Report shows strategic defaults increasing

[cabal]

[quote=BillS78][quote=cabal]If you don’t mind further sharing…

– Have you received pestering calls from bill collectors?

– What has happened to your credit score?

– Who is your lender?

– Are you current on property taxes?

– Are you concerned about qualifying for another mortgage?

FYI – I don’t agree with everything SD R says, but his comments are usually well balanced, measured, and insightful. He adds a lot of value to this board.[/quote] – I had a lot of calls in the first few months and that was when I thought a NOD would be sent out, then almost nothing for a while, more calls again last summer/fall and then nothing again.

– My FICO has dropped slightly but that’s due to canceling some credit cards. I’m still in the high 700’s.

– I’m not mentioning my lender, I don’t need bitter crazies from here trying to track me down.

– I think so, you’d have to ask my lender. My property taxes are included in the monthly payment. If they weren’t being paid it seems like the county would have taken the property by now.

– I’m not at all concerned, just want this taken care of by the end of next year. I’m thinking of taking a year to travel around the world or maybe join a band and go on tour one last time.[/quote]

I’m stunned you credit score hasn’t been compromised because it means you are being reported to the credit agencies as current? If you have a recent credit report, I would be interested in seeing how your lender is reporting your payment. For people undergoing 3 month loan mod trials, I’ve read the reduced payments are reported as 90+ days late, resulting in a 100+ point debit to their credit score.

[patientrenter]

[quote=BillS78]……

[quote=SD Realtor]Fifth, Bill did you stop making payments because of a hardship? Did you lose your job? Did you suffer some medical hardship? Were you defrauded by somebody? Did something happen to you that severely reduced your cash flow? Can you explain exactly why you stopped paying?[/quote]Because I felt like it and it is well within my rights under the purchase agreement. My number one priority as the CEO of myself is to maximize my shareholders’ wealth. Didn’t you get the memo? Corporations are people now, and we’re all individual corporations.

I figured that posting my experience here would bother some but I didn’t realize people like you and Swine Flu would be such little bitches about it. This is getting boring, have fun telling other people how to live their lives.[/quote]

It is good to hear what’s actually happening out there. For those like myself and SDR (and a few others) who don’t really like the idea of having less careful and less responsible people getting rewards for their behavior, paid for by people like us, it is very trying to see their actions and their attitude.

When next we hear that poor unfortunate homeowners need to be bailed out with another trillion dollars of our money, we will be that much less sympathetic. Of course, we will be outvoted, but we will be less sympathetic, maybe even completely unsympathetic.

[patientrenter]

[quote=BillS78]……

[quote=SD Realtor]Fifth, Bill did you stop making payments because of a hardship? Did you lose your job? Did you suffer some medical hardship? Were you defrauded by somebody? Did something happen to you that severely reduced your cash flow? Can you explain exactly why you stopped paying?[/quote]Because I felt like it and it is well within my rights under the purchase agreement. My number one priority as the CEO of myself is to maximize my shareholders’ wealth. Didn’t you get the memo? Corporations are people now, and we’re all individual corporations.

I figured that posting my experience here would bother some but I didn’t realize people like you and Swine Flu would be such little bitches about it. This is getting boring, have fun telling other people how to live their lives.[/quote]

It is good to hear what’s actually happening out there. For those like myself and SDR (and a few others) who don’t really like the idea of having less careful and less responsible people getting rewards for their behavior, paid for by people like us, it is very trying to see their actions and their attitude.

When next we hear that poor unfortunate homeowners need to be bailed out with another trillion dollars of our money, we will be that much less sympathetic. Of course, we will be outvoted, but we will be less sympathetic, maybe even completely unsympathetic.

[patientrenter]

[quote=BillS78]……

[quote=SD Realtor]Fifth, Bill did you stop making payments because of a hardship? Did you lose your job? Did you suffer some medical hardship? Were you defrauded by somebody? Did something happen to you that severely reduced your cash flow? Can you explain exactly why you stopped paying?[/quote]Because I felt like it and it is well within my rights under the purchase agreement. My number one priority as the CEO of myself is to maximize my shareholders’ wealth. Didn’t you get the memo? Corporations are people now, and we’re all individual corporations.

I figured that posting my experience here would bother some but I didn’t realize people like you and Swine Flu would be such little bitches about it. This is getting boring, have fun telling other people how to live their lives.[/quote]

It is good to hear what’s actually happening out there. For those like myself and SDR (and a few others) who don’t really like the idea of having less careful and less responsible people getting rewards for their behavior, paid for by people like us, it is very trying to see their actions and their attitude.

When next we hear that poor unfortunate homeowners need to be bailed out with another trillion dollars of our money, we will be that much less sympathetic. Of course, we will be outvoted, but we will be less sympathetic, maybe even completely unsympathetic.

