OT: Funniest foreclosure story

[scaredyclassic]

i subscribe to mcsweeneys on my iphone and often laugh out fucking loud reading it. there was an article on there about a pseudo letter from the front to the family on a guy playing call of duty that even made my kids howl with laughter.

mcsweeneys is excellent… i recommend th eiphone app

[Effective Demand]

The punchline is the Lipkins merely got a reamortized loan over 40 years (so a 45 year total term) and a reduced rate slowly building to ~4.5%

And this is described as a victory for the homeowner?

It’s a good thing people are bad at math I guess. The bank won.

If the Lipkins didn’t spend $1 on lawyers and tried short selling (turn around on access to loans is faster).. they’d be way ahead financially by now. And depending on a host of factors (if the demonstrated hardship was enough) they could even have purchased another home by now for lower cost and a 30 yr term.

[Effective Demand]

The punchline is the Lipkins merely got a reamortized loan over 40 years (so a 45 year total term) and a reduced rate slowly building to ~4.5%

And this is described as a victory for the homeowner?

It’s a good thing people are bad at math I guess. The bank won.

If the Lipkins didn’t spend $1 on lawyers and tried short selling (turn around on access to loans is faster).. they’d be way ahead financially by now. And depending on a host of factors (if the demonstrated hardship was enough) they could even have purchased another home by now for lower cost and a 30 yr term.

[Effective Demand]

The punchline is the Lipkins merely got a reamortized loan over 40 years (so a 45 year total term) and a reduced rate slowly building to ~4.5%

And this is described as a victory for the homeowner?

It’s a good thing people are bad at math I guess. The bank won.

If the Lipkins didn’t spend $1 on lawyers and tried short selling (turn around on access to loans is faster).. they’d be way ahead financially by now. And depending on a host of factors (if the demonstrated hardship was enough) they could even have purchased another home by now for lower cost and a 30 yr term.

[Effective Demand]

The punchline is the Lipkins merely got a reamortized loan over 40 years (so a 45 year total term) and a reduced rate slowly building to ~4.5%

And this is described as a victory for the homeowner?

It’s a good thing people are bad at math I guess. The bank won.

If the Lipkins didn’t spend $1 on lawyers and tried short selling (turn around on access to loans is faster).. they’d be way ahead financially by now. And depending on a host of factors (if the demonstrated hardship was enough) they could even have purchased another home by now for lower cost and a 30 yr term.

[Effective Demand]

The punchline is the Lipkins merely got a reamortized loan over 40 years (so a 45 year total term) and a reduced rate slowly building to ~4.5%

And this is described as a victory for the homeowner?

It’s a good thing people are bad at math I guess. The bank won.

If the Lipkins didn’t spend $1 on lawyers and tried short selling (turn around on access to loans is faster).. they’d be way ahead financially by now. And depending on a host of factors (if the demonstrated hardship was enough) they could even have purchased another home by now for lower cost and a 30 yr term.

[jpinpb]

BG – I agree. IMO, a 40-year loan is not helping anyone. They should’ve walked and worked on their credit, then buy a home for 250k at a 30-year fixed, even at 5% and they would be better off.

I hope this is truly an amazing home that they LOVE. I could not imagine trapping myself like that.

Edit: I’m in the process of reading this. I got to the part that Natalie was as a mortgage processor for a division of Countrywide Financial. And she still did a no doc ARM? Man. People are just as dumb as rocks. She’s in the industry. WTH.

[jpinpb]

BG – I agree. IMO, a 40-year loan is not helping anyone. They should’ve walked and worked on their credit, then buy a home for 250k at a 30-year fixed, even at 5% and they would be better off.

I hope this is truly an amazing home that they LOVE. I could not imagine trapping myself like that.

Edit: I’m in the process of reading this. I got to the part that Natalie was as a mortgage processor for a division of Countrywide Financial. And she still did a no doc ARM? Man. People are just as dumb as rocks. She’s in the industry. WTH.

[jpinpb]

BG – I agree. IMO, a 40-year loan is not helping anyone. They should’ve walked and worked on their credit, then buy a home for 250k at a 30-year fixed, even at 5% and they would be better off.

I hope this is truly an amazing home that they LOVE. I could not imagine trapping myself like that.

Edit: I’m in the process of reading this. I got to the part that Natalie was as a mortgage processor for a division of Countrywide Financial. And she still did a no doc ARM? Man. People are just as dumb as rocks. She’s in the industry. WTH.

[jpinpb]

BG – I agree. IMO, a 40-year loan is not helping anyone. They should’ve walked and worked on their credit, then buy a home for 250k at a 30-year fixed, even at 5% and they would be better off.

I hope this is truly an amazing home that they LOVE. I could not imagine trapping myself like that.

Edit: I’m in the process of reading this. I got to the part that Natalie was as a mortgage processor for a division of Countrywide Financial. And she still did a no doc ARM? Man. People are just as dumb as rocks. She’s in the industry. WTH.

[jpinpb]

BG – I agree. IMO, a 40-year loan is not helping anyone. They should’ve walked and worked on their credit, then buy a home for 250k at a 30-year fixed, even at 5% and they would be better off.

I hope this is truly an amazing home that they LOVE. I could not imagine trapping myself like that.

Edit: I’m in the process of reading this. I got to the part that Natalie was as a mortgage processor for a division of Countrywide Financial. And she still did a no doc ARM? Man. People are just as dumb as rocks. She’s in the industry. WTH.

[jpinpb]

Before coming to me
in utter desperation, the Lipkins, like so
many Americans, tried in vain to negotiate
with their bank directly. They were told that
a “negotiator” had been assigned to their file
and was “reviewing it.” Trying to reach this
mythical negotiator by phone proved more
difficult than finding Bigfoot

LOL.

[jpinpb]

Before coming to me
in utter desperation, the Lipkins, like so
many Americans, tried in vain to negotiate
with their bank directly. They were told that
a “negotiator” had been assigned to their file
and was “reviewing it.” Trying to reach this
mythical negotiator by phone proved more
difficult than finding Bigfoot

LOL.

[jpinpb]

Before coming to me
in utter desperation, the Lipkins, like so
many Americans, tried in vain to negotiate
with their bank directly. They were told that
a “negotiator” had been assigned to their file
and was “reviewing it.” Trying to reach this
mythical negotiator by phone proved more
difficult than finding Bigfoot

LOL.

[jpinpb]

Before coming to me
in utter desperation, the Lipkins, like so
many Americans, tried in vain to negotiate
with their bank directly. They were told that
a “negotiator” had been assigned to their file
and was “reviewing it.” Trying to reach this
mythical negotiator by phone proved more
difficult than finding Bigfoot

LOL.

[Author]

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