Mortgage Rates in Free-Fall: 4 Things You Need to Know

HOME FORECLOSURERS

I'M A LEGALLY DISABLED US CITIZEN WITH A FAMILY OF 4 INCLUDING MYSELF. I CONSIDER MYSELF TO BE A RESPONSIBLE PERSON.OUR FAMILY HAS A FAIRLY UNCOMMON SITUATION--I'M 40 YEARS OLD WITH 2 YOUNG CHILDREN.I OWNED MY OWN COMPANY FROM 1994 TO 2003. I STARTED THE COMPANY FROM SCRATCH WITH NO LOANS OR LINES OF CREDIT. I BUILT THE COMPANY UP TO A 6 EMPLOYEE COMPANY GROSSING 1.5 MILLION ANNUALLY. I DID DRAW A PAY CHECK BUT NOT WHAT I PROBABLY SHOULD HAVE. I GOT OVER STRESSED MENTALLY AND PHYSICALLY RUNNING MY COMPANY AND THEN PURCHASING A OLDER HOME THAT NEEDED SOME WORK, BUT BEFORE I EVEN KNEW WHAT HIT ME, I WAS HOSPITALIZED WITH WEIRD DIAGNOISES. THIS CAUSED ME TO HAVE TO CLOSE MY COMPANY AND LAY OFF THOSE WORKERS. MY MEDICAL SITUATION WAS REALLY HURTING MY BODY IN 2000 BUT I CONTINUED TO WORK TO SUPPORT MY YOUNG FAMILY. IN 2004 I HAD BEEN IN PATIENT IN EXCESS OF 1000 DAYS WITH A COUPLE STAYS THAT WERE 200 PLUS DAYS CONSECTUIVE. MY WIFE AND I HAD PURCHASED OUR HOME FOR A VERY LOW PURCHASE PRICE OF $132.000 AT 8.375% INTEREST RATE THROUGH WELLS FARGO.

MY WIFE WORKED IN THE HOSPITAL IN SEVERAL DIFFERENT DEPTARTMENTS AND WE HAD TO PAY FOR CHILD CARE AS WELL.

2005 AND 2006 MY SO CALLED ILLNESS PROGRESSED TO ME BEING ON A VENTILATOR FOR 90 DAYS--THE DR.S LOST THERE WAY WITH A DIAGNOISES AFTER THEY HAD CAUSED RREVERSABLE GLACOMA WITH 95% CHANCE OF BEING BLIND IN 1 TO 3 YEARS AND MY ENTIRE CERVICLE REGION OF MY NECK HAS FRACTURES AND 2 DISC HERNIATIONS COMPRESSING THE SPINAL CORD.

AFTER A TOTAL OF 6.5 YEARS THE DOCTORS IN THE PRIMARY HOSPITAL IN CONCORD NH SAID "NOTHING MORE WE CAN DO" AFTER THEY CAUSED THE DAMAGE AND JACKED ME UP ONTO OVER 800 MG OF VARIOUS NARCOTICS TO ATTEMP TO CONTROL THE PAIN. MY WIFE TOLD THE DR.S AT THE 2ND HOSPITAL TO DO A NEW WORK UP--WHAT THEY DISCOVERED- WAS AS I MENTIONED IN THE BEGINING, ALL OF THE 8EA. ILLDEFINED BUT NOT PROVEN WITH THE CORRECT # OF CRITERIA FOR THE DIAGNOISES WAS THE FACT THAT MY BODY HAD COME BACK TO A NONE MENTALLY AND PHYSICALLY STRESSED SITUATION AS IT WAS WHEN I WAS WORKING-SO THOSE DIAGNOISES WENT AWAY.BUT

