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(South Jersey Courier-Post)   Homeowner gets his mortgage modified to lower payments. Company decides "lower" means $200 a month more. Homeowner gets awarded enough damages to pay off his house and several more   (courierpostonline.com) divider line 64
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4178 clicks; posted to Business » on 22 Jul 2014 at 12:41 PM (40 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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ZAZ [TotalFark]
2014-07-22 10:53:24 AM  
The punitive damages are likely to be substantially reduced. A series of U.S. Supreme Court decisions since the 1990s says they can't be grossly above actual damages. According to the press release, the jury awarded "$513,902 in damages and $15.7 million in punitive damages." I have not seen any statements saying clearly what the basis was for an award of damages, as opposed a correction of the balance due on his loan. The press statement alleged emotional distress and a bad credit rating.
 
2014-07-22 12:53:36 PM  
The goblins that farked it up need to be hung until dead as an example of what happens when you commit fraud.  Their replacements won't be scumbags.  Also hang the CEO for having goblins working for him.
 
2014-07-22 12:54:02 PM  
Even if the damages are reduced to 1 million dollars, it's a win -- of course, i'd rather not see it reduced because these guys are assholes.
 
2014-07-22 12:56:50 PM  

Smeggy Smurf: The goblins that farked it up need to be hung until dead as an example of what happens when you commit fraud.  Their replacements won't be scumbags.  Also hang the CEO for having goblins working for him.


But you're a free-market conservative, aren't you? Shouldn't they be allowed to screw their customers? Buyer beware and all that?

I mean, you don't want the government with all their anti-freedom laws screwing with the free-market, right?
 
2014-07-22 12:57:15 PM  
the bank are a bunch of idiots.  once someone calls you out like that, you take your medicine, give the guy a little spending cash and a free couple months mortgage, give him the original terms, and say "oops, our bad.  clerical error".
 
2014-07-22 01:00:47 PM  
What mortgage bankers may look like;

img2.wikia.nocookie.net
 
2014-07-22 01:10:04 PM  

ZAZ: The punitive damages are likely to be substantially reduced. A series of U.S. Supreme Court decisions since the 1990s says they can't be grossly above actual damages. According to the press release, the jury awarded "$513,902 in damages and $15.7 million in punitive damages." I have not seen any statements saying clearly what the basis was for an award of damages, as opposed a correction of the balance due on his loan. The press statement alleged emotional distress and a bad credit rating.


The bad credit rating alone should be at least a couple million, to compensate for inflated interest on any loans he'd have to take out for 7 years plus a little punitive damage.
 
2014-07-22 01:10:54 PM  
Sounds a lot like my mortgage modification although they technically did lower it $6.

Short sold the house for 1/4 of assessed value. FU BoA.
 
2014-07-22 01:16:04 PM  

realmolo: Smeggy Smurf: The goblins that farked it up need to be hung until dead as an example of what happens when you commit fraud.  Their replacements won't be scumbags.  Also hang the CEO for having goblins working for him.

But you're a free-market conservative, aren't you? Shouldn't they be allowed to screw their customers? Buyer beware and all that?

I mean, you don't want the government with all their anti-freedom laws screwing with the free-market, right?


I know a lot of my fellow free-market fans who think there should be more aggressive fraud prosecution.
 
2014-07-22 01:16:10 PM  
I love the bank's response of "well we DID settle with all these other people but in that settlement we agree that we had done anything wrong, so therefore in this case we should be let off the hook as well!"

I honestly think they've sold their bullshiat for so long they've started to buy it as well.
 
2014-07-22 01:34:21 PM  

Random Anonymous Blackmail: Sounds a lot like my mortgage modification although they technically did lower it $6.

Short sold the house for 1/4 of assessed value. FU BoA.


Yes, yes, fark BoA. Serious question: Do you take any responsibility for the poor decisions you made that put you in that position? I am not defending BofA but they currently hold the mortgage on my rental property. They haven't farked me over, but I have not put them in a position where they can. I waited till after the bubble to buy a house I could afford.
 
2014-07-22 01:36:51 PM  
FTA:

"Under California law, a homeowner can sue for fraud if a bank does not keep its promise to modify a loan."

Okay. So why would anyone then promise to modify a loan?

/article is light on details.
 
2014-07-22 01:40:46 PM  

jst3p: Random Anonymous Blackmail: Sounds a lot like my mortgage modification although they technically did lower it $6.

