Bank Of America starts mortgage reduction effort

here

Quite honestly, this gets under my skin a little.

I have always been very responsible, never overspent, built a great credit score, and worked my butt off to never miss a payment and take care of my family.

The message I get from the whole mess is that I was a dummy for doing it right – and if I was a irresponsible deadbeat, the banks would be lining up to give me $$……

Yeah – this makes me a little disgruntled……

T

Welcome to America. Take care of those to DUMB to care for themselfs, and do nothing for those who did the right thing. This country really makes me sometimes.

Dang, stupid me for not living beyond my means, I did not realize I would be rewarded…

So John Doe doens’t pay his mortgage to BAC and will get some ‘forgiveness’, I pay my BAC loan on time, every time and I not only don’t get squat, I have the sneeking suspicion in one way or another (or both) I end up paying for his ‘forgivness’ too.

unless they are coming in your back door and stealing your money.. your mortgage will not change, so your not paying for it… some people who are not deadbeats, will be helped by this, but unfortunately, the deadbeats will too…. if there is a program to help people who really need it, those who don’t deserve it will spend all their time and energy to get in on it. On another note, how can some people (no names) go through life so negative about EVERYTHING they see ???? that has to be miserable …not ???

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Quite honestly, this gets under my skin a little.

I have always been very responsible, never overspent, built a great credit score, and worked my butt off to never miss a payment and take care of my family.

The message I get from the whole mess is that I was a dummy for doing it right – and if I was a irresponsible deadbeat, the banks would be lining up to give me $$……

Yeah – this makes me a little disgruntled……

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I agree!! I went to my bank and other banks a few times to refi my house when money got tight from medical bills. Long story short, I was up side down on value (just like 80% of the population), and was basicly turned away because every payment had been payed on time, so I didn’t qualify for interest rate reduction . Talk about urine a guy off!! All the money we pay into the gov’t and we need a little help and try to use these “programs” to keep a float and they are written so only the irresponsable people can use them! Grrrrr….(rant over)

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Long story short, I was up side down on value (just like 80% of the population), and was basicly turned away because every payment had been payed on time, so I didn’t qualify for interest rate reduction . Talk about urine a guy off!!

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Have you checked recently? The HARP 2.0 program is in effect, and you should be able to do it now. We were in the same situation–excellent credit, always paid on time, but because house values dropped so much, they wouldn’t refi us because we owed more than the house is worth. With HARP 2.0 taking effect now, we were recently able to refi from 6.625% to 4.000%.

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Have you checked recently? The HARP 2.0 program is in effect, and you should be able to do it now. We were in the same situation–excellent credit, always paid on time, but because house values dropped so much, they wouldn’t refi us because we owed more than the house is worth. With HARP 2.0 taking effect now, we were recently able to refi from 6.625% to 4.000%.

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That is good info right there, I am at about the same rate right now that you were at and will try again to get a refi to a lower rate.

The responsible among us must subsidize the poor choices of the irresponsible. We are a collectivist society. Forget about those antiquated ideas of individual responsibility, personal liberty, economic freedom and frugality. Remember boys and girls, it takes a village. It’s the new American way.

Based on my readings it was a poor choice to initiate the loans in the first place.

The banks hung themselves thinking home values would continue to climb and handed out money like candy on Halloween.

Now they’re stuck with a bunch of worthless properties that
they’ll get a nickel on the dollar if they sell.

Don’t hate the players………..

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Based on my readings it was a poor choice to initiate the loans in the first place.

The banks hung themselves thinking home values would continue to climb and handed out money like candy on Halloween.

Now they’re stuck with a bunch of worthless properties that
they’ll get a nickel on the dollar if they sell.

Don’t hate the players………..

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Damned right I blame the players in this. Every bit as much of the blame lies on the backs of the people that signed on for the loans…… Personal responsibility and common sense should be the trump card.

Just because a bank will loan you 400,000 on a 75,000 income does NOT mean you should sign the loan. I could have had a home loan that buried me – and the banks would have allowed it, but I am not SO DUMB as to think I could afford a massive payment on my salary.

