Mortgage Scandals (22)
amahlala: I just watched this on 60 minutes and wondered how many have been affected by this in the US?
(the next housing shock)
I applied for a mortgage online from a co in PA. back in 1999 @ 8.5%. They put me through the ringer. No sooner did I close on the house then they had sold my mortgage to Countrywide. While at Countrywide I did a re-fi to 6.25%. Countrywide got bought out by Bank of America and I'm thinking of doing another Re-Fi to 4% to take advantage of these low rates. Now I'm wondering where my mortgage docs are.(the next housing shock)
I think I'll call Bank of America to check.------ This thread is Archived ------
amahlala: I just watched this on 60 minutes and wondered how many have been affected by this in the US?
(the next housing shock)
(the next housing shock)
I'm fortunate, the former owner of my home accepted cash!
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ooby_dooby: I applied for a mortgage online from a co in PA. back in 1999 @ 8.5%. They put me through the ringer. No sooner did I close on the house then they had sold my mortgage to Countrywide. While at Countrywide I did a re-fi to 6.25%. Countrywide got bought out by Bank of America and I'm thinking of doing another Re-Fi to 4% to take advantage of these low rates. Now I'm wondering where my mortgage docs are. I think I'll call Bank of America to check.
I remember going through something similar when I bought my house in Alaska. The original mortgage company was based in Washington and less than a month in the house they had sold my mortgage to a company in Florida. I managed to call the original loan company and got my mortgage sold back to a mortgage in Alaska. I hated the idea of my mortgage being owned by a small company in another state clear across the country. Each time my mortgage was sold; I would fight to get back to a local mortgage company. In the six years I owned the house, my mortgage was sold approx. 15 times.
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Paldi5: I'm fortunate, the former owner of my home accepted cash!
Which is great but very few individuals are fortunate enough to have that type of cash....
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amahlala: Which is great but very few individuals are fortunate enough to have that type of cash....
Nor would it be wise to put that much cash into real estate especially post 2008.
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ooby_dooby: Nor would it be wise to put that much cash into real estate especially post 2008.
Prob right, on the other hand cash in the bank money market yields less than 1 percent and a mortgage was about 6 percent at the time.
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Paldi5: Prob right, on the other hand cash in the bank money market yields less than 1 percent and a mortgage was about 6 percent at the time.
And yet it seems as if the housing market is now stagnant and will be for years to come.
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I seen the same thing on sixty minutes. I did not like the way they were falsifying the documents. That is just down right scarey that they would think that would be ok. They sure made me jump hoops to get all my correct paper work and a lot of paper work at that.
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Happygolucky4u: I seen the same thing on sixty minutes. I did not like the way they were falsifying the documents. That is just down right scarey that they would think that would be ok. They sure made me jump hoops to get all my correct paper work and a lot of paper work at that.
I know, I think that it is even worse that they can push false documents through the court system and get away with it. I can guarantee that if I tried, I would go to jail and be fined but these companies are getting away with it.
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In Ireland the situation is so bad that there's no point in reposession. There are so many empty houses and ghost housing estates that the banks could not sell the houses they reposess.
All the dodgy documentation was done here too. House prices are expected to drop another 35% over the next 2 years. They are already at least 40% down from their peak. But nobody is actually prepared to say what the average house price is. Nobody knows.
At some point they will have to demolish thousands of brand new unused homes to stop the freefall in the market.
There's a sort of feeling of unreality all around the place like we just can't grasp what's happened. We all get up and live through another day because it's what we've always done.
All the dodgy documentation was done here too.
House prices are expected to drop another 35% over the next 2 years. They are already at least 40% down from their peak. But nobody is actually prepared to say what the average house price is. Nobody knows.At some point they will have to demolish thousands of brand new unused homes to stop the freefall in the market.
There's a sort of feeling of unreality all around the place like we just can't grasp what's happened. We all get up and live through another day because it's what we've always done.
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Godsgift: In Ireland the situation is so bad that there's no point in reposession. There are so many empty houses and ghost housing estates that the banks could not sell the houses they reposess.
All the dodgy documentation was done here too. House prices are expected to drop another 35% over the next 2 years. They are already at least 40% down from their peak. But nobody is actually prepared to say what the average house price is. Nobody knows.
At some point they will have to demolish thousands of brand new unused homes to stop the freefall in the market.
There's a sort of feeling of unreality all around the place like we just can't grasp what's happened. We all get up and live through another day because it's what we've always done.
All the dodgy documentation was done here too. House prices are expected to drop another 35% over the next 2 years. They are already at least 40% down from their peak. But nobody is actually prepared to say what the average house price is. Nobody knows.
At some point they will have to demolish thousands of brand new unused homes to stop the freefall in the market.
There's a sort of feeling of unreality all around the place like we just can't grasp what's happened. We all get up and live through another day because it's what we've always done.
In some areas here it is like that, whole neighborhoods abandoned and empty...