Short sold the house for 1/4 of assessed value. FU BoA.

Yes, yes, fark BoA. Serious question: Do you take any responsibility for the poor decisions you made that put you in that position? I am not defending BofA but they currently hold the mortgage on my rental property. They haven't farked me over, but I have not put them in a position where they can. I waited till after the bubble to buy a house I could afford.


There is also the neighbors that now have to deal with a short sale comp tanking their values.  Way to stick it to your neighbors with your fiscal malfeasance.
 
2014-07-22 01:43:52 PM  

Smeggy Smurf: The goblins that farked it up need to be hung until dead as an example of what happens when you commit fraud.  Their replacements won't be scumbags.  Also hang the CEO for having goblins working for him.


vidshomepage.weebly.com

What mortgage processors might look like?

/hot like... well... not like goblins
//bonk the head to shut it up
 
2014-07-22 02:07:05 PM  

realmolo: But you're a free-market conservative, aren't you? Shouldn't they be allowed to screw their customers?


So free-market to you means that fraud is fine and should be encouraged?
 
2014-07-22 02:17:58 PM  

jst3p: They haven't farked me over, but I have not put them in a position where they can. I waited till after the bubble to buy a house I could afford.

Tricky Chicken: Way to stick it to your neighbors with your fiscal malfeasance.


Because you know, the idea of lenders, brokers, loan officers, or others in the home buying or selling process falsifying documents or misleading buyers in order to get people into houses with mortgages they couldn't afford is simply preposterous.  That could never happen.
 
2014-07-22 02:20:09 PM  

HeadLever: realmolo: But you're a free-market conservative, aren't you? Shouldn't they be allowed to screw their customers?

So free-market to you means that fraud is fine and should be encouraged?


He is projecting. He supports overzealous regulation because he knows that he is the type of scum who would screw over his own mother for a buck if it is left legal.
 
2014-07-22 02:27:02 PM  

NightSteel: jst3p: They haven't farked me over, but I have not put them in a position where they can. I waited till after the bubble to buy a house I could afford.
Tricky Chicken: Way to stick it to your neighbors with your fiscal malfeasance.

Because you know, the idea of lenders, brokers, loan officers, or others in the home buying or selling process falsifying documents or misleading buyers in order to get people into houses with mortgages they couldn't afford is simply preposterous.  That could never happen.


Fair enough, but if the guy short sold for 1/4 of the "assessed value" chances are he farked up somewhere along the line. I have 2 friends that are just recently no longer underwater, they are good people but they got greedy and made ill informed decisions. Yeah they were helped along the way but they made a HUGE purchase without much thought.
 
2014-07-22 02:36:18 PM  

jst3p: I have 2 friends that are just recently no longer underwater, they are good people but they got greedy and made ill informed decisions. Yeah they were helped along the way but they made a HUGE purchase without much thought.


I won't argue that point, I'm just trying to point out that reflexively laying the blame entirely at the feet of the buyer ignores the well-documented actions of sellers and/or lenders.  Buyers have a responsibility to buy what they can afford, but lenders also have a responsibility to perform due diligence on loan applicants, refuse loans to those who can't afford them, and y'know, not commit fraud.
 
2014-07-22 02:41:11 PM  

jst3p: NightSteel: jst3p: They haven't farked me over, but I have not put them in a position where they can. I waited till after the bubble to buy a house I could afford.
Tricky Chicken: Way to stick it to your neighbors with your fiscal malfeasance.

Because you know, the idea of lenders, brokers, loan officers, or others in the home buying or selling process falsifying documents or misleading buyers in order to get people into houses with mortgages they couldn't afford is simply preposterous.  That could never happen.

Fair enough, but if the guy short sold for 1/4 of the "assessed value" chances are he farked up somewhere along the line. I have 2 friends that are just recently no longer underwater, they are good people but they got greedy and made ill informed decisions. Yeah they were helped along the way but they made a HUGE purchase without much thought.


You know what? I bought a house at the height of the market too.  And the banks were telling me I could afford to buy an insanely huge house as well.

But we didn't  go crazy and buy as much as they said we could.  We bought what we budgeted we could afford.  We also took into consideration outlandish things that many overlooked. Things like:

How much house do we really need with only one child?
How much will it cost to heat/cool this monstrosity?
How secure will we be if the market takes a down turn?
How much equity do we want to start off with?
Crazy things like that.

