucks when you are in this situation but did anybody put a gun to her head and say “buy this house” or get this line of credit?
You’re right, I made a stupid move getting a loan I couldn’t afford. But the greedy fucking bankers who were able to APPROVE that stupid loan thanks to a shocking lack of regulation knew full well I’d never be able to repay ’em. I plan to write about all the scandalous, shady details of my super-crooked mortgage broker at some future point…til then, yeah you are correct sir, I do suck. And I’m paying for it…every day!
Dear Wonderhussy – my advice to you (and Tatianna for that matter) is to try and forget money spent in the past on this mortgage. Put it into the same category as money spent on booze, eating out, whatever. It’s spent, it’s gone, it’s done. You need to move on and I doubt protesting will help much. Only the future counts – the past is over. So you should stop making mortgage payments pronto and let the bank contact you. Right now you are doing exactly what they want you to do and as long as you continue they have no reason to negotiate. Once you stop paying it’s going to be a different story. Put that money into a savings account. It could take the bank months to proceed with a foreclosure – or it could take them years (in FLA some people lived free for three years before foreclosure). Anyway save that money. The housing market could easily continue to sag or at least won’t be going up anytime soon. Anyhoo, let the bank contact you, but your best option IMO is to get out and find a nice rental. Plus you won’t necessarily be stuck in LV anymore if that helps.
ben is right. i have a friend here in vegas who was upside down on her house (bought it when the price of houses was high) and she just stopped making payments. of course she researched this tactic greatly before she did it , but a lot of people are doing this now. she stopped making payments and put the money in a savings account. she hasn’t paid the mortgage in over a year, since the bank has to wait a long time to foreclose properly. meantime, she moved elsewhere. yes, her credit will be fucked in the end, but then, it was going to be fucked anyway, and really, would you rather a) your credit be fucked for 7 years, or b) be out 350k?
obviously there’s more to it than that. this is an over simplification and you should consult with someone who knows better, but stop paying. stop throwing money away, because that’s exactly what you’re doing.
Well, Sarah, I managed to get my loan modified, I told you this once, after almost 2 years of “communicating” with the bank that lent me the money. After I faxed them a final angry fax I got a 2 % interest only loan for 5 years and after that it will change (go up of course) but it can only adjust a certain amount every so often, if I remember it right.
I am still confused about all of this though I have learned a little in the process.
But I have two loans on this property. The second loan is still a lovely greedy 12 % interest only.
That was the problem, the greedy banks, extremely high interest rates and adjustable rate mortgages. Should be illegal. Keep the rates reasonable and stable and people will be able to keep their homes, like most want anyways. Or adjust the loans down to what the homes really are worth, bail the home owners out. WHY NOT?
I had another property, a condo, that I had to foreclose on after my payments went through the roof. After MUCH agony (everyday crying, sleepless night, anxiety, just like you) I decided to foreclose. Me too, felt “obligated’ to keep up with my payments. After missing payments they wanted to negotiate with me but I had already made up my mind to let it go, it was a relief in many ways, personal and financial.
Two loans on that too. The first loan got “paid off” with the foreclosure money and the second I negotiated down from $33 000 to 7ooo that I had to pay.
Bad credit but for now, I do not care.
My plan is, at least today’s plan, cause I might change my mind next week, is too see what happens in 4 years. If the housing market still sucks I will walk away from my town home that I “own” still and take my losses. Negotiate down the second loan.
And “Joe Canada” what me and Sarah (I think) wanted was a slice of that “American Dream” of home ownership that used to be preached all the time. “Why rent when you can buy”…….yadda yadda…….Nobody held a gun to anyone’s head, true, but people were deceived and lied to by lenders and real estate agents left and right. Selfish blood suckers!
It became the American Nightmare.
According to this tidbit ….
“Disappointed by the terms of the unsolicited offer for a credit card from Tinkoff Credit Systems in 2008, a 42-year-old Dmitry Agarkov from the city of Voronezh decided to hand write his own credits terms.
The trick was that Agarkov simply scanned the bank’s document and ‘amended’ the small print with his own terms.
He opted for a 0 percent interest rate and no fees, adding that the customer “is not obliged to pay any fees and charges imposed by bank tariffs.” The bank, however, didn’t read ‘the amendments’, as it signed and certified the document, as well as sent the man a credit card. Under the agreement, the bank OK’d to provide unlimited credit, according to Agarkov’s lawyer Dmitry Mikhalevich talking to Kommersant daily.
“The opened credit line was unlimited. He could afford to buy an island somewhere in Malaysia, and the bank would have to pay for it by law,” Mikhalevich added.”
….if someone were to get a loan mod offer and change it to say 0% or even negative interest and $.7 monthly payments for a million years AND the bank approved it ? woo hoo. I bet all of America would stand by em.
I wonder if that’s true….if so, LOLz!
Either way though, I’m still super ashamed of that whole debacle, and claim full responsibility.
One friend was able to buy down his mortgage early two ways: first, every month, in addition to his mortgage check, he’d write another check for a smaller amount and specify that it was to APPLY TO PRINCIPAL ONLY (this works IF you make enough money to do so). The other was that his dad had him invest in a mutual fund that grew over the years; some time in 2007, just when the economy was starting to tank, he cashed it in and paid off the principal, which was reduced from his earlier extra payments.
His house cost nowhere near what yours did, though. In addition to the broker/lender manipulations, you also seemed to be a victim of bad timing.
During the Great Depression’s early years, gangsters got away with bank robberies for much longer because the people wouldn’t turn them in. Too many had lost everything to banks, and thus refused to sympathize with them.
Your friend was very smart! And if I were ever to take out a mortgage again, I would do the same thing –pay down the damn principal as quickly as possible!
I still feel really bad about this whole situation… I definitely failed and I definitely did not live up to the principles I live by. Never again!
Learning to cut your losses is one of the crucial lessons of “adulthood”. We are all naturally loss adverse. That’s why Vegs exists. The bank has no incentive to negotiate because that’s less money and it’s better than trying to recover their costs in a bad market. A wise lawyer counseled me in my 20s.
Any problem you can fix with money, spend the money!
If you entertain the idea that the insomnia ( totally understandable), is in that same period, than perhaps the cost was greater than the mortgage. By the way I think people of no standards have trouble sleeping
Thank you! I consider these all lessons learned….very EXPENSIVE lessons!