Anyone else facing financial ruin?
I've tried to resolve an issue regarding my mortgage but the lender refuses to help us. Therefore it looks like we're headed down the foreclosure highway. I've tried everything to bring us current but the "system" won't allow it.
Hilarious, really.
Ah well...
lol
Quote from: ice grillin you on August 04, 2011, 06:25:28 PM
Quote from: Rome on August 04, 2011, 06:17:28 PM
Anyone else facing financial ruin?
no
Same
Although I'm also not married and own no property...my car is completely paid off. I have one commitment in life and that's my daughter. I have a real appreciation for Clooney's character in Up In the Air. His back pack speal is good stuff.
Ryan: You know that moment when you look into somebody's eyes and you can feel them staring into your soul and the whole world goes quiet just for a second?
Natalie: Yes.
Ryan: Right. Well, I don't.
Quote from: Rome on August 04, 2011, 06:17:28 PMAnyone else facing financial ruin?
No, we're treading water. Not getting ahead, but not falling behind either.
Sorry to hear you're in trouble.
Stop paying your mortgage and stay in the house as long as you possibly can for free and bank that money you would have given to the bank. You'll need it for a security deposit, etc. File every goddamn appeal and delay you can possibly find. farg, once you're credit is ruined, there's no good incentive to do anything more than bleed the system.
They're just being obstinate pricks and I've had a mortgage with these iceholes for 15 years.
I already spoke to a real estate attorney acquaintance and he basically said exactly what you did, Dio.
Quote from: Diomedes on August 04, 2011, 07:02:30 PM
Quote from: Rome on August 04, 2011, 06:17:28 PMAnyone else facing financial ruin?
No, we're treading water. Not getting ahead, but not falling behind either.
Sorry to hear you're in trouble.
Stop paying your mortgage and stay in the house as long as you possibly can for free and bank that money you would have given to the bank. You'll need it for a security deposit, etc. File every goddamn appeal and delay you can possibly find. farg, once you're credit is ruined, there's no good incentive to do anything more than bleed the system.
This is pretty much where we are as well. Taking about a 3-4% hit in my take-home pay because of several laws being passed. Tightening the belt another notch.
Hope for the best for you, Rome.
Quote from: Rome on August 04, 2011, 07:04:44 PMI already spoke to a real estate attorney acquaintance and he basically said exactly what you did, Dio.
If you do it right, you can drag those bastiches out for a very long time. Of course, it requires you to do a lot of paperwork and research and keep extremely good records....but it can be done. I heard a news report of a woman who had been at it for I don't remember exactly how long but ten years rings a bell.
I recall reading a story like that too, Dio.
Good luck Rome - sorry to hear about this.
Bam. 25 years. (http://online.wsj.com/article/SB10001424052748703865004575648900250047766.html)
Quote"They're not going to take this house," says Ms. Campbell. "I intend to stay in this house and maintain it as my residence until I die."
lol...anyone doubt her?
My brother went through it when the bubble first popped. He got hurt at work and things snowballed. Sorry to hear about it, but just keep in mind it is a temporary thing, with focus and some work you will be fine again, you're not alone and once you get to the point you are at, you begin to move on and put it all in your rear view.
From that article, it sounds like Florida is a good place to make the process painful as shtein for the lenders.
I was just outside of Tampa (New Port Richey), and I couldn't believe how low the property values are. Unfortunately for the current residents, it looks like a buyers' market.
Quote from: Rome on August 04, 2011, 06:17:28 PM
Anyone else facing financial ruin?
I've tried to resolve an issue regarding my mortgage but the lender refuses to help us. Therefore it looks like we're headed down the foreclosure highway. I've tried everything to bring us current but the "system" won't allow it.
Hilarious, really.
Ah well...
Will they let you do a short sale or have you tried? It's a better option than letting it go completely (depending on your loans and the state you live in: some creditors can go after you for the difference from what you owe and short sell it for, and for lines of credit).
I know, there have been changes to the mortgage industry, but it used to be that if you forclosed, you could get a loan in your name after 3-4 years...now I believe it is 7 years. If you short sale, you should be able to get an FHA loan 2 years after the short sale closes.
Talk to a local realtor and lender and they could confirm this for you. Check with your state association of realtors website and see if there is info regarding the short sales.
You still don't have to pay, short sales can drag out...and you don't have to be crucified for an 'effed up financial situation...7 farging years, that's a joke.
Quote from: Susquehanna Birder on August 04, 2011, 10:22:00 PM
I was just outside of Tampa (New Port Richey), and I couldn't believe how low the property values are. Unfortunately for the current residents, it looks like a buyers' market.