Unfortunately for us, five houses on our street did not give a damn about reality and were wither foreclosed or short sold.  Their stupidity tanked the value of our own home.  But due to our responsible financing, we only lost a huge chunk of equity and our house is worth about what we owe.

An unfortunate side problem is that some of the 'flippers' got stuck with their 'investments' and had to rent them out.  Most of the renters are tearing up the houses and yards essentially lowering the values further.
 
2014-07-22 02:41:39 PM  

NightSteel: jst3p: I have 2 friends that are just recently no longer underwater, they are good people but they got greedy and made ill informed decisions. Yeah they were helped along the way but they made a HUGE purchase without much thought.

I won't argue that point, I'm just trying to point out that reflexively laying the blame entirely at the feet of the buyer ignores the well-documented actions of sellers and/or lenders.  Buyers have a responsibility to buy what they can afford, but lenders also have a responsibility to perform due diligence on loan applicants, refuse loans to those who can't afford them, and y'know, not commit fraud.


Agreed, that being said everyone wants to blame the bank that screwed them over but it has been know for eons that banks are horrible, selfish, and dangerous entities to do business with. Again I am not defending them but it annoys me that people will put the entire blame on the bank when clearly they deserve some of it themselves.
 
2014-07-22 02:44:10 PM  

YixilTesiphon: realmolo: Smeggy Smurf: The goblins that farked it up need to be hung until dead as an example of what happens when you commit fraud.  Their replacements won't be scumbags.  Also hang the CEO for having goblins working for him.

But you're a free-market conservative, aren't you? Shouldn't they be allowed to screw their customers? Buyer beware and all that?

I mean, you don't want the government with all their anti-freedom laws screwing with the free-market, right?

I know a lot of my fellow free-market fans who think there should be more aggressive fraud prosecution.


They admitted no guilt according to the article. So there was no fraud prosecution in this case.


/banks are too big to prosecute
 
2014-07-22 02:45:04 PM  

jst3p: Again I am not defending them but it annoys me that people will put the entire blame on the bank when clearly they deserve some of it themselves.


And it annoys me when people whitewash the role the banks played in getting people into houses they can't afford.  But, it sounds like we agree that there's enough blame to spread around.
 
2014-07-22 02:53:53 PM  

NightSteel: but lenders also have a responsibility to perform due diligence on loan applicants, refuse loans to those who can't afford them, and y'know, not commit fraud.


I'm shocked that banks would dare to loan money to people who can't afford to pay it back. They act as if the government will just step in and cover their losses for them without actually prosecuting anybody or something. It is almost like people will do bad things when all negative consequences for doing bad things have been removed! Next time we should give them even more money to ensure that they don't do it again. I'm sure it will work.
 
2014-07-22 03:12:20 PM  

NightSteel: jst3p: They haven't farked me over, but I have not put them in a position where they can. I waited till after the bubble to buy a house I could afford.
Tricky Chicken: Way to stick it to your neighbors with your fiscal malfeasance.

Because you know, the idea of lenders, brokers, loan officers, or others in the home buying or selling process falsifying documents or misleading buyers in order to get people into houses with mortgages they couldn't afford is simply preposterous.  That could never happen.


See, I don't get this.  When I was in the market to buy a house, I was told how much of a mortgage I could qualify for.  This amount was far greater than the amount I wished to spend.  We bought a house that was well below that amount.  It was fairly easy to determine how much our payments would be well before agreeing to anything.  Is this uncommon?  Do people buy the maximum house they qualify for as a rule?
 
2014-07-22 03:15:05 PM  

Beeblebrox: Do people buy the maximum house they qualify for as a rule?


Yes. They also max out their credit cards because it is "free" money. People are farking stupid.
 
2014-07-22 03:18:10 PM  

umad: HeadLever: realmolo: But you're a free-market conservative, aren't you? Shouldn't they be allowed to screw their customers?

So free-market to you means that fraud is fine and should be encouraged?

He is projecting. He supports overzealous regulation because he knows that he is the type of scum who would screw over his own mother for a buck if it is left legal.


Proglodytes love projection.
 
2014-07-22 03:26:57 PM  

Tricky Chicken: jst3p: Random Anonymous Blackmail: Sounds a lot like my mortgage modification although they technically did lower it $6.

Short sold the house for 1/4 of assessed value. FU BoA.

