“Dear Homeowner, we lowered your payment” letter

[peterb]

23109VC, for a guy who doesnt think his house is an investment, you sure are doing a lot of investment analysis. 🙂

[23109VC]

maybe i am thinking of it as an investment. maybe it depends how you define the term. i’m not planning on selling my house to make money on it. it’s not an investment in that sense – not a short term one.

long term – sure. but that’s a given. any homewoner considers their home a long term investment..the problem being – my hosue is so underwater that it has perhaps become a HORRIBLE investment and I’d be advised to get out of it and put my money elsewhere.

so in that sense – yeah, i’m considering it an investment – but in the long term. and it’s probably going to take hte LONG LONG LONG term to see any return on the investment.

i’m also looking at bang for the buck. I could probably dump my house and rent something far nicer and larger for far less and come out ahead financially.

if my home is now so far underwater – i don’t own jack squat – so what am i really giving up??? dumpign my hosue screws my credit but frees up cash.

if i really really had to buy – i have some relatives who are fairly well off who would probably buy something for cash – and carry the paper and let me “buy” it from them and pay them the payment. one way to bypass all th banks and just get into somethig else..but given all i’ve seen – i’d be hesitant to buy anythign right now.

the only upside to buying i could see would be if someone could obtain a dirt cheap cash price on a good house, good area, and be able to know that the rents for that rea would turn a profit – and that profit would beat out other types of investments. i coudl see buying then – rather than putting money in a stock market that is maybe doing to dump further – at least putting some money into a house with a good rental return would be a worthwhile place to put somemoney.

it all depends on how CHEAP the hosue coudl be had for and how HIGH the rent would be. i have heard of cash buyers/investors getting deals that are uninmaginable due to the banks just dumping stuff.

i know the hosue next to me sodl for less than 300k. it’s in escrow but i dont’ knwo the final sale price. i know asking was 299k. this house sold for like $525 a couple years ago. so at LEAST a $200k drop! knowing what this new homeowner will pay for their monthly housing bill, compared to me and the rest of the street -0 this is what pisses people off. it makes you feel like your mortage payment is pissing money away

which is why i’m not going to pay this month. let the bank call me and bitch at me and then i can put it to them bluntly. they can negotitate with me or they can have it back and lose even more money…

my payment is late one day now – it’s the 16th. i’m waiting for them to call and ask where’s the money. 🙂 i’ll let you know how my DIY loan renegotation goes.

[23109VC]

maybe i am thinking of it as an investment. maybe it depends how you define the term. i’m not planning on selling my house to make money on it. it’s not an investment in that sense – not a short term one.

long term – sure. but that’s a given. any homewoner considers their home a long term investment..the problem being – my hosue is so underwater that it has perhaps become a HORRIBLE investment and I’d be advised to get out of it and put my money elsewhere.

so in that sense – yeah, i’m considering it an investment – but in the long term. and it’s probably going to take hte LONG LONG LONG term to see any return on the investment.

i’m also looking at bang for the buck. I could probably dump my house and rent something far nicer and larger for far less and come out ahead financially.

if my home is now so far underwater – i don’t own jack squat – so what am i really giving up??? dumpign my hosue screws my credit but frees up cash.

if i really really had to buy – i have some relatives who are fairly well off who would probably buy something for cash – and carry the paper and let me “buy” it from them and pay them the payment. one way to bypass all th banks and just get into somethig else..but given all i’ve seen – i’d be hesitant to buy anythign right now.

the only upside to buying i could see would be if someone could obtain a dirt cheap cash price on a good house, good area, and be able to know that the rents for that rea would turn a profit – and that profit would beat out other types of investments. i coudl see buying then – rather than putting money in a stock market that is maybe doing to dump further – at least putting some money into a house with a good rental return would be a worthwhile place to put somemoney.

it all depends on how CHEAP the hosue coudl be had for and how HIGH the rent would be. i have heard of cash buyers/investors getting deals that are uninmaginable due to the banks just dumping stuff.

i know the hosue next to me sodl for less than 300k. it’s in escrow but i dont’ knwo the final sale price. i know asking was 299k. this house sold for like $525 a couple years ago. so at LEAST a $200k drop! knowing what this new homeowner will pay for their monthly housing bill, compared to me and the rest of the street -0 this is what pisses people off. it makes you feel like your mortage payment is pissing money away

which is why i’m not going to pay this month. let the bank call me and bitch at me and then i can put it to them bluntly. they can negotitate with me or they can have it back and lose even more money…

my payment is late one day now – it’s the 16th. i’m waiting for them to call and ask where’s the money. 🙂 i’ll let you know how my DIY loan renegotation goes.

