“Dear Homeowner, we lowered your payment” letter

[temeculaguy]

23109, you made your own bed, now you have to sleep on it. We spent months trying to talk you out of it, but you didn’t listen then and you aren’t listening now.

The question on the table is why would the bank choose to lose money on the loans they are making money on, why would they solicit a loss on their entire portfolio? My personal question is why would anyone who didn;t need a rework, take one, they are bad for the owner if you have other alternatives.

The other statement that has yet to be refuted is what is so cool about wrecking your credit and then getting a recourse loan and entering into a rework that is designed to never build equity. The same people on here that wouldn’t dream of an I/O loan are jealous that reworks are getting what amounts to a deal with the devil and a lifetime I/O loan, yet the reworks sell half of their future appreciation in addition to a lifetime I/O. People hear the words “principal reduction” and lose their minds, I repeat, that principal amount never goes away, they just reduce it for purposes of determining payment, they still owe it. It’s like taking on a partner, like going halfsies on a house with a relative.

They never reduce your balance, they just base the payment on a reduced amount, so you pay less per month but the original loan amount haunts you forever. You can never take out a heloc, refi, sell or do anything without settling the original debt, fees, etc. It’s just renting with a lifetime overpriced lease.

The system doesn’t drive anyone anywhere, it fools them, just like teaser rates and 0 down fooled them into thinking they could afford more than they could, this fools them into thinking they can keep what they can’t afford, they can live there but they keep nothing when the ride is over. Look at 10 years from now, they will essentially have nothing after they sell, that is not how I define home ownership.

You may feel like the good guy 23109, and you have the opportunity to be that guy, by paying your mortgage and paying for the mistake that YOU made, not the guy across the street, not the government, not the bank, but the mistake that YOU made. Your eyes were wide open, you knew the risks, no unscrupulous lender lied to you.

It’s not the end of the world, people make worse mistakes all the time. How we behave after we make mistakes is what defines us, I’ve screwed up before and I will again but it will be my fault and I will make amends, you need to as well.

BTW-they wont renegotiate with you, you have an “over the table” job with all your income reported. The best they will do is make your payment .37 of your gross income, if you gross 10k a month, that is 3700, and I believe it is P&I, not inclusive of hoa, tax and ins., so unless you are paying more than 4k, they wont help. From memory, you didn’t put 20% down and I can’t remember if you took a fixed rate fully amortized 30 yr. If you have an adjustable or an I/O you can probably get it switched into a 30 yr fixed for nothing, that is where you can negotiate, however, the payment goes up, not down.

[fun4vnay2]

[quote=23109VC]i believe this. while there could be a catch, such as making the debt recourse, or some other catch – prepayment penalties? whatever it is – the banks are screwed.

i bought my temecula house for $350k thinking it was such a smoking deal. 1900 sq ft. it is a very nice house and I like it, but the house next to me just went into foreclosure/bank owned and the bank is asking $299k and THAT house is 2500sq ft. so more space, far less money. who knows what it will ultimately sell for.. 250-275k?

making my house worth what?? $200k?

why in the hell woudl the bank want to foreclose on me when they KNOW that they have a $350k loan and they can only get maybe $200k PLUS COSTS to foreclose….

if lowering the payments by $1000/month or whatever keeps people in the home – they will do it b/c the alternative is even worse.

i’m one of those people who CAN afford to stay, does pay on time, am responsible, bought a house within my means… and it pisses me off to see idiots who bought a hosue they had no busines buying, aon an ARM, now cry foul and get their loan % rate, principle all whacked to nothing… b/c they were stupid.

that is such BS. so you know what, why not do it too? i am really thinking of not apying my mortgage. what will happen. the bank is’nt going to foreclose on me. they would lose over $150k. they will threaten me, try to scaer me into paying, but ultimately, if i say “f**K you” and I become a jerk who manipulates the system – guess what, they will renegotiate with me, reduce my int rate, reduce my balnce, they will do something to keep me in the house.

it’s a system that drives good responsible people to do things they normally wouldn’t do. but if the “system” is goign to reward losers – then why be a good guy and get royally screwed?

[/quote]

Someone has aptly said so “If you owe bank 10K, it’s your problem but if you owe your back 100K, its the bank problem”
It looks like this saying is becoming reality..