My coworker just moved to Tampa, from the SF Bay area. He is calling on Publix HQ for us and is now living like a king compared to what he had in Nor Cal.
Sorry about your situation Rome. Living in Hawaii my whole life I have experienced the true perils of the high cost of living. Even with the real estate disaster, homes here are still off the charts. I have many friends making good money but they live paycheck to paycheck just to survive here. My brother is going through a divorce and has to move in with my parents. His son is heading off to college, daughter in private school, he's struggling.
I got hit pretty good by Uncle Sam this year on taxes and my wife had some medical bills. We tried to make a loan to pay some things off and the bank never called back to even reject us. Just blew us off like we didn't exist. I was so pissed off. Fortunately we were able to clean things up but did we ever have to cut back and watch every penny.
I'd have to think things are pretty messed up in Florida real estate wise that the lending institution has so much going on you could drag these pricks out for awhile.
I just can't believe the system is set up to almost ensure people walk away. I guess these clowns got their bailouts and aren't really interested in helping people keep their homes.
My wife is seriously freaking out over this, though. I feel bad for her mostly because I couldn't care less if they take it. The reality of the situation is pretty simple to me. We make "X" and that's not enough to continue paying a mortgage we received when we made "2X".
They either don't care or are simply saying, fine, we'll foreclose, sell the property for whatever we can get then issue a deficiency judgment against you and you'll owe us for the rest of your lives.
Good luck with that.
Quote from: Rome on August 05, 2011, 07:42:24 AM
then issue a deficiency judgment against you and you'll owe us for the rest of your lives.
Good luck with that.
When you horde that money you don't pay in mortgage payments, don't put it into any account that can be attached. A safe deposit box is a good investment. The important thing is to keep making the payments "to yourself".
While I don't support sharing personal problems with these goddamned hyenas, my undersized heart does go out to you Rome.
I'm not surprised to read that your wife is the one really freaking out and your situation is exactly why I jumped at the chance to move to bumblefarg central Virginia. The ladyfriend and I make a good living and there's no immediate threat to either of our jobs, but neither of us are motivated by money or lofty career aspirations and because of that I have a tendency to tell people in high places to eat shtein, which means that at any given moment my mouth could get me fired. I didn't want to be stuck in Boston or DC paying a Boston or DC mortgage and find myself suddenly out of a job. There's no way we could have made it through that and kept a five hundred thousand dollar house. So Richmond happened.
Anyway, I have nothing to add beyond what you've already been told by Dio and everyone else. If this shtein is going to ruin your credit anyway, farg them. Don't pay another cent and make them eat shtein the whole time. The system is rigged and they deserve a nice fat fist in their ass.
So it turns out I got an absolutely fantastic bit of news this morning. After all the nonsense that transpired yesterday I called back this morning and because I'm now "three" months behind I've automatically been placed into the loan modification program. I'm still not permitted to make payments unless I bring it completely up to date, but there's no incentive to actually pay anything until a decision is made which should take up to six months.
Laughable, right?
And by "three" I mean actually one and a half, but not really because I have the money to be up to date but they won't take that until I'm actually five months behind.
No, I'm not kidding.
Huh?
It will take forever for you to actually get booted. Keep paying your other bills and hoarding cash as possible.
Quote from: rjs246 on August 05, 2011, 09:34:38 AM
While I don't support sharing personal problems with these goddamned hyenas, my undersized heart does go out to you Rome.
I'm not surprised to read that your wife is the one really freaking out and your situation is exactly why I jumped at the chance to move to bumblefarg central Virginia. The ladyfriend and I make a good living and there's no immediate threat to either of our jobs, but neither of us are motivated by money or lofty career aspirations and because of that I have a tendency to tell people in high places to eat shtein, which means that at any given moment my mouth could get me fired. I didn't want to be stuck in Boston or DC paying a Boston or DC mortgage and find myself suddenly out of a job. There's no way we could have made it through that and kept a five hundred thousand dollar house. So Richmond happened.
RJS is a real human being, and by proxy, a Hoyda.
just make more money....thats what id do
I know a couple of people in your situation Rome, one friend in FL hasn't made a payment in about 2 years. Sucks that's just the state of affairs for so many people today, good luck with everything. At least you have other important things going for you, it sounds like you're blessed with a marriage so many people would be envious of.
She'll hate him when they move into an alligator infested trailer park.
Seriously though, that sucks man. I rent but I've still really been feeling the pinch since moving to Cali. This is the worst state to live in during a recession and instead of moving me out, they're moving me to SD which is only 3x more expensive to live in than the shteinhole desert town I'm in right now. Good times. If you need to, come out to SoCal and you can move into the refridgerator box that squaw and I will be living in. Farg it...I might just move to TJ and commute every day.
