Do you have adblock enabled?
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Yahoo)   If you have a BoA mortgage and you're more than two months behind in payments you might be eligible for up to 35% reduction in your monthly payment   (finance.yahoo.com) divider line 75
    More: Asinine, Bank of America, debt restructuring, services, principal balance, BoA mortgage, payments  
•       •       •

2171 clicks; posted to Business » on 08 May 2012 at 12:13 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



75 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest

Archived thread

First | « | 1 | 2 | » | Last | Show all
 
2012-05-08 11:47:34 AM  
And here I am paying my mortgage every month like a sucker
 
2012-05-08 11:51:37 AM  
clearly you can't afford punctuation.
 
2012-05-08 11:55:45 AM  

tuffsnake: And here I am paying my mortgage every month like a sucker


Maybe we can get away with telling BoA, "Hey, we see what you're doing for deadbeats. Let us do it too, or we also will become deadbeats."
 
ZAZ [TotalFark]
2012-05-08 11:58:32 AM  
It's a trap.

We've seen a lot of stories here about people who tried to get mortgage modifications. The bank said you have to stop paying first so you go into default. We can't modify you if you're current. Borrower stopped paying. Bank foreclosed instead of offering loan modification.
 
2012-05-08 11:59:22 AM  
Holy crap, I'd better stop making payments.
 
2012-05-08 12:00:22 PM  
From the comments:

I am waiting for a program (Government or otherwise) for all of us who stayed in our old housed we could afford, did not borrow money we could not pay back, saved money before making purchases, went to work and payed taxes everyday, ............... Not much of a chance anyone cares about us.

Yeah, those poor f*cking banks. Forced to provide sub-prime loans at gunpoint.
 
2012-05-08 12:10:00 PM  
will the borrowers need to pay income tax on the forgave loan amount? Could open another can of worms.
 
2012-05-08 12:14:30 PM  

tuffsnake: And here I am paying my mortgage every month like a sucker


Here's your neighbor, who is badly upside-down on his mortgage. If he just walks away, BofA is going to let the house rot for a couple years. How's that going to help your home value?

but go ahead with the bootstrappy stuff, lemme know how it works out.
 
2012-05-08 12:17:14 PM  

Rev.K: From the comments:

I am waiting for a program (Government or otherwise) for all of us who stayed in our old housed we could afford, did not borrow money we could not pay back, saved money before making purchases, went to work and payed taxes everyday, ............... Not much of a chance anyone cares about us.

Yeah, those poor f*cking banks. Forced to provide sub-prime loans at gunpoint.


I don't get it. Did you quote the right comment?


houndoggie: will the borrowers need to pay income tax on the forgave loan amount? Could open another can of worms.


Yeah, one would assume. Why is that bad? 85-65% of something is better than 100% of nothing.

tuffsnake: And here I am paying my mortgage every month like a sucker


Exactly. Rewarding the deadbeats. Farking asinine.
 
vpb [TotalFark]
2012-05-08 12:18:48 PM  

Rev.K: From the comments:

I am waiting for a program (Government or otherwise) for all of us who stayed in our old housed we could afford, did not borrow money we could not pay back, saved money before making purchases, went to work and payed taxes everyday, ............... Not much of a chance anyone cares about us.

Yeah, those poor f*cking banks. Forced to provide sub-prime loans at gunpoint.


According to the Republicans I know, Clinton forced the banks to give loans to lazy black people and that's why the banking crisis occurred.
 
2012-05-08 12:19:56 PM  

Debeo Summa Credo: I don't get it. Did you quote the right comment?


I'm pointing out that yet another responsible home-owner wants to blame this all on people taking money they couldn't pay back. It's as if the banks bear no responsibility whatsoever because they were utterly powerless to deny tens of thousands of super high-risk loans.
 