[fun4vnay2]

[quote=23109VC]i believe this. while there could be a catch, such as making the debt recourse, or some other catch – prepayment penalties? whatever it is – the banks are screwed.

i bought my temecula house for $350k thinking it was such a smoking deal. 1900 sq ft. it is a very nice house and I like it, but the house next to me just went into foreclosure/bank owned and the bank is asking $299k and THAT house is 2500sq ft. so more space, far less money. who knows what it will ultimately sell for.. 250-275k?

making my house worth what?? $200k?

why in the hell woudl the bank want to foreclose on me when they KNOW that they have a $350k loan and they can only get maybe $200k PLUS COSTS to foreclose….

if lowering the payments by $1000/month or whatever keeps people in the home – they will do it b/c the alternative is even worse.

i’m one of those people who CAN afford to stay, does pay on time, am responsible, bought a house within my means… and it pisses me off to see idiots who bought a hosue they had no busines buying, aon an ARM, now cry foul and get their loan % rate, principle all whacked to nothing… b/c they were stupid.

that is such BS. so you know what, why not do it too? i am really thinking of not apying my mortgage. what will happen. the bank is’nt going to foreclose on me. they would lose over $150k. they will threaten me, try to scaer me into paying, but ultimately, if i say “f**K you” and I become a jerk who manipulates the system – guess what, they will renegotiate with me, reduce my int rate, reduce my balnce, they will do something to keep me in the house.

it’s a system that drives good responsible people to do things they normally wouldn’t do. but if the “system” is goign to reward losers – then why be a good guy and get royally screwed?

[/quote]

Someone has aptly said so “If you owe bank 10K, it’s your problem but if you owe your back 100K, its the bank problem”
It looks like this saying is becoming reality..

[fun4vnay2]

[quote=23109VC]i believe this. while there could be a catch, such as making the debt recourse, or some other catch – prepayment penalties? whatever it is – the banks are screwed.

i bought my temecula house for $350k thinking it was such a smoking deal. 1900 sq ft. it is a very nice house and I like it, but the house next to me just went into foreclosure/bank owned and the bank is asking $299k and THAT house is 2500sq ft. so more space, far less money. who knows what it will ultimately sell for.. 250-275k?

making my house worth what?? $200k?

why in the hell woudl the bank want to foreclose on me when they KNOW that they have a $350k loan and they can only get maybe $200k PLUS COSTS to foreclose….

if lowering the payments by $1000/month or whatever keeps people in the home – they will do it b/c the alternative is even worse.

i’m one of those people who CAN afford to stay, does pay on time, am responsible, bought a house within my means… and it pisses me off to see idiots who bought a hosue they had no busines buying, aon an ARM, now cry foul and get their loan % rate, principle all whacked to nothing… b/c they were stupid.

that is such BS. so you know what, why not do it too? i am really thinking of not apying my mortgage. what will happen. the bank is’nt going to foreclose on me. they would lose over $150k. they will threaten me, try to scaer me into paying, but ultimately, if i say “f**K you” and I become a jerk who manipulates the system – guess what, they will renegotiate with me, reduce my int rate, reduce my balnce, they will do something to keep me in the house.

it’s a system that drives good responsible people to do things they normally wouldn’t do. but if the “system” is goign to reward losers – then why be a good guy and get royally screwed?

[/quote]

Someone has aptly said so “If you owe bank 10K, it’s your problem but if you owe your back 100K, its the bank problem”
It looks like this saying is becoming reality..

[fun4vnay2]

[quote=23109VC]i believe this. while there could be a catch, such as making the debt recourse, or some other catch – prepayment penalties? whatever it is – the banks are screwed.

i bought my temecula house for $350k thinking it was such a smoking deal. 1900 sq ft. it is a very nice house and I like it, but the house next to me just went into foreclosure/bank owned and the bank is asking $299k and THAT house is 2500sq ft. so more space, far less money. who knows what it will ultimately sell for.. 250-275k?

making my house worth what?? $200k?

why in the hell woudl the bank want to foreclose on me when they KNOW that they have a $350k loan and they can only get maybe $200k PLUS COSTS to foreclose….

if lowering the payments by $1000/month or whatever keeps people in the home – they will do it b/c the alternative is even worse.

