GMAC loan workout

[betting on fall]

I too thank you for the post, and I hope you keep us updated.

But. . . . to begin the “jumping all over,” I don’t think you really answered the question about what unexpected events happened since you took out the loan.
Your loan went up, just as it was supposed to. You fixed up the house, which should have been expected if the house needed it. You mention the $5000 plumbing problem. I have some sympathy there, but occassional costly problems are an expected part of homeownership.

If nothing has changed with regard to your income, do you really expect GMAC to re-write your agreement?

[betting on fall]

I too thank you for the post, and I hope you keep us updated.

But. . . . to begin the “jumping all over,” I don’t think you really answered the question about what unexpected events happened since you took out the loan.
Your loan went up, just as it was supposed to. You fixed up the house, which should have been expected if the house needed it. You mention the $5000 plumbing problem. I have some sympathy there, but occassional costly problems are an expected part of homeownership.

If nothing has changed with regard to your income, do you really expect GMAC to re-write your agreement?

[patientlywaiting]

djrobsd, are you the same person that said to accept the fact that people just want to own no matter what (perhaps for “peace of mind” and decoration purposes and not throw away rent)? What planet are you on?!

Are you also the same person who is bragging about 18% up on his 401k?

Why would the bank give you any slack? You need to cash out your 401k before they consider any help. Otherwise, they’ll see you in foreclosure. How are you funding your 401k when your expenses exceed your income?

[patientlywaiting]

djrobsd, are you the same person that said to accept the fact that people just want to own no matter what (perhaps for “peace of mind” and decoration purposes and not throw away rent)? What planet are you on?!

Are you also the same person who is bragging about 18% up on his 401k?

Why would the bank give you any slack? You need to cash out your 401k before they consider any help. Otherwise, they’ll see you in foreclosure. How are you funding your 401k when your expenses exceed your income?

[patientlywaiting]

djrobsd, are you the same person that said to accept the fact that people just want to own no matter what (perhaps for “peace of mind” and decoration purposes and not throw away rent)? What planet are you on?!

Are you also the same person who is bragging about 18% up on his 401k?

Why would the bank give you any slack? You need to cash out your 401k before they consider any help. Otherwise, they’ll see you in foreclosure. How are you funding your 401k when your expenses exceed your income?

[patientlywaiting]

djrobsd, are you the same person that said to accept the fact that people just want to own no matter what (perhaps for “peace of mind” and decoration purposes and not throw away rent)? What planet are you on?!

Are you also the same person who is bragging about 18% up on his 401k?

Why would the bank give you any slack? You need to cash out your 401k before they consider any help. Otherwise, they’ll see you in foreclosure. How are you funding your 401k when your expenses exceed your income?

[snail]

Yes, you need to cash out your 401K and hide the money under your mattress. So you could claimed that all avenues already exhausted. Good luck, however I would think the best way is just turn the key back. It sound to me that house required a lot of fixing, just my 2 ct.

[snail]

Yes, you need to cash out your 401K and hide the money under your mattress. So you could claimed that all avenues already exhausted. Good luck, however I would think the best way is just turn the key back. It sound to me that house required a lot of fixing, just my 2 ct.

[snail]

Yes, you need to cash out your 401K and hide the money under your mattress. So you could claimed that all avenues already exhausted. Good luck, however I would think the best way is just turn the key back. It sound to me that house required a lot of fixing, just my 2 ct.

[snail]

Yes, you need to cash out your 401K and hide the money under your mattress. So you could claimed that all avenues already exhausted. Good luck, however I would think the best way is just turn the key back. It sound to me that house required a lot of fixing, just my 2 ct.

[Arty]

djrobsd, are you the same person that said to accept the fact that people just want to own no matter what (perhaps for “peace of mind” and decoration purposes and not throw away rent)? What planet are you on?!

I guess he still didn’t realize he is a slave to his house payment. Of course, it is his money and his life. And since is also his problem, I don’t see why bank have to cut him any slack.

[Arty]

djrobsd, are you the same person that said to accept the fact that people just want to own no matter what (perhaps for “peace of mind” and decoration purposes and not throw away rent)? What planet are you on?!

I guess he still didn’t realize he is a slave to his house payment. Of course, it is his money and his life. And since is also his problem, I don’t see why bank have to cut him any slack.

[Arty]

djrobsd, are you the same person that said to accept the fact that people just want to own no matter what (perhaps for “peace of mind” and decoration purposes and not throw away rent)? What planet are you on?!

I guess he still didn’t realize he is a slave to his house payment. Of course, it is his money and his life. And since is also his problem, I don’t see why bank have to cut him any slack.

[Arty]

djrobsd, are you the same person that said to accept the fact that people just want to own no matter what (perhaps for “peace of mind” and decoration purposes and not throw away rent)? What planet are you on?!

I guess he still didn’t realize he is a slave to his house payment. Of course, it is his money and his life. And since is also his problem, I don’t see why bank have to cut him any slack.

[djrobsd]

For the record “Cashing out a 401k” is not an option the IRS affords us here in America. There are severe penalties for doing so, and you see pennies on the dollar when it’s all said and done. Also for the record, I haven’t put any money into my 401k since I bought the house, I shifted all my investment dollars into the house which was obviously a bad investment, and an important lesson has been learned here. Even if I did cash out my 401k, that would only delay the pain another 3-6 months, and wouldn’t make that much difference at the end of the day.

A home is a HOME not an INVESTMENT. The mistake I made was I got caught into the buy now mentality that millions of other Americans got caught into back in 2004 when the real estate market was sky rocketing, and even though I was perfectly content in my $1500 a month luxury apartment with a pool, jacuzzi, work out room, and all the amenities, I couldn’t resist the evil temptation of “Sweet equity”. Had I thought of it apples to apples between the apartment and the house I bought, I would have taken the apartment any day of the week both for lack of having to do any maintenance and for all the on-site amenities that a gated new apartment community affords. And my loan officer and my realtor were coaching me all the way along making statements like “I know this payment will adjust in 3 years, but the market is so hot you’ll be able to sell or refinance before then”… Yep, we’ve heard all this before.

I made the mistake, and so now I have to live with it. Can you blame me for at least trying to work with my lender and trying to keep the house instead of just walking away from it and making it someone else’s problem? I’m trying to do other people who are also struggling a favor and sharing my experience with them so they know what they’re up against if they decide to try to do the same thing. I didn’t have to spend my time posting on here but I did so as a service to others. Sometimes I wonder if all you folks on here that say throw in the keys are the same ones that go buy these properties at real estate auctions!

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