Poor planning home 'buyers' might be getting more government aid... - Page 2 - GoFuckYourself.com

After Shock Media · 03-29-2008, 05:32 PM

Quote:

Originally Posted by Peaches

I'm not disagreeing with you - I'm saying that instead of fighting them, do you think tax dollars should be given to them in order to keep homes from going into foreclosure?

Oh hell no, OCWEN should not get shit. I am very anti bail out. I know it would hurt the economy. I also know that many companies were performing predatory loans moreso on ethnics than whites. What really chaps my ass is that OCWEN wants foreclosures, that is their business plan and always has been.

tony286 · 03-29-2008, 05:34 PM

Quote:

Originally Posted by Jake the King

tony404 - I love your dog!

thank you he was a good dog and very missed.

Peaches · 03-29-2008, 05:34 PM

Quote:

Originally Posted by After Shock Media

Oh hell no, OCWEN should not get shit. I am very anti bail out. I know it would hurt the economy. I also know that many companies were performing predatory loans moreso on ethnics than whites. What really chaps my ass is that OCWEN wants foreclosures, that is their business plan and always has been.

Just making sure we're on the same page

Like Sherm said, looks like a nice lawsuit begging to happen. I've got company bugging me to watch a movie but I'll read your thread tomorrow just to satisfy my real estate curiosity!

pocketkangaroo · 03-29-2008, 05:37 PM

Gerco, I understand your situation and feel for you. But blaming everything on a lender is not right. I think if you are going to spend that kind of money on a house, you should also spend a few hundred dollars on a quality lawyer to look through the terms and tell you what it means. Burying something on page 20 doesn't make it any less important than it being on page 1.

I would just say that it's best to chalk it up as a life lesson.

datatank · 03-29-2008, 05:38 PM

Quote:

Originally Posted by Elli

Maybe it's time to rent instead of trying to buy again? Rental prices should be fairly low, no?

I think with some many foreclosures the rental prices are actually high at the moment. Atleast thats what I am told about Las Vegas/Henderson

beemk · 03-29-2008, 05:38 PM

Quote:

Originally Posted by Gerco

Frankly, sherm, your talking out of your ass here.

I happen to be one of the people effected by this. I bought a home 2 years ago at 7.1%, The note was immediately sold to another bank, who has now raise the interest to over 12%. My mortgage payment went from 830.00 to over 1500.00 per month.. In the 2 years I have lived here, they have applied 127 dollars toward the principle. As my note stands now, the original amount I financed, 119.000 is now sitting at 124,000 after 2 years of paying. PLUS in the current market my homes value went from 138,000 to around 90,000.

This is why 11 homes currently are in the exact same situation as myself within 1 block of me. WTF are we to do? At the current rate I would spend something like 420,000 dollars on the home I bought for 119,000... What is going on is almost criminal at this point.

So you can take your opinions on this and shove them right up your ass for all I care.

that would be poor planning for not getting a 30 year fixed. did you try refinancing?

BobG · 03-29-2008, 05:39 PM

Quote:

Originally Posted by sherm

Ya... We need to start looking closer into our educational system. People have stopped being self reliant and have now turned to NEEDING a scapegoat for poor decisions. Smart individuals never make large uneducated decisions...especially when the stakes are as high as they are.

Some of the wisest words my father ever said: "Don't take somebody else's word for fact when they are handling your money."

Peaches...I'm glad I'm not alone here.

They're average Americans man. It's a bad situation.

After Shock Media · 03-29-2008, 05:40 PM

Quote:

Originally Posted by sherm

It sounds as is a class action lawsuit is in order then, if this is common practice on their part.

To collect on average less than 5.00?

Just as tubes use certain little loop holes or some Euro companies illegally license out material. They pretty much know that either it is to small of an amount to sue for with an attorney and they will bury you in legal fee's while doing it. Then assuming people do sue them, which they have. They get a tiny slap on the wrist financially and get to hit the reset button.

03-29-2008, 05:40 PM

Quote:

Originally Posted by After Shock Media

Sherm I respect everything you said. However there are just some banks such as the one he is talking about that are lower than scum and do not give a rats ass what the terms really are. Hell they will even do their best to twist shit and hope for small openings in a contract that anyone with sense would say WTF? They know damn well they have more money than you and will fight you tooth and nail legally until they own your house and you can not pay your lawyer to boot.