T

Yup
when you’re one of the good guys, it’s easy for to feel like a sucker in this world.

I hang my hopes on a reward much greater than any bank or piece of soil can provide

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Long story short, I was up side down on value (just like 80% of the population), and was basicly turned away because every payment had been payed on time, so I didn’t qualify for interest rate reduction . Talk about urine a guy off!!

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Have you checked recently? The HARP 2.0 program is in effect, and you should be able to do it now. We were in the same situation–excellent credit, always paid on time, but because house values dropped so much, they wouldn’t refi us because we owed more than the house is worth. With HARP 2.0 taking effect now, we were recently able to refi from 6.625% to 4.000%.

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I believe that this only applies to Fanny Mae Or Freddy Mac loans. Unfortunately I am in the same boat in that I have no late payments, credit score above 800, had over 60,000 in equity when i bought the house, and still can’t refi without a down payment.

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I believe that this only applies to Fanny Mae Or Freddy Mac loans. Unfortunately I am in the same boat in that I have no late payments, credit score above 800, had over 60,000 in equity when i bought the house, and still can’t refi without a down payment.

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You’re right, but Fannie and Freddie buy a lot of loans. I wasn’t even aware that they owned ours till I checked at the advice of our financial planner.

It’s easy to check:
Does Fannie Mae own my loan?
Does Freddie Mac own my loan?

We are forgetting a few things here as we condemn. One, BAC was accused of ‘shady’ marketing principles in many of these deals convincing many unsuspecting people that the re-fi or interest only deals they were peddling were in their best interests when they clearly were not.

So some of these recipients now were wrongly sold in the first place.

Also, the article indicates that to qualify, a person has to be timely with their payments, it does not appear that they are forgiving deadbeats.

And then let’s not forget that many ‘deadbeats’ are now unemployed due to the downturn in the economy.

Ok, I’ll shut up now and let the flogging resume!!

ET

Ok, the flogging continues

Cougareye – I fully agree that there are some hard luck cases out there that need assistance. Economy, loss of income, etc…it does happen.

My sympathy ends when it is a case of people buying something they can’t afford – regardless of how it was sold to them. Personal responsibility seems to have left too many in the dust….. The bottom line is for years, too many people signed on the dotted line for homes that were above their level of feasibility – and if they did that, then THEY ARE DUMB.

Responsible people are left holding the bag.

There certainly were cases of people buying more than they could afford, and I don’t have sympathy to them, but many were victims in this scheme devised by BAC and other lending institutions.

Since BAC was found at fault in these cases, they are now using some of the settlement money to forgive some loans……

While this may bother some of you, what other alternatives would you propose BAC do to offset its responsibility in these cases?

I agree with many of the things already said. My Uncle and I go back and forth about these same things atleast once every 2 weeks. Many people made poor choices, some were lied to, and others lost their jobs.

One thing we both agree on is that we need to find a way to fix it soon. This solution keeps people in their house and reduces their payments to something they can afford. If there are foreclosures in my neighborhood it brings my home value down, so I would rather see people living in them and paying for it.

I purchased my first house exactly one year ago yesterday. I mad a big down payment, kept my mortgage payment well within my means, and make sure I have a few months of payments in saving. I think I am doing it right and its tough to sympathize with the people that aren’t, but this sounds like a good solution.

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If there are foreclosures in my neighborhood it brings my home value down, so I would rather see people living in them and paying for it.

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I think I counted 6 in a 2-block radius from my house since we bought in 2007. It has killed the value of our home, but thankfully, the last one recently sold!

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I think I am doing it right and its tough to sympathize with the people that aren’t…

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It’s tough as hell for me to sympathize, but I just keep making that monthly payment and chipping away at that principal.

Just another step towards that Hope and Change we were promised…

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The responsible among us must subsidize the poor choices of the irresponsible. We are a collectivist society. Forget about those antiquated ideas of individual responsibility, personal liberty, economic freedom and frugality. Remember boys and girls, it takes a village. It’s the new American way.