2012-05-08 12:20:07 PM  

Rev.K: Yeah, those poor f*cking banks. Forced to provide sub-prime loans at gunpoint.


maybe you should look at this
 
2012-05-08 12:20:11 PM  
I'll bet if the banks had actually been careful and obeyed the law when it came to foreclosures, and not kicked people out of houses they were all paid up on this might not have happened.

But we all know banks and financial institutions can never be held accountable for their actions because that's socialism.
 
vpb [TotalFark]
2012-05-08 12:20:49 PM  

Debeo Summa Credo: Rev.K: From the comments:

I am waiting for a program (Government or otherwise) for all of us who stayed in our old housed we could afford, did not borrow money we could not pay back, saved money before making purchases, went to work and payed taxes everyday, ............... Not much of a chance anyone cares about us.

Yeah, those poor f*cking banks. Forced to provide sub-prime loans at gunpoint.

I don't get it. Did you quote the right comment?


houndoggie: will the borrowers need to pay income tax on the forgave loan amount? Could open another can of worms.

Yeah, one would assume. Why is that bad? 85-65% of something is better than 100% of nothing.

tuffsnake: And here I am paying my mortgage every month like a sucker

Exactly. Rewarding the deadbeats. Farking asinine.


Of course the fact that many of those people are behind because they lost their job in the economic downturn caused by the banks, but hey, let's pretend that they're deadbeats who bought houses they couldn't afford to make ourselves feel less like losers.
 
2012-05-08 12:23:16 PM  

Rev.K: I'm pointing out that yet another responsible home-owner wants to blame this all on people taking money they couldn't pay back.


um isn't that how foreclosure happens? The bank doesn't make the budget of the person taking out a loan.
 
2012-05-08 12:25:23 PM  

EatTheWorld: um isn't that how foreclosure happens? The bank doesn't make the budget of the person taking out a loan.


No, they approved the loan after looking at the person's unsustainable budget.
 
2012-05-08 12:26:04 PM  
My grandpa had some Christmas gifts charged on his Kohls card. He went in to the store a few times over the last few months and purchased some other things, but "didn't have time" to pay the bill. They called a few weeks ago and said they'll knock $100 off of the balance and charge him no interest if he'll just pay it. KOHLS, YOU ARE NOT HELPING.

He also refuses to report things like Social Security on his taxes, even though we've explained the IRS already knows about it. So it's an ordeal every year. Silly old people.
 
2012-05-08 12:28:18 PM  

EatTheWorld: um isn't that how foreclosure happens? The bank doesn't make the budget of the person taking out a loan.


Hi EaTheWorld, I'm Rev.K. You don't know me, you haven't even met me, but I'd like to borrow $350,000 of your money. Sign here please.

What the hell do you mean you have additional questions for me?
 
2012-05-08 12:29:42 PM  

Aarontology: No, they approved the loan after looking at the person's unsustainable budget.


No, banks did not look at incomes. They took people's word. It was a well established practice to have people lie about thier income to be approved.
 
2012-05-08 12:30:35 PM  

MisterTweak: tuffsnake: And here I am paying my mortgage every month like a sucker

Here's your neighbor, who is badly upside-down on his mortgage. If he just walks away, BofA is going to let the house rot for a couple years. How's that going to help your home value?

but go ahead with the bootstrappy stuff, lemme know how it works out.


unless yer planning on selling...who cares? heck, if it gets low enough, buy the plot yourself and rent it out so you can control who your neighbors are. ;-)
 
2012-05-08 12:31:11 PM  

EatTheWorld: No, banks did not look at incomes. They took people's word. It was a well established practice to have people lie about thier income to be approved.


And you don't see how this was a problem?

I just flushed $1,000,000 down the toilet.

THIS IS ALL THE TOILET'S FAULT!!
 
2012-05-08 12:33:29 PM  

EatTheWorld: No, banks did not look at incomes. They took people's word. It was a well established practice to have people lie about thier income to be approved.


Then that's their own goddamned fault for lending out hundreds of thousands to someone they don't know. Really, a goddamned paystub could have prevented it.
 
