The Conservative Cave
Current Events => The DUmpster => Topic started by: BannedFromDU on September 06, 2011, 06:31:48 PM
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phrigndumass Donating Member (1000+ posts) Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Tue Sep-06-11 07:27 PM
Original message
In 6 years, I've paid $70,000 to my mortgage companies ...
And today I walked away from it all. I've moved out, left the keys and appliance manuals, turned off the power, and called the mortgage companies to tell them they better hurry up and insure the property and change the locks, because I've abandoned it. Oh, and I'm declaring bankruptcy for protection (partially due to the mounting medical bills, but mostly due to the mortgages).
Of the $70,000 paid to my mortgage companies in the last 6 years, only $2,000 went toward principal. The other $68,000 went toward interest. I don't feel one ounce of guilt.
There's no need to feel guilt ... I'm the victim. If guilt is holding you back from leaving an unfair mortgage situation, I urge you to look at how much you've already paid your mortgage company, toss the guilt aside and free yourself.
A huge weight has been lifted off my shoulders today.
Peace.
Sven :)
Feeling bouncy-ish (http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=439&topic_id=1888526&mesg_id=1888526)
That's the mark of a DUmmy - signs a mortgage and is shocked that he has to live up to its terms.
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Less than a $1000 a month? Pretty good rent around here.
Sure this is a bouncy because the DUmbass never mentions his down payment and calling in your abandonment will not fly in any court. Plus how could this have happened when our country has been under the benevolent rule of the SCOAMF?
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WTF? that's how mortgages work, what did he think going in?
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Logical Donating Member (1000+ posts) Click to send private message to this author Click to add this author to your buddy list Click to add this author to your Ignore list Tue Sep-06-11 07:28 PM
Response to Original message
1. So they forced you to sign the contract? Or you didn't understand it? Serious question.
phrigndumass Donating Member (1000+ posts) Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Tue Sep-06-11 07:31 PM
Response to Reply #1
4. The fact is I didn't understand what I was getting myself into
But it was a predatory lending situation, interest-only on the first mortgage and a higher interest rate on the second mortgage, 100% financed, no money down.
I thought they were all sooper geniuses at DU, you would think they would understand that an interest only loan would not pay down the principle.
Logical Donating Member (1000+ posts) Click to send private message to this author Click to add this author to your buddy list Click to add this author to your Ignore list Tue Sep-06-11 07:33 PM
Response to Reply #4
8. Hmmmm.....I can see the first mistake but you then got another mortgage?
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phrigndumass Donating Member (1000+ posts) Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Tue Sep-06-11 07:37 PM
Response to Reply #8
16. Both mortgages were signed at the same time, in the beginning
The first mortgage was 80% of the value, while the second mortgage was for the remaining 20% of the value.
So basically Einstein here, couldn't afford the house anyway, yet he got it, and was shocked to find out how much it would cost in the end.
Dreamer Tatum Donating Member (1000+ posts) Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Tue Sep-06-11 07:34 PM
Response to Reply #4
10. To clarify: you seek sympathy?
Maybe you should have called the police to report the gun put to your head?
:rotf: :rotf: :rotf: :rotf: :rotf:
Tatum is not long for DUmmyland.
phrigndumass Donating Member (1000+ posts) Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Tue Sep-06-11 07:39 PM
Response to Reply #10
22. Not nice
Perhaps you should pull your head out of your ass and see what predatory lending can do to people.
Perhaps you should have read the contract, said no thanks and lived in an Apartment for the past 6 years.
Dreamer Tatum Donating Member (1000+ posts) Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Tue Sep-06-11 07:40 PM
Response to Reply #22
28. I get what you're saying, but you put nothing down.
Can you not see why that would call for a higher interest rate, as they feared exactly the thing you
just did?
phrigndumass Donating Member (1000+ posts) Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Tue Sep-06-11 07:43 PM
Response to Reply #28
34. That makes sense
I understand why the second mortgage was advanced to me at a higher interest rate
Fumesucker (1000+ posts) Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Tue Sep-06-11 07:40 PM
Response to Reply #10
23. I saw something about medical issues..
Perhaps the OP's situation changed drastically, it's certainly happened to me before.
