Walking away from your mortgage

[MaggieMae]

obie wan put "i'm entitled" in the kool aid,, with a healthy dose of "demonize" and all the DUmmies drank the brew. buy a house you cannot afford, refuse to pay for it, demand to live in it.. yep... that sure as hell sounds like a demonRat to me.

Actually, Clinton's bill was intended to stop the "red-lining" of low-income people (done by mortgagors to indicate someone lived in a "bad" neighborhood), and it was expanded by George W. Bush in 2004 to include billions more to subsidize low-income minority homeowners who couldn't afford the down payment. "Obi wan" happens to be the one expected to pick up the pieces of unintended consequences.

 

[MaggieMae]

Thanks for this info. Our local bank was just taken over - or bought out - by First Niagra. I've never even heard of them and when I had some questions my local bank people had no idea so I got to call some 1-800 number. They were very helpful and all but . . . I like the idea of my bank knowing me. If you're with a local CU, do you just stick with their ATM or pay a fee to use others? Our bank does have 2 or 3 locations near us so we can utilize their ATM and avoid a fee. I'm waiting for them to start charging a fee for POS purchases. I'll probably bag ATM POS purchases at that point and stick with cash or credit.

Point of sale fees are those charged by the merchant, not the bank. To avoid that, when you use your debit card, tell the cashier to run it as a credit, not a debit and they can't charge the fee. Credit union banks usually don't have ATMs of their own. I've only used one on rare occasions anyway, so that's not a problem for me.

I also meant to add that credit unions used to be able to only service members who worked for specific companies or state offices, but that's no longer the case. They are set up to service local residents of all stripes these days.

They still have some sort of specificity. For instance - you have to live in the new orleans greater area to use my CU. Though that's hardly a meaningful limitation considering their only locations are in the GNO area.

That's what I said--to service LOCAL residents.

 

[Anguille]

I wonder how much my house is worth. I purchased in July 2005.

It depends on how much it is worth to you. It's your home regardless of how the market values it.

 

[rightwinger]

Of course you don't, hun.

Can you please explain why it is not fair for people to treat the banks as they have treated people? Why this double standard?

The bank lent you money that you contractually agreed to pay back with interest after meeting the qualifications for said loan. You sought the loan from them, they didn't put a gun to your head. The bank has a butt load of government regulations they have to follow to ensure you are being treated fairly. How exactly was the bank "treating you"? This is like asking someone to hit you in the head with a hammer and then complaining because it left a mark.

The bank made a bad investment along with the homeowner. It is no different than a business loan. If a bank invests in a business and the business goes belly-up....the bank takes a loss too.

The bank needs to make an offer to the potentially defaulting homeowner so that both share some of the loss. The all or nothing policy of most banks encourages the borrower to choose nothing

 

[WillowTree]

obie wan put "i'm entitled" in the kool aid,, with a healthy dose of "demonize" and all the DUmmies drank the brew. buy a house you cannot afford, refuse to pay for it, demand to live in it.. yep... that sure as hell sounds like a demonRat to me.

Who is obi wan, Willow? You gonna make me wait for an answer again?

yes! i am.

 

[Zoom-boing]

The only "nice" banks these days are local credit unions. I've transferred all my debt over to one. It's costing me less in interest payments, and when I have a question, somebody actually answers the phone and provides the correct information I'm seeking. I walk in and they know me by my first name.

Thanks for this info. Our local bank was just taken over - or bought out - by First Niagra. I've never even heard of them and when I had some questions my local bank people had no idea so I got to call some 1-800 number. They were very helpful and all but . . . I like the idea of my bank knowing me. If you're with a local CU, do you just stick with their ATM or pay a fee to use others? Our bank does have 2 or 3 locations near us so we can utilize their ATM and avoid a fee. I'm waiting for them to start charging a fee for POS purchases. I'll probably bag ATM POS purchases at that point and stick with cash or credit.

