Mortgage Restructure WTF

tcannon521
Edited Date/Time 1/26/2012 8:44am
What is the logic behind it? Should I quit paying my mortgage and then renegotiate my balance and apr with uncle sam or my lender? Who here actually agrees with this?
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rucka356
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rucka356 10/8/2008 9:35am
10/8/2008 9:35am
Only one way to find out? Don't pay your mortgage for 3 months, then call the bank and tell them you will give them 50 cents on the dollar LOL
flarider
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flarider 10/8/2008 9:41am
10/8/2008 9:41am
They built in time frames to avoid fraud (like you propose)

The logic is simple and even benefits you.

For the bank, it's "some money is better than no money"
For you it keeps your local market from being flooded with properties which would drive down local market property values, making your home worth less.
It is in the bank's best interest to keep values up, so that in the event of a default, the value of the default is less than the value of the property, so they can recoup their losses.
GHOPPER
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GHOPPER 10/8/2008 9:57am
10/8/2008 9:57am Edited Date/Time 4/16/2016 8:45pm
That was a dumb fu*king thig for Mcsame to say. I'm surprised we are not hearing more about it today. Here's one reason why its so dumb. My coworker and I both moved to San Diego for work at the same time. We both make the same amount of money. I bought a small 2 bed house in a nice neighborhood, he buys a big new 5 bed house in a shithole neighborhood. He's struggling to make his payment and in 1 yr his house value has dropped 125k. (he just had it reappraised and showed me the paperwork) Mine has not dropped at all. Infact two houses the same model as mine just sold in the past two months. One for the same I paid and one for 6k less. Why the fu&k does that dumb ass deserve to be bailled out when he had the same choicies I had. Its never gonna work and was a dumb ass thing to say.
flarider
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flarider 10/8/2008 10:01am
10/8/2008 10:01am
I too am surprised more haven't jumped on McCain about what he said in the debate.
People call Obama a socialist, but McCain said he plans to start a new government office to buy and subsidize mortgages

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Rooster
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Rooster 10/8/2008 10:33am
10/8/2008 10:33am
Don't worry folks grandpa is going to bail out main street too.

Free money all around. Come and get your cash. It won't be worth much tomorrow, but it's free today.

Just ask the nice old man with the white hair for your money on the way out the door.
tcannon521 10/8/2008 10:33am
10/8/2008 10:33am
Well there isn't much BO can say, b/c during the last debate he mentioned something similiar.

Trust me I will still pay my mortgage, but I just get tired of all these handouts at my expense.

Do you really think it will benefit me? How long does the average American stay in their home? If 3 of my neighbors get the handout and thus can sell their house for 50k less than mine what will that do to the value of my home?

Fuckit, I would rather the homes be vaccant than to pay for my neighbors mortgage also.
tcannon521 10/8/2008 10:34am
10/8/2008 10:34am
Rooster wrote:
Don't worry folks grandpa is going to bail out main street too. Free money all around. Come and get your cash. It won't be worth much...
Don't worry folks grandpa is going to bail out main street too.

Free money all around. Come and get your cash. It won't be worth much tomorrow, but it's free today.

Just ask the nice old man with the white hair for your money on the way out the door.
Canada is looking pretty good right now, except it is to damn cold!
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Oldmotoguy 10/8/2008 10:35am
10/8/2008 10:35am
flarider wrote:
I too am surprised more haven't jumped on McCain about what he said in the debate. People call Obama a socialist, but McCain said he plans...
I too am surprised more haven't jumped on McCain about what he said in the debate.
People call Obama a socialist, but McCain said he plans to start a new government office to buy and subsidize mortgages
and i'm surprised no one is getting on BO for wanting to rebuilt economies in europe