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Godsgift: In Ireland the situation is so bad that there's no point in reposession. There are so many empty houses and ghost housing estates that the banks could not sell the houses they reposess.
All the dodgy documentation was done here too. House prices are expected to drop another 35% over the next 2 years. They are already at least 40% down from their peak. But nobody is actually prepared to say what the average house price is. Nobody knows.
At some point they will have to demolish thousands of brand new unused homes to stop the freefall in the market.
There's a sort of feeling of unreality all around the place like we just can't grasp what's happened. We all get up and live through another day because it's what we've always done.
The United States is big so I cannot speak for all but here in my area we have a lot of vacant houses tooAll the dodgy documentation was done here too. House prices are expected to drop another 35% over the next 2 years. They are already at least 40% down from their peak. But nobody is actually prepared to say what the average house price is. Nobody knows.
At some point they will have to demolish thousands of brand new unused homes to stop the freefall in the market.
There's a sort of feeling of unreality all around the place like we just can't grasp what's happened. We all get up and live through another day because it's what we've always done.
They stay unkept and turn into safety hazzards in the neighborhoods. And our amount of homeless have increased the last three years. When you live in an area with a lot of vacant homes it seems to drive the value of your home down. I do not have alot of homes around me. But the one right next to me is going through forclosure has been over a year. I live in the city and we have codes to follow so I try and make sure that it don't get so bad the wild life starts coming over into my area. ------ This thread is Archived ------
amahlala: I know, I think that it is even worse that they can push false documents through the court system and get away with it. I can guarantee that if I tried, I would go to jail and be fined but these companies are getting away with it.
Did you hear the part where the banks talked about trying to do a settlement where it would be easier to take peoples homes without the documention and going back to court. Somehow or another they will see to it the public pays for it. I do not doubt this for a minute 
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Happygolucky4u: Did you hear the part where the banks talked about trying to do a settlement where it would be easier to take peoples homes without the documention and going back to court. Somehow or another they will see to it the public pays for it. I do not doubt this for a minute
I heard that, it sickens me. They will find a way to ensure that they don't have provide documentation and the public will get stuck with all the costs...
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amahlala: I heard that, it sickens me. They will find a way to ensure that they don't have provide documentation and the public will get stuck with all the costs...
The public will only get stuck with all these cost's if, the public is stupid enough to let it happen, people so keen to make baby's & set-up homes, these are the people who will pay, our children, the banks etc will wait till the next wave of newly- weds, green about what has gone in the past, then hit them with high interest & fee's, & the Governments will do nothing, same around the world, people should just put there money in the bank & say we are not paying, & just rent for a wile,
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RobertGill: The public will only get stuck with all these cost's if, the public is stupid enough to let it happen, people so keen to make baby's & set-up homes, these are the people who will pay, our children, the banks etc will wait till the next wave of newly- weds, green about what has gone in the past, then hit them with high interest & fee's, & the Governments will do nothing, same around the world, people should just put there money in the bank & say we are not paying, & just rent for a wile,
While that could work, which banks and which credit unions? So many are still going under or being bought by other banks, how do they know that they will still have money? Renting does not always mean that they will be able to save money.
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amahlala: While that could work, which banks and which credit unions? So many are still going under or being bought by other banks, how do they know that they will still have money? Renting does not always mean that they will be able to save money.
I've heard people behind or underwater on their mortgages are fighting back.
They stop paying their mortgages and their taxes ans put that money into savings or hide it in the mattress. They know it can take up to three years for the mortgage company to take the house back. In the mean time they are living free and saving for their future!
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Paldi5: I've heard people behind or underwater on their mortgages are fighting back.
They stop paying their mortgages and their taxes ans put that money into savings or hide it in the mattress. They know it can take up to three years for the mortgage company to take the house back. In the mean time they are living free and saving for their future!
They stop paying their mortgages and their taxes ans put that money into savings or hide it in the mattress. They know it can take up to three years for the mortgage company to take the house back. In the mean time they are living free and saving for their future!
Must be those in the bigger cities then; I've not seen it in the smaller cities or the areas I've been in here. I have seen some forced out of their homes by court orders and the police, not a pretty site to see during an afternoon outing.
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amahlala: Must be those in the bigger cities then; I've not seen it in the smaller cities or the areas I've been in here. I have seen some forced out of their homes by court orders and the police, not a pretty site to see during an afternoon outing.
I know of two such situations of people playing the system as I described to save money ... and a ton of people declaring bankruptcy to prevent the court from taking their homes and fighting forclosure proceedings for years, not paying a cent while the process unfolds.
They should at the very least pay rent (or an adjusted mortgage amount) if they won't pay their mortgage payment. Living scot free isn't fair.
Put another way, if I rent my house or apartment to someone who loses their job, I would have a right to evict them if they stop paying me my rent. I have a mortgage on the building or the house and taxes to pay and if something breaks I'll have to fix it too... even though they are not paying rent. It's unfair. Not my fault they lost their job.
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Created: Apr 2011
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(the next housing shock)