[23109VC]

maybe i am thinking of it as an investment. maybe it depends how you define the term. i’m not planning on selling my house to make money on it. it’s not an investment in that sense – not a short term one.

long term – sure. but that’s a given. any homewoner considers their home a long term investment..the problem being – my hosue is so underwater that it has perhaps become a HORRIBLE investment and I’d be advised to get out of it and put my money elsewhere.

so in that sense – yeah, i’m considering it an investment – but in the long term. and it’s probably going to take hte LONG LONG LONG term to see any return on the investment.

i’m also looking at bang for the buck. I could probably dump my house and rent something far nicer and larger for far less and come out ahead financially.

if my home is now so far underwater – i don’t own jack squat – so what am i really giving up??? dumpign my hosue screws my credit but frees up cash.

if i really really had to buy – i have some relatives who are fairly well off who would probably buy something for cash – and carry the paper and let me “buy” it from them and pay them the payment. one way to bypass all th banks and just get into somethig else..but given all i’ve seen – i’d be hesitant to buy anythign right now.

the only upside to buying i could see would be if someone could obtain a dirt cheap cash price on a good house, good area, and be able to know that the rents for that rea would turn a profit – and that profit would beat out other types of investments. i coudl see buying then – rather than putting money in a stock market that is maybe doing to dump further – at least putting some money into a house with a good rental return would be a worthwhile place to put somemoney.

it all depends on how CHEAP the hosue coudl be had for and how HIGH the rent would be. i have heard of cash buyers/investors getting deals that are uninmaginable due to the banks just dumping stuff.

i know the hosue next to me sodl for less than 300k. it’s in escrow but i dont’ knwo the final sale price. i know asking was 299k. this house sold for like $525 a couple years ago. so at LEAST a $200k drop! knowing what this new homeowner will pay for their monthly housing bill, compared to me and the rest of the street -0 this is what pisses people off. it makes you feel like your mortage payment is pissing money away

which is why i’m not going to pay this month. let the bank call me and bitch at me and then i can put it to them bluntly. they can negotitate with me or they can have it back and lose even more money…

my payment is late one day now – it’s the 16th. i’m waiting for them to call and ask where’s the money. 🙂 i’ll let you know how my DIY loan renegotation goes.

[23109VC]

maybe i am thinking of it as an investment. maybe it depends how you define the term. i’m not planning on selling my house to make money on it. it’s not an investment in that sense – not a short term one.

long term – sure. but that’s a given. any homewoner considers their home a long term investment..the problem being – my hosue is so underwater that it has perhaps become a HORRIBLE investment and I’d be advised to get out of it and put my money elsewhere.

so in that sense – yeah, i’m considering it an investment – but in the long term. and it’s probably going to take hte LONG LONG LONG term to see any return on the investment.

i’m also looking at bang for the buck. I could probably dump my house and rent something far nicer and larger for far less and come out ahead financially.

if my home is now so far underwater – i don’t own jack squat – so what am i really giving up??? dumpign my hosue screws my credit but frees up cash.

if i really really had to buy – i have some relatives who are fairly well off who would probably buy something for cash – and carry the paper and let me “buy” it from them and pay them the payment. one way to bypass all th banks and just get into somethig else..but given all i’ve seen – i’d be hesitant to buy anythign right now.

the only upside to buying i could see would be if someone could obtain a dirt cheap cash price on a good house, good area, and be able to know that the rents for that rea would turn a profit – and that profit would beat out other types of investments. i coudl see buying then – rather than putting money in a stock market that is maybe doing to dump further – at least putting some money into a house with a good rental return would be a worthwhile place to put somemoney.

it all depends on how CHEAP the hosue coudl be had for and how HIGH the rent would be. i have heard of cash buyers/investors getting deals that are uninmaginable due to the banks just dumping stuff.

i know the hosue next to me sodl for less than 300k. it’s in escrow but i dont’ knwo the final sale price. i know asking was 299k. this house sold for like $525 a couple years ago. so at LEAST a $200k drop! knowing what this new homeowner will pay for their monthly housing bill, compared to me and the rest of the street -0 this is what pisses people off. it makes you feel like your mortage payment is pissing money away

which is why i’m not going to pay this month. let the bank call me and bitch at me and then i can put it to them bluntly. they can negotitate with me or they can have it back and lose even more money…

my payment is late one day now – it’s the 16th. i’m waiting for them to call and ask where’s the money. 🙂 i’ll let you know how my DIY loan renegotation goes.

