Facing Foreclosure!

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  • Tue, Jan 27, 2009 - 12:59am

    #11

    SkylightMT

    Status Bronze Member (Offline)

    Joined: Sep 30 2008

    Posts: 37

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    Re: Facing Foreclosure!

Many, many people are facing foreclosure.
If losing 1/3 of your income put you in a position where your mortgage is at risk, you were then and are now definitely in a mortgage that you should never have qualified for. You want your mortgage to be no more than 1/3 of your income. We lost half our income starting in October, and although things are very tight, there are ways to make it work. I contacted our mortgage company as soon as my husband got laid off, and, like you, because we were in a good rate (5.99%) and not in an ARM, and because we weren’t behind on our payments, they would not revise our mortgage. And honestly, I didn’t expect them to – they are not responsible for our work situation nor were we in one of the “bad” mortgages.

First thing you might consider is looking at all your debt and expenses and see if you can get them refinanced or consolidated.

Next, cut expenses, like cable TV, Netflix, gaming accounts, etc. We cancelled all that stuff but kept the internet connection.

I feed our family of 3 healthy food on less than $50.00 a week in an area of the country (Bellingham, WA) where the cost of living is pretty high. So look at your grocery bill and see if you can make cuts there.

Look for parttime work to replace your missing hours. Chances are, if your employer is already having to cut hours by 30%, layoffs are in the near future. So try to get something else going before you’re completely jobless.

Finally, if you have to, you can take in a boarder to help with costs. Many people are looking for rooms to rent these days.

  • Tue, Jan 27, 2009 - 01:28am

    #12

    investorzzo

    Status Platinum Member (Offline)

    Joined: Nov 07 2008

    Posts: 634

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    Re: Facing Foreclosure!

I have done all the things you are talking about. I am not stupid. Sorry, but I know what I can and cannot do. Also, you do not know my situation. I can’t get a border, as the person living with me has two kids and is disabled. Do I kick my best friend of over twenty years in the street?  No!!!!

You are right about one thing; I should never have been given the loan counting on overtime. But then who in there right mind thought that the next great depression was just a couple of years away.  You have to realize that my house value has lost 75,000 or one fourth the value of my home. Am I the only one responsible for this or are the bankers and the Fed just as culpable as I am. If you have watch the "crash course" documentary you would know this answer! 

 Most folks cannot afford house prices and were deperate to get in; figuring they could take the equity and refinance later-wow! not only no later, complete collapse. If you really look at the way the system is set up you can see it was all a ponzi scheme to begin with. I myself can take the loss, but it would be devastating to my friend and her kids.  The stress for both of us has been unbelievable.

 So am I to watch banks get billons of  tax payer money and spend it on stock dividends, bonuses for brokers, buying other companies while they let millions default? These bankers have access to free money at no interest and tax payer bailouts and the Federal reserves printing presses. I don’t have access to any of these, but you chose to chastise me??? The bankers propagate this type of scam to get richer and richer. I think you need to look else where for your causes. At least I didn’t lie about anything in my application. The bankers knew exactly what my income was.

 I think you need to educate yourself some before the condesending attitude! This country is in great peril and I have tried to wake up many only to find they are more interested in not knowing or finding blame in someone else. 

  • Tue, Jan 27, 2009 - 02:13am

    #13
    AnOregonian

    AnOregonian

    Status Gold Member (Offline)

    Joined: Jul 10 2008

    Posts: 289

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    Re: Facing Foreclosure!

[quote=investorzzo]

I have done all the things you are talking about. I am not stupid. Sorry, but I know what I can and cannot do. Also, you do not know my situation. I can’t get a border, as the person living with me has two kids and is disabled. Do I kick my best friend of over twenty years in the street?  No!!!!

You are right about one thing; I should never have been given the loan counting on overtime. But then who in there right mind thought that the next great depression was just a couple of years away.  You have to realize that my house value has lost 75,000 or one fourth the value of my home. Am I the only one responsible for this or are the bankers and the Fed just as culpable as I am. If you have watch the "crash course" documentary you would know this answer! 

Most folks cannot afford house prices and were deperate to get in; figuring they could take the equity and refinance later-wow! not only no later, complete collapse. If you really look at the way the system is set up you can see it was all a ponzi scheme to begin with. I myself can take the loss, but it would be devastating to my friend and her kids.  The stress for both of us has been unbelievable.

So am I to watch banks get billons of  tax payer money and spend it on stock dividends, bonuses for brokers, buying other companies while they let millions default? These bankers have access to free money at no interest and tax payer bailouts and the Federal reserves printing presses. I don’t have access to any of these, but you chose to chastise me??? The bankers propagate this type of scam to get richer and richer. I think you need to look else where for your causes. At least I didn’t lie about anything in my application. The bankers knew exactly what my income was.

I think you need to educate yourself some before the condesending attitude! This country is in great peril and I have tried to wake up many only to find they are more interested in not knowing or finding blame in someone else. 

[/quote]

Hey Investorzzo  – calm down there.

SkylightMT was not being negative and certainly not condescending!

While those of us who have read your posts are sympathetic to your plight, you have to shoulder a big portion of the blame. Taking out a home loan and counting on continuous overtime to pay the mortgage was, plain and simple, not a smart move!

Nevertheless, SkylightMT was trying to offer suggestions that may have been of help. Neither SkylightMT, nor the rest of us, had any knowledge of your boarder so don’t go attacking over something no one knew anything about!

If you come to this site willing to listen to the combined knowledge of hundreds of good people, you may get lucky and get some good advice. Come here and start attacking those who are trying to help you and you will lose out real fast.

I, for one, am immediately turned off by your attitude and have no interest in offering any advice.