Yes, yes, fark BoA. Serious question: Do you take any responsibility for the poor decisions you made that put you in that position? I am not defending BofA but they currently hold the mortgage on my rental property. They haven't farked me over, but I have not put them in a position where they can. I waited till after the bubble to buy a house I could afford.

There is also the neighbors that now have to deal with a short sale comp tanking their values.  Way to stick it to your neighbors with your fiscal malfeasance.


We had two short sales, a walk away and two foreclosures in my little neighborhood (maybe 20 houses?). My house valuation is higher than before the bust. Go figure.
 
2014-07-22 03:30:46 PM  

Beeblebrox: NightSteel: jst3p: They haven't farked me over, but I have not put them in a position where they can. I waited till after the bubble to buy a house I could afford.
Tricky Chicken: Way to stick it to your neighbors with your fiscal malfeasance.

Because you know, the idea of lenders, brokers, loan officers, or others in the home buying or selling process falsifying documents or misleading buyers in order to get people into houses with mortgages they couldn't afford is simply preposterous.  That could never happen.

See, I don't get this.  When I was in the market to buy a house, I was told how much of a mortgage I could qualify for.  This amount was far greater than the amount I wished to spend.  We bought a house that was well below that amount.  It was fairly easy to determine how much our payments would be well before agreeing to anything.  Is this uncommon?  Do people buy the maximum house they qualify for as a rule?


People that probably shouldn't have been approved probably do in greater proportion than the rest of us.

/I probably would have at 20
//I shouldn't have been considered a good risk.
 
2014-07-22 03:34:40 PM  

cannotsuggestaname: Tricky Chicken: jst3p: Random Anonymous Blackmail: Sounds a lot like my mortgage modification although they technically did lower it $6.

Short sold the house for 1/4 of assessed value. FU BoA.

Yes, yes, fark BoA. Serious question: Do you take any responsibility for the poor decisions you made that put you in that position? I am not defending BofA but they currently hold the mortgage on my rental property. They haven't farked me over, but I have not put them in a position where they can. I waited till after the bubble to buy a house I could afford.

There is also the neighbors that now have to deal with a short sale comp tanking their values.  Way to stick it to your neighbors with your fiscal malfeasance.

We had two short sales, a walk away and two foreclosures in my little neighborhood (maybe 20 houses?). My house valuation is higher than before the bust. Go figure.


Tricky Chicken is a fictional character/liar. Short sales can not be used as comps as per the USPAP (Uniform Standards of Professional Appraisal Practice). All distressed sales must be ignored when finding comps.
 
2014-07-22 03:34:44 PM  

Tricky Chicken: jst3p: NightSteel: jst3p: They haven't farked me over, but I have not put them in a position where they can. I waited till after the bubble to buy a house I could afford.
Tricky Chicken: Way to stick it to your neighbors with your fiscal malfeasance.

Because you know, the idea of lenders, brokers, loan officers, or others in the home buying or selling process falsifying documents or misleading buyers in order to get people into houses with mortgages they couldn't afford is simply preposterous.  That could never happen.

Fair enough, but if the guy short sold for 1/4 of the "assessed value" chances are he farked up somewhere along the line. I have 2 friends that are just recently no longer underwater, they are good people but they got greedy and made ill informed decisions. Yeah they were helped along the way but they made a HUGE purchase without much thought.

You know what? I bought a house at the height of the market too.  And the banks were telling me I could afford to buy an insanely huge house as well.

But we didn't  go crazy and buy as much as they said we could.  We bought what we budgeted we could afford.  We also took into consideration outlandish things that many overlooked. Things like:

How much house do we really need with only one child?
How much will it cost to heat/cool this monstrosity?
How secure will we be if the market takes a down turn?
How much equity do we want to start off with?
Crazy things like that.

Unfortunately for us, five houses on our street did not give a damn about reality and were wither foreclosed or short sold.  Their stupidity tanked the value of our own home.  But due to our responsible financing, we only lost a huge chunk of equity and our house is worth about what we owe.

An unfortunate side problem is that some of the 'flippers' got stuck with their 'investments' and had to rent them out.  Most of the renters are tearing up the houses and yards essentially lowering the values further.