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Logical Donating Member (1000+ posts) Tue Sep-06-11 07:28 PM
Response to Original message
1. So they forced you to sign the contract? Or you didn't understand it? Serious question.
phrigndumass Donating Member (1000+ posts) Tue Sep-06-11 07:31 PM
Response to Reply #1
4. The fact is I didn't understand what I was getting myself into
But it was a predatory lending situation, interest-only on the first mortgage and a higher interest rate on the second mortgage, 100% financed, no money down.
Logical Donating Member (1000+ posts) Tue Sep-06-11 07:33 PM
Response to Reply #4
8. Hmmmm.....I can see the first mistake but you then got another mortgage?
phrigndumass Donating Member (1000+ posts) Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Tue Sep-06-11 07:37 PM
Response to Reply #8
16. Both mortgages were signed at the same time, in the beginning
The first mortgage was 80% of the value, while the second mortgage was for the remaining 20% of the value.
This is the crap that really ticks me off, when we went for our mortgage we had to have 20% down, had to clear up all our debt, and we had a pre-approval done to show we were serious, it worked well for a long time until Democrats came along and said everyone deserves to own their own home, no they don't, it's a serious investment that isn't cut out for everyone.
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Dreamer Tatum Donating Member (1000+ posts) Tue Sep-06-11 07:34 PM
Response to Reply #4
10. To clarify: you seek sympathy?
Maybe you should have called the police to report the gun put to your head?
phrigndumass Donating Member (1000+ posts) Tue Sep-06-11 07:39 PM
Response to Reply #10
22. Not nice
Perhaps you should pull your head out of your ass and see what predatory lending can do to people.
Dreamer Tatum Donating Member (1000+ posts) Tue Sep-06-11 07:40 PM
Response to Reply #22
28. I get what you're saying, but you put nothing down.
Can you not see why that would call for a higher interest rate, as they feared exactly the thing you
just did?
phrigndumass Donating Member (1000+ posts) Tue Sep-06-11 07:43 PM
Response to Reply #28
34. That makes sense
I understand why the second mortgage was advanced to me at a higher interest rate
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How much did he buy the house for?
I remember when you could buy a decent 3BR/2BA house (2,000 ft2) for under $200,000. During the run-up to the collapse of the housing bubble, they were selling for 2x-3x that amount and I didn't see a single person complaining about it, DU included.
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I know i am not cut out for it. I rent, because that is all I can afford at this moment. I would love to get a home of my own, but don't want to get into something financially, that I cannot get myself out of...
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We lost $100k (actually more than that if you count the bathroom remodel, new carpet and having the whole outside of the house repainted) on our house in CA (we didn't have to pay realtor fees, thanks to my husbands company). $100k loss in just under two years, thanks stupid state of CA and Obama. We still came out of the sale with some of our money back (sold it in a month) but it sure pisses me off to think about it.
Why didn't you try to sell it first DUmmie? Even a short sale would be better than a foreclosure. People like this lying DUmmie piss me off.
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This is the crap that really ticks me off, when we went for our mortgage we had to have 20% down, had to clear up all our debt, and we had a pre-approval done to show we were serious, it worked well for a long time until Democrats came along and said everyone deserves to own their own home, no they don't, it's a serious investment that isn't cut out for everyone.
Mortgage lenders and banks should do preapprovals, and ask for money down....They have to watch their own asses. They can get screwed if they are approving faulty loans(intentional(like above DUmmy) or intentionally, somebody gets laid off...
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This is the crap that really ticks me off, when we went for our mortgage we had to have 20% down, had to clear up all our debt, and we had a pre-approval done to show we were serious, it worked well for a long time until Democrats came along and said everyone deserves to own their own home, no they don't, it's a serious investment that isn't cut out for everyone.
H5
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Fumesucker (1000+ posts) Journal Tue Sep-06-11 07:40 PM
Response to Reply #10
23. I saw something about medical issues..
Perhaps the OP's situation changed drastically, it's certainly happened to me before.
I've never seen a internet discussion forum with a higher proportion of people with a "serious" or otherwise "expensive" medical conditions than what there is on the DU. This includes internet discussion forums entirely devoted to "serious medical conditions".