i’m one of those people who CAN afford to stay, does pay on time, am responsible, bought a house within my means… and it pisses me off to see idiots who bought a hosue they had no busines buying, aon an ARM, now cry foul and get their loan % rate, principle all whacked to nothing… b/c they were stupid.

that is such BS. so you know what, why not do it too? i am really thinking of not apying my mortgage. what will happen. the bank is’nt going to foreclose on me. they would lose over $150k. they will threaten me, try to scaer me into paying, but ultimately, if i say “f**K you” and I become a jerk who manipulates the system – guess what, they will renegotiate with me, reduce my int rate, reduce my balnce, they will do something to keep me in the house.

it’s a system that drives good responsible people to do things they normally wouldn’t do. but if the “system” is goign to reward losers – then why be a good guy and get royally screwed?

[/quote]

Someone has aptly said so “If you owe bank 10K, it’s your problem but if you owe your back 100K, its the bank problem”
It looks like this saying is becoming reality..

[fun4vnay2]

[quote=23109VC]i believe this. while there could be a catch, such as making the debt recourse, or some other catch – prepayment penalties? whatever it is – the banks are screwed.

i bought my temecula house for $350k thinking it was such a smoking deal. 1900 sq ft. it is a very nice house and I like it, but the house next to me just went into foreclosure/bank owned and the bank is asking $299k and THAT house is 2500sq ft. so more space, far less money. who knows what it will ultimately sell for.. 250-275k?

making my house worth what?? $200k?

why in the hell woudl the bank want to foreclose on me when they KNOW that they have a $350k loan and they can only get maybe $200k PLUS COSTS to foreclose….

if lowering the payments by $1000/month or whatever keeps people in the home – they will do it b/c the alternative is even worse.

i’m one of those people who CAN afford to stay, does pay on time, am responsible, bought a house within my means… and it pisses me off to see idiots who bought a hosue they had no busines buying, aon an ARM, now cry foul and get their loan % rate, principle all whacked to nothing… b/c they were stupid.

that is such BS. so you know what, why not do it too? i am really thinking of not apying my mortgage. what will happen. the bank is’nt going to foreclose on me. they would lose over $150k. they will threaten me, try to scaer me into paying, but ultimately, if i say “f**K you” and I become a jerk who manipulates the system – guess what, they will renegotiate with me, reduce my int rate, reduce my balnce, they will do something to keep me in the house.

it’s a system that drives good responsible people to do things they normally wouldn’t do. but if the “system” is goign to reward losers – then why be a good guy and get royally screwed?

[/quote]

Someone has aptly said so “If you owe bank 10K, it’s your problem but if you owe your back 100K, its the bank problem”
It looks like this saying is becoming reality..

[23109VC]

everyone here told me not to buy. i did. shame on me. but I could care less at this point about being “the good guy” and just paying on my loan. in my opnion, that would be the dumb schmuck way to do it.

in this game, being nice nd upstanding gets you nothing. if the tables were turned, and I fell on hard times, and my house was worth twice what I paid, the banks would froth at the mouth to kcik me out, sell it, and pocket the money. now that it’s the reverse, why should I be “mr nice guy” and just take it up the a$$.

housin prices got run up b/c of these frickin banks, and b/c of morons who bought what they coudlnt’ buy. yeah, I bought it. but why should I pay the high inflated price, and when it all collapses, just hold hte bag and take it while everyone else gets a freebie.

in the end, I can just milk it for a year, then walk away. i have some rich relatives who could buy me a house for cash and carry paper. i could just rent for a while and repair my credit. i’m at the point where I honestly don’t care.

if I stay in myh ouse, lose my house, rent a house – given everything going on with the economy, the housing market, I don’t care anymore. i may have gotten caught up in that whole” i’ve got to own a house” thing, and now i’ve snapped out of it and relaize it’s just a box i live in, and as far as I’m concerned, i’m just looking to pay as little as possible for the nicest place to live.

if staying in my house ends up making sense, I’ll do it. but when you have a mortgage amount of approx $350k and your house is worth $200k, staying in the house might actually be the STUPID thing to do. i have a 100% non recourse loan. I can pack up my stuff, walk away, and the bank takes it up the a$$ not me. my credit gets screwed, but i really dont’ care. hal fthe country will have scrwed up credit by the time this is said and done with, maybe more than 50%…

i’m trying to view this from a rational standpoint. i’m envisioning that there is going to come a point where my house price will go so low, that if I were to sit down with a financial planner, economic advisor – and explained my situation they woudl say “dump your house”. that is the SMART thing to do. let the bank eat the loss. rent something else.