This is pretty much my situation except that it wasn't 5 houses on our street it was 80% of our street and my value tanked to about 1/2 of what I owed even though I had put down 30%.   It was a nightmare of foreclosures and short sales here.   Wife and I both have degrees and careers, we meet the neighbor and he's a single teacher paying child support to an ex-wife that doesn't work, the other neighbors both work as cashiers at Lowe's.   The minute things started to take a turn I knew we were farked.   Luckily I can afford my house, because I can't refi as I was responsible enough that Freddy and Fannie won't touch me but we're underwater so far the bank won't even talk to us.  Though the house 3 doors down just went under contract for $40k higher than the last bank assessed value and there was a mini bid war on it.  So I might actually get to sell this place for what I owe and just take the loss in stride.   Of course once my new house is built I might just call up Chase and get the mailing address to send the keys and tell them they can have the money pit.
 
2014-07-22 03:35:21 PM  
jst3p


Random Anonymous Blackmail: Sounds a lot like my mortgage modification although they technically did lower it $6.

Short sold the house for 1/4 of assessed value. FU BoA.


Yes, yes, fark BoA. Serious question: Do you take any responsibility for the poor decisions you made that put you in that position? I am not defending BofA but they currently hold the mortgage on my rental property. They haven't farked me over, but I have not put them in a position where they can. I waited till after the bubble to buy a house I could afford.

Tricky Chicken: Way to stick it to your neighbors with your fiscal malfeasance.



Sure you can assume what ever the fark you want and just assume it was a personal responsibility but hey it is easier crucify me as a lazy worthless asshole. I did a traditional mortgage, had about 22% down locked in at 6.125% (good rate at the time) I did buy a house I could afford and very easily. Then I got laid off from my job a year later and the only positions I could find were less than 1/2 of what I was making while putting my wife and myself back through school.

Then I tried to modify after struggling to keep our heads above water for 3 years cashing out every farking dollar/favor I had anywhere. Only to be dicked around by their mortgage modification "specialists" who I sent documentation, and documentation and documentation that they requested ONLY to sit on hold for an hour to finally connect with a human who could never find the documents I faxed. So they would give me the fax number again and disconnect, this went on for 9 months of no information and countless hours on the phone, then needing information and never contact me then we have no record of your account and our systems only update every 6 months (I was literally told this more than once).

Then I was offered a position out of state, an upgrade in my field I worked so hard to put myself through school for so I took personal responsibility and left the house. This was what working 2 jobs, 4 hours of sleep a night and looking like a cancer patient for about 3 years because of stress and making sure my family ate before me.
So not only did their "customer service" fark me, them being partially responsible of helping shiat the economic bed screwed me more.
But sure it is easier to call me worthless, it is easier to question my integrity, it is easier to act omnipotent from you percieved ivory tower while over the internet. I am still paying the price for the short sale, I did not walk away unscathed, my credit was completely farked for 2 years, even finding a credit union that would bank with me took months. Walk a farking mile in my moccasins before opening your condescending little pie hole.
 
2014-07-22 03:40:43 PM  

DoBeDoBeDo: Tricky Chicken: jst3p: NightSteel: jst3p: They haven't farked me over, but I have not put them in a position where they can. I waited till after the bubble to buy a house I could afford.
Tricky Chicken: Way to stick it to your neighbors with your fiscal malfeasance.

Because you know, the idea of lenders, brokers, loan officers, or others in the home buying or selling process falsifying documents or misleading buyers in order to get people into houses with mortgages they couldn't afford is simply preposterous.  That could never happen.

Fair enough, but if the guy short sold for 1/4 of the "assessed value" chances are he farked up somewhere along the line. I have 2 friends that are just recently no longer underwater, they are good people but they got greedy and made ill informed decisions. Yeah they were helped along the way but they made a HUGE purchase without much thought.

You know what? I bought a house at the height of the market too.  And the banks were telling me I could afford to buy an insanely huge house as well.

But we didn't  go crazy and buy as much as they said we could.  We bought what we budgeted we could afford.  We also took into consideration outlandish things that many overlooked. Things like:

How much house do we really need with only one child?
How much will it cost to heat/cool this monstrosity?
How secure will we be if the market takes a down turn?
How much equity do we want to start off with?
Crazy things like that.

Unfortunately for us, five houses on our street did not give a damn about reality and were wither foreclosed or short sold.  Their stupidity tanked the value of our own home.  But due to our responsible financing, we only lost a huge chunk of equity and our house is worth about what we owe.

