4-6 months no payment and at the end pay in full- ie a balloon payment.
They are forcing foreclosure.
They just raised my monthly fixed (6.5%, 30 yrs w/impound) and want me to pay more every month. They did this the last 3 years. There is no help because they will not talk to you. They do not have walk in centers where you can talk to anyone. Talk about a jive job to steal houses from the struggling.
And Big Brother does nothing to stop them. They do it to all of the minorities. I've been paying on my house for 12 years and it doesn't stop them.
So before you think bailout and forcing reductions, you'd better make those Countrywide Execs walk in front of Congress to loose their jobs and make a complete restructuring of the bank or nothing matters.
noneonewahome
of CA
@
Feb 19, 2009 03:52:25 AM
Not quite in foreclosure, but close!
I wasn't in foreclosure like Jacob, but I was almost three months behind. The people over at Bank of America have been threatening with foreclosure for awhile now. I had lost my job and the only income I had was my wife and she only works at K-Mart for not much money.
Well, I checked out a few places to do my modification but they all wanted like $3,000!!! If I had the $3,000 I wouldn't be behind on my mortgage! Based off what Jacob said, I checked out www.proloanmods.com and found out they are recommended by a lot of people and even with the Better Business Bureau.
They did my modification and I went from 10.25% down to 6.375% fixed. I'm excited!
Carlos Martinez
of MI
@
Nov 20, 2008 14:40:16 PM
Stopping Foreclosure by Keeping your Home
I had an adjustable rate mortgage and after 2 years my rate went from 6.7 to 10.2. I was freaking out! That had nothing to do with me living above my means. I simply had an affordable loan and then it adjusted way above my affordability. I was 4 months behind on my mortgage and the bank set an auction date for my home. I called a great company called ForeclosureShieldUSA.com and they worked with my bank to put my late payments to the end of the loan and lowered my interet rate back to 6.7 and fixed the rate. Great company doing good work!
John Williams
of AZ
@
Oct 31, 2008 17:18:16 PM
Bad Idea
This is a terrible idea and will come back to bite us all in a couple of years. I'm sick and tired of everyone blaming the government, lenders, mortgage brokers, realtors etc for this mess. The problem is the borrowers, they borrowed the damn money, they signed the papers, they reaped the rewards and now everyone else (the 90%+ of our population that can actually manage credit and are responsible) have to pay for their idiocy? We are a narcisistic society that cannot see past our own problems and have to point the finger anywhere but in the mirror. So now the government bails all of these morons out, what do you think is going to happen the next time they get in trouble? They're going to stop paying again, if they got bailed out once why not twice? Then the insurance kicks in to cover the lenders that modified but that will only go so far and we're going to need another bailout to bailout us out of the initial bailout, STUPID!
Steve
of CO
@
Oct 31, 2008 15:26:59 PM
Foreclosure
My house was in foreclosure i used www.proloanmods.com and they put my 5 payments I didn't make on the back of the loan and got my rate down to 6.5% fixed. Now my payment is affordable and everyone is happy
Jacob Martens
of KS
@
Oct 30, 2008 16:50:15 PM
Have you tried living under your means?
Pay your mortgage, and change your habits! You'll be a lot happier and longer too!
Have you tried living under your means instead?
If you can afford your lifestyle and your mortgage, why in the world would you be so unfair as to not pay your debt on time?
Dump your TV, start having a life of your own, discontinue useless services like cable TV and start realizing that living on credit is a BAD idea!
Why do so many here in the US live above their means? It's a stressful way to live and will get you in trouble sooner or later. Where I come from, Switzerland, we don't even have credit reports or a SSN because most pay their bills! If you don't you just loose everything, they come and grab your furniture and anything worth selling.
You can discuss all you want about whether the bailout is good or bad, who pays for it, etc, but what is needed is a change in attitude. Why not stop living on credit? There's good credit and bad credit. A mortgage, if YOU can afford it (not what you can get, but what YOU decide is worth spending) is good debt. A car loan, a credit card is BAD debt, ask yourself if you can really not live without that new purchase. If you think it's absolutely necessary, wait just 24hours, chances are you won't need it in 24 hours.
For those of you who are really thinking of not paying your mortgage, remember that next time you need a loan for a good purpuse, good debt, you might, and rightfully so, not get it. So instead, ask yourself how can you become a part of the solution, not the problem
Adrian
of CA
@
Oct 30, 2008 16:11:57 PM
Stop Paying Your Mortgage Today
Stop Paying Your Mortgage Today
Assuming your home is worth equal or less on the market today than your outstanding mortgage balance, of course.
You deserve to live free for a year, and you deserve to have your home price come way down so you can buy it back in a few years for much less.
You've already been taxed to the tune of $700 billion for a bailout for the bankers, even though you told Congress "no".
Now the FDIC and Treasury are "working on a plan to curb foreclosures."
In return I recommend that every American with a mortgage immediately stop paying.
Today.
Whether you can afford it or not.
So give the government and the banks back what they're trying to give to you - a royal screw job.
After all, they intend to give your neighbor who behaved imprudently a bailout, and if you were prudent, unless you suddenly become imprudent, you're going to get screwed in the form of being taxed to buy his home for him:
noneonewahome of CA @ Feb 19, 2009 03:52:25 AM
Carlos Martinez of MI @ Nov 20, 2008 14:40:16 PM
John Williams of AZ @ Oct 31, 2008 17:18:16 PM
Steve of CO @ Oct 31, 2008 15:26:59 PM
Jacob Martens of KS @ Oct 30, 2008 16:50:15 PM
Adrian of CA @ Oct 30, 2008 16:11:57 PM
bill of NE @ Oct 30, 2008 13:07:36 PM
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