[23109VC]

maybe i am thinking of it as an investment. maybe it depends how you define the term. i’m not planning on selling my house to make money on it. it’s not an investment in that sense – not a short term one.

long term – sure. but that’s a given. any homewoner considers their home a long term investment..the problem being – my hosue is so underwater that it has perhaps become a HORRIBLE investment and I’d be advised to get out of it and put my money elsewhere.

so in that sense – yeah, i’m considering it an investment – but in the long term. and it’s probably going to take hte LONG LONG LONG term to see any return on the investment.

i’m also looking at bang for the buck. I could probably dump my house and rent something far nicer and larger for far less and come out ahead financially.

if my home is now so far underwater – i don’t own jack squat – so what am i really giving up??? dumpign my hosue screws my credit but frees up cash.

if i really really had to buy – i have some relatives who are fairly well off who would probably buy something for cash – and carry the paper and let me “buy” it from them and pay them the payment. one way to bypass all th banks and just get into somethig else..but given all i’ve seen – i’d be hesitant to buy anythign right now.

the only upside to buying i could see would be if someone could obtain a dirt cheap cash price on a good house, good area, and be able to know that the rents for that rea would turn a profit – and that profit would beat out other types of investments. i coudl see buying then – rather than putting money in a stock market that is maybe doing to dump further – at least putting some money into a house with a good rental return would be a worthwhile place to put somemoney.

it all depends on how CHEAP the hosue coudl be had for and how HIGH the rent would be. i have heard of cash buyers/investors getting deals that are uninmaginable due to the banks just dumping stuff.

i know the hosue next to me sodl for less than 300k. it’s in escrow but i dont’ knwo the final sale price. i know asking was 299k. this house sold for like $525 a couple years ago. so at LEAST a $200k drop! knowing what this new homeowner will pay for their monthly housing bill, compared to me and the rest of the street -0 this is what pisses people off. it makes you feel like your mortage payment is pissing money away

which is why i’m not going to pay this month. let the bank call me and bitch at me and then i can put it to them bluntly. they can negotitate with me or they can have it back and lose even more money…

my payment is late one day now – it’s the 16th. i’m waiting for them to call and ask where’s the money. 🙂 i’ll let you know how my DIY loan renegotation goes.

[Anonymous]

“I earn good money and I bought a hosue with a 30 yr fixed that I CAN afford. but the prices were blown out of proportio nby all the morons who bought what they coudl not afford.” from 23109VC

I agree with this statement. Anyone that has a 30 year fixed and put money down to purchase a house should be royally pissed at the banks. The banks were lending to anyone with a pulse and used loan products that were destined to blow up in the majority of borrower’s faces(NINA, SISA, SIVA W-2, Option ARM, 2yr fixed, 100% financing, etc). I wouldn’t be surprised to see banks permanently forgive part of the principal at some point, depending on how successful or unsuccessful they are with their current method of handling loan mods. I imagine that debt being permanently foregiven though would be a HUGE tax bill for the borrower.

This OP’s biggest mistake was buying in the first place. His next biggest mistake would probably be continuing to pay his mortgage. He should be meeting with a an attorney and a CPA(IRS ramifications). He could walk away and be in position to purchase a house in 2-3 years with 20% down.

[Anonymous]

“I earn good money and I bought a hosue with a 30 yr fixed that I CAN afford. but the prices were blown out of proportio nby all the morons who bought what they coudl not afford.” from 23109VC

I agree with this statement. Anyone that has a 30 year fixed and put money down to purchase a house should be royally pissed at the banks. The banks were lending to anyone with a pulse and used loan products that were destined to blow up in the majority of borrower’s faces(NINA, SISA, SIVA W-2, Option ARM, 2yr fixed, 100% financing, etc). I wouldn’t be surprised to see banks permanently forgive part of the principal at some point, depending on how successful or unsuccessful they are with their current method of handling loan mods. I imagine that debt being permanently foregiven though would be a HUGE tax bill for the borrower.