Point of sale fees are those charged by the merchant, not the bank. To avoid that, when you use your debit card, tell the cashier to run it as a credit, not a debit and they can't charge the fee. Credit union banks usually don't have ATMs of their own. I've only used one on rare occasions anyway, so that's not a problem for me.

I also meant to add that credit unions used to be able to only service members who worked for specific companies or state offices, but that's no longer the case. They are set up to service local residents of all stripes these days.

I just had my ATM only card replaced with an ATM w/credit option. I've always had a debit only card. Literally just last week I learned I now have the option of debit or credit; I wasn't able to do that before.

 

[Harry Dresden]

Our bank charges something like $25. I had to put a stop payment on a check that got lost in the mail and they charged me $28. Gaaaa. I'll take low fees over the measly interest any day.

yea sure blame the post office.....i guess its convenient....

 

[SpidermanTuba]

Our bank charges something like $25. I had to put a stop payment on a check that got lost in the mail and they charged me $28. Gaaaa. I'll take low fees over the measly interest any day.

yea sure blame the post office.....i guess its convenient....

I've actually never had the post office fail to deliver a letter or package that I addressed properly. I've even had a few items I improperly addressed make it anyway. The only screw up the P.O. has ever done me that wasn't my own fault was taking 4 days to deliver a 2-3 day priority package.

 

[PatekPhilippe]

So . . . that makes it right?

There is no right and wrong when dealing with mega-corporations. Get as much as you can out of them. They'll be doing the same to you, trust me.

Speaks volumes about you.

Indeed it does...ST is one of those gimme gimme gimme I I I I I I me me me me me me me fuck everybody else ass holes who's responsible for the situation our country's in. Moral bankruptcy doesn't even begin to describe the psyche of people who think like this.

 

[SpidermanTuba]

There is no right and wrong when dealing with mega-corporations. Get as much as you can out of them. They'll be doing the same to you, trust me.

Speaks volumes about you.

Indeed it does...ST is one of those gimme gimme gimme I I I I I I me me me me me me me fuck everybody else ass holes who's responsible for the situation our country's in. Moral bankruptcy doesn't even begin to describe the psyche of people who think like this.

Actually its the banks that are those gimme gimme gimme I I I I I I me me me me me me me fuck everybody else ass holes who's responsible for the situation our country's in. I see no reason to not treat them as they have treated others, do you?


Apparently we're expected to hold a double standard. When a corporation fucks me over, I should have to lawyer up and spend years in court to get justice done. But when a corporation wants something out of me, I should always give it up without a fight at all.

Is that about how it works?


How many of these people getting foreclosed on who have sufficient equity in their homes that they will be owed money after the foreclosure sale do you think will actually get that money without a fight? If I had a lot of equity in my house - enough to have money left over after the foreclosure sale and legitimate bank expenses and contractual fees - and knew I'd have to fight the bank for my cut of it after they sold the house, I'd stick around as long as possible, too.

 

[PatekPhilippe]

Speaks volumes about you.

Indeed it does...ST is one of those gimme gimme gimme I I I I I I me me me me me me me fuck everybody else ass holes who's responsible for the situation our country's in. Moral bankruptcy doesn't even begin to describe the psyche of people who think like this.

Actually its the banks that are those gimme gimme gimme I I I I I I me me me me me me me fuck everybody else ass holes who's responsible for the situation our country's in. I see no reason to not treat them as they have treated others, do you?


Apparently we're expected to hold a double standard. When a corporation fucks me over, I should have to lawyer up and spend years in court to get justice done. But when a corporation wants something out of me, I should always give it up without a fight at all.

Is that about how it works?


How many of these people getting foreclosed on who have sufficient equity in their homes that they will be owed money after the foreclosure sale do you think will actually get that money without a fight? If I had a lot of equity in my house - enough to have money left over after the foreclosure sale and legitimate bank expenses and contractual fees - and knew I'd have to fight the bank for my cut of it after they sold the house, I'd stick around as long as possible, too.