NOW I'M PERMINENTLY DISALBED AND NEVER GOING TO BE ABLE TO WORK TO PROVIDE FOR MY FAMILY AGAIN--DO TO THE SITUATION WITH ME, MY WIFE HAS LOST HER OWN SANITY AND HAS MISSED MANY OF HER WORK DAYS. WE ARE NOW IN THE FINAL STAGES OF FORECLOSURE AND WELLS FARGO WILL NOT RESTRUCTURE OUR MORTGAGE SO WE CAN STAY IN OUR PITTIFULLY UNSAFE 65 YEAR OLD 800 SQUARE FT. HOME WITH NO WAY TO FIX ANYTHING. OUR ROOF IS LEAKING,OUR FSURNACE THAT COMMUNITY ACTION PUT IN IS LEAKING CARBON MONOXIDE SO NOW WE'RE FORCED TO USE PORTABLE ELECTRIC HEARTERS AND HAVE VERY LITTLE HOT H20 BECAUSE THE WATER TANK ELEMENTS ARE NOT WORKING PROPERLY. LIKE OTHER FOLKS IN SITUATIONS WITH WELLS FARGO--THAT MORTGAGE COMPANY JUST KEEPS TAKING PEOPLES LIVES APART. THEY KEEP HANGING UP AFTER WE CALL AND SPEAK TO A REP.-BUT NEVER THE SAME ONE TWICE. THEY DON'T ANSWER ANY QUESTIONS AND NEVER OFFER ANY SOLUTIONS. MORTGAGE COULD BE PAID WITH DI

MR. R. Eastman of NH @ Jan 31, 2009 06:01:49 AM

@Anonymous of NC

You do realize that there's still about 2 trillion $ of adjustable mortgages that will reset between now and the end of 2010, right? I don't think anyone with any real authority to do anything wants to see people who bought homes they should not have get "rewarded." However, letting all these homes over the next two years tank into foreclosure will only make things much, much worse than they are now. It could forestall any meaningful recovery for what who knows how long? Personally, I think the law needs to be changed to allow the courts to modify the principal but create a new credit category that reflects about a four year hit to one's credit score. I think seven years is too long, so four years sounds about right. In addition, I think the mortgage company should be ahead of the owner if there's any profit once the property is sold. But, I am strongly in the camp that says something fairly drastic needs to be done but in no way rewards bad judgment. In other words, the courts needs to have the discretion to say, "sorry but you really did something stupid, so you're now eligible for this principle reduction option.

jay of GA @ Jan 18, 2009 18:57:02 PM

Bankers

Many loans were offered without proper credit policies and those banks should be responible to reduce or something to help those customers to which those banks made lots of money but we don't here about that!!!!!!!!!!!!!!

Shame on the banks with extended themselves out!!!!!!!!!!!!

David Seaman of FL @ Jan 04, 2009 10:33:16 AM

I got a solution that noone is mentioning

Why should irresponsible home buyers that can't afford their mortgages be rewarded by dropping principle? Do I, the responsible debtor, get rewarded as well? Heres what should happen: Extend the length of the loan to those irresponsible ones, let them pay for 40 years instead of 30 and they will be able to stay in their homes, the banks will earn more over the longrun with out defaulting on as many loans. If they can't afford the loan+interest even then...sorry ...foreclosure is a must. Time to accept responsibility for getting to big a loan or house!

of NC @ Dec 16, 2008 15:43:06 PM

Time to reach out to responsible Main Street Folks...

Every time I listen to the radio or watch the news there is talk about bailing out the auto industry, big banks, and foreclosured properties. I feel like screaming. Here I sit on responsible main street. I pay my taxes and stick to a budget. Take pride in having a good credit score. But I can not move a house because thanks to those in big business and mostly irresponsible home buyers the economy and real estate market is a total bust! So who out there gives a hoot about helping the responsible folks on main street? Why are we so worried about bailing out people who have clearly demonstrated by their own actions they do not know how to manage money or a business. I know lets throw some more money their way and that will fix everything! NOT! Reward irreponsiblity and let the responsible suffer the consequences? Time to throw a scrap to responsible main street. I am not even asking to be bailed out just something to stimulate the economy and especially the real estate market...LOWER THE 30 YR MORTGAGE RATE TO 4%. It will surely motivate people to buy a home. Only this time lets make sure they are gainfully employed and have a good credit score!

TJ of PA @ Dec 12, 2008 07:01:01 AM