[patientrenter]

[quote=BillS78]……

[quote=SD Realtor]Fifth, Bill did you stop making payments because of a hardship? Did you lose your job? Did you suffer some medical hardship? Were you defrauded by somebody? Did something happen to you that severely reduced your cash flow? Can you explain exactly why you stopped paying?[/quote]Because I felt like it and it is well within my rights under the purchase agreement. My number one priority as the CEO of myself is to maximize my shareholders’ wealth. Didn’t you get the memo? Corporations are people now, and we’re all individual corporations.

I figured that posting my experience here would bother some but I didn’t realize people like you and Swine Flu would be such little bitches about it. This is getting boring, have fun telling other people how to live their lives.[/quote]

It is good to hear what’s actually happening out there. For those like myself and SDR (and a few others) who don’t really like the idea of having less careful and less responsible people getting rewards for their behavior, paid for by people like us, it is very trying to see their actions and their attitude.

When next we hear that poor unfortunate homeowners need to be bailed out with another trillion dollars of our money, we will be that much less sympathetic. Of course, we will be outvoted, but we will be less sympathetic, maybe even completely unsympathetic.

[patientrenter]

[quote=BillS78]……

[quote=SD Realtor]Fifth, Bill did you stop making payments because of a hardship? Did you lose your job? Did you suffer some medical hardship? Were you defrauded by somebody? Did something happen to you that severely reduced your cash flow? Can you explain exactly why you stopped paying?[/quote]Because I felt like it and it is well within my rights under the purchase agreement. My number one priority as the CEO of myself is to maximize my shareholders’ wealth. Didn’t you get the memo? Corporations are people now, and we’re all individual corporations.

I figured that posting my experience here would bother some but I didn’t realize people like you and Swine Flu would be such little bitches about it. This is getting boring, have fun telling other people how to live their lives.[/quote]

It is good to hear what’s actually happening out there. For those like myself and SDR (and a few others) who don’t really like the idea of having less careful and less responsible people getting rewards for their behavior, paid for by people like us, it is very trying to see their actions and their attitude.

When next we hear that poor unfortunate homeowners need to be bailed out with another trillion dollars of our money, we will be that much less sympathetic. Of course, we will be outvoted, but we will be less sympathetic, maybe even completely unsympathetic.

[Arraya]

It all depends on what else is going on in their credit. The weaker all the other factors are, the bigger dip. If you implement credit strengthening moves before hand as well as following best practices after, you can keep your score from falling too far.

My friend who went through a foreclosure and I did a little case study on his credit during the process. Pre-foreclosure he was at about 730. It dipped to 648, probably about 9 months after he stopped paying and 1 month after he moved out(Which we figured should be the low point). When he checked again less than a year later, it was back up to the pre-foreclosure range.

[Arraya]

It all depends on what else is going on in their credit. The weaker all the other factors are, the bigger dip. If you implement credit strengthening moves before hand as well as following best practices after, you can keep your score from falling too far.

My friend who went through a foreclosure and I did a little case study on his credit during the process. Pre-foreclosure he was at about 730. It dipped to 648, probably about 9 months after he stopped paying and 1 month after he moved out(Which we figured should be the low point). When he checked again less than a year later, it was back up to the pre-foreclosure range.

[Arraya]

It all depends on what else is going on in their credit. The weaker all the other factors are, the bigger dip. If you implement credit strengthening moves before hand as well as following best practices after, you can keep your score from falling too far.

My friend who went through a foreclosure and I did a little case study on his credit during the process. Pre-foreclosure he was at about 730. It dipped to 648, probably about 9 months after he stopped paying and 1 month after he moved out(Which we figured should be the low point). When he checked again less than a year later, it was back up to the pre-foreclosure range.

[Arraya]

It all depends on what else is going on in their credit. The weaker all the other factors are, the bigger dip. If you implement credit strengthening moves before hand as well as following best practices after, you can keep your score from falling too far.

My friend who went through a foreclosure and I did a little case study on his credit during the process. Pre-foreclosure he was at about 730. It dipped to 648, probably about 9 months after he stopped paying and 1 month after he moved out(Which we figured should be the low point). When he checked again less than a year later, it was back up to the pre-foreclosure range.

[Arraya]

It all depends on what else is going on in their credit. The weaker all the other factors are, the bigger dip. If you implement credit strengthening moves before hand as well as following best practices after, you can keep your score from falling too far.

My friend who went through a foreclosure and I did a little case study on his credit during the process. Pre-foreclosure he was at about 730. It dipped to 648, probably about 9 months after he stopped paying and 1 month after he moved out(Which we figured should be the low point). When he checked again less than a year later, it was back up to the pre-foreclosure range.

[jpinpb]

[quote=cabal]I’m stunned you credit score hasn’t been compromised …[/quote]

An acquaintance of mine did not pay on her condo is something like 8-10 months, did not get a NOD, did a short sale and after a few months her credit score is back in the upper 600s.

[quote=patientrenter]When next we hear that poor unfortunate homeowners need to be bailed out with another trillion dollars of our money, we will be that much less sympathetic. Of course, we will be outvoted, but we will be less sympathetic, maybe even completely unsympathetic.[/quote]

Call me a cold-hearted bitch, but I was never sympathetic. I survived the last real estate downturn cycle in the ’90’s. I experienced it first hand, except I did not get any help from the government and was very stressed. I had to bail myself out w/2 jobs and renting rooms out. I chose not to walk b/c of my down, though a financial counselor told me to walk even back then. My credit still sucked b/c payments were late.