Of course...Fighting the man is impossible. Especially when the man takes baths in pools of $100 bills. There are some solutions that would just be too easy (global lender terms, universal plans, etc). However, the root of the problem with these banks selling off the loans has to do with too many people overextending themselves (assuming that once the interest jumps, they will be better financially), taking out huge home equity loans, not understanding their original terms, or just assuming that the market will be on a constant upswing.

I do feel for people with legit issues, like the ones you had to deal with. I also respect the fact that you took the time to dig yourself out of the hole. It's just that so many people are taking the approach that some in this thread are: "Fuck it.. I have enough cash for a new home. I'll scrap this shell and move on." I don't have it in me to have sorrow for 90% of the people who have had to foreclose on their homes. One must admit that the overall problem was poor planning, the inability to read the fine print, and the overall inability to grasp common concepts of economics. I am a person that had to deal with a loss a couple years back on a sale, and I accepted it. I just wish more people could do so instead of getting handouts at every corner of their life.

datatank · 03-29-2008, 05:52 PM

Quote:

Originally Posted by sherm

I am sorry to hear about your healthcare issues...I can relate to that 100,000,000%. I just wince when hearing anybody choosing foreclosure over playing ball when they have the means. It's because of these foreclosures that people like myself are sitting on properties worth $70,000 less than they were when they were purchased just 2 years ago.

Did you hear about that new law they passed in Vegas?
Im not 100% sure how it works but its something to the extent of if the bank agrees to take the quick sale price it will not report on your credit if you foreclose.

03-29-2008, 05:56 PM

Quote:

Originally Posted by datatank

Did you hear about that new law they passed in Vegas?
Im not 100% sure how it works but its something to the extent of if the bank agrees to take the quick sale price it will not report on your credit if you foreclose.

Good God.

slapass · 03-29-2008, 06:07 PM

Quote:

Originally Posted by Gerco

I understand what you are saying... I really do... But here is and example where I did not get a equity loan... actually I put about 20k in upgrades into the house after I bought it, case out of pocket... but this stuff for the most part is coming out with me... except for the new carpet, paint and 10k retaining wall I had built in my back yard. I got my house cheaper cause it needed work, and I did that work, and I did it with my own cash... then this crap happens and I'm out everything. So, am I a little pissed... yup. but now it's all left up to the lawyers who are fighting the case. Oh, and do a quick google of Ocwen... they are the ones who ending up with my mortgage... quite a story there in itself.

Take a peak your mtge is back down in the reasonable range. Yoiu could also get a 6% mtge today if you did all this work etc.. Seriously this type of story is all woe is me.

L-Pink · 03-29-2008, 06:08 PM

Questions/Observations

BANK .... to me this means a national or local company FDIC insured with locations that provide checking, investment services, loans, commercial divisions, etc .....

VARIABLE/ADJUSTABLE RATE .... a percentage over prime adjusted at predetermined periods of time ... quarterly, yearly, etc .... with a cap on the high end.

Who are you referring to when you say the "bank" screwed you? The brick and mortar locations with driver-in windows or what? An internet company ??? Wall St. paper pushers?

My commercial loan rates are going DOWN along with the prime. What caused the increase to 12%? Was it based on consumer price index, prime rate, etc ... or was it just a bad deal for those that didn't have an attorney at closing?

Honestly .....?

.

L-Pink · 03-29-2008, 06:12 PM

Also the banks I use when applying for a loan want written explanations why a cable bill is late. Who the hell lends money without even proof of income?

That alone tells me something is not right. How can the lender not verify what someone even makes?

slapass · 03-29-2008, 06:13 PM

Quote:

Originally Posted by Peaches

More than likely you will receive a 1099 for this. You will be paying taxes on it.

Nope they changed this law this. He will not owe taxes as if it was a gain.

Kard63 · 03-29-2008, 06:18 PM

BOOOOOO let them burn. I was responsible and I deserve the right to pick up some rental property on the cheap after the sky comes crashing down. Fuck you bail out mother fuckers!!!!

slapass · 03-29-2008, 06:18 PM

Quote:

Originally Posted by slapass

Take a peak your mtge is back down in the reasonable range. Yoiu could also get a 6% mtge today if you did all this work etc.. Seriously this type of story is all woe is me.

Sorry read further and sounds like a scam is happening.