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I know i am not cut out for it. I rent, because that is all I can afford at this moment. I would love to get a home of my own, but don't want to get into something financially, that I cannot get myself out of...
When we went out looking for houses we saw some that we really liked but we knew we couldn't afford the mortgage payment, we bought within our means, and now with the housing market down? we still have a good amount of equity in the house, something we wouldn't of had if we bought above our means.
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What an idjit! But then I am repeating myself. :-)
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I've never seen a internet discussion forum with a higher proportion of people with a "serious" or otherwise "expensive" medical conditions than what there is on the DU. This includes internet discussion forums entirely devoted to "serious medical conditions".
I'm not really saying this to you as you have probably already heard this from me but I have/had a serious medical condition. I had a stroke (Takayasu's Arteritis, left carotid artery closed) at age 28 with no insurance. We thought nothing would happen to me at such a young age so we made the conscious decision not to pay for my portion of the insurance (company at that time only paid for my husband's insurance) as we didn't have too much extra income during the glorious days of the Clinton years (my husband wasn't too far along in his career in 1995).
We were eventually able to pay my doctor bills (took years and I watch kids for extra money to help pay the doctor bills) pay for the treatment after my stroke (all my doctors agreed to monthly payments, one even saw me for months for free, did not bill me or the government) and I was able to get on my husband's insurance a few months after my stroke. We made it a priority instead off thinking I was a victim and giving up. I was treated great by the hospital and all of my doctors even though I had no insurance. I'm still standing (literally) and we have had great credit even during the lean years because I always paid something every month and was in contact with who ever we owed money to at the time. I didn't hide or put off anyone and we always paid our mortgage first.
I can't stand the victim mentality of DUmmies.
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Look at the DUmmie's screen moniker. When I sound it out, it sounds alot like friggin' dumbass.
Just sayin'.
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I've never seen a internet discussion forum with a higher proportion of people with a "serious" or otherwise "expensive" medical conditions than what there is on the DU. This includes internet discussion forums entirely devoted to "serious medical conditions".
Most of them are probably fine physically, they just need an excuse for medical dope.
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Bunch of whiners and crybabies.
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Of the $70,000 paid to my mortgage companies in the last 6 years, only $2,000 went toward principal. The other $68,000 went toward interest. I don't feel one ounce of guilt.
You should. Shit like what you pull, multiplied by a factor of, oh, a few MILLION, makes it more difficult for the rest of us who, while we do struggle, still manage to pay our bills. Could I walk away from my obligations, file for bankruptcy, and stick someone with the bill (as my ex did to me?) Sure, but ya see, I've got a little more pride in myself, and a little more respect for my fellow citizen.
I don't expect you to do for me what I could and should do for myself. Therein lies the difference between you and me, DUmmies. I honor my obligations out of respect for myself and for those around me. You do it begrudgingly, if at all. Your board is replete with examples of how you'll almost eagerly **** over friends, coworkers, family, even your own children for what you want, what you think you're entitled to without having earned it.
One EARNS the privilege to own a home in much the same way one earns the privilege to drive. Don't show the proper respect and maturity, you don't get to play, or you have to pay a lot more to level the playing field to cover for your ****-ups. Interest only in 2005, and you didn't see the shit storm that was coming? I know how it happened--because my ex did the same exact ****ing thing: bought too much house with a bullshit mortgage which only could have been covered had the housing market kept on with an unsustainable boom that by 2005-06 was already starting to fade. You didn't have the FICO score to buy your home with a conventional loan, so you bullshitted your way (with your broker's help) into something rather than wait, because like petulant little children, it didn't matter that you couldn't manage to KEEP the house, all you saw was what you wanted RIGHT ****ING NOW.
So now you, like my ex, are either stuck waiting for a repo order or have walked away from a home you knew deep down you could never afford, and flooded a market which you never should have been involved with in the first place. Your credit is shit, but worse than that, you've ****ed over everyone around you by screwing over housing values for people who HAVE played the game by the rules, only to find that the equity they had in their homes is now pretty well ****ed. Home prices in places like Las Vegas won't return to 2005 price levels by 2030. That's right, assholes--20 ****ing YEARS. Even my area which has gone pretty much unscathed, relatively speaking, still has taken a hit. My assessed value has dropped by 15 percent since I bought my house. Even with everything I've put into it, I'd be lucky to break even. Thankfully, I'm not considering moving or selling anytime soon.
