[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.

[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.

[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.

[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.

[temeculaguy]

I’m not done with my rant, my apologies to all, but if I have earned any tokens in my time on the boards, I want to use some here.

Why are we bailing out stupid banks when after all is said and done we are left with stupid banks. Allowing them to fail would have only resulted in smart banks owning stupid banks and smart banks making money again.

Why are we not sppending that money on making oil obsolete. It stops the transfer of wealth out of this nation, solves the greehouse thing, saves the world, wipes out the financing for terrorists and allows us to put thousands of dollars in every home, year after year, far better than any stimulus package.

The entire Appolo mission series including the saturn rockets over the 13 years only cost 135 billion in today’s dollars. Hell we pissed that much away this month saving an insurance company. Putting a man on the moon was far greater a technological acheivement than figuring out how to run vehicles for free.
I want one thing from my government, free propulsion, that’s it, first person to advocate that gets my vote for life.

Save the economy, save the planet, protect national security, vanquish enemies without a lost life, all that can be yours if you can make the paint on my car generate power to run it, or something similar, so lets stop worrying about gay marriage, abortion, saving investment banks or any of the other crap we are distracted by and solve this problem that will solve the rest.

Thank you for your time, I’m going to break open my cabernet and calm myself down.

[temeculaguy]

I’m not done with my rant, my apologies to all, but if I have earned any tokens in my time on the boards, I want to use some here.

Why are we bailing out stupid banks when after all is said and done we are left with stupid banks. Allowing them to fail would have only resulted in smart banks owning stupid banks and smart banks making money again.

Why are we not sppending that money on making oil obsolete. It stops the transfer of wealth out of this nation, solves the greehouse thing, saves the world, wipes out the financing for terrorists and allows us to put thousands of dollars in every home, year after year, far better than any stimulus package.

The entire Appolo mission series including the saturn rockets over the 13 years only cost 135 billion in today’s dollars. Hell we pissed that much away this month saving an insurance company. Putting a man on the moon was far greater a technological acheivement than figuring out how to run vehicles for free.
I want one thing from my government, free propulsion, that’s it, first person to advocate that gets my vote for life.

Save the economy, save the planet, protect national security, vanquish enemies without a lost life, all that can be yours if you can make the paint on my car generate power to run it, or something similar, so lets stop worrying about gay marriage, abortion, saving investment banks or any of the other crap we are distracted by and solve this problem that will solve the rest.

Thank you for your time, I’m going to break open my cabernet and calm myself down.

[temeculaguy]

I’m not done with my rant, my apologies to all, but if I have earned any tokens in my time on the boards, I want to use some here.

Why are we bailing out stupid banks when after all is said and done we are left with stupid banks. Allowing them to fail would have only resulted in smart banks owning stupid banks and smart banks making money again.

Why are we not sppending that money on making oil obsolete. It stops the transfer of wealth out of this nation, solves the greehouse thing, saves the world, wipes out the financing for terrorists and allows us to put thousands of dollars in every home, year after year, far better than any stimulus package.

The entire Appolo mission series including the saturn rockets over the 13 years only cost 135 billion in today’s dollars. Hell we pissed that much away this month saving an insurance company. Putting a man on the moon was far greater a technological acheivement than figuring out how to run vehicles for free.
I want one thing from my government, free propulsion, that’s it, first person to advocate that gets my vote for life.

Save the economy, save the planet, protect national security, vanquish enemies without a lost life, all that can be yours if you can make the paint on my car generate power to run it, or something similar, so lets stop worrying about gay marriage, abortion, saving investment banks or any of the other crap we are distracted by and solve this problem that will solve the rest.

Thank you for your time, I’m going to break open my cabernet and calm myself down.

[temeculaguy]

I’m not done with my rant, my apologies to all, but if I have earned any tokens in my time on the boards, I want to use some here.

Why are we bailing out stupid banks when after all is said and done we are left with stupid banks. Allowing them to fail would have only resulted in smart banks owning stupid banks and smart banks making money again.

Why are we not sppending that money on making oil obsolete. It stops the transfer of wealth out of this nation, solves the greehouse thing, saves the world, wipes out the financing for terrorists and allows us to put thousands of dollars in every home, year after year, far better than any stimulus package.