An unfortunate side problem is that some of the 'flippers' got stuck with their 'investments' and had to rent them out.  Most of the renters are tearing up the houses and yards essentially lowering the values further.

This is pretty much ...


Just curious, what year did you buy?
 
2014-07-22 03:44:22 PM  

Random Anonymous Blackmail: ut sure it is easier to call me worthless, it is easier to question my integrity, it is easier to act omnipotent


It is also pretty easy for you to attack me for things I never did.
 
2014-07-22 03:49:30 PM  

Tricky Chicken: You know what? I bought a house at the height of the market too.  And the banks were telling me I could afford to buy an insanely huge house as well.

But we didn't  go crazy and buy as much as they said we could.  We bought what we budgeted we could afford.  We also took into consideration outlandish things that many overlooked. Things like:

How much house do we really need with only one child?
How much will it cost to heat/cool this monstrosity?
How secure will we be if the market takes a down turn?
How much equity do we want to start off with?
Crazy things like that.

Unfortunately for us, five houses on our street did not give a damn about reality and were wither foreclosed or short sold.  Their stupidity tanked the value of our own home.  But due to our responsible financing, we only lost a huge chunk of equity and our house is worth about what we owe.


There is so much wrong with this statement.  Foreclosed homes are not factored into comps.  It is not just THEIR stupidity that tanked the value of your home - YOU bought an overpriced home.  You could say you were responsible if you bought a conventional fixed rate loan, but don't go all holier-than-thou-because-I-have-so-much-common-sense because the fact is, you bought an overpriced home and failed to notice a bubble.  A simple reality check would be to see what is the average price of homes on the market vs the average household income in the area, if it's 5x or more (ideally should be 3-4x), then you can brag that you were renting during the bust.
 
2014-07-22 04:20:58 PM  

jst3p: Yes, yes, fark BoA. Serious question: Do you take any responsibility for the poor decisions you made that put you in that position?


jst3p: It is also pretty easy for you to attack me for things I never did.


You're right. That's TOTALLY not questioning his integrity or value as a person. Nor is it implying that he is a less worthwhile 'person' than others might be.

Serious question: Do you realize your posts *can* be read by others, and quoted?
 
2014-07-22 04:27:11 PM  

Felgraf: jst3p: Yes, yes, fark BoA. Serious question: Do you take any responsibility for the poor decisions you made that put you in that position?

jst3p: It is also pretty easy for you to attack me for things I never did.

You're right. That's TOTALLY not questioning his integrity or value as a person. Nor is it implying that he is a less worthwhile 'person' than others might be.

Serious question: Do you realize your posts *can* be read by others, and quoted?


Merely speculated that if he short sold his house for 1/4 of its "value" that he made some poor choices along the way and is at least partially responsible for his situation.

I will question his integrity here though: I suspect he lied about selling it for 1/4 of its assesed value. This is the internet and that just stinks of bullshiat. I am sure he was in a bad situation but that seems pretty unlikely.

Hell I doubt a bank would even agree to a short sale that far out of whack they would be much better off foreclosing and getting even half on the market.
 
2014-07-22 04:32:49 PM  
Since PHH holds my current mortgage, now might be a good time to apply for a modification.
 
2014-07-22 04:48:26 PM  

jst3p: Short sales can not be used as comps as per the USPAP (Uniform Standards of Professional Appraisal Practice). All distressed sales must be ignored when finding comps.


We couldn't have distressed sales counting. Uncle sugar would lose a ton of money on his protection scheme if housing values weren't artificially inflated.
 
GBB
2014-07-22 05:00:57 PM  
Technically, the company did reduce his payment from $2100 to $1500, but he did opt for a few extras like undercoating and window etching.  Add in the dealer and paperwork fees and taxes and title insurance, key replacement coverage, roof inspection, and postage the total came to $2300.  so sorry.  Unfortunately, it's a done deal and you signed the contract.
 
2014-07-22 05:17:38 PM  

GBB: Technically, the company did reduce his payment from $2100 to $1500, but he did opt for a few extras like undercoating and window etching.  Add in the dealer and paperwork fees and taxes and title insurance, key replacement coverage, roof inspection, and postage the total came to $2300.  so sorry.  Unfortunately, it's a done deal and you signed the contract.


shiat.  I knew BoA was screwing me over.  I didn't get any farking undercoating!

/BoA has actually been okay.
 
