I think I will stop paying my mortgage

[Inthemiddle]

I do not support forced labor, be it from a prisoner or a taxpayer.

That wasn't the question. Forced labor in the prison system is not slavery, so how is this forced labor not slavery?

 

[Defiant1]

The people that are refinancing.

It would be no different than if I refinance my mortgage. I'd still have to make the payments.

How?

Example:

You bought a $200K with 5% down

Orig mortgage $195K

Home now worth $125K

You still owe $180K

What are you going to refinance?

If I was the bank I would give you a mortgage of $100K.

You would have to come up with $80K cash, 25K - 20% of 125K and 45K to pay off the old loan.

Will that help?

You refinance what you owe at a lower interest rate. Which could save quite a bit on your monthly payment.

So you want to borrow $180K with $125K collateral, no money down and at a low interest rate.

That's worse than what got us into this mess.

 

[Inthemiddle]

So, we had "cash for clunkers." What term can be used to describe this political stunt!

I'd say "mortgages for morons" but that sounds more like a book.

 

[Ravi]

How?

Example:

You bought a $200K with 5% down

Orig mortgage $195K

Home now worth $125K

You still owe $180K

What are you going to refinance?

If I was the bank I would give you a mortgage of $100K.

You would have to come up with $80K cash, 25K - 20% of 125K and 45K to pay off the old loan.

Will that help?

You refinance what you owe at a lower interest rate. Which could save quite a bit on your monthly payment.

So you want to borrow $180K with $125K collateral, no money down and at a low interest rate.

That's worse than what got us into this mess.

You already owe $180K on something worth $125K.

 

[Inthemiddle]

How about I scrimped and saved to send my children to college and what I dont pay the kids work for. Why should my tax dollars pay for them not planning well or not wanting to work through college to help pay their expenses .

It's the patriotic duty of every American to contribute to the overall well being of our society by paying your taxes for the sake of whatever expenditures your state and federal government legislate for the common good. I'm sure the wife of a Sailor can appreciate one's patriotic duty.

 

[syrenn]

Because in this adminitration if you are a dead beat you get rewarded. More help for people who are behind or under water on their mortgage.

People like us who pay our mortgage on time and never been late gets no help of course.

I hear what you are saying...and i feel the same.

 

[Ravi]

Because in this adminitration if you are a dead beat you get rewarded. More help for people who are behind or under water on their mortgage.

People like us who pay our mortgage on time and never been late gets no help of course.

I hear what you are saying...and i feel the same.

Do you believe everything you read on the internet?

People that are behind on their mortgages don't qualify.

 

[Samson]

Because in this adminitration if you are a dead beat you get rewarded. More help for people who are behind or under water on their mortgage.

People like us who pay our mortgage on time and never been late gets no help of course.

I hear what you are saying...and i feel the same.

I'm certain that one day we'll all look back and laugh at this.

 

[Mr Natural]

How about I scrimped and saved to send my children to college and what I dont pay the kids work for. Why should my tax dollars pay for them not planning well or not wanting to work through college to help pay their expenses .

It's the patriotic duty of every American to contribute to the overall well being of our society by paying your taxes for the sake of whatever expenditures your state and federal government legislate for the common good. I'm sure the wife of a Sailor can appreciate one's patriotic duty.

They're way too fucking petty and small minded to consider that possibility.

 

[Inthemiddle]

So you want to borrow $180K with $125K collateral, no money down and at a low interest rate.

That's worse than what got us into this mess.

Please, stop acting so stupid. You're making my head hurt and my eyes twitch. It's not difficult to understand. You're just unwilling to allow it to make sense.

The market price of the house is not so significant as you try to make it out to be. The bank already made the loan, and they already have, in your example, significantly more invested into the loan that what the collateral is worth. All the refinancing will do is change the terms of the loan such that the interest rate would be lower for the payer. The bank's risk remains the same, if not less, than under the previous terms.

Something that you just don't seem to get is that when it comes to indebtedness something is always better than nothing. If refinancing at 3% helps ensure that the debtor will be able to continue making payments on schedule and to the full execution of the terms of the contract, then the bank will be under less overall risk. If higher payments become a financial obstacle in the near future and lead to the debtor paying late, maintaining overdue balances for extended periods of time, and/or ceasing payment, then THAT is the greatest risk the bank faces. Because then it's not making any money at all, unless it forcloses. And even then it can only "make" money if it is able to resell the house (not a good guarantee in the current economy) and even then it will be forced to take a sizable loss because of the deflated market.

 

[syrenn]

Because in this adminitration if you are a dead beat you get rewarded. More help for people who are behind or under water on their mortgage.

People like us who pay our mortgage on time and never been late gets no help of course.

I hear what you are saying...and i feel the same.

Do you believe everything you read on the internet?

People that are behind on their mortgages don't qualify.

I understand what she is saying.... and its not so much out mortgages.

Its about the ones how work and are just making it..... are the ones who get no help or a free ride.... and screwed.