The 401k took an ass whipping today.
Ouch.
which is why SS should obviously be privatized into 401K's, same with those with pensions.
Speaking of pensions, the country is so far in debt now that they are looking to take away the traditional military pension and replace it with a more "civlianized" model. (http://www.cbsnews.com/stories/2011/08/15/eveningnews/main20092652.shtml)
I love what I do and I do get paid a fair (but less than my civilian counterparts) wage and put up with a lot of extra bullshtein that most civilians never have to worry about. We have physical fitness standards, weight standards, appearance standards, moral standards and we are, for the most part, considered property during our service rather than people. The job literally is 24/7. If it's 3am and one of my Marines gets in a car accident, I get a phone call. If someone doesn't show up to work, I have to look for him....check his barracks room or go to his house and call his friends or family. Most people have 1 job, 1 area of responsibility in their work place. I have a dozen....and I consider myself under tasked in comparison to some of my peers. I work in logistics and I work every aspect of logistics...transportation, facilities, supply, shipping, receiving, tracking, inventory, fiscal management, weapons accountability, fleet vehicle management and maintenance and safety. I'm also teaching juniors not only how to do their job but everything that they are required to know as Marines. I'm their mentor, leader and parent. I have to know what's going on in their lives, what's going on with their families, be aware of any personal problems they might have. I have to know where they are going over the weekend and how to get a hold of them. I'm a substance abuse officer so I get to collect bottles of piss almost every day and send it off for testing. I get people treatment when they have alcohol related incidents like DUI's or get into bar fights which also happens quite often with Marines.
I easily do the work of a dozen civilians and I do it for a fraction of what their combined salaries would be. Not to mention all of the extra work that I'm required to do that civilians don't have to worry about. Does your boss know or care about your personal life? Is he required to know where you are during non-working hours? If you got into a car accident in the middle of the night, would your boss be the first one at the hospital? Does your job require you to stay at work for 24 hours, making security checks every 2 hours....and then go back and do your regular job the next day?
I won't even get into deployments and time spent away from home.
Anyone on this board (or elsewhere) who has served can tell you about all of the bullshtein that we put up with. We don't do it to get rich. We do it because, for the most part, we love it. And while money isn't a motivating factor in my decision to have spent the last 17 years in uniform, the main reason I've stuck around this long is because I've been told that if I give 20 years to this farged up country that I'd be taken care of for the rest of my life starting the day after I retire. I'd have a nice pension...not enough to live on, but enough to help keep my head above water should civilian employment opportunities be hard to come by. Good thing we have a thriving job market, amiright?
And now these fargers are talking about taking it away to save money when they're the ones who put our economy in the crapper in the first place? Farg them. How about instead of taking away the benefits that I and hundreds of thousands of others have busted our asses for you start chopping away at the pensions and bonuses that corporate execs and Wall St fat cats like to give each other? Maybe Congress could save a few bucks by not giving themselves ridiculous raises every year and only showing up to work 30% of the time.
There are people in the military right now who have served 10 years....half way to retirement....and have no clue what it's like to serve during peacetime. They've made 3, 4 and 5 trips over to those 2 shtein hole countries and been shot at, blown up, slept in dirt, lived in tents with no a/c while it's 120 degrees outside and have watched friends and peers be maimed and killed right in front of them. And some DC pricks want to tell them to wait until they're 65 before they can collect a pension? Guess what? A person who serves 20 years on active duty in the military has a life expectancy approximately 3-5 years less than everyone else and it's even less when exposed to combat. Civilianizing military retirement will practically eliminate pensions all together because a lot of retirees will kick the bucket before they even collect a single check. And the ones who stick around long enough to see it probably won't get to enjoy it very long either.
Dicks.
Gotta love it when they say everyone has to sacrifice, but they leave that upper 2% out of "everyone"...while they screw over middle class workers like teachers, cops, and soldiers....good stuff :yay
They force you to retire in the military after 20 years, so you have no choice. It's not like you have time to go to school or learn a trait while you're in the service, so basically they want to say thanks for your 20 and see ya later. Crock of shtein.
I work for the VA (military retirement is a DOD benefit run by DFAS) and there is a ton of shtein I'd cut before cutting active duty retirement pay. Start with family members getting VA benefits. You didn't serve, you don't deserve shtein.
I want to know how you can learn a trait?
That wasn't in the AD&D rules I played by.
Quote from: SD on August 19, 2011, 07:22:28 PM
They force you to retire in the military after 20 years, so you have no choice. It's not like you have time to go to school or learn a trait while you're in the service, so basically they want to say thanks for your 20 and see ya later. Crock of shtein.