Oh, and DUmmie? I also did a 100 percent loan, but through my credit union. No second, no PMI, 5 1/2 percent, no intention to refi as I wouldn't save enough and I really don't want to take on a 15-year loan at this point. I've probably paid close to $60K interest in the last 5 years, but my principal has gone down about $20K. Gee, maybe if ya'll hadn't done that interest-only scam....
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phrigndumass Donating Member (1000+ posts) Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Tue Sep-06-11 07:31 PM
Response to Reply #1
4. The fact is I didn't understand what I was getting myself into
But it was a predatory lending situation, interest-only on the first mortgage and a higher interest rate on the second mortgage, 100% financed, no money down.
Lets see if I have this right. He signs a interest only mortgage and then complains that the payment is going to pay interest. DUH!!!
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Lets see if I have this right. He signs a interest only mortgage and then complains that the payment is going to pay interest. DUH!!!
Translation--he knew there was no way in hell he could ever afford the payment on a conventional so he takes out a 5/1 ARM, only he never had the income/FICO/reserves to qualify for a standard mortgage, and whoopsie, can't finance a house for 125 percent like ya could in the old days!
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That's what galls me about these assholes. They knowingly signed ARMS and scream and cry "predatory lending" when they can't cover the payment 24 months later.
**** you illiterate assholes. You deserved it.
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Xithras (1000+ posts) Tue Sep-06-11 08:09 PM
Response to Reply #1
61. Or maybe he just changed his mind. It doesn't matter.
The buyers contract says: I want to borrow $X, and if I fail to pay it back, I agree to give you my house as compensation.
The banks contract says: I agree to lend you $X, and if you fail to pay it back, we agree to take your house as compensation.
Whatever the reason, the buyer has decided to exercise his legal right to walk away from it. The bank may not be happy about it, but it now gets to exercise its legal right to claim ownership of the house as compensation.
If the banks didn't want to deal with this, they shouldn't have made the loans. The REASON for the buyer walking away, and the OPINION of the buyer toward the contract, is ultimately irrelevant. It's a contractual business relationship in which the buyer has the right to terminate the contract at any point. The bank agreed to it. That's all that matters.
Nobody should be ashamed to exercise their legal and contractual rights.
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That's what galls me about these assholes. They knowingly signed ARMS and scream and cry "predatory lending" when they can't cover the payment 24 months later.
**** you illiterate assholes. You deserved it.
Actually, I'm thinking this is a decent mole appearance. Notice how patient the OP is when challenged. Also the screen name.
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It's the bank's fault. Right. Again, you're an asshole. :whatever:
"Hey, man. That bar shouldn't have served me those hot wings. Now I got the runs."
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Shagbark Hickory (1000+ posts) Tue Sep-06-11 07:43 PM
Response to Reply #7
36. I have a better idea.
Fannie & freddy to loan up to 150k (or so depending on location) at 0% for 15 years plus reasonable paperwork fee.
That way people actually have a chance of home ownership.
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Shagbark Hickory (1000+ posts) Tue Sep-06-11 08:02 PM
Response to Reply #38
56. ...
Best of luck to you. If I were you, I'd build a yurt somewhere.
You can charge it on your credit card before you file for bankruptcy.
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Actually, I'm thinking this is a decent mole appearance. Notice how patient the OP is when challenged. Also the screen name.
Could be.
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phrigndumass
I understand why the second mortgage was advanced to me at a higher interest rate
I'm not seeing any evidence that you do understand why. Seconds are always higher. Do you know why, primitive?
.
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I'm not seeing any evidence that you do understand why. Seconds are always higher. Do you know why, primitive?
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Because they're unsecured, like his brain.