it realistically may be that I would be AHEAD financially if I were to let my credit get hit, spend less oney on a rental, and pocket money, repair my creidt, and then rebuy later when prices are more rational. VS suck it up an stay/pay and wait 15 years to see any equity….

i made the bed, I’m lying in it. I’m not blaming others. I’m not a “victim” – but I do feel a sense of frustration that as a hard working productive member of society who got caught up i the “buy the American dream” and boght a home that I COULD afford..I have a big payment but I have a big salary (relative to the general public) I”m sure many of you are far better off than me..I don’t mean it in an arrogant way..just that 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.

now prices are collapsing. and b/c the dumb banks let me in wiht 100% financing, I have the option to just walk and lose no money. just my credit..so at some point, you ahve to seriously consider that option.

if the bank will renegotiate with me and make it worthwhile to stay, great. if not, they can frickin have it.

now I don’t know about temecula guys statements that banks aren’t really giving any one anything. if they say they will convert my 30 yr fixed P&I loan into an interst only..that gets me nothign excpet saving montly monty and effectivel make me like a long term renter…

now if they would actually reduce my principal, just write off part of what I owe, and/or lower my int rate, that would be great. my rates now are only so-so. i have a first at like 6.5 and a second at over 7 i think…crappy rates. i coud probably push hard for them to drop those to very aggressive rates..

but i’m not going to makei t recourse debt. if they want to play that game, i can just tell them to come get the house. in the end, they lose harder than I do. which is why i think an effective negotiator has them over a barrel and can dictate terms.

it’s not about being fair or upstanding anymore. it’s about taking advantage of the situation to do better for yourself – it’s not illegal – it’s business.

[23109VC]

everyone here told me not to buy. i did. shame on me. but I could care less at this point about being “the good guy” and just paying on my loan. in my opnion, that would be the dumb schmuck way to do it.

in this game, being nice nd upstanding gets you nothing. if the tables were turned, and I fell on hard times, and my house was worth twice what I paid, the banks would froth at the mouth to kcik me out, sell it, and pocket the money. now that it’s the reverse, why should I be “mr nice guy” and just take it up the a$$.

housin prices got run up b/c of these frickin banks, and b/c of morons who bought what they coudlnt’ buy. yeah, I bought it. but why should I pay the high inflated price, and when it all collapses, just hold hte bag and take it while everyone else gets a freebie.

in the end, I can just milk it for a year, then walk away. i have some rich relatives who could buy me a house for cash and carry paper. i could just rent for a while and repair my credit. i’m at the point where I honestly don’t care.

if I stay in myh ouse, lose my house, rent a house – given everything going on with the economy, the housing market, I don’t care anymore. i may have gotten caught up in that whole” i’ve got to own a house” thing, and now i’ve snapped out of it and relaize it’s just a box i live in, and as far as I’m concerned, i’m just looking to pay as little as possible for the nicest place to live.

if staying in my house ends up making sense, I’ll do it. but when you have a mortgage amount of approx $350k and your house is worth $200k, staying in the house might actually be the STUPID thing to do. i have a 100% non recourse loan. I can pack up my stuff, walk away, and the bank takes it up the a$$ not me. my credit gets screwed, but i really dont’ care. hal fthe country will have scrwed up credit by the time this is said and done with, maybe more than 50%…

i’m trying to view this from a rational standpoint. i’m envisioning that there is going to come a point where my house price will go so low, that if I were to sit down with a financial planner, economic advisor – and explained my situation they woudl say “dump your house”. that is the SMART thing to do. let the bank eat the loss. rent something else.

it realistically may be that I would be AHEAD financially if I were to let my credit get hit, spend less oney on a rental, and pocket money, repair my creidt, and then rebuy later when prices are more rational. VS suck it up an stay/pay and wait 15 years to see any equity….

i made the bed, I’m lying in it. I’m not blaming others. I’m not a “victim” – but I do feel a sense of frustration that as a hard working productive member of society who got caught up i the “buy the American dream” and boght a home that I COULD afford..I have a big payment but I have a big salary (relative to the general public) I”m sure many of you are far better off than me..I don’t mean it in an arrogant way..just that 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.