2012-05-08 12:33:39 PM  

Debeo Summa Credo: Exactly. Rewarding the deadbeats. Farking asinine.


The only deadbeats rewarded were the bootstrappy laizze-faire conservatives on wall street.

$14 trillion vs. $25 billion.

The rich have the poor pissed at each other over scraps while they walk away with the prizes.

dumbasses.
 
2012-05-08 12:34:39 PM  

Rev.K: EatTheWorld: No, banks did not look at incomes. They took people's word. It was a well established practice to have people lie about thier income to be approved.

And you don't see how this was a problem?

I just flushed $1,000,000 down the toilet.

THIS IS ALL THE TOILET'S FAULT!!



So when someone lies about their income, it's the banks fault?
 
2012-05-08 12:36:07 PM  

Aarontology: Then that's their own goddamned fault for lending out hundreds of thousands to someone they don't know. Really, a goddamned paystub could have prevented it.


funny how everyone forgets groups like ACORN harrasing banks to make loans to minorities. If they had done due diligence, they would have been called racists as soon as they said no.
 
2012-05-08 12:36:36 PM  

EatTheWorld: Rev.K: EatTheWorld: No, banks did not look at incomes. They took people's word. It was a well established practice to have people lie about thier income to be approved.

And you don't see how this was a problem?

I just flushed $1,000,000 down the toilet.

THIS IS ALL THE TOILET'S FAULT!!


So when someone lies about their income, it's the banks fault?


It's the bank's fault for not verifying it Sophocles.
 
2012-05-08 12:39:20 PM  

EatTheWorld: funny how everyone forgets groups like ACORN harrasing banks to make loans to minorities. If they had done due diligence, they would have been called racists as soon as they said no.


AHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHHAHAHAHA
 
2012-05-08 12:39:36 PM  

aiiee: It's the bank's fault for not verifying it Sophocles.


i disagree. It is the governments fault for being involved in the housing market altogether.
 
2012-05-08 12:40:08 PM  

EatTheWorld: Aarontology: Then that's their own goddamned fault for lending out hundreds of thousands to someone they don't know. Really, a goddamned paystub could have prevented it.

funny how everyone forgets groups like ACORN harrasing banks to make loans to minorities. If they had done due diligence, they would have been called racists as soon as they said no.


Wait a minute. This isn't the politics tab.
 
2012-05-08 12:40:27 PM  

MisterTweak: tuffsnake: And here I am paying my mortgage every month like a sucker

Here's your neighbor, who is badly upside-down on his mortgage. If he just walks away, BofA is going to let the house rot for a couple years. How's that going to help your home value?

but go ahead with the bootstrappy stuff, lemme know how it works out.


In 2010, the business my family has operated for over 35 years nearly went under. My dad was in hospitalized for 3 months, unable to go back to work for another 4 months. It wasn't easy and it took a lot of hat in hand-type butt kissing with vendors and creditors but in the end our business came out of it.

Point of the story, life aint fair.
 
2012-05-08 12:43:38 PM  

EatTheWorld: aiiee: It's the bank's fault for not verifying it Sophocles.

i disagree. It is the governments fault for being involved in the housing market altogether.


Right. Good argument. Right.
 
2012-05-08 12:44:04 PM  
To reduce the monthly payment for the borrower, why not extend the term instead of forgiving the loan. Stupid banks.
 
2012-05-08 12:45:30 PM  

ZAZ: It's a trap.

We've seen a lot of stories here about people who tried to get mortgage modifications. The bank said you have to stop paying first so you go into default. We can't modify you if you're current. Borrower stopped paying. Bank foreclosed instead of offering loan modification.


Are they offering something that seems beneficial to the homeower? TRAP.

Aarontology: EatTheWorld: um isn't that how foreclosure happens? The bank doesn't make the budget of the person taking out a loan.

No, they approved the loan after looking at the person's unsustainable budget.


What about people whose budgets were perfectly sustainable until unforeseen circumstances temporarily blew it all to hell? Is there a good reason to actively avoid helping those people?
 