I work for the VA (military retirement is a DOD benefit run by DFAS) and there is a ton of shtein I'd cut before cutting active duty retirement pay. Start with family members getting VA benefits. You didn't serve, you don't deserve shtein.
Does this include immediate family, ie your children? And by benefits are you talking about health care or something else?
No I'm talking about spouses after the veteran is deceased and not health care I'm talking comp and non-disability pension. Children under the age of 18 I can understand for the most part but why do spouses get VA benefits? You marry a veteran and now you get a benefit for the rest of your life? Bullshtein. If the husband/wife was kia then yeah they should get benefits but just because you're married to someone who was in the military you shouldn't be able to benefit from that for the rest of your life. Most of the people I deal with are ungrateful to begin with. And it's always the spouse or their adult children, never the veteran who is always thankful that they're getting anything.
Ah got you. Yeah I think I can agree with that type of stuff.
Both of my mothers parents were in the army but I'm still not sure what all benefits they got. I know the army pays for my grandmother's medical bills.
The sense of entitlement some people have is sickening. Being an army brat allowed me to see it up close an personal how some people milk the system.
Being it was my step-dad who served my benefits would have ended when I turned 18 but they got divorced prior to that.
One benefit I still have is that I was a USAA member and retained the ability to be a member. I have just about everything through them. Awesome company.
Quote from: PhillyPhreak54 on August 19, 2011, 11:42:18 PM
One benefit I still have is that I was a USAA member and retained the ability to be a member. I have just about everything through them. Awesome company.
Same. My dad did his 4 years in the Navy before I was even born, and I get to use the best bank and insurance company on the planet.
Also LOL at my retirement savings!
Quote from: FastFreddie on August 20, 2011, 06:57:03 AM
Quote from: PhillyPhreak54 on August 19, 2011, 11:42:18 PM
One benefit I still have is that I was a USAA member and retained the ability to be a member. I have just about everything through them. Awesome company.
Same. My dad did his 4 years in the Navy before I was even born, and I get to use the best bank and insurance company on the planet.
Also LOL at my retirement savings!
I opened an account with them but never used it. How do you cash checks through them since they don't have any branches.
They have a "Deposit@Home" feature. I used to scan them in, but now I just take pictures with my iPhone. You can also use certain Android devices.
Or, they will send you prepaid envelopes if you prefer.
So no ATM fees either? I'm with BOA but they've been nickle and diming me over petty shtein for years.
They reimburse ATM fees up to $15/month.
Yeah $15/month and it's great to not have to worry about fees at ATMs.
Their insurance rates blow everyone out o the water by a longshot.
I got my trial loan modification approved today. Basically they forgive whatever debt you owe since you last made a payment and they reduced my monthly payment by 250 bucks. They're also reducing my mortgage interest rate from 5.75% to 3.75% which isn't bad.
Nice. How long since your last payment?
June
Makes you wish you stopped paying 3 years ago, doesn't it?
I talked to my attorney tonight and he laughed out loud when I told him the amount. He said no farging way are you going to end up paying that much. Evidently everything is negotiable but he did say it's good that I got the approval because it shows that (1) they're interested in negotiating and (2) our credit isn't so wrecked that a modification is out of the question.
Wait, so you've gotten 4 months of "forgiveness" on your missed payments, got your monthly payments reduced about $250 and 2% dropped in interest and the lawyer is laughing at it?
Obviously I'm on the outside looking in and don't know the particulars of your finances, especially your mortgage payment, but I'm not understanding how that is something to laugh at? Does he think you'll get your mortgage payments cut in half or get your interest rate reduced to < 3%? I mean, good on him (and you) if you're able to squeeze more out of whatever bloodsucking bank is financing your home, but the offer you got seems like a pretty fair deal.
Just out of curiosity, what's in it for the lawyer? He's not doing this pro bono, is he? I imagine he's getting x% of the amount of money he saves you, right? Because you'd just be robbing Peter to pay Paul. Or is he just charging a flat fee?
I think Rome should get to live for free wherever he chooses. Hopefully in my master bedroom as the inside spoon.
He's not charging me a dime. It's a pro bono deal.
And I'm not complaining about my lot here, just relaying what he said to me when I informed him what the bank offered.
I will have to pay the three trial payments regardless, and that's fine.
PS: Inside spoon IN.
You'll give him a six pack or something though, right? I mean, if he does right by you.
You don't have money, but maybe let your wife sleep with him. That kind of thing?
He's gay. Maybe you could help a brotha out?
maybe they still have catholic school girl outfits in the house