Gerco · 03-29-2008, 06:55 PM

What part of Ocwen has totally fucked my credit did you guys not understand? I have talked with at least 15 lenders, and hear the same story every-time... My homes NOW not worth the 123,000 Ocwen is demanding in payout, If you call Ocwens number they now have a recorded message telling you that they do not accept ANY short sales anymore. So, I would basically be buying my house back for over 33,000 dollars above it's current value. Yes, I have the means to do it, but like I stated before, no I'm not going to. Ocwen has been fucking a LOT of people over for many years, this is nothing new... There are reports all over the web about them. I have had the calls, the harassment and more from this company. Now, it's in my attorneys hands. No, I will not owe a damn thing when I walk away. And I'm more than prepared to take it a step further if I have to. When it is all said and done I will make a fresh start of it. As much as they have fucked up my credit already... foreclosure and even bankruptcy would not be a bad choice, at least I would start with a clean slate. Meanwhile, the banks get richer, cause they get the bailouts AND the homes...

L-Pink · 03-29-2008, 07:05 PM

Gerco, educate me a little ... see post #63 .... thanks.

Jake the King · 03-29-2008, 07:05 PM

Quote:

Originally Posted by Gerco

What part of Ocwen has totally fucked my credit did you guys not understand?

Ocwen has been fucking a LOT of people over for many years, this is nothing new... There are reports all over the web about them. I have had the calls, the harassment and more from this company.

Funny how you only discovered this AFTER you decided to do business with them. Seriously, Ocwen has been fucking a lot of people over for many years and you allow yourself to do business with them? Maybe you should have considered this BEFORE you signed your loan contract you moron.

Fuck off and pay your bills!

After Shock Media · 03-29-2008, 07:09 PM

Quote:

Originally Posted by Jake the King

Funny how you only discovered this AFTER you decided to do business with them. Seriously, Ocwen has been fucking a lot of people over for many years and you allow yourself to do business with them? Maybe you should have considered this BEFORE you signed your loan contract you moron.

Fuck off and pay your bills!

Hey Jet, yes the same fucker who was banned.

Ocwen bought the note after the fact. He never started doing business with them by choice.

Gerco · 03-29-2008, 08:06 PM

Quote:

Originally Posted by L-Pink

Gerco, educate me a little ... see post #63 .... thanks.

Not sure that I can, I know that Lasalle Bank is the actual holder of the note, but they use this Ocwen company as a debt collector. Now, the really odd thing is the original note was sole to this Lasalle Bank, you immediately started to use Ocwen on me before I even made the first payment. Then, they started with the extra fees, I had to pay using their western Union speedpay, etc.

Gerco · 03-29-2008, 08:08 PM

Quote:

Originally Posted by Jake the King

Funny how you only discovered this AFTER you decided to do business with them. Seriously, Ocwen has been fucking a lot of people over for many years and you allow yourself to do business with them? Maybe you should have considered this BEFORE you signed your loan contract you moron.

Fuck off and pay your bills!

Jesus, someone find out this guys real name so I can punch him in the uterus.

marcop · 03-29-2008, 10:20 PM

Here's some investment advice: Buy low, sell high.

03-30-2008, 01:50 AM

Quote:

Originally Posted by Gerco

Jesus, someone find out this guys real name so I can punch him in the uterus.

Even I knew you had your loan sold.

This has actually been a pretty good thread. I love seeing the different views and experiences.

Gerco · 03-30-2008, 08:15 AM

Quote:

Originally Posted by sherm

Even I knew you had your loan sold.

This has actually been a pretty good thread. I love seeing the different views and experiences.

Seeing other experiences is good. What's bad is the shady shit thats been going down and putting people into this.

Sherm, I'm actually looking right now for a new place in Vegas, If you know of any good resources let me know.

crockett · 03-30-2008, 09:09 AM

Quote:

Originally Posted by Gerco

Frankly, sherm, your talking out of your ass here.

I happen to be one of the people effected by this. I bought a home 2 years ago at 7.1%, The note was immediately sold to another bank, who has now raise the interest to over 12%. My mortgage payment went from 830.00 to over 1500.00 per month.. In the 2 years I have lived here, they have applied 127 dollars toward the principle. As my note stands now, the original amount I financed, 119.000 is now sitting at 124,000 after 2 years of paying. PLUS in the current market my homes value went from 138,000 to around 90,000.

This is why 11 homes currently are in the exact same situation as myself within 1 block of me. WTF are we to do? At the current rate I would spend something like 420,000 dollars on the home I bought for 119,000... What is going on is almost criminal at this point.

So you can take your opinions on this and shove them right up your ass for all I care.

