|
 |
 |
| Written by booggs28 | ||||||||
| Sunday, 08 November 2009 21:03 | ||||||||
|
In October 2008, Peter Schiff wrote an op-ed for the San Diego Union-Tribune titled, simply enough, “Stop Paying Your Mortgage.” After supposedly bailing out the fat cats on Wall Street, no politician wants to be accused of evicting struggling families. Once you understand this, all of your anxiety should melt away. Why pay your mortgage if foreclosure is off the table, and if you know that lower payments, and possibly a reduced loan amount, would result? A tarnished a credit rating is a small price to pay for such a benefit… If your mortgage does become the property of Uncle Sam, the growing popular impulse to “just walk away” should be replaced by “just stay and stop paying.” No one will throw you out. After a few months, or years, of living payment free, you will get a call from a motivated government agent eager to adjust your loan into something affordable. Is this suggestion to you morally offensive? Shouldn’t you be more offended by the banks that essentially took the money from tax payers and ran with it? Only to buy up all other failing assets of other banks and reap more rewards for being irresponsible? Shouldn’t you be more offended by the Government that created the FEEL GOOD HAMP Program that is VOLUNTARY and not MANDATORY for the banks that got their greedy hands on your TAX DOLLARS and continue to pay million dollar bonuses to their Executives who continue to do a bang up job of ripping you off? Shouldn’t you be offended by the fact that the banksters are still GETTING your money while they drag you out on some pie in the sky loan modification that after months of trial payments you may very well end up being denied for and they end up taking your home, which isn’t really yours any how since your technically just a glorified renter. For crist sakes, the mainstream media continues to perpetuate the fraudulent buyer who over inflated their incomes, bought homes they knew damn well they couldn’t afford and sure there were those out there that did just that. Were you one of irresponsible buyers? Did you buy a home you knew you couldn’t afford just because some mortgage broker or loan officer showed you on paper how you could? Well if you were one of those people that signed a mortgage knowing full damn well you couldn’t afford it, then you need financial counseling right now. Seriously, is everyone that is facing this mess some deadbeat, low life, pond scum who just played the system and really was so financially ignorant that they had no idea about their debt to income ratio? You had no idea what your mortgage terms were? You had no idea what your payment was going to be? You had no idea that you had, utilities, car payments, car insurance, grocery bills and the likes that you had to pay for on top of that MORTGAGE. Where’s the investigation into the predatory loans that were marketed by these greedy bastages? Why isn’t Congress holding anyone else accountable for this crisis? Congress has given the banks a STEARN talking too haven’t they? And since that STERN talking too, the banks are falling right in line and are working their arses off to get your mortgage modified aren’t they? They are working day and night to train their representatives on the guidelines of HAMP aren’t they? They are streamlining the program aren’t they? I’m pretty sure I’m going to get a lot of backlash for posting this and that’s alright. I’m not thinned skinned and I won’t lose any sleep over it. I believe I am just saying what a lot of people are thinking yet are afraid to put it out there. Why should you continue to make trial payments past the initial three that you’ve already paid? Because THEY said so? Who the hell are THEY to tell you to follow the rules when THEY clearly aren’t and haven’t been? And for that matter, why do THEY get to make the rules? Because if you don’t your not going to get your modification? I realize that there have been improvements in the HAMP Program. I also realize that when the Government rolled this out, servicers were totally overwhelmed with floods of mortgage holders calling about it and the sevicers weren’t properly prepared and they are still lacking. But it’s been said that it’s doubtful that the HAMP Program will ever match the expectations and indeed slow the foreclosure rate. And again, since it’s VOLUNTARY and the incentives provided by the Government are far outweighed by the fact that they stand to make more money after foreclosure. There will be those that will receive their loan modifications thru the HAMP Program, because the banks need to show the Government and the Media that they are doing their part to clean up a mess that they in fact created. Tell me what’s the incentive to the mortgage holder in all this? That you get to keep your mortgage at a more affordable payment, maybe? Maybe I’ll win the Indiana Powerball too. Fear not, Fannie Mae is rolling out the “IF YOU DON’T GET YOUR LOAN MODIFIED, WE’LL TAKE YOUR HOUSE BACK AND THEN YOU CAN RENT IT FROM US” Program. Providing you qualify that is. And the most hysterical part of this is, they will let you “RENT” your home instead of losing it to foreclosure. Aren’t you technically RENTING it already?
Spread the Shitheadery
Email this
Comments (4)
|
Subscribe to this comment's feed
Show/hide comments |
... Thanks Boggs. I like your style. I look forward to reading your articles. Not too many people with the courage to write what you do and I thank you for it. In light of the wonderful government MHA program, after a person researches the likelihood of a bankster modifying loan terms, it is a no brainer to walk away. It took me almost a year to realize this. I borrowed from credit cards, did whatever it took to protect that good ol' FICO, make my mortgage payments on time, I mean foreclosure was the F word and the embarrassment and shame that went with it were not an option for us. A year later, I realized I did not create this housing crisis. I made a reasonable living investing in real estate for 10 years and now that opportunity no longer exists and as a result, I cannot afford the mortgage. I am not ashamed anymore. It is not my fault I cannot make a living doing what I have been doing for years. However, it is my fault that I counted on the government to control economic conditions to remain stable and provide a healthy increase or appreciation, like it has been for the past decade. You think the economy is bad now? Wait a while. What do you think will happen when the banks start to release all the properties they have foreclosed on (REOs)? Simple supply and demand economics. We're screwed. MHA is simply another scam for the rich to get richer. Banks are not modifying loans, and what's worse is they are giving people false hope by putting them on trial programs that will never be converted to permanent. And in the meantime, continuing the foreclosure proceedings. Doubt it? Read the servicers pooling agreement your bank has with your lender when your loan was packaged and sold on Wall Street. Find the percentage of the loans the servicer is allowed to "pull" from that agreement and modify the terms. The dismal percentage of loans the servicer is allowed to modify is not enough incentive for me to give the bankster a chance of modifying my loan. But you could be one of the 5%? If I want to gamble, I'll go to Vegas. |
Gerry Atric
said:
|
@Mark wow thanks Mark Where the f**k were you when everyone was getting loans and being stupid. Imagine how much hardship could have been avoided if only you had been around to warn them all. I guess that would make you selfish and self serving in retrospect. But who wants to be a Monday morning Quarterback? |
Mark
said:
|
Billionaires & Banks I had a friend whining about his bank...CITI, and its lending and credit card practices. I agreed but the real way to fix this mess is simple. Do not do business with a "too big to fail" bank. Go to a credit union or a small town bank as I did. The money they lent me for my 20% down, 5% fixed mortgage is "in house" money--in other words, the savings of the locals. Stay away from Indy Mac, CITI, Wells Fargo, etc. Simple enough. |
AZOwner/Melissa
said:
|
Good article Boggs You're right, people are thining it, some are doing it. Stay and don't pay. You can rent, likely, for far less than your mortgage! |
Write comment
Show/hide comment form
If you have an opinion about their opinion, leave a comment or submit an article.
follow face feed
Pissed off and want to rant?
Click the button.