The entire Appolo mission series including the saturn rockets over the 13 years only cost 135 billion in today’s dollars. Hell we pissed that much away this month saving an insurance company. Putting a man on the moon was far greater a technological acheivement than figuring out how to run vehicles for free.
I want one thing from my government, free propulsion, that’s it, first person to advocate that gets my vote for life.

Save the economy, save the planet, protect national security, vanquish enemies without a lost life, all that can be yours if you can make the paint on my car generate power to run it, or something similar, so lets stop worrying about gay marriage, abortion, saving investment banks or any of the other crap we are distracted by and solve this problem that will solve the rest.

Thank you for your time, I’m going to break open my cabernet and calm myself down.

[temeculaguy]

I’m not done with my rant, my apologies to all, but if I have earned any tokens in my time on the boards, I want to use some here.

Why are we bailing out stupid banks when after all is said and done we are left with stupid banks. Allowing them to fail would have only resulted in smart banks owning stupid banks and smart banks making money again.

Why are we not sppending that money on making oil obsolete. It stops the transfer of wealth out of this nation, solves the greehouse thing, saves the world, wipes out the financing for terrorists and allows us to put thousands of dollars in every home, year after year, far better than any stimulus package.

The entire Appolo mission series including the saturn rockets over the 13 years only cost 135 billion in today’s dollars. Hell we pissed that much away this month saving an insurance company. Putting a man on the moon was far greater a technological acheivement than figuring out how to run vehicles for free.
I want one thing from my government, free propulsion, that’s it, first person to advocate that gets my vote for life.

Save the economy, save the planet, protect national security, vanquish enemies without a lost life, all that can be yours if you can make the paint on my car generate power to run it, or something similar, so lets stop worrying about gay marriage, abortion, saving investment banks or any of the other crap we are distracted by and solve this problem that will solve the rest.

Thank you for your time, I’m going to break open my cabernet and calm myself down.

[temeculaguy]

I am among the fans and those with a tesla on the wish list. I’m glad to see they are in production but they have problems with the coolant pump, the founder was ousted and there are rumors they are laying off half their 200 person workforce. To date they have only delivered 30 cars.

Why the hell has gm not bought them out to get the battery and engine technology. The chevy volt is the last chance to save the company, they talked with ford about a merger and now chrysler. If they cant put out a 100mpg equivalent car in the next two years they are toast and so is the uaw. Seriously, those clowns have got to get their sh%$ together and yesterday. I do not want something that looks like a chevy volt, it is doubtful my kid would drive that birthcontrolmobile. How hard can it be for one of the largest companies in the world to just tell all of the engineers that everyone is fired if they can’t make a smoking hot, sexy, fast car that runs for pennies and also makes women want to take their clothes off. That is the mission and it needs to get done now. A few silicon valley guys almost pulled it off with a tiny staff and no automotive experience. Enough with trying to match toyota, get off your a$$ and go kick theirs. For pete’s sake will apple or microsoft just buy them so we can have an icar.

Gm already makes the highest owner satisfaction, owner loyalty vehicle in the world, the corvette. Stick some batteries in that puppy and start selling them already.

[temeculaguy]

I am among the fans and those with a tesla on the wish list. I’m glad to see they are in production but they have problems with the coolant pump, the founder was ousted and there are rumors they are laying off half their 200 person workforce. To date they have only delivered 30 cars.

Why the hell has gm not bought them out to get the battery and engine technology. The chevy volt is the last chance to save the company, they talked with ford about a merger and now chrysler. If they cant put out a 100mpg equivalent car in the next two years they are toast and so is the uaw. Seriously, those clowns have got to get their sh%$ together and yesterday. I do not want something that looks like a chevy volt, it is doubtful my kid would drive that birthcontrolmobile. How hard can it be for one of the largest companies in the world to just tell all of the engineers that everyone is fired if they can’t make a smoking hot, sexy, fast car that runs for pennies and also makes women want to take their clothes off. That is the mission and it needs to get done now. A few silicon valley guys almost pulled it off with a tiny staff and no automotive experience. Enough with trying to match toyota, get off your a$$ and go kick theirs. For pete’s sake will apple or microsoft just buy them so we can have an icar.

Gm already makes the highest owner satisfaction, owner loyalty vehicle in the world, the corvette. Stick some batteries in that puppy and start selling them already.