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How is this any different that the Vikings Stadium Deal?

Government pays for ……

Dog

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Based on my readings it was a poor choice to initiate the loans in the first place.

The banks hung themselves thinking home values would continue to climb and handed out money like candy on Halloween.

Now they’re stuck with a bunch of worthless properties that
they’ll get a nickel on the dollar if they sell.

Don’t hate the players………..

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Damned right I blame the players in this. Every bit as much of the blame lies on the backs of the people that signed on for the loans…… Personal responsibility and common sense should be the trump card.

Just because a bank will loan you 400,000 on a 75,000 income does NOT mean you should sign the loan. I could have had a home loan that buried me – and the banks would have allowed it, but I am not SO DUMB as to think I could afford a massive payment on my salary.

T

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And how is the State of Minnesota going to afford $975M????

Very interesting comments on self – control, not over stepping your means, etc.

Yet there are so many people pounding this stadium deal thru when it makes zero sense.

Dog

I say we put the dope on the range. Shooting range that is.

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Cougareye – I fully agree that there are some hard luck cases out there that need assistance. Economy, loss of income, etc…it does happen.

My sympathy ends when it is a case of people buying something they can’t afford – regardless of how it was sold to them. Personal responsibility seems to have left too many in the dust….. The bottom line is for years, too many people signed on the dotted line for homes that were above their level of feasibility – and if they did that, then THEY ARE DUMB.

Responsible people are left holding the bag.

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Minnesota and Minneapolis Taxpayers – Bag holders!!!!!

Dog

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I agree with many of the things already said. My Uncle and I go back and forth about these same things atleast once every 2 weeks. Many people made poor choices, some were lied to, and others lost their jobs.

One thing we both agree on is that we need to find a way to fix it soon. This solution keeps people in their house and reduces their payments to something they can afford. If there are foreclosures in my neighborhood it brings my home value down, so I would rather see people living in them and paying for it.

I purchased my first house exactly one year ago yesterday. I mad a big down payment, kept my mortgage payment well within my means, and make sure I have a few months of payments in saving. I think I am doing it right and its tough to sympathize with the people that aren’t, but this sounds like a good solution.

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Let the market work itself out….I am buying from the banks and deadbeats, fixing them up, renting or selling them and making a nice tidy profit off of this mess. I would prefer no bailouts – let me work a few more out before the government realizes that there is money to be made off of this mess…. I really like the one’s where the deadbeats destroy the inside of the house, on the way out. Those go for about .10 on the dollar now. Love how they think anything that isn’t bolted down, is for the taking, when they aren’t making payments. If I had my way, I would charge them with felony theft, on their way out. Bad credit and a felon – true deadbeat now….

Dog

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I say we put the dope on the range. Shooting range that is.

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I think a famous rocker / outdoorsman would concur with your approach.

Dog

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Long story short, I was up side down on value (just like 80% of the population), and was basicly turned away because every payment had been payed on time, so I didn’t qualify for interest rate reduction . Talk about urine a guy off!!

---

Have you checked recently? The HARP 2.0 program is in effect, and you should be able to do it now. We were in the same situation–excellent credit, always paid on time, but because house values dropped so much, they wouldn’t refi us because we owed more than the house is worth. With HARP 2.0 taking effect now, we were recently able to refi from 6.625% to 4.000%.

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I believe that this only applies to Fanny Mae Or Freddy Mac loans. Unfortunately I am in the same boat in that I have no late payments, credit score above 800, had over 60,000 in equity when i bought the house, and still can’t refi without a down payment.

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I’m in exactly the same boat as you and had refinanced down to 4.75% (with closing costs) just 2 years ago through Wells Fargo. I stopped in a couple months ago when I was at the bank just to find out what current interest rates were with zero closing costs and found out I was able to drop from 4.75% down to 4.00% with Wells Fargo’s version of the HARP program (called 3 step I believe) Even if you think you don’t qualify I’d definitly look into it to find out for sure.

Profitting off others mis-fortune ??? Sounds like a kettle and biting a hand or something like that ??