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(The Consumerist)   "Banks doing the right thing? Is this a sign of the apocalypse?"   (consumerist.com) divider line 11
    More: Spiffy, PMI, mortgage modifications, MetLife  
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1834 clicks; posted to Business » on 12 Sep 2012 at 11:46 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-09-12 11:50:47 AM  
FTA: "Quips the homeowner, "I've stopped buying lottery tickets."

Jesus really? Drink some bleach and get the inevitable over with already
 
2012-09-12 11:57:16 AM  
Why is lowering interest rates for irresponsible people who can't afford their house the 'right thing'?

Why nothing for the responsible people who bought houses they could afford?
 
2012-09-12 12:00:36 PM  

redmid17: FTA: "Quips the homeowner, "I've stopped buying lottery tickets."

Jesus really? Drink some bleach and get the inevitable over with already

Are you suggesting he should have used that lottery ticket money to...oh I don't know....pay the mortgage? The difference was only $288/mo? All of a sudden he can make the house payment but before was just going to let it go and keep on buying lottery tickets?

Any bets on whether he drinks and smokes too?
 
2012-09-12 12:02:22 PM  
Banks doing what the courts forced them to do as part of a massive settlement? Surely we are living in the end of days.
 
2012-09-12 12:12:28 PM  

mcreadyblue: Why is lowering interest rates for irresponsible people who can't afford their house the 'right thing'?

Why nothing for the responsible people who bought houses they could afford?


A) Irresponsible people who can't afford their house don't exist. You have people that lost their jobs in the economic crash and suddenly couldn't afford a devalued house, and you have people basically lied to by banks about what they could afford in mortgage bundle scandals. The actual irresponsible people who can't afford a house don't have a house.

B) I have no problem with forcing banks to refinance all mortgages, delinquent or not, instead of trying to reinflate the bubble.
 
2012-09-12 01:16:00 PM  

mcreadyblue: Why is lowering interest rates for irresponsible people who can't afford their house the 'right thing'?

Why nothing for the responsible people who bought houses they could afford?


Honestly? Even in the hyperbole world you set up - when enough people get bad loans and default the value of the other homes is shot. And now 'responsible' people are underwater on their home.
 
2012-09-12 01:45:35 PM  

mcreadyblue: Why is lowering interest rates for irresponsible people who can't afford their house the 'right thing'?

Why nothing for the responsible people who bought houses they could afford?


I'm a responsible person who bought a house I could afford.

I refi'ed at extremely low cost and dropped my APR thanks to the FHA Streamline program.

So there are things for responsible folks.

Also, it's in the country's best interest for folks to renegotiate instead of just defaulting and having massive property devaluation, but I'm sure you knew that and just wanted to tilt at windmills.
 
2012-09-12 05:33:22 PM  

EighthDay: mcreadyblue: Why is lowering interest rates for irresponsible people who can't afford their house the 'right thing'?

Why nothing for the responsible people who bought houses they could afford?

I'm a responsible person who bought a house I could afford.

I refi'ed at extremely low cost and dropped my APR thanks to the FHA Streamline program.

So there are things for responsible folks.

Also, it's in the country's best interest for folks to renegotiate instead of just defaulting and having massive property devaluation, but I'm sure you knew that and just wanted to tilt at windmills.


Did the same thing with our place. Refinancing under HARP 2.0 saved us $500/month on our payments. We weren't having trouble making the payments before, but it's really nice having that extra money to put into savings each month. The house is still underwater, but the payments are low enough now that we'll probably buy a bigger place in a couple years and turn this one into a rental.
 
2012-09-13 03:07:29 AM  
"at first the bank attempted to contact people who could possibly be eligible, but only received responses from about half of them. [...] couple...had been in danger of losing their house when they received a FedEx-ed document from Chase letting them know the interest rate on their mortgage had been slashed"

So basically these people can't be bothered to go through their mail and open anything marked Chase, the actual owner of their farking house. They claim they don't want to lose it.

I picture the woman as having a greasy cheeseburger in either cheek as she says she stopped buying lottery tickets.
 
2012-09-13 09:46:19 AM  

mcreadyblue: Why is lowering interest rates for irresponsible people who can't afford their house the 'right thing'?

Why nothing for the responsible people who bought houses they could afford?


There are also refinance options for responsible people who bought houses they could afford, especially if the housing market crash devalued their home and they now find themselves upside-down on their equity.

As a responsible person who couldn't afford a house and didn't buy one, I'm going to carry on with my plan to keep putting money in savings for when I can afford a mortgage. Hopefully that will be soon enough to take advantage of the low prices and interest rates. Wish me luck.
 
2012-09-13 12:33:52 PM  

j_hat: Did the same thing with our place. Refinancing under HARP 2.0 saved us $500/month on our payments. We weren't having trouble making the payments before, but it's really nice having that extra money to put into savings each month. The house is still underwater, but the payments are low enough now that we'll probably buy a bigger place in a couple years and turn this one into a rental.


Hah, that's our same plan and why I did the refi to begin with - it's just enough underwater to not be worth selling for a while, so lowered the monthly payment to make renting it out profitable.
 
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