now prices are collapsing. and b/c the dumb banks let me in wiht 100% financing, I have the option to just walk and lose no money. just my credit..so at some point, you ahve to seriously consider that option.

if the bank will renegotiate with me and make it worthwhile to stay, great. if not, they can frickin have it.

now I don’t know about temecula guys statements that banks aren’t really giving any one anything. if they say they will convert my 30 yr fixed P&I loan into an interst only..that gets me nothign excpet saving montly monty and effectivel make me like a long term renter…

now if they would actually reduce my principal, just write off part of what I owe, and/or lower my int rate, that would be great. my rates now are only so-so. i have a first at like 6.5 and a second at over 7 i think…crappy rates. i coud probably push hard for them to drop those to very aggressive rates..

but i’m not going to makei t recourse debt. if they want to play that game, i can just tell them to come get the house. in the end, they lose harder than I do. which is why i think an effective negotiator has them over a barrel and can dictate terms.

it’s not about being fair or upstanding anymore. it’s about taking advantage of the situation to do better for yourself – it’s not illegal – it’s business.

[23109VC]

everyone here told me not to buy. i did. shame on me. but I could care less at this point about being “the good guy” and just paying on my loan. in my opnion, that would be the dumb schmuck way to do it.

in this game, being nice nd upstanding gets you nothing. if the tables were turned, and I fell on hard times, and my house was worth twice what I paid, the banks would froth at the mouth to kcik me out, sell it, and pocket the money. now that it’s the reverse, why should I be “mr nice guy” and just take it up the a$$.

housin prices got run up b/c of these frickin banks, and b/c of morons who bought what they coudlnt’ buy. yeah, I bought it. but why should I pay the high inflated price, and when it all collapses, just hold hte bag and take it while everyone else gets a freebie.

in the end, I can just milk it for a year, then walk away. i have some rich relatives who could buy me a house for cash and carry paper. i could just rent for a while and repair my credit. i’m at the point where I honestly don’t care.

if I stay in myh ouse, lose my house, rent a house – given everything going on with the economy, the housing market, I don’t care anymore. i may have gotten caught up in that whole” i’ve got to own a house” thing, and now i’ve snapped out of it and relaize it’s just a box i live in, and as far as I’m concerned, i’m just looking to pay as little as possible for the nicest place to live.

if staying in my house ends up making sense, I’ll do it. but when you have a mortgage amount of approx $350k and your house is worth $200k, staying in the house might actually be the STUPID thing to do. i have a 100% non recourse loan. I can pack up my stuff, walk away, and the bank takes it up the a$$ not me. my credit gets screwed, but i really dont’ care. hal fthe country will have scrwed up credit by the time this is said and done with, maybe more than 50%…

i’m trying to view this from a rational standpoint. i’m envisioning that there is going to come a point where my house price will go so low, that if I were to sit down with a financial planner, economic advisor – and explained my situation they woudl say “dump your house”. that is the SMART thing to do. let the bank eat the loss. rent something else.

it realistically may be that I would be AHEAD financially if I were to let my credit get hit, spend less oney on a rental, and pocket money, repair my creidt, and then rebuy later when prices are more rational. VS suck it up an stay/pay and wait 15 years to see any equity….

i made the bed, I’m lying in it. I’m not blaming others. I’m not a “victim” – but I do feel a sense of frustration that as a hard working productive member of society who got caught up i the “buy the American dream” and boght a home that I COULD afford..I have a big payment but I have a big salary (relative to the general public) I”m sure many of you are far better off than me..I don’t mean it in an arrogant way..just that 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.

now prices are collapsing. and b/c the dumb banks let me in wiht 100% financing, I have the option to just walk and lose no money. just my credit..so at some point, you ahve to seriously consider that option.

if the bank will renegotiate with me and make it worthwhile to stay, great. if not, they can frickin have it.

now I don’t know about temecula guys statements that banks aren’t really giving any one anything. if they say they will convert my 30 yr fixed P&I loan into an interst only..that gets me nothign excpet saving montly monty and effectivel make me like a long term renter…

now if they would actually reduce my principal, just write off part of what I owe, and/or lower my int rate, that would be great. my rates now are only so-so. i have a first at like 6.5 and a second at over 7 i think…crappy rates. i coud probably push hard for them to drop those to very aggressive rates..

but i’m not going to makei t recourse debt. if they want to play that game, i can just tell them to come get the house. in the end, they lose harder than I do. which is why i think an effective negotiator has them over a barrel and can dictate terms.

it’s not about being fair or upstanding anymore. it’s about taking advantage of the situation to do better for yourself – it’s not illegal – it’s business.