  • Tue, Jan 27, 2009 - 03:03am

    #14
    castlewp

    castlewp

    Status Silver Member (Offline)

    Joined: Oct 07 2008

    Posts: 136

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    Re: Warning! Warning! Warning!

[Edited for same reason as original post of quoted material]

 

Frankly, Investorzzo I am offended by your remarks.  We haven’t even spoken to each other.  We help people every day modifiy their loans and I wanted to reach out to see if we could help you.  Am I missing something??

Unbelievable! 

For the record we are a reputable company that help many people everyday modify their loans so that they can stay in their homes and avoid foreclosure.

I won’t make the mistake to offer you assistance in the future.

  • Tue, Jan 27, 2009 - 03:22am

    #15

    investorzzo

    Status Platinum Member (Offline)

    Joined: Nov 07 2008

    Posts: 634

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    Re: Facing Foreclosure!

SamLinder, As stated before, I know my part in this problem. perhaps it’s best I leave here. I am in a tough spot and have a short fuse these days. I will not post again, as It seems that I am not helping the situation. I hope others can get some help in the topic started, as this was my main goal. Take care all, investorzzo

  • Tue, Jan 27, 2009 - 04:15am

    #16

    SkylightMT

    Status Bronze Member (Offline)

    Joined: Sep 30 2008

    Posts: 37

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    Re: Facing Foreclosure!

I really didn’t mean to be condescending. I meant to be realistic. We’re struggling, too… it took me a while to realize that my energy would be better spent trying to figure out how to keep the house and make ends meet without counting on any help from the bank.

Before Christmas, some mortgage companies had put a temporary moratorium on foreclosures. I guess that has been lifted now. But I think at some point, unless this country wants to see a huge increase in homeless people, the govt is going to have to mandate something similar. I can’t hold my breath for that, though.

  • Tue, Jan 27, 2009 - 05:06am

    #17

    Moderator John

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    Joined: Dec 26 2008

    Posts: 2

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    Re: Facing Foreclosure!

Two posts have been deleted. I would like to remind everyone to keep this civil, nonconfrontational, and appropriate. I would also like to remind everyone that should you feel there is an issue with another member, please contact us, the moderators, before posting your allegations. Most likely, it will be inappropriate, and that personal matter ought to stay between the two of you.

  • Tue, Jan 27, 2009 - 11:03am

    #18

    Vanityfox451

    Status Gold Member (Offline)

    Joined: Dec 28 2008

    Posts: 373

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    Re: Facing Foreclosure!

Hi investorzzo,

I should have added a fourth to the list I wrote to you earlier. Please don’t get angry with people writing suggestions as there are many people in very much the same situation as you are on this site. I’ve found out very early on when ‘writing’ to people rather than just reading comments that, how everyone is dealing with this differs from one to another and manifests itself in many and varying ways. Don’t give up this thread and Don’t give up on this site either. What I’ve found is a community here that actually defends each other with a considerable amount of thought. If you act like a phoney, they’ll find out soon enough. There is nothing phoney about you or your situation, you’re just damn scared out of your mind and feel out of control.

In all honesty, the banks pretty much have all this wrapped up and watertight. They’re going to run you through hoops of fire and red tape, rules and regulations until your spinning on the spot. That is what they’ve always done when reccession hits and no different from the 90’s in England when friends lost houses and their credit cards after being lulled into a false sense of security.

I want to help you to think what it is that you really value, not just stuff but your actual life. What are the most basic means you can live from, what do you really value – what risks are trully worth taking – can I set a plan from the worst case senario – have I fully visualised what the future is rationally rather than trying to protect but one option in which you yourself agree that the house is now beyond your means.

It isn’t about winning or being seen to win if the dice are loaded against you, but taking on the chin a big wack of reality and facing this subtle set of truths. 

This short film of just 1 minute and 49 seconds pitches the question I think you know the answer to :-

http://www.youtube.com/watch?v=biP2JOf5euo&feature=channel_page

Take Care,

Paul

 

  • Tue, Jan 27, 2009 - 11:56am

    #19

    Vanityfox451

    Status Gold Member (Offline)

    Joined: Dec 28 2008

    Posts: 373

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    Re: Warning! Warning! Warning!

Hi Castlewp,

I too, understand your exasperation at offering help and then feeling that the help was offered to someone undeserving, but this a time that will go down in history as one of the greatest crashes of all time, making 1929 look like a blip. Thats my opinion though many would still disagree on this site. The general public know so much less than even the most average member of Chris Martensons website and, they are trying hard in many ways to gain control of their lives after giving so much of their responsibilities by trusting a system with damn cruel ulteria motives. Through cause and effect you’re going to find many more people than Investorzzo, because this is really all but the real begining. Real life is getting more and more personal on this site like an invasion; rather than talking of countries and the bigger picture we’re talking of individuals.

Will you stand back and look at this situation after thinking through what I’m saying. You have this mans email account and hopefully he’ll know why you contacted him after reading this.

Even if I’m wrong, you know my heart is in the right place,

Take Care,

Paul

  • Tue, Jan 27, 2009 - 12:26pm

    #20
    castlewp

    castlewp

    Status Silver Member (Offline)

    Joined: Oct 07 2008

    Posts: 136

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    Re: Warning! Warning! Warning!

Vanityfox451,

I appreciate your post.  Every day more and more people are desperately trying to figure out how to get through this.  This is all collapsing so quickly and no one is prepared to what may happen next.  That is why I appreciate this site so much. Chris gives me a map of how to prepare for the next shoe to drop and most of the posters here are so very smart.  I am so out of my league but want to contribute in any way that I can.

This is a serious, serious time we live in and unfortunately many will suffer.

Bill 

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