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taught_me_patience (1000+ posts) Tue Sep-06-11 08:23 PM
Response to Original message
65. It's people like you who are making refinancing for people like me impossible
I had to come up with over 100k for 20% down on my first home because 80/20 loans are abused like people like you. Now, its nearly impossible to refi because so many people like you are walking away. You gamed the system. If your house went up in value and you sold, you keep the equity, but when things go bad you walk scott free? You want me to feel sympathy? It makes me disgusted
phrigndumass (1000+ posts) Tue Sep-06-11 08:26 PM
Response to Reply #65
66. It is all about you, after all, isn't it?
Do you feel compassion for those on the other side of the coin?
I am likewise disgusted by your words.
taught_me_patience (1000+ posts) Tue Sep-06-11 08:31 PM
Response to Reply #66
69. I don't have compassion for those who complain
and claim they are "victims".
I don't get his response...
phrigndumass (1000+ posts) Tue Sep-06-11 08:33 PM
Response to Reply #69
71. Obviously. Nail in your own coffin.
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Hassin Bin Sober (1000+ posts) Tue Sep-06-11 09:53 PM
Response to Original message
98. Sell the appliances for some seed money.
Edited on Tue Sep-06-11 10:09 PM by Hassin Bin Sober
the appliances are personal property.
eta: and stay in the house till the sheriff comes. Live rent free for a while.
Ok that is it, I feel all dirty from going over there. I don't see how those of you who have moles or go there on a regular basis can stand it. :puke:
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eta: and stay in the house till the sheriff comes.
Which is usually 30 days after an eviction notice is given. Or as some of us call it, the White Trash Honeymoon.
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Frigging DUmb Ass. What a fitting name.
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x795098
http://www.giveforward.com/svensundberg
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Frigging DUmb Ass. What a fitting name.
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x795098
http://www.giveforward.com/svensundberg
Of COURSE he's mentally ill. He's a DUmmy. Looks like he even invented a couple of new illnesses.
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:rotf:
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He intended to walk away 6 months ago.
I purchased a house in 2005 with no money down and two mortgages, one of them interest-only, because it was my dream home and the bank made it possible for me to do so. So I am upside-down on my mortgage(s), owing several thousand dollars more than what my house can be listed for. I will no longer have the funds or the energy to maintain the property, so I am forced to sell it right away. Realtor commission and closing costs will also add several thousand dollars to the closing … money I don’t have.
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x687936
He knew exactly what was going on.
When we bought this last house, I swear we were investigated. I think the bank knew what size underwear I wore.
How anyone can say they were preyed upon is beyond me. A lawyer sits and goes over every detail for hours with you. If you don't understand, ASK.
If you know you cannot afford the house, DON'T BUY IT !!
Don't claim to be special ed once you get in trouble. It's pathetic.
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You are absolutely right, Shadeaux. I think most people think about just the "mortgage"
There is
property tax
trash removal
maintenance of house and appliances
Yard maintenance
and that is just for starters......
This stuff adds up, alot of people forget the "small stuff", I think this is when so many people get into financial trouble...
not too mention everyday expenses...
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Lets see if I have this right. He signs a interest only mortgage and then complains that the payment is going to pay interest. DUH!!!
phrigndumass Donating Member (1000+ posts) Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Tue Sep-06-11 07:31 PM
Response to Reply #1
4. The fact is I didn't understand what I was getting myself into
so since you were too stupid to understand what you were signing, but signed it anyways, it is the banks fault. There's a reason they are called DUmmies.
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I've never seen a internet discussion forum with a higher proportion of people with a "serious" or otherwise "expensive" medical conditions than what there is on the DU. This includes internet discussion forums entirely devoted to "serious medical conditions".
That's because medical conditions are political over there. The worse their health, and the worse their financial conditions (claimed to be) related to them the stronger they perceive the case for introducing a Canadian-style health system.
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A DUmmie admits to being stupid. I'll give him that much.
We saved to get our first home and turned any sale proceeds over into our next purchase. On our 4th home we had 100k to put down. That won't happen with the house we have now because of this economy; nothing's moving here.
But, this DUmbass walks into a no-down mortgage with his eyes wide open and claims he's a victim of 'predatory' lending. I'm willing to bet that he never read one document he signed, never investigated the true cost of owning a home and figured he could just walk away like he's doing now when he decided to stop paying. He and the thousands of useless eaters like him are one of the reasons this country is in the shape it is.