[23109VC]

everyone here told me not to buy. i did. shame on me. but I could care less at this point about being “the good guy” and just paying on my loan. in my opnion, that would be the dumb schmuck way to do it.

in this game, being nice nd upstanding gets you nothing. if the tables were turned, and I fell on hard times, and my house was worth twice what I paid, the banks would froth at the mouth to kcik me out, sell it, and pocket the money. now that it’s the reverse, why should I be “mr nice guy” and just take it up the a$$.

housin prices got run up b/c of these frickin banks, and b/c of morons who bought what they coudlnt’ buy. yeah, I bought it. but why should I pay the high inflated price, and when it all collapses, just hold hte bag and take it while everyone else gets a freebie.

in the end, I can just milk it for a year, then walk away. i have some rich relatives who could buy me a house for cash and carry paper. i could just rent for a while and repair my credit. i’m at the point where I honestly don’t care.

if I stay in myh ouse, lose my house, rent a house – given everything going on with the economy, the housing market, I don’t care anymore. i may have gotten caught up in that whole” i’ve got to own a house” thing, and now i’ve snapped out of it and relaize it’s just a box i live in, and as far as I’m concerned, i’m just looking to pay as little as possible for the nicest place to live.

if staying in my house ends up making sense, I’ll do it. but when you have a mortgage amount of approx $350k and your house is worth $200k, staying in the house might actually be the STUPID thing to do. i have a 100% non recourse loan. I can pack up my stuff, walk away, and the bank takes it up the a$$ not me. my credit gets screwed, but i really dont’ care. hal fthe country will have scrwed up credit by the time this is said and done with, maybe more than 50%…

i’m trying to view this from a rational standpoint. i’m envisioning that there is going to come a point where my house price will go so low, that if I were to sit down with a financial planner, economic advisor – and explained my situation they woudl say “dump your house”. that is the SMART thing to do. let the bank eat the loss. rent something else.

it realistically may be that I would be AHEAD financially if I were to let my credit get hit, spend less oney on a rental, and pocket money, repair my creidt, and then rebuy later when prices are more rational. VS suck it up an stay/pay and wait 15 years to see any equity….

i made the bed, I’m lying in it. I’m not blaming others. I’m not a “victim” – but I do feel a sense of frustration that as a hard working productive member of society who got caught up i the “buy the American dream” and boght a home that I COULD afford..I have a big payment but I have a big salary (relative to the general public) I”m sure many of you are far better off than me..I don’t mean it in an arrogant way..just that 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.

now prices are collapsing. and b/c the dumb banks let me in wiht 100% financing, I have the option to just walk and lose no money. just my credit..so at some point, you ahve to seriously consider that option.

if the bank will renegotiate with me and make it worthwhile to stay, great. if not, they can frickin have it.

now I don’t know about temecula guys statements that banks aren’t really giving any one anything. if they say they will convert my 30 yr fixed P&I loan into an interst only..that gets me nothign excpet saving montly monty and effectivel make me like a long term renter…

now if they would actually reduce my principal, just write off part of what I owe, and/or lower my int rate, that would be great. my rates now are only so-so. i have a first at like 6.5 and a second at over 7 i think…crappy rates. i coud probably push hard for them to drop those to very aggressive rates..

but i’m not going to makei t recourse debt. if they want to play that game, i can just tell them to come get the house. in the end, they lose harder than I do. which is why i think an effective negotiator has them over a barrel and can dictate terms.

it’s not about being fair or upstanding anymore. it’s about taking advantage of the situation to do better for yourself – it’s not illegal – it’s business.