This OP’s biggest mistake was buying in the first place. His next biggest mistake would probably be continuing to pay his mortgage. He should be meeting with a an attorney and a CPA(IRS ramifications). He could walk away and be in position to purchase a house in 2-3 years with 20% down.

[Anonymous]

“I earn good money and I bought a hosue with a 30 yr fixed that I CAN afford. but the prices were blown out of proportio nby all the morons who bought what they coudl not afford.” from 23109VC

I agree with this statement. Anyone that has a 30 year fixed and put money down to purchase a house should be royally pissed at the banks. The banks were lending to anyone with a pulse and used loan products that were destined to blow up in the majority of borrower’s faces(NINA, SISA, SIVA W-2, Option ARM, 2yr fixed, 100% financing, etc). I wouldn’t be surprised to see banks permanently forgive part of the principal at some point, depending on how successful or unsuccessful they are with their current method of handling loan mods. I imagine that debt being permanently foregiven though would be a HUGE tax bill for the borrower.

This OP’s biggest mistake was buying in the first place. His next biggest mistake would probably be continuing to pay his mortgage. He should be meeting with a an attorney and a CPA(IRS ramifications). He could walk away and be in position to purchase a house in 2-3 years with 20% down.

[Anonymous]

“I earn good money and I bought a hosue with a 30 yr fixed that I CAN afford. but the prices were blown out of proportio nby all the morons who bought what they coudl not afford.” from 23109VC

I agree with this statement. Anyone that has a 30 year fixed and put money down to purchase a house should be royally pissed at the banks. The banks were lending to anyone with a pulse and used loan products that were destined to blow up in the majority of borrower’s faces(NINA, SISA, SIVA W-2, Option ARM, 2yr fixed, 100% financing, etc). I wouldn’t be surprised to see banks permanently forgive part of the principal at some point, depending on how successful or unsuccessful they are with their current method of handling loan mods. I imagine that debt being permanently foregiven though would be a HUGE tax bill for the borrower.

This OP’s biggest mistake was buying in the first place. His next biggest mistake would probably be continuing to pay his mortgage. He should be meeting with a an attorney and a CPA(IRS ramifications). He could walk away and be in position to purchase a house in 2-3 years with 20% down.

[Anonymous]

“I earn good money and I bought a hosue with a 30 yr fixed that I CAN afford. but the prices were blown out of proportio nby all the morons who bought what they coudl not afford.” from 23109VC

I agree with this statement. Anyone that has a 30 year fixed and put money down to purchase a house should be royally pissed at the banks. The banks were lending to anyone with a pulse and used loan products that were destined to blow up in the majority of borrower’s faces(NINA, SISA, SIVA W-2, Option ARM, 2yr fixed, 100% financing, etc). I wouldn’t be surprised to see banks permanently forgive part of the principal at some point, depending on how successful or unsuccessful they are with their current method of handling loan mods. I imagine that debt being permanently foregiven though would be a HUGE tax bill for the borrower.

This OP’s biggest mistake was buying in the first place. His next biggest mistake would probably be continuing to pay his mortgage. He should be meeting with a an attorney and a CPA(IRS ramifications). He could walk away and be in position to purchase a house in 2-3 years with 20% down.

[peterb]

Damn Banks. Yeah, that’s it, they screwed all of us!! Now that we’ve got the justification behind us, let’s get on with the business of business. Please let us know how it pans out.

[peterb]

Damn Banks. Yeah, that’s it, they screwed all of us!! Now that we’ve got the justification behind us, let’s get on with the business of business. Please let us know how it pans out.

[peterb]

Damn Banks. Yeah, that’s it, they screwed all of us!! Now that we’ve got the justification behind us, let’s get on with the business of business. Please let us know how it pans out.

[peterb]

Damn Banks. Yeah, that’s it, they screwed all of us!! Now that we’ve got the justification behind us, let’s get on with the business of business. Please let us know how it pans out.

[Author]

Posts