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That's because medical conditions are political over there. The worse their health, and the worse their financial conditions (claimed to be) related to them the stronger they perceive the case for introducing a Canadian-style health system.
They share info on how to get on SS disability too. How to appeal and what to say during the interview.
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When I closed on my house years ago the closing took forever. That is because I read every piece of paper they presented to me to sign. Even if it was a permission slip to go to the bathroom. I had to do a short sale due to military service but my credit is still OK as I did everything the responsible way.
We are pre approved through our credit union now but we decided to wait a little while to make sure that we don't get orders out of the area.
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Other people get free housing. Why shouldn't I? The world owes me one too.[DUmmie/mode]
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You should. Shit like what you pull, multiplied by a factor of, oh, a few MILLION, makes it more difficult for the rest of us who, while we do struggle, still manage to pay our bills. Could I walk away from my obligations, file for bankruptcy, and stick someone with the bill (as my ex did to me?) Sure, but ya see, I've got a little more pride in myself, and a little more respect for my fellow citizen.
I don't expect you to do for me what I could and should do for myself. Therein lies the difference between you and me, DUmmies. I honor my obligations out of respect for myself and for those around me. You do it begrudgingly, if at all. Your board is replete with examples of how you'll almost eagerly **** over friends, coworkers, family, even your own children for what you want, what you think you're entitled to without having earned it.
One EARNS the privilege to own a home in much the same way one earns the privilege to drive. Don't show the proper respect and maturity, you don't get to play, or you have to pay a lot more to level the playing field to cover for your ****-ups. Interest only in 2005, and you didn't see the shit storm that was coming? I know how it happened--because my ex did the same exact ****ing thing: bought too much house with a bullshit mortgage which only could have been covered had the housing market kept on with an unsustainable boom that by 2005-06 was already starting to fade. You didn't have the FICO score to buy your home with a conventional loan, so you bullshitted your way (with your broker's help) into something rather than wait, because like petulant little children, it didn't matter that you couldn't manage to KEEP the house, all you saw was what you wanted RIGHT ****ING NOW.
So now you, like my ex, are either stuck waiting for a repo order or have walked away from a home you knew deep down you could never afford, and flooded a market which you never should have been involved with in the first place. Your credit is shit, but worse than that, you've ****ed over everyone around you by screwing over housing values for people who HAVE played the game by the rules, only to find that the equity they had in their homes is now pretty well ****ed. Home prices in places like Las Vegas won't return to 2005 price levels by 2030. That's right, assholes--20 ****ing YEARS. Even my area which has gone pretty much unscathed, relatively speaking, still has taken a hit. My assessed value has dropped by 15 percent since I bought my house. Even with everything I've put into it, I'd be lucky to break even. Thankfully, I'm not considering moving or selling anytime soon.
Oh, and DUmmie? I also did a 100 percent loan, but through my credit union. No second, no PMI, 5 1/2 percent, no intention to refi as I wouldn't save enough and I really don't want to take on a 15-year loan at this point. I've probably paid close to $60K interest in the last 5 years, but my principal has gone down about $20K. Gee, maybe if ya'll hadn't done that interest-only scam....
H5! I too did a 100% loan, but got a fixed rate, 4.75, on a nice little house that needed some fixing up...oh I could have gotten a McMansion, half-million dollar home, but I figured, I don't even make a quarter-million dollars, why would I spend that much??
Don't you think if this dumbass "didn't understand what he was getting into," he should have WALKED AWAY FROM THE DESK. He should have not signed until he DID understand? Freakin' idiots!
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Just another case of DUmmies lie all the time and this one just wanted to justify being a deadbeat.
Rounding things out to about $1000/month mortgage assuming 6.5% 30 year mortgage on $160,000 come out to $1011/month P+I.
In the first month alone over $144 would be applied to principal. At the end of 6 years about $12,700 has been paid against principle.
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Just another case of DUmmies lie all the time and this one just wanted to justify being a deadbeat.
Rounding things out to about $1000/month mortgage assuming 6.5% 30 year mortgage on $160,000 come out to $1011/month P+I.