he said that so his fans in europe would approve
tcannon521 10/8/2008 10:42am
10/8/2008 10:42am
Like what?
Ivan
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Ivan 10/8/2008 10:45am
10/8/2008 10:45am
Didnt McCain say he knew how to get Bin Laden? But we have to wait til he's elected?
WTF? Maybe he's going to type Bin Laden's address into Yahoo Maps and get the driving directions.
Huckster
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Huckster 10/8/2008 10:46am
10/8/2008 10:46am
flarider wrote:
I too am surprised more haven't jumped on McCain about what he said in the debate. People call Obama a socialist, but McCain said he plans...
I too am surprised more haven't jumped on McCain about what he said in the debate.
People call Obama a socialist, but McCain said he plans to start a new government office to buy and subsidize mortgages
but he is Republican and they are the party of Less government......
pelted
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pelted 10/8/2008 11:02am
10/8/2008 11:02am
There's ample evidence, both in the news and in comments made in this thread that the spirit of personal enrichment through fraud is alive and well. For that reason, the bottom to the "economic crisis" is a long way off.
flarider
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flarider 10/8/2008 11:20am
10/8/2008 11:20am
Ivan wrote:
Didnt McCain say he knew how to get Bin Laden? But we have to wait til he's elected? WTF? Maybe he's going to type Bin Laden's...
Didnt McCain say he knew how to get Bin Laden? But we have to wait til he's elected?
WTF? Maybe he's going to type Bin Laden's address into Yahoo Maps and get the driving directions.
Har!
WhKnuckle
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WhKnuckle 10/8/2008 11:23am
10/8/2008 11:23am
flarider wrote:
I too am surprised more haven't jumped on McCain about what he said in the debate. People call Obama a socialist, but McCain said he plans...
I too am surprised more haven't jumped on McCain about what he said in the debate.
People call Obama a socialist, but McCain said he plans to start a new government office to buy and subsidize mortgages
Yeah, I couldn't quite understand what he meant. I took it to be that he wants the government to buy mortgages for houses that have depreciated in value and remortgage them for their current value. Please - I can tell you about 10 reasons that's such a nutty idea that anyone who would seriously consider it should just be ignored.

You'd wind up buying every house in California or Colorado, I imagine...
flarider
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flarider 10/8/2008 11:24am
10/8/2008 11:24am
WhKnuckle wrote:
Yeah, I couldn't quite understand what he meant. I took it to be that he wants the government to buy mortgages for houses that have depreciated...
Yeah, I couldn't quite understand what he meant. I took it to be that he wants the government to buy mortgages for houses that have depreciated in value and remortgage them for their current value. Please - I can tell you about 10 reasons that's such a nutty idea that anyone who would seriously consider it should just be ignored.

You'd wind up buying every house in California or Colorado, I imagine...
That's what he said!
WhKnuckle
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WhKnuckle 10/8/2008 11:28am
10/8/2008 11:28am
WhKnuckle wrote:
Yeah, I couldn't quite understand what he meant. I took it to be that he wants the government to buy mortgages for houses that have depreciated...
Yeah, I couldn't quite understand what he meant. I took it to be that he wants the government to buy mortgages for houses that have depreciated in value and remortgage them for their current value. Please - I can tell you about 10 reasons that's such a nutty idea that anyone who would seriously consider it should just be ignored.

You'd wind up buying every house in California or Colorado, I imagine...
flarider wrote:
That's what he said!
The doctors need to check McCain's blood flow above the neck. Something's not right up there.
rocrac
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rocrac 10/8/2008 11:32am
10/8/2008 11:32am
tcannon521 wrote:
What is the logic behind it? Should I quit paying my mortgage and then renegotiate my balance and apr with uncle sam or my lender? Who...
What is the logic behind it? Should I quit paying my mortgage and then renegotiate my balance and apr with uncle sam or my lender? Who here actually agrees with this?
I bet 50% of the foreclosures out there are people jumping on the woe is me bandwagon.

Of course our own government perpetuates this behaviour.

Mcnut didn't win my vote with that silly idea either.
dr516
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dr516 10/8/2008 11:34am
10/8/2008 11:34am
homes are going to become worthless

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rallendude
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rallendude 10/8/2008 11:51am
10/8/2008 11:51am
My home won't become worthless. I built it at 24 years old. I built it to live in the rest of my life. I have not interest in selling or moving. My home is invaluable to me. It doesn't matter what some government official or lender thinks it's worth. I ain't selling so it don't matter.
GHOPPER
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GHOPPER 10/8/2008 12:15pm
10/8/2008 12:15pm Edited Date/Time 10/8/2008 12:24pm
flarider wrote:
I too am surprised more haven't jumped on McCain about what he said in the debate. People call Obama a socialist, but McCain said he plans...
I too am surprised more haven't jumped on McCain about what he said in the debate.
People call Obama a socialist, but McCain said he plans to start a new government office to buy and subsidize mortgages
Oldmotoguy wrote:
and i'm surprised no one is getting on BO for wanting to rebuilt economies in europe

he said that so his fans in europe would approve
The reason is if we dont Russia will and we would loose them back to Russia. We want those countrys as part of NATO.
Scotty
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Scotty 10/8/2008 4:19pm
10/8/2008 4:19pm
My neighbor has been living mortgage free for almost a year now. Quite paying his december of last year. I think he's finally getting kicked out. IMO, i think the banks would rather let people stay in there houses a little while longer and take the hit, than boot em out in 4 months and have the house go to shit just sitting there. I know of somebody else who just renegotiated their loan. They had 45k knocked off the top and were put into a 30 year fixed at 6.25%. They were in an adj and the payment jumped $800 bucks a few months ago.

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