Banks are in business to make money...if you don't like that concept then pay cash for everything you have or rent it.

 

[SpidermanTuba]

Indeed it does...ST is one of those gimme gimme gimme I I I I I I me me me me me me me fuck everybody else ass holes who's responsible for the situation our country's in. Moral bankruptcy doesn't even begin to describe the psyche of people who think like this.

Actually its the banks that are those gimme gimme gimme I I I I I I me me me me me me me fuck everybody else ass holes who's responsible for the situation our country's in. I see no reason to not treat them as they have treated others, do you?


Apparently we're expected to hold a double standard. When a corporation fucks me over, I should have to lawyer up and spend years in court to get justice done. But when a corporation wants something out of me, I should always give it up without a fight at all.

Is that about how it works?


How many of these people getting foreclosed on who have sufficient equity in their homes that they will be owed money after the foreclosure sale do you think will actually get that money without a fight? If I had a lot of equity in my house - enough to have money left over after the foreclosure sale and legitimate bank expenses and contractual fees - and knew I'd have to fight the bank for my cut of it after they sold the house, I'd stick around as long as possible, too.

Banks are in business to make money...if you don't like that concept then pay cash for everything you have or rent it.

Good for them. What's your point? I'm in the business of wanting a roof over my head. If the banks don't like that they can get into a business other than home mortgages.

 

[PatekPhilippe]

Actually its the banks that are those gimme gimme gimme I I I I I I me me me me me me me fuck everybody else ass holes who's responsible for the situation our country's in. I see no reason to not treat them as they have treated others, do you?


Apparently we're expected to hold a double standard. When a corporation fucks me over, I should have to lawyer up and spend years in court to get justice done. But when a corporation wants something out of me, I should always give it up without a fight at all.

Is that about how it works?


How many of these people getting foreclosed on who have sufficient equity in their homes that they will be owed money after the foreclosure sale do you think will actually get that money without a fight? If I had a lot of equity in my house - enough to have money left over after the foreclosure sale and legitimate bank expenses and contractual fees - and knew I'd have to fight the bank for my cut of it after they sold the house, I'd stick around as long as possible, too.

Banks are in business to make money...if you don't like that concept then pay cash for everything you have or rent it.

Good for them. What's your point? I'm in the business of wanting a roof over my head. If the banks don't like that they can get into a business other than home mortgages.

Like I said...pay cash for your house and car....don't reneg on your contracts and fuck the rest of the country over due to your own irresponsibility.

 

[SpidermanTuba]

Banks are in business to make money...if you don't like that concept then pay cash for everything you have or rent it.

Good for them. What's your point? I'm in the business of wanting a roof over my head. If the banks don't like that they can get into a business other than home mortgages.

Like I said...pay cash for your house and car....don't reneg on your contracts and fuck the rest of the country over due to your own irresponsibility.

Thanks for confirming your double standard.

I should be worried about how to morally treat the bank - whereas the bank is allowed to treat me any way it finds profitable.

Fuck that. Guess what? If I'm ever not able to pay a house note - I'M NOT MOVING MY FAMILY TO A HOMELESS SHELTER just to make same bank exec's day easier. You got a problem with it you can come throw me out yourself.

 

[PatekPhilippe]

Good for them. What's your point? I'm in the business of wanting a roof over my head. If the banks don't like that they can get into a business other than home mortgages.

Like I said...pay cash for your house and car....don't reneg on your contracts and fuck the rest of the country over due to your own irresponsibility.

Thanks for confirming your double standard.

I should be worried about how to morally treat the bank - whereas the bank is allowed to treat me any way it finds profitable.

Fuck that. Guess what? If I'm ever not able to pay a house note - I'M NOT MOVING MY FAMILY TO A HOMELESS SHELTER just to make same bank exec's day easier. You got a problem with it you can come throw me out yourself.

Once you sign a contract THEY OWN YOUR ASS!!! You getting this yet Mr. doctoral candidate who has ZERO common sense? If you don't like banks PAY CASH FOR EVERYTHING YOU WANT!!!!!!!!!!!