That's your fault for getting a Adjustable rate loan.. You never get those damn things. You can only get screwed with them. If the damn interest rates drop so much to make the risk worth while you could have just refinanced a fixed rate loan.

tony286 · 03-30-2008, 09:36 AM

I have to tell you they said during the boom getting mortgages was so easy. I got a feeling because no matter what my broker said I said fixed rate. They had me jump thru more hoops to get it. It wasn't a big one either.

03-30-2008, 12:30 PM

Quote:

Originally Posted by Gerco

Seeing other experiences is good. What's bad is the shady shit thats been going down and putting people into this.

Sherm, I'm actually looking right now for a new place in Vegas, If you know of any good resources let me know.

Hmmm... I'd recommend a broker if you are looking in town. With so many foreclosures on the market as well as the MLS listings, you're sure to find a good deal (and if you find something and take a broker, the broker may even kick you back half of his/her commission).

Hell...If you check Craigs List, you may even fine some sellers without a broker who are most likely trying to just get an offer! Bring in your broker and play hardball.

03-29-2008, 06:18 PM	#66
Kard63 Confirmed User Join Date: Nov 2003 Location: 237 619 975 Posts: 8,944	BOOOOOO let them burn. I was responsible and I deserve the right to pick up some rental property on the cheap after the sky comes crashing down. Fuck you bail out mother fuckers!!!! __________________

03-29-2008, 06:55 PM	#68
Gerco Confirmed User Join Date: Nov 2005 Posts: 2,052	What part of Ocwen has totally fucked my credit did you guys not understand? I have talked with at least 15 lenders, and hear the same story every-time... My homes NOW not worth the 123,000 Ocwen is demanding in payout, If you call Ocwens number they now have a recorded message telling you that they do not accept ANY short sales anymore. So, I would basically be buying my house back for over 33,000 dollars above it's current value. Yes, I have the means to do it, but like I stated before, no I'm not going to. Ocwen has been fucking a LOT of people over for many years, this is nothing new... There are reports all over the web about them. I have had the calls, the harassment and more from this company. Now, it's in my attorneys hands. No, I will not owe a damn thing when I walk away. And I'm more than prepared to take it a step further if I have to. When it is all said and done I will make a fresh start of it. As much as they have fucked up my credit already... foreclosure and even bankruptcy would not be a bad choice, at least I would start with a clean slate. Meanwhile, the banks get richer, cause they get the bailouts AND the homes... __________________ Http://www.extremehole.com ** CLOSED ** 400 HOURS of exclusive custom extreme content, already on external HD in Raw DV ready to encode. over 150,000 exclusive images and more.

03-29-2008, 05:37 PM	#54
pocketkangaroo Confirmed User Join Date: Jan 2005 Location: Chicago, IL Posts: 8,452	Gerco, I understand your situation and feel for you. But blaming everything on a lender is not right. I think if you are going to spend that kind of money on a house, you should also spend a few hundred dollars on a quality lawyer to look through the terms and tell you what it means. Burying something on page 20 doesn't make it any less important than it being on page 1. I would just say that it's best to chalk it up as a life lesson.

03-29-2008, 06:08 PM	#63
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,151	Questions/Observations BANK .... to me this means a national or local company FDIC insured with locations that provide checking, investment services, loans, commercial divisions, etc ..... VARIABLE/ADJUSTABLE RATE .... a percentage over prime adjusted at predetermined periods of time ... quarterly, yearly, etc .... with a cap on the high end. Who are you referring to when you say the "bank" screwed you? The brick and mortar locations with driver-in windows or what? An internet company ??? Wall St. paper pushers? My commercial loan rates are going DOWN along with the prime. What caused the increase to 12%? Was it based on consumer price index, prime rate, etc ... or was it just a bad deal for those that didn't have an attorney at closing? Honestly .....? .

03-29-2008, 06:12 PM	#64
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,151	Also the banks I use when applying for a loan want written explanations why a cable bill is late. Who the hell lends money without even proof of income? That alone tells me something is not right. How can the lender not verify what someone even makes?

03-29-2008, 07:05 PM	#69
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,151	Gerco, educate me a little ... see post #63 .... thanks.

03-29-2008, 10:20 PM	#74
marcop Content Producer Industry Role: Join Date: Nov 2005 Location: Los Angeles Posts: 4,144	Here's some investment advice: Buy low, sell high.

03-30-2008, 09:36 AM	#78
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	I have to tell you they said during the boom getting mortgages was so easy. I got a feeling because no matter what my broker said I said fixed rate. They had me jump thru more hoops to get it. It wasn't a big one either.