[23109VC]

everyone here told me not to buy. i did. shame on me. but I could care less at this point about being “the good guy” and just paying on my loan. in my opnion, that would be the dumb schmuck way to do it.

in this game, being nice nd upstanding gets you nothing. if the tables were turned, and I fell on hard times, and my house was worth twice what I paid, the banks would froth at the mouth to kcik me out, sell it, and pocket the money. now that it’s the reverse, why should I be “mr nice guy” and just take it up the a$$.

housin prices got run up b/c of these frickin banks, and b/c of morons who bought what they coudlnt’ buy. yeah, I bought it. but why should I pay the high inflated price, and when it all collapses, just hold hte bag and take it while everyone else gets a freebie.

in the end, I can just milk it for a year, then walk away. i have some rich relatives who could buy me a house for cash and carry paper. i could just rent for a while and repair my credit. i’m at the point where I honestly don’t care.

if I stay in myh ouse, lose my house, rent a house – given everything going on with the economy, the housing market, I don’t care anymore. i may have gotten caught up in that whole” i’ve got to own a house” thing, and now i’ve snapped out of it and relaize it’s just a box i live in, and as far as I’m concerned, i’m just looking to pay as little as possible for the nicest place to live.

if staying in my house ends up making sense, I’ll do it. but when you have a mortgage amount of approx $350k and your house is worth $200k, staying in the house might actually be the STUPID thing to do. i have a 100% non recourse loan. I can pack up my stuff, walk away, and the bank takes it up the a$$ not me. my credit gets screwed, but i really dont’ care. hal fthe country will have scrwed up credit by the time this is said and done with, maybe more than 50%…

i’m trying to view this from a rational standpoint. i’m envisioning that there is going to come a point where my house price will go so low, that if I were to sit down with a financial planner, economic advisor – and explained my situation they woudl say “dump your house”. that is the SMART thing to do. let the bank eat the loss. rent something else.

it realistically may be that I would be AHEAD financially if I were to let my credit get hit, spend less oney on a rental, and pocket money, repair my creidt, and then rebuy later when prices are more rational. VS suck it up an stay/pay and wait 15 years to see any equity….

i made the bed, I’m lying in it. I’m not blaming others. I’m not a “victim” – but I do feel a sense of frustration that as a hard working productive member of society who got caught up i the “buy the American dream” and boght a home that I COULD afford..I have a big payment but I have a big salary (relative to the general public) I”m sure many of you are far better off than me..I don’t mean it in an arrogant way..just that 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.

now prices are collapsing. and b/c the dumb banks let me in wiht 100% financing, I have the option to just walk and lose no money. just my credit..so at some point, you ahve to seriously consider that option.

if the bank will renegotiate with me and make it worthwhile to stay, great. if not, they can frickin have it.

now I don’t know about temecula guys statements that banks aren’t really giving any one anything. if they say they will convert my 30 yr fixed P&I loan into an interst only..that gets me nothign excpet saving montly monty and effectivel make me like a long term renter…

now if they would actually reduce my principal, just write off part of what I owe, and/or lower my int rate, that would be great. my rates now are only so-so. i have a first at like 6.5 and a second at over 7 i think…crappy rates. i coud probably push hard for them to drop those to very aggressive rates..

but i’m not going to makei t recourse debt. if they want to play that game, i can just tell them to come get the house. in the end, they lose harder than I do. which is why i think an effective negotiator has them over a barrel and can dictate terms.

it’s not about being fair or upstanding anymore. it’s about taking advantage of the situation to do better for yourself – it’s not illegal – it’s business.

[Arraya]

“it’s not about being fair or upstanding anymore. it’s about taking advantage of the situation to do better for yourself – it’s not illegal – it’s business”

Why not take it a step further. Familiarize yourself with the 1969 case of Daly V some bank.

The case was made that the home was never really the banks because it did not have in legal speak “consideration”. The money was was created out of thin air and was never in the possession of the bank and thus the home was not the property of the bank in legal terms.

http://www.foreclosurefish.com/blog/index.php?id=439

The judge and a representative testifying on behalf of the bank also agreed with Daly’s argument, in effect. The bank’s president, Mr. Morgan, admitted that the money did not exist until Daly was given the mortgage, and the money was created out of thin air.

The judge wrote a supporting decision in the case agreeing with Daly, writing “The money and credit first came into existence when they created it. Mr. Morgan [the bank’s president] admitted that no United States Law or Statute existed which gave him the right to do this.” Thus, the lending of the money to Daly in the form of a mortgage did not constitute valid consideration. The bank did not even have the authority to create money out of thin air according to any known law or statute.