 

[SpidermanTuba]

Like I said...pay cash for your house and car....don't reneg on your contracts and fuck the rest of the country over due to your own irresponsibility.

Thanks for confirming your double standard.

I should be worried about how to morally treat the bank - whereas the bank is allowed to treat me any way it finds profitable.

Fuck that. Guess what? If I'm ever not able to pay a house note - I'M NOT MOVING MY FAMILY TO A HOMELESS SHELTER just to make same bank exec's day easier. You got a problem with it you can come throw me out yourself.

Once you sign a contract THEY OWN YOUR ASS!!!

No they don't. I own my ass. Always. Though I'm not surprised that you would gladly give your ass to a corporation - you love them.

If you don't like banks PAY CASH FOR EVERYTHING YOU WANT!!!!!!!!!!!

Why? Cash is so clunky. I prefer to charge credit and pay the bill every month rom checking.

 

[PatekPhilippe]

Thanks for confirming your double standard.

I should be worried about how to morally treat the bank - whereas the bank is allowed to treat me any way it finds profitable.

Fuck that. Guess what? If I'm ever not able to pay a house note - I'M NOT MOVING MY FAMILY TO A HOMELESS SHELTER just to make same bank exec's day easier. You got a problem with it you can come throw me out yourself.

Once you sign a contract THEY OWN YOUR ASS!!!

No they don't. I own my ass. Always. Though I'm not surprised that you would gladly give your ass to a corporation - you love them.

If you don't like banks PAY CASH FOR EVERYTHING YOU WANT!!!!!!!!!!!

Why? Cash is so clunky. I prefer to charge credit and pay the bill every month rom checking.

Then learn to deal with banks, be a responsible citizen and pay your bills.

 

[SpidermanTuba]

Once you sign a contract THEY OWN YOUR ASS!!!

No they don't. I own my ass. Always. Though I'm not surprised that you would gladly give your ass to a corporation - you love them.

If you don't like banks PAY CASH FOR EVERYTHING YOU WANT!!!!!!!!!!!

Why? Cash is so clunky. I prefer to charge credit and pay the bill every month rom checking.

Then learn to deal with banks, be a responsible citizen and pay your bills.

My #1 obligation will always be to my family.

 

[PatekPhilippe]

No they don't. I own my ass. Always. Though I'm not surprised that you would gladly give your ass to a corporation - you love them.

Why? Cash is so clunky. I prefer to charge credit and pay the bill every month rom checking.

Then learn to deal with banks, be a responsible citizen and pay your bills.

My #1 obligation will always be to my family.

Food shelter and clothing...like I said...learn to deal with banks, be a responsible citizen and pay your bills....it would set a good example for your offspring...you know...being a father and a good husband instead of an irresponsible buffoon who flouts the law and sets a piss poor example of what a man is and should be to his family.

 

[Zoom-boing]

Our bank charges something like $25. I had to put a stop payment on a check that got lost in the mail and they charged me $28. Gaaaa. I'll take low fees over the measly interest any day.

yea sure blame the post office.....i guess its convenient....

Our bank charges something like $25. I had to put a stop payment on a check that got lost in the mail and they charged me $28. Gaaaa. I'll take low fees over the measly interest any day.

yea sure blame the post office.....i guess its convenient....

I've actually never had the post office fail to deliver a letter or package that I addressed properly. I've even had a few items I improperly addressed make it anyway. The only screw up the P.O. has ever done me that wasn't my own fault was taking 4 days to deliver a 2-3 day priority package.

Really? I've had this happen to me a few times. Things mailed - one bill I mailed at the post office - failing to turn up to the company or person. My dad just sent my brother something recently and my brother never got it. I mailed the check, the recipient never received it, I have no idea where it is. Last I saw it, it was in the mailbox. The other mail sent that day along with the check was received by the recipients so . . . where's the check I mailed?