In the first month alone over $144 would be applied to principal. At the end of 6 years about $12,700 has been paid against principle.
But the stupid mentally ill DUmmy (I repeat myself) got an interest-only loan with zero down. That's the real issue.
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WTF? that's how mortgages work, what did he think going in?
im pretty sure google works for the primitives too
no excuse for the ignorance (http://www.google.com/search?q=amortization+schedule&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a)
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I messed up and posted on the wrong thread. :-)
Anyway
Motown_Johnny (1000+ posts) Wed Sep-07-11 01:07 PM
Response to Original message
226. did you try to short sell it? It is easier on your credit
phrigndumass (1000+ posts) Wed Sep-07-11 01:16 PM
Response to Reply #226
232. Yes, I tried that ...
But there was a flood during the short sale process and it wiped out my furnace and water heater in the basement, not to mention the cost of drying out the support beams. The house was in the short sale process until I walked away from it, since nobody would want to buy a house with damage like that.
Motown_Johnny (1000+ posts) Wed Sep-07-11 01:20 PM
Response to Reply #232
235. argh, no flood insurance?
phrigndumass (1000+ posts) Wed Sep-07-11 01:40 PM
Response to Reply #235
245. Had to let the flood insurance lapse when I was on disability and
put the house on the market. I figured there hadn't ever been a flood there, and I couldn't afford it, so I let it go. Bad move on my part.
I'm sure the flood preyed upon him too. :whatever:
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Typical lib, an excuse for everything...they are always the victim. DUmmies lie, they lie all the time.
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:o
frazzled (1000+ posts) Wed Sep-07-11 05:37 PM
Response to Original message
330. I hate to be the cynic in the room, but ...
How do we know the OP is even telling the truth? What if he is James O'Keefe, pulling a "pimp walks into Acorn" stunt here? We know nothing about each other here: you don't know me either.
This may be a perfectly legitimate story, but it also could be a ruse to get reactions from people. Which we could then see published.
My reaction, if it is true? I don't think not understanding that with a conventional 30-year mortgage you pay mostly interest for the first years is an excuse for anything. That is not being tricked. That is not what the subprime scandal was about. This person was not a victim. They're not saying that it is mostly because of mounting medical bills (is he/she insured?--no? didn't understand you need to buy health insurance, too?). They're not saying they lost their job. Maybe this person shouldn't have bought the home; maybe the bank shouldn't have made the loan; maybe they got in over their head. I have sympathy that they apparently didn't understand a thing about home ownership. I'm sorry they had to declare bankruptcy. But I don't see this person as a victim.
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H5! I too did a 100% loan, but got a fixed rate, 4.75, on a nice little house that needed some fixing up...oh I could have gotten a McMansion, half-million dollar home, but I figured, I don't even make a quarter-million dollars, why would I spend that much??
Don't you think if this dumbass "didn't understand what he was getting into," he should have WALKED AWAY FROM THE DESK. He should have not signed until he DID understand? Freakin' idiots!
Hell I did 100% +3 on the VA, it's what was feasible. I tried to get that 8k but wouldn't buy just to buy in time, 1 month later. Thank god, as I was 1.5 percentage lower when I found this house. Matter of fact this house was on the market less than 24 hoiurs before being under contract (included original and counter offers). They never even got the sign in the yard.
I read everything and when I got the "don't worry about it" I replied, "No, explain it" Sounds like that's what frigginDUmbass should have done.
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Hell I did 100% +3 on the VA, it's what was feasible. I tried to get that 8k but wouldn't buy just to buy in time, 1 month later. Thank god, as I was 1.5 percentage lower when I found this house. Matter of fact this house was on the market less than 24 hours before being under contract (included original and counter offers). They never even got the sign in the yard.
I read everything and when I got the "don't worry about it" I replied, "No, explain it" Sounds like that's what frigginDUmbass should have done.
We ended up going with a conventional because we could get a better rate that way than with the VA. What shocked me is we were pre-approved for $285,000! Looking at our finances, I could not figure out how the banks thought we could actually make that kind of a loan payment. We found this one for $150,000 and it has character! Like yours, less than 24 hours on the market.