I qualified to buy that home – and back then loan apps were scrutinized. Did not expect the economy to turn and work to suddenly stop. Life happens. Anyone having a hard time for whatever reasons and can’t do the mortgage payments in these times can always go back to renting. Renting is not a crime or a sin. Credit can eventually be restored. No sympathy from me ever. Suck it up. I did and live to tell about it.

Probably that experience made me a little wiser and kept me from buying during this last bubble. All these people being “helped” will not only suffer from moral hazard, but will only be deprived of knowledge and will have expectations in the future of getting assistance.

[jpinpb]

[quote=cabal]I’m stunned you credit score hasn’t been compromised …[/quote]

An acquaintance of mine did not pay on her condo is something like 8-10 months, did not get a NOD, did a short sale and after a few months her credit score is back in the upper 600s.

[quote=patientrenter]When next we hear that poor unfortunate homeowners need to be bailed out with another trillion dollars of our money, we will be that much less sympathetic. Of course, we will be outvoted, but we will be less sympathetic, maybe even completely unsympathetic.[/quote]

Call me a cold-hearted bitch, but I was never sympathetic. I survived the last real estate downturn cycle in the ’90’s. I experienced it first hand, except I did not get any help from the government and was very stressed. I had to bail myself out w/2 jobs and renting rooms out. I chose not to walk b/c of my down, though a financial counselor told me to walk even back then. My credit still sucked b/c payments were late.

I qualified to buy that home – and back then loan apps were scrutinized. Did not expect the economy to turn and work to suddenly stop. Life happens. Anyone having a hard time for whatever reasons and can’t do the mortgage payments in these times can always go back to renting. Renting is not a crime or a sin. Credit can eventually be restored. No sympathy from me ever. Suck it up. I did and live to tell about it.

Probably that experience made me a little wiser and kept me from buying during this last bubble. All these people being “helped” will not only suffer from moral hazard, but will only be deprived of knowledge and will have expectations in the future of getting assistance.

[jpinpb]

[quote=cabal]I’m stunned you credit score hasn’t been compromised …[/quote]

An acquaintance of mine did not pay on her condo is something like 8-10 months, did not get a NOD, did a short sale and after a few months her credit score is back in the upper 600s.

[quote=patientrenter]When next we hear that poor unfortunate homeowners need to be bailed out with another trillion dollars of our money, we will be that much less sympathetic. Of course, we will be outvoted, but we will be less sympathetic, maybe even completely unsympathetic.[/quote]

Call me a cold-hearted bitch, but I was never sympathetic. I survived the last real estate downturn cycle in the ’90’s. I experienced it first hand, except I did not get any help from the government and was very stressed. I had to bail myself out w/2 jobs and renting rooms out. I chose not to walk b/c of my down, though a financial counselor told me to walk even back then. My credit still sucked b/c payments were late.

I qualified to buy that home – and back then loan apps were scrutinized. Did not expect the economy to turn and work to suddenly stop. Life happens. Anyone having a hard time for whatever reasons and can’t do the mortgage payments in these times can always go back to renting. Renting is not a crime or a sin. Credit can eventually be restored. No sympathy from me ever. Suck it up. I did and live to tell about it.

Probably that experience made me a little wiser and kept me from buying during this last bubble. All these people being “helped” will not only suffer from moral hazard, but will only be deprived of knowledge and will have expectations in the future of getting assistance.

[jpinpb]

[quote=cabal]I’m stunned you credit score hasn’t been compromised …[/quote]

An acquaintance of mine did not pay on her condo is something like 8-10 months, did not get a NOD, did a short sale and after a few months her credit score is back in the upper 600s.

[quote=patientrenter]When next we hear that poor unfortunate homeowners need to be bailed out with another trillion dollars of our money, we will be that much less sympathetic. Of course, we will be outvoted, but we will be less sympathetic, maybe even completely unsympathetic.[/quote]

Call me a cold-hearted bitch, but I was never sympathetic. I survived the last real estate downturn cycle in the ’90’s. I experienced it first hand, except I did not get any help from the government and was very stressed. I had to bail myself out w/2 jobs and renting rooms out. I chose not to walk b/c of my down, though a financial counselor told me to walk even back then. My credit still sucked b/c payments were late.

I qualified to buy that home – and back then loan apps were scrutinized. Did not expect the economy to turn and work to suddenly stop. Life happens. Anyone having a hard time for whatever reasons and can’t do the mortgage payments in these times can always go back to renting. Renting is not a crime or a sin. Credit can eventually be restored. No sympathy from me ever. Suck it up. I did and live to tell about it.

Probably that experience made me a little wiser and kept me from buying during this last bubble. All these people being “helped” will not only suffer from moral hazard, but will only be deprived of knowledge and will have expectations in the future of getting assistance.

[Author]

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