This case has been suppressed far more than argued against, and it has not been overturned. What this means to homeowners facing foreclosure is that they may not even owe their bank any money, and the lender is trying to take the home to pay an illegal contract. This case is, quite possibly, a get out of debt-jail free card.

[Arraya]

“it’s not about being fair or upstanding anymore. it’s about taking advantage of the situation to do better for yourself – it’s not illegal – it’s business”

Why not take it a step further. Familiarize yourself with the 1969 case of Daly V some bank.

The case was made that the home was never really the banks because it did not have in legal speak “consideration”. The money was was created out of thin air and was never in the possession of the bank and thus the home was not the property of the bank in legal terms.

http://www.foreclosurefish.com/blog/index.php?id=439

The judge and a representative testifying on behalf of the bank also agreed with Daly’s argument, in effect. The bank’s president, Mr. Morgan, admitted that the money did not exist until Daly was given the mortgage, and the money was created out of thin air.

The judge wrote a supporting decision in the case agreeing with Daly, writing “The money and credit first came into existence when they created it. Mr. Morgan [the bank’s president] admitted that no United States Law or Statute existed which gave him the right to do this.” Thus, the lending of the money to Daly in the form of a mortgage did not constitute valid consideration. The bank did not even have the authority to create money out of thin air according to any known law or statute.

This case has been suppressed far more than argued against, and it has not been overturned. What this means to homeowners facing foreclosure is that they may not even owe their bank any money, and the lender is trying to take the home to pay an illegal contract. This case is, quite possibly, a get out of debt-jail free card.

[Arraya]

“it’s not about being fair or upstanding anymore. it’s about taking advantage of the situation to do better for yourself – it’s not illegal – it’s business”

Why not take it a step further. Familiarize yourself with the 1969 case of Daly V some bank.

The case was made that the home was never really the banks because it did not have in legal speak “consideration”. The money was was created out of thin air and was never in the possession of the bank and thus the home was not the property of the bank in legal terms.

http://www.foreclosurefish.com/blog/index.php?id=439

The judge and a representative testifying on behalf of the bank also agreed with Daly’s argument, in effect. The bank’s president, Mr. Morgan, admitted that the money did not exist until Daly was given the mortgage, and the money was created out of thin air.

The judge wrote a supporting decision in the case agreeing with Daly, writing “The money and credit first came into existence when they created it. Mr. Morgan [the bank’s president] admitted that no United States Law or Statute existed which gave him the right to do this.” Thus, the lending of the money to Daly in the form of a mortgage did not constitute valid consideration. The bank did not even have the authority to create money out of thin air according to any known law or statute.

This case has been suppressed far more than argued against, and it has not been overturned. What this means to homeowners facing foreclosure is that they may not even owe their bank any money, and the lender is trying to take the home to pay an illegal contract. This case is, quite possibly, a get out of debt-jail free card.

[Arraya]

“it’s not about being fair or upstanding anymore. it’s about taking advantage of the situation to do better for yourself – it’s not illegal – it’s business”

Why not take it a step further. Familiarize yourself with the 1969 case of Daly V some bank.

The case was made that the home was never really the banks because it did not have in legal speak “consideration”. The money was was created out of thin air and was never in the possession of the bank and thus the home was not the property of the bank in legal terms.

http://www.foreclosurefish.com/blog/index.php?id=439

The judge and a representative testifying on behalf of the bank also agreed with Daly’s argument, in effect. The bank’s president, Mr. Morgan, admitted that the money did not exist until Daly was given the mortgage, and the money was created out of thin air.

The judge wrote a supporting decision in the case agreeing with Daly, writing “The money and credit first came into existence when they created it. Mr. Morgan [the bank’s president] admitted that no United States Law or Statute existed which gave him the right to do this.” Thus, the lending of the money to Daly in the form of a mortgage did not constitute valid consideration. The bank did not even have the authority to create money out of thin air according to any known law or statute.

This case has been suppressed far more than argued against, and it has not been overturned. What this means to homeowners facing foreclosure is that they may not even owe their bank any money, and the lender is trying to take the home to pay an illegal contract. This case is, quite possibly, a get out of debt-jail free card.

[Author]

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