2014-07-22 05:40:22 PM  
TFA is light on details, but what actually happened? Because it sounds like the guy sued a refi company for not having an accurate first estimate.
 
2014-07-22 06:10:33 PM  
Wow!    Imagine that.   a worthless, crooked sh*thole American Bank.   hard to imagine.
 
2014-07-22 06:12:13 PM  

GBB: Technically, the company did reduce his payment from $2100 to $1500, but he did opt for a few extras like undercoating and window etching.  Add in the dealer and paperwork fees and taxes and title insurance, key replacement coverage, roof inspection, and postage the total came to $2300.  so sorry.  Unfortunately, it's a done deal and you signed the contract.

Fark his tight, american asshole good.


True.
 
2014-07-22 06:12:49 PM  

Stone Meadow: Since PHH holds my current mortgage, now might be a good time to apply for a modification.



don't forget the vasoline.
 
2014-07-22 06:14:12 PM  

DoBeDoBeDo: Tricky Chicken: jst3p: NightSteel: jst3p: They haven't farked me over, but I have not put them in a position where they can. I waited till after the bubble to buy a house I could afford.
Tricky Chicken: Way to stick it to your neighbors with your fiscal malfeasance.

Because you know, the idea of lenders, brokers, loan officers, or others in the home buying or selling process falsifying documents or misleading buyers in order to get people into houses with mortgages they couldn't afford is simply preposterous.  That could never happen.

Fair enough, but if the guy short sold for 1/4 of the "assessed value" chances are he farked up somewhere along the line. I have 2 friends that are just recently no longer underwater, they are good people but they got greedy and made ill informed decisions. Yeah they were helped along the way but they made a HUGE purchase without much thought.

You know what? I bought a house at the height of the market too.  And the banks were telling me I could afford to buy an insanely huge house as well.

But we didn't  go crazy and buy as much as they said we could.  We bought what we budgeted we could afford.  We also took into consideration outlandish things that many overlooked. Things like:

How much house do we really need with only one child?
How much will it cost to heat/cool this monstrosity?
How secure will we be if the market takes a down turn?
How much equity do we want to start off with?
Crazy things like that.

Unfortunately for us, five houses on our street did not give a damn about reality and were wither foreclosed or short sold.  Their stupidity tanked the value of our own home.  But due to our responsible financing, we only lost a huge chunk of equity and our house is worth about what we owe.

An unfortunate side problem is that some of the 'flippers' got stuck with their 'investments' and had to rent them out.  Most of the renters are tearing up the houses and yards essentially lowering the values further.

This is pretty much ...



isn't Freedom great!!    no one loves Freedom more than Banks and Crooks.
 
2014-07-22 06:16:31 PM  
That is what makes the Banking Industry so much fun.  they don't produce anything and yet have plenty of opportunities to F*ck your asses good!!

ain't Freedom great!
 
2014-07-22 06:32:39 PM  

Comic Book Guy: The bad credit rating alone should be at least a couple million, to compensate for inflated interest on any loans he'd have to take out for 7 years plus a little punitive damage.


If he's going to be paying millions of dollars of interest over the next 7 years, this mortgage is the least of his problems.

NightSteel: And it annoys me when people whitewash the role the banks played in getting people into houses they can't afford.


Why should anyone care besides the buyers of CDOs who didn't do due diligence?

umad: Beeblebrox: Do people buy the maximum house they qualify for as a rule?

Yes. They also max out their credit cards because it is "free" money. People are farking stupid.


If my kids aren't more financially literate than an average American by the time they're 12, I will have failed as a parent.
 
2014-07-22 06:52:38 PM  
PHH:  We have modified your loan.  Pray we do not modify it further.
 
2014-07-22 07:56:26 PM  

BMFPitt: Why should anyone care besides the buyers of CDOs who didn't do due diligence?


Err.. are you seriously asking this question?  How about the thousands upon thousands of people who were later dicked around and then foreclosed on by the same shady lenders, just like the guy in TFA?  How about the rest of the population of the USA, whose tax dollars were used to bail out the lenders?  Are you actually saying that because the banks didn't do their due diligence, or didn't act on it, it was OK for them to subsequently fleece the rest of us, because hey, it was our job to keep the banks from committing a massive fraud while blowing sunshine up our collective asses?

Is that really what you're saying here?  Because I find it hard to believe that anybody besides a Fox News or bank employee could say that with a straight face.
 
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