2012-05-08 12:46:41 PM  

houndoggie: will the borrowers need to pay income tax on the forgave loan amount? Could open another can of worms.


Unless they are insolvent or there is some other reason, I would imagine a 1099-C might be issued for that.
 
2012-05-08 12:49:04 PM  

Chevello: What about people whose budgets were perfectly sustainable until unforeseen circumstances temporarily blew it all to hell? Is there a good reason to actively avoid helping those people?


I think those folks should get help, yes. Even some of the morons who screwed up should get help since it's ultimately better for things like property values, tax revenue, etc. to have a lived in house in the neighborhood, and not some empty blighted bank owned house.
 
2012-05-08 12:49:07 PM  

Chevello: What about people whose budgets were perfectly sustainable until unforeseen circumstances temporarily blew it all to hell? Is there a good reason to actively avoid helping those people?


no, but as long as it is the bank that makes that choice and not some "law" from congress. that kind of choice shouldn't be forced on them. Not sure which is happening here. If I had to guess I would say it is Wash DC strong arming this.
 
2012-05-08 12:51:51 PM  

aiiee: Right. Good argument. Right.


I'm glad you understand now. If you were being sarcastic, please tell me a government program that is run well.
 
2012-05-08 12:52:42 PM  

nekom: houndoggie: will the borrowers need to pay income tax on the forgave loan amount? Could open another can of worms.

Unless they are insolvent or there is some other reason, I would imagine a 1099-C might be issued for that.


I double checked, the 2007 Mortgage Debt Relief Act allows for up to $2M to be tax exempt on mortgage forgiveness on a primary residence. This runs through 2012.
 
2012-05-08 12:53:08 PM  

MisterTweak: tuffsnake: And here I am paying my mortgage every month like a sucker

Here's your neighbor, who is badly upside-down on his mortgage. If he just walks away, BofA is going to let the house rot for a couple years. How's that going to help your home value?

but go ahead with the bootstrappy stuff, lemme know how it works out.


But what about my neighbor who's badly upside-down in his mortgage who has continued to make his payments? He's still a victim of things doesn't he deserve a break too?
 
2012-05-08 12:55:20 PM  

EatTheWorld: Chevello: What about people whose budgets were perfectly sustainable until unforeseen circumstances temporarily blew it all to hell? Is there a good reason to actively avoid helping those people?

no, but as long as it is the bank that makes that choice and not some "law" from congress. that kind of choice shouldn't be forced on them. Not sure which is happening here. If I had to guess I would say it is Wash DC strong arming this.


Just like they strong armed banks into taking some strangers word isntead of verifying income before handing out hundreds of thousands of dollars. Or is it ACORN and poor minorities doing the strong arming? I'm getting lost in your blame shifting.
 
2012-05-08 12:57:32 PM  

Aarontology: Just like they strong armed banks into taking some strangers word isntead of verifying income before handing out hundreds of thousands of dollars. Or is it ACORN and poor minorities doing the strong arming? I'm getting lost in your blame shifting.


no blame shifting, I think it's pretty clear what team in DC was working with ACORN.
 
2012-05-08 12:59:20 PM  
oh and don't forget the "banks" that lead to the collapse were freddie mac and fannie mae. Government co-ops. houses for the poor. Yeah im sure income verification was at the top of the list.
 
2012-05-08 01:00:37 PM  

EatTheWorld: Aarontology: Then that's their own goddamned fault for lending out hundreds of thousands to someone they don't know. Really, a goddamned paystub could have prevented it.

funny how everyone forgets groups like ACORN harrasing banks to make loans to minorities. If they had done due diligence, they would have been called racists as soon as they said no.


Drink!
 
2012-05-08 01:19:10 PM  

Aarontology: I'll bet if the banks had actually been careful and obeyed the law when it came to foreclosures, and not kicked people out of houses they were all paid up on this might not have happened.

But we all know banks and financial institutions can never be held accountable for their actions because that's socialism.


