I soooo agree with the other comments. We put 30% down during the boom, paid points to get a low rate, have not been late on a payment, and actually have paid extra on every payment. (That is not to say that it has been easy; I work part-time, my husband was jobless for a while, and we have four kids.)
When we contacted our mortgage company to re-finance we got the same song and dance as "INTEREST"- home value not worth mortgage, need to come up with more money down, and now have to pay PMI.
One would think with the government giving all this money to the banks they could at least require the banks to put an "ata boy" in there for the people who are really giving them the money in the first place!!! We are the ones that have kept them afloat as long as they have been. We're not asking someone to pay our mortgage, lower our mortgage amount, or even get money from the government bailout: All we want is a lower fixed mortgage rate to ease some of the monthly strain.
If "RESPONSIBLE PEOPLE", or ANYONE for that matter, didn't pay their mortgage for one month how would the banks like that??? Who would carry them then? Would it send the message that the people footing the bill could use some help too?? I don't know just a thought... the whole thing makes me SICK!
NH
of AL
@
May 05, 2009 01:06:00 AM
Interest
I think the government should be doing more for the people now and not just the banks. Even though it sounds like they are willing to re-finance your loan they minute you call they say you don't have the 20% in Value anymore due to the spiraling downfall. I use to have $60,000 in equity and I didn't have to pay the PMI becuase I put $18,000 down. Now I would like to re-finance just to get the 4.7% interest rate because mine is 6.0 and they say I don't qualify now, because my home value has dropped and by the time they add in the costing costs, plus now they want me to pay the PMI it wouldn't be worth doing. This is just unbelievable. There's a small percentage of us who are struggling and are on are own with no help, but the government never seems to notice. We're stuck right in middle. If a person has been making $1100.00 a month in house payments on time for all these years then why shouldn't they just be willing to give you the 4.7% to lower the payment to help you out.
D
of IL
@
Mar 18, 2009 19:42:34 PM
are you kidding
this bailout of banks is a joke... It protects the lenders not the buyers,those guys got the money from tax payers???? wheres the speculations and whose protecting us... not the fat cats in the lending industry.. I am glad subprime is dead
bill of il
of IL
@
Dec 09, 2008 20:48:18 PM
Mortgage rates lowered for responsible people a must
While all these irresponsible people are geeting "bailed out". Responsible people that pay their bills on time, yet are living pay check to pay check, because one Spuse's hours were cut back, desperstely need the mortgage interest rates LOWERED so that we can afford groceries!!!!
IT just doesn't make sense. Where'sthe hlp WE need. We are not behind on our mortgage payment, but have a fairly high intereset rate because we refinanced to get out of an Interest
Only contract to get ahead. In the meantime. Life happened and were not able to get ahead. Refinanced 3 months ago, we are barely keeping our head above water, helping kids who are paying for their own collge debts , but are still neding our help.
My request somebody needs to LOWERE MORTGAGE INTEREST RATES FOR RESPONSIBLE PEOPLE!!!!!!!!!!
Emilia
of CO
@
Nov 12, 2008 08:42:25 AM
loans
LENDERS TOLD BORROWERS THEY COULD REFI WHEN LOAN
GOES UP IN PRICE. BUYERS TOOK THE RISK,,,THE
PRICES NEED TO COME BACK TO EARTH AND LENDERS
DO NOT WANT TO ABSORB THE LOSS, SO....PEOPLE STAY IN HOUSES IS FOR LENDERS NOT BORROWERS.
of CA
@
Nov 11, 2008 16:57:18 PM
7 ways to tap equity
Just reading your article makes me wonder if people like you arn;t a big part of our problem. What happens if you equi-share and the value drops -----!!!!! You 65 ++ Read the fine print -??? hell I can't see the fine print No I think you layed the ground work for a seemingly great thing that's actually a monster dressed as a sweet little girl be proud when you accept you pay
State : OF CONFUSION
h****** D*******
of HI
@
Nov 11, 2008 07:31:37 AM
Misleading people?
Concerned in HI,
While I agree that there are predatory lenders out there, how can anyone convince you that you can afford more than you really can? If you sit down and work out the numbers based on your income and the amount of your bills then it should be crystal clear whether or not you can afford a mortgage that is being presented to you. If you can't, then you need to say no.
The predatory lenders are not blameless, and there needs to be control over how much credit people are extended and the types of mortgage products that are offered. But there also has to be a level of personal responsibility.
fed up
of MA
@
Oct 03, 2008 13:13:54 PM
Agree with "reform plan"
I agree that the greed from the bankers, brokers and especially my own rep who committed fraud on the sale of my house should be held accountable for the fraud they committed in getting people into loans they really couldn't afford, and misled people to believe they could!
concerned
of HI
@
Oct 03, 2008 11:36:22 AM
reform plan
In my opinion; the reform of financial markets should include the terms:
1) Any bank, broker, financier, or entity that wrote the original loan should share in the repayment of this loan. Tax payers could fund a portion as a kick start. But the brunt of this repayment(bailout) should come from the original financial sale which would be from the loan brokers, banks, lenders, and sales force that initiated each of the loans.
Make them responsible for their own actions and undo what they have done. If they profited from this - make them refund the money they earned.
Craig Oxford
of WA
@
Oct 03, 2008 08:12:46 AM
Everything
Isn't it too much corporate freedom. We just can't leave everything to compitition. Why can't there be one or two types of loans, why are there 100's types of loans. The folks over there are nasty, yes real nasty. We just can't blame on the home owner, it is the system.
Where is are the auditors sitting all these years? what are the monitoring agencies doing(probably talking about iraq or humon rights in china). If you see zillow.com graph for litterally any hose is a parabola(reversed egg).
Any publically listing company MUST provide full profile (each and every penny they own, last 10 years of tax returns etc) of its board of directors. We need an anti-curruption agency just for corporates. We need CIA to spend half of its time JUST in washington dc.
NH of AL @ May 05, 2009 01:06:00 AM
D of IL @ Mar 18, 2009 19:42:34 PM
bill of il of IL @ Dec 09, 2008 20:48:18 PM
Emilia of CO @ Nov 12, 2008 08:42:25 AM
of CA @ Nov 11, 2008 16:57:18 PM
h****** D******* of HI @ Nov 11, 2008 07:31:37 AM
fed up of MA @ Oct 03, 2008 13:13:54 PM
concerned of HI @ Oct 03, 2008 11:36:22 AM
Craig Oxford of WA @ Oct 03, 2008 08:12:46 AM
afriend of WA @ Oct 03, 2008 07:10:51 AM
Back to article