My husband and I read every single word in the loan documents, asked for explanations, even asked for wording changes on things we disagreed with. There is NO WAY I would sign any contract without reading it
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I seem to recall, that even if they walk away, they are still liable
for the difference of the remaining mortgage, minus whatever the "bank", sells it for.
Is that true?
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I seem to recall, that even if they walk away, they are still liable
for the difference of the remaining mortgage, minus whatever the "bank", sells it for.
Is that true?
For 10 years.
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phrigndumass
Had to let the flood insurance lapse when I was on disability and put the house on the market. I figured there hadn't ever been a flood there, and I couldn't afford it, so I let it go. Bad move on my part.
Why would anyone buy flood insurance if their property isn't designated as being in a flood plain? Might as well insure a dead horse.
Something fishy about the whole tale.
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For 10 years.
Xnks, Tuck.
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It's nice to read shit like this while my husband & I are working hard to save up money for our down payment. Thanks for making house prices just little bit cheaper and the loan harder to get. We appreciate it. ::)
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http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1888526#1888538
phrigndumass (1000+ posts) Tue Sep-06-11 07:27 PM
Original message
In 6 years, I've paid $70,000 to my mortgage companies ...
And today I walked away from it all. I've moved out, left the keys and appliance manuals, turned off the power, and called the mortgage companies to tell them they better hurry up and insure the property and change the locks, because I've abandoned it. Oh, and I'm declaring bankruptcy for protection (partially due to the mounting medical bills, but mostly due to the mortgages).
Of the $70,000 paid to my mortgage companies in the last 6 years, only $2,000 went toward principal. The other $68,000 went toward interest. I don't feel one ounce of guilt.
There's no need to feel guilt ... I'm the victim. If guilt is holding you back from leaving an unfair mortgage situation, I urge you to look at how much you've already paid your mortgage company, toss the guilt aside and free yourself.
A huge weight has been lifted off my shoulders today.
Peace.
Sven
A huge, huge, HUGE thread I don't have time to dig through but what I've seen makes me ill.
KC
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phrigndumass (1000+ posts) Tue Sep-06-11 07:27 PM
Original message
In 6 years, I've paid $70,000 to my mortgage companies ...
And today I walked away from it all. I've moved out, left the keys and appliance manuals, turned off the power, and called the mortgage companies to tell them they better hurry up and insure the property and change the locks, because I've abandoned it. Oh, and I'm declaring bankruptcy for protection (partially due to the mounting medical bills, but mostly due to the mortgages).
Of the $70,000 paid to my mortgage companies in the last 6 years, only $2,000 went toward principal. The other $68,000 went toward interest. I don't feel one ounce of guilt.
There's no need to feel guilt ... I'm the victim. If guilt is holding you back from leaving an unfair mortgage situation, I urge you to look at how much you've already paid your mortgage company, toss the guilt aside and free yourself.
A huge weight has been lifted off my shoulders today.
Peace.
Sven
No, you're not a victim. You're the cause of the problem. $70,000 of payments and only $2,000 of principle paid? I'm calling BS on his numbers.
$70,000 of payments in 6 years is a mortgage of about $972.00 per month. This may have been interest-only for 5 years or something stupid in which case he isn't the victim, he's just a greedy moron. However, if it wasn't an I/O loan, the numbers just don't work out. 7 years ago, you could have gotten a mortgage at a 6% rate easily. Lower 5's was more common. If it was a 30 year fixed, he still would have paid more than $2,000 of principle in 6 years. His numbers don't jive.
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he says hes paid $70,000 to his mortgage "COMPANIES"
if he refinanced say 6 times, once a year, he could be adding the closing costs into what he paid.
i know it looks like im sticking up for him, but im just saying its probably possible. but your right. it is his own fault for whatever type mortgage he agreed to.
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he says hes paid $70,000 to his mortgage "COMPANIES"
if he refinanced 6 times, he could be adding the closing costs into what he paid.
i know it looks like im sticking up for him, but im just saying its probably possible. but your right. it is his own fault for whatever type mortgage he agreed to.
That's possible. Or the mortgage was sold. Even with refinancing, it would have to have been an interest-only loan, otherwise it would have been a relatively SMALL mortgage, not a "huge mortgage".