There weren't that many cases of banks attempting to kick people out of houses they couldn't actually own. Yeah, there were a few cases here and there but the vast and overwhelming majority of homeowners that were foreclosed on were foreclosed because they were months and months and months behind on their mortgage.
 
2012-05-08 01:26:37 PM  
B of A's new CEO
2.bp.blogspot.com
 
2012-05-08 01:27:42 PM  

Aarontology: Chevello: What about people whose budgets were perfectly sustainable until unforeseen circumstances temporarily blew it all to hell? Is there a good reason to actively avoid helping those people?

I think those folks should get help, yes. Even some of the morons who screwed up should get help since it's ultimately better for things like property values, tax revenue, etc. to have a lived in house in the neighborhood, and not some empty blighted bank owned house.


I still wonder why it seems that everyone understands this except for the banks. Somehow it must be financially positive (at least on paper) for the banks to do that.

EatTheWorld: no, but as long as it is the bank that makes that choice and not some "law" from congress. that kind of choice shouldn't be forced on them. Not sure which is happening here. If I had to guess I would say it is Wash DC strong arming this.


Isn't that sort of why laws exist in the first place, though? If people (corporations) act in ways that are harmful to society as a whole, aren't laws created to try to force them to behave properly?

Of course, life would be wonderful if everyone and every corporation acted ethically and in ways that benefit society as a whole every time, but corporations see acting in their shareholders best interest as more a benefit to society than does the family in foreclosure.

\I know, I know, cherchez la moula.
 
2012-05-08 01:32:09 PM  

tuffsnake: And here I am paying my mortgage every month like a sucker


My very reaction.
 
2012-05-08 01:33:17 PM  

EatTheWorld: oh and don't forget the "banks" that lead to the collapse were freddie mac and fannie mae. Government co-ops. houses for the poor. Yeah im sure income verification was at the top of the list.


It's cute how you think the bursting of the housing bubble was the real problem and not the trillions of dollars in CDOs traded in an unregulated, completely opaque market.

Without those, we'd have had a mild recession when the housing bubble burst. Instead, the entire financial sector went into panic mode as everyone realized the size of the hole they had dug for themselves.

But keep blaming poor people. I'm sure that will keep it from happening again.
 
2012-05-08 01:40:40 PM  

vpb: Debeo Summa Credo: Rev.K: From the comments:

I am waiting for a program (Government or otherwise) for all of us who stayed in our old housed we could afford, did not borrow money we could not pay back, saved money before making purchases, went to work and payed taxes everyday, ............... Not much of a chance anyone cares about us.

Yeah, those poor f*cking banks. Forced to provide sub-prime loans at gunpoint.

I don't get it. Did you quote the right comment?


houndoggie: will the borrowers need to pay income tax on the forgave loan amount? Could open another can of worms.

Yeah, one would assume. Why is that bad? 85-65% of something is better than 100% of nothing.

tuffsnake: And here I am paying my mortgage every month like a sucker

Exactly. Rewarding the deadbeats. Farking asinine.

Of course the fact that many of those people are behind because they lost their job in the economic downturn caused by the banks, but hey, let's pretend that they're deadbeats who bought houses they couldn't afford to make ourselves feel less like losers.


Of course, the banks are only in trouble because they made loans to people who stopped paying their mortgages. That's the circle, the ciiiiiirrrcllle, of life!
 
2012-05-08 01:43:01 PM  
BOA is a joke.

We have a BOA loan and are currently upside down in the loan due to new county appraisals. We filled out the paperwork for this program and awaited a response.

2 weeks later, they sold our loan to some POS company to get out of it.

Wish there something that could be done to banks that pull that kind of crap.
 
Displayed 50 of 75 comments

First | « | 1 | 2 | » | Last | Show all

View Voting Results: Smartest and Funniest


This thread is archived, and closed to new comments.

Continue Farking
Submit a Link »
Advertisement
On Twitter





In Other Media


  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.

Report