 

[mskafka]

Hum. My fiance is a pharmacist and makes 3 times what I make. Now if it weren't for this relationship, my existence would be much more...bare bones. I wouldn't be homeless, but would be one paycheck away from it. But all it would take would be fiance losing job, relationship ending, etc...

My point in saying all this is: Be careful with your complacency. Just because things are going well now, does not mean that three years from now you won't be in section 8 housing. Unless you are a well-established professional, in a field that is recession-proof, nothing is guaranteed. And two of the only fields that I can imagine being recession proof are healthcare and funeral service. I hate to be morbid, but it's true. Many jobless and homeless people thought they were making good decisions, at the time they made them.

 

[Ravi]

I hear what you are saying...and i feel the same.

Do you believe everything you read on the internet?

People that are behind on their mortgages don't qualify.

I understand what she is saying.... and its not so much out mortgages.

Its about the ones how work and are just making it..... are the ones who get no help or a free ride.... and screwed.

Except that this proposal is about helping those that work and are just making it....

 

[syrenn]

Do you believe everything you read on the internet?

People that are behind on their mortgages don't qualify.

I understand what she is saying.... and its not so much out mortgages.

Its about the ones how work and are just making it..... are the ones who get no help or a free ride.... and screwed.

Except that this proposal is about helping those that work and are just making it....

I responded to her op... there is no "proposal" in the op.

 

[Zoom-boing]

Because in this adminitration if you are a dead beat you get rewarded. More help for people who are behind or under water on their mortgage.

People like us who pay our mortgage on time and never been late gets no help of course.

If you're paying your mortgage on time and have never been late . . . . why would you need help?

For those who purchased more house than they could afford? Too bad for them, it was their choice let them sink or swim on their own. Stupid is as stupid does.

For those who got screwed by mortgage companies/banks? They are the ones who need the help. But if they were culpable in anyway . . say they lied about their income in order to get the mortgage? . . screw them let them sink or win on their own. Stupid is as stupid does.

For those who did it all by the book, bought within their means, paid on time, etc. but due to loss of job now need help? Help them.

What about the people who played by the book, bought within or below their means, where not screwed by a bank, but their house has lost 25-30% of value merely because of the many other houses that people have walked away from and or/were foreclosed on?
Maybe they haven't lost a job, but perhaps their income has been reduced by 20%, in order to keep a job?
Attach to that the higher costs of the basic necessities, food, utilities, etc.
What about those people?

I would say those folks fall under my "etc." above.

 

[Douger]

Because in this adminitration if you are a dead beat you get rewarded. More help for people who are behind or under water on their mortgage.

People like us who pay our mortgage on time and never been late gets no help of course.

[ame=http://www.youtube.com/watch?v=Jp9O2MHQSWc]LEAVE TIGER ALONE !!! LIbra KNOWS BEST - YouTube[/ame]

 

[Samson]

If you're paying your mortgage on time and have never been late . . . . why would you need help?

For those who purchased more house than they could afford? Too bad for them, it was their choice let them sink or swim on their own. Stupid is as stupid does.

For those who got screwed by mortgage companies/banks? They are the ones who need the help. But if they were culpable in anyway . . say they lied about their income in order to get the mortgage? . . screw them let them sink or win on their own. Stupid is as stupid does.

For those who did it all by the book, bought within their means, paid on time, etc. but due to loss of job now need help? Help them.

What about the people who played by the book, bought within or below their means, where not screwed by a bank, but their house has lost 25-30% of value merely because of the many other houses that people have walked away from and or/were foreclosed on?
Maybe they haven't lost a job, but perhaps their income has been reduced by 20%, in order to keep a job?
Attach to that the higher costs of the basic necessities, food, utilities, etc.
What about those people?

I would say those folks fall under my "etc." above.

What about people that ran off to Vegas with their life savings, gambled it all away, and married their 18 year old cousin before falling down drunk?




Not that I know anyone like that...

 

[Inthemiddle]

I understand what she is saying.... and its not so much out mortgages.

Its about the ones how work and are just making it..... are the ones who get no help or a free ride.... and screwed.

Here we talk about the mortgage issue, there we talk about not-the-mortage issue. There is no need to cross them. Kthanks.

 

[Si modo]

Now everyone struggling to pay their mortgage is a deadbeat. Very deep analysis on your part. Well done.

Fact of the matter is, RESPONSIBLE persons take into account bad times before they drown themselves in debt.

Irresponsible/deadbeat - same difference to me.

You saw the Real Estate Meltdown coming?

Actually, I did. I was in the market to buy in 2006, and didn't because it wasn't right.

And, I am not at all knowledgeable in business.

 

[Samson]

Fact of the matter is, RESPONSIBLE persons take into account bad times before they drown themselves in debt.

Irresponsible/deadbeat - same difference to me.

You saw the Real Estate Meltdown coming?

Actually, I did. I was in the market to buy in 2006, and didn't because it wasn't right.

And, I am not at all knowledgeable in business.

So......um.....

Will the world end in 2012?

I'd love to spend my Final Days in Vegas.