[temeculaguy]

I am among the fans and those with a tesla on the wish list. I’m glad to see they are in production but they have problems with the coolant pump, the founder was ousted and there are rumors they are laying off half their 200 person workforce. To date they have only delivered 30 cars.

Why the hell has gm not bought them out to get the battery and engine technology. The chevy volt is the last chance to save the company, they talked with ford about a merger and now chrysler. If they cant put out a 100mpg equivalent car in the next two years they are toast and so is the uaw. Seriously, those clowns have got to get their sh%$ together and yesterday. I do not want something that looks like a chevy volt, it is doubtful my kid would drive that birthcontrolmobile. How hard can it be for one of the largest companies in the world to just tell all of the engineers that everyone is fired if they can’t make a smoking hot, sexy, fast car that runs for pennies and also makes women want to take their clothes off. That is the mission and it needs to get done now. A few silicon valley guys almost pulled it off with a tiny staff and no automotive experience. Enough with trying to match toyota, get off your a$$ and go kick theirs. For pete’s sake will apple or microsoft just buy them so we can have an icar.

Gm already makes the highest owner satisfaction, owner loyalty vehicle in the world, the corvette. Stick some batteries in that puppy and start selling them already.

[temeculaguy]

I am among the fans and those with a tesla on the wish list. I’m glad to see they are in production but they have problems with the coolant pump, the founder was ousted and there are rumors they are laying off half their 200 person workforce. To date they have only delivered 30 cars.

Why the hell has gm not bought them out to get the battery and engine technology. The chevy volt is the last chance to save the company, they talked with ford about a merger and now chrysler. If they cant put out a 100mpg equivalent car in the next two years they are toast and so is the uaw. Seriously, those clowns have got to get their sh%$ together and yesterday. I do not want something that looks like a chevy volt, it is doubtful my kid would drive that birthcontrolmobile. How hard can it be for one of the largest companies in the world to just tell all of the engineers that everyone is fired if they can’t make a smoking hot, sexy, fast car that runs for pennies and also makes women want to take their clothes off. That is the mission and it needs to get done now. A few silicon valley guys almost pulled it off with a tiny staff and no automotive experience. Enough with trying to match toyota, get off your a$$ and go kick theirs. For pete’s sake will apple or microsoft just buy them so we can have an icar.

Gm already makes the highest owner satisfaction, owner loyalty vehicle in the world, the corvette. Stick some batteries in that puppy and start selling them already.

[temeculaguy]

I am among the fans and those with a tesla on the wish list. I’m glad to see they are in production but they have problems with the coolant pump, the founder was ousted and there are rumors they are laying off half their 200 person workforce. To date they have only delivered 30 cars.

Why the hell has gm not bought them out to get the battery and engine technology. The chevy volt is the last chance to save the company, they talked with ford about a merger and now chrysler. If they cant put out a 100mpg equivalent car in the next two years they are toast and so is the uaw. Seriously, those clowns have got to get their sh%$ together and yesterday. I do not want something that looks like a chevy volt, it is doubtful my kid would drive that birthcontrolmobile. How hard can it be for one of the largest companies in the world to just tell all of the engineers that everyone is fired if they can’t make a smoking hot, sexy, fast car that runs for pennies and also makes women want to take their clothes off. That is the mission and it needs to get done now. A few silicon valley guys almost pulled it off with a tiny staff and no automotive experience. Enough with trying to match toyota, get off your a$$ and go kick theirs. For pete’s sake will apple or microsoft just buy them so we can have an icar.

Gm already makes the highest owner satisfaction, owner loyalty vehicle in the world, the corvette. Stick some batteries in that puppy and start selling them already.

[temeculaguy]

djc, I wasn’t trying to be cynical, just looking at it logically and asking myself the question, “why would a bank who is getting all of their money every month and on time, suddenly ask permission to lose money?” Even when people are in distress they don’t get deals like that, why solicit reworks from your performing loans if you are the bank?

Taking the “no free lunch approach” I assume there is a catch or a part of the scenario missing. Be sure to ask questions other than read the letter. There is one other possibility, it could be a scam of some sort from someone other than their bank or someone posing as the bank, verify the phone number with the actual mortgage servicer’s number listed online or on the bill. There are outfits fleecing people right now and there have always been mortgage companies marketing to get people out of good loans into bad ones, countrywide was notorious for this, marketing to their own clients.

[Author]

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