[quote=ibjames]you guys are missing the point.. he’s not a FB.. he’s a guy that can afford his house, but now he sees other houses that are bigger and better, and NOW wants to get a loan mod because his house is even cheaper.
He’s not under financial duress.. he hasn’t lost his job, nothing.. he is looking and seeing the grass is greener and is willing to just dump his house so he can get a bigger house
If I remember correctly, it’s even cheaper than the rent he was paying at that time, he can afford it, he just wants something better now.
Which is just PURE greed[/quote]
I just spent a few more minutes reading all the posts here. I must say I am suprised at how hostile you all are towards me.
Here are the facts:
-I was renting a house.
-I was offered the house to buy from the landlord
the price I was offered was extremely low AT THE TIME. It was about $100k off the original sales price and $50k below any comp at the time.
-I found this site and posted a ton of Q’s looking for guidance.
-I talked to other people who I know who had opinions I valued. Some said buy.
-I weighed the pros/cons and chose to buy. I dind’t just say “fuck” everyone at the PIggington site – I took your opinions into consideration, but ultimately put more weight on other people’s opinions. You guys were right. Unless I had a crystal ball – I had to make the most informed decision I could – and it turned out to be wrong.
-I am now upside down.
I can just sit tight and ride it out and take my lumps, or I can be proactive and pressure my lender to make my loan better. Let’s suppose in the end, because o fthe housing price and the fact that my bank doesn’t want my house back – suppose they don’t lower my balance – they just drop my interest rate down to 4.9% or something like that?
am I a “bad” person screwing you all becaues I play the cards I have and try to sweeten the deal I have?
If I just walk from my house – am I screwing you? it’s my frickin right to walk away if I want. it’s not a pesonal loan – it’s a secured loan and If I walk they take the house.
and while LBJames seems to think I”m comparing myself to Steve Jobs and Bill Gates – I have never claimed aht I’m some business guru – cutting big business deals. if you read my statements to mean that then you are the stupid one. it’s a business arrangement in the sense that it’s a contract. I don’t know the bank, I don’t sleep with the bank, I’m not related to the bank – the bank and I entered into a contract. there is no such thing as a debtors prison nor do you go to jail from breaching contracts. so I can breach it if I want. companies and businesses breach contracts all the time when it suit them to – sometimes it makes more sense to breach, pay the damages, then it does to fulfill the contract. that’s a “business” decision LBJames – in case you didn’t know.
I am NOT a business – but I have a set amount of money that comes in – and I pay a certain amount to my lender. now my home is upside down. It is worth less than I paid – the bank doesn’t really want to foreclose because they will lose a ton of money, so I am in a position to essentially force them into sweetening my terms – so I am making a calculated decision to force a renegotiation – you can call it modification, a business deicions – call it whatever the Fkkk you want.
I made a bad decision, and now I have to deal with it. I am going to make the best decision for ME and my family.
suppose a person smokes their whole life. people told them not to – but they did it anyway. then tey get cancer. they have to decide between just “taking it” and dying or do something about it. yeah, if they hadn’t smoked they wouldn’t be in that situation, but they are. so you can play a blame game and worry about why you are in the situation you are in or you can deal with the situation you are in and try to make the best decisions you can.
