Bank of America to forgive mortgage debt
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Everyone bitches about BOA. I had to jump through hoops with them and send in my paperwork six or seven times, but in the end they reduced my principal by half and dropped my interest rate to an unheard of rate.
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pick me, pick me, pick me
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wow interesting...i wonder what their incentive is..because you know banks dont give away money for free...i guess by not defaulting, they keep the revenue stream coming in.
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I've never heard of them doing that for anyone. |
once again the fucking irresponsible loser degenerates get bailed out and responsible folk get fucked in the ass paying for it all. #MoralHazard
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ONE: They would NOT of done this if it wasn't for
"are the result of a $25 billion settlement agreement earlier this year with 49 state attorneys general as well as federal authorities who had been investigating allegations of abuses over the handling of foreclosures. " Two: You have to be 60 days late, Just shows don't pay get rewards. just wondering what about the people who are 50 days late or less, just keep not paying and hope something else comes along? Or the people that are past 60 to the date they TOOK the house? Scary part is over 200K people are over 60 days late! |
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Generally speaking i think by doing this the general real estate values are being de-valuated, welcome to negative equity... |
So only the late fuck-ups get a break??? Gotta love Amerikwa
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congrats on winning the lottery fuckers.
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Sure it sucks paying way more for something than what it is worth, but you were doing that when you bought the house. Lots of people with bad credit have to do this every Day. Paying super High interest rates one something to just get a loan. I assume tehre was an income problem, but then again if you were making the same amount, when the value of the house crashed, you would still be making the same house payments. a 1909 S vbs Penny at the bank is worth $.01 But to a collector it is several hundred. |
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It's cheaper to write down the asset (the loan) and bring it current than to have non-performing loans or repossessed collateral. |
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Ask yourself why it's ok for corporations and the rich to default to dump overvalued assets, and yet somehow is wrong for the "regular" people. Increasingly, the general populace can see through the double-standard and have come to realize that only chumps keep paying on a loan with lousy terms on an asset that's underwater. |
not helping their stock lately, its been falling like a rock.
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FUCK THEM! how about they return the $24,000 they stole out of my account three years ago?!?!
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BofA got my mortgage from Countrywide and then sold my mortgage after they could no longer collect PMI on it. Doesnt matter as I didnt meet any of their criteria anyway. I bought my place before the housing boom & crash, never refinanced it or got a 2nd mortgage and its worth more than I owe. But the good thing is, I no longer have to deal with Bank of America.
My next door neighbors didnt pay their house payments for 18 months then they just moved out and its been sitting empty for three months now. I sure hope they dont get their house back, I was doing the happy dance the day the moving truck showed up at their place. |
Dayum! How are investors supposed to pick up houses for a fraction of their former prices if the banks aren't going to kick people out and liquidate them.
What a bunch of dicks, keeping people in their homes. :winkwink: |
Wow, I wish I had borrowed money and defaulted rather than paid cash :(
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You have to be 60 Days Late, just because your house is Underwater, does NOT Change what you were to pay before it was Over Inflated in Price! I am NOT against the banks making the mortage adjustment of the loan to be what the house is Now worth. But you have had to already be Late on payments you already agreed to. I sure do not see people or banks asking for More money when the houses go UP in Value. |
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At one point exactly half of the houses on my street were vacant. Out of twenty houses, ten were empty. Now we only have one, and it's a rental. |
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So in order to be able to use this offer you have to have probably lost your house already (60 days late? 90 days is foreclosure starting).
Also if you somehow are still in the home you cannot afford the new rate because you basically have nothing left to give... Win-win for the bank. |
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I setup a wire transfer at the bank, then cancelled it right before I sent it. Two days later I see the funds out of my account. I call and turns out the branch manager found it and thought the wire transfer wasn't done so she pushed it through. Years later after TONS of emails, letters, phone calls and complaints, I am fucked. They said there is nothing they can do and ironically, a few weeks after I started demanding my money was returned they fired the branch manager. |
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I'm sure some banks are faster than others though. |
I need to stop making my house payment.
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That said, they are cunts to deal with and something she almost instantly came to regret when she accepted to properties to list. They pay the mon commission allowed ny state law... But whatever if youre not doing anyhtjing other than listing it. They require the agent/broker to connect the utilities at their own expense which remains connected until the property sells. They require the agent/brokers to pay a lot of repair expenses upfront to be reimbursed later. The list goes on and on. She has to end up financing BofA, interest free, with her own money for the 6-12 months it takes to finally bitch and complain enough to get reimbursed and last time I asked her, she had a few grand tied up in each, can't get reimbursed. On some she cant get reimbursed because the asset manager at BofA for those properties either moved, quit or was fired and no one at BofA knows who to talk to. Many of the homes are in the 120k-150k or so range and I think they were paying only something like a 2.5% comission (I want to say 2%). Anyway, when you see it all from the other side and see how a huge bank is trying manage 1000's and 1000's of foreclosed properties and how terrible they are at it combined with how much damage previous owners do to a property in addition to the fact the value may be falling daily anyway in many areas, it's pretty easy to understand why they would bend over backwards to avoid foreclosing on more properties |
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how about those idiots who paid down their equity to be able to refi, man did they get screwed..
i guess it is the new new. and ironically they gave it to you, obviously you COULD afford the payments but choose NOT to. I am sure those who CANNOT afford the payments, they are not offering any modifications.. |
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If they do it, that would be wow, from my point of view... who knows why they really do it, lol
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Having said that, if the cash is there, you can easily manage 70-80 REO listings with an assistant and the money and hassle becomes worth it after you have a system and good contractors in place. A bank won't think twice about a $12k repair bid and expect you to front them. If you submit your expenses right you'll get it back in 30-45 days typically and if your asset manager likes you and it's a considerable outlay, they can get it expedited. The secret to REO is to make the asset manager like you. My biggest client admitted to having a crush on me. People fuck at conventions for listings. It's a lot like adult. Oh and then in six months when they change everything internally you get to start all over again. It's really fun when the new asset manager doesn't like you or has another favorite and you wake up to a dozen reassigns. The worst is the asset manager that uses the agents to cover their asses to the VPs and then fires you when you try to show them you did what you were supposed to. Oh the stories I could tell... |
wow, just wow
mind you the overinflated house prices in many areas, esp California, was the bank's fucking problem. They gave out mortgages to everyone and their dog, creating more buyers unnaturally driving up prices. |
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It's fine to say that you need to front XX,XXX etc etc. But my point was more that for a successful broker or agent, its not worth dealing with them because of how they operate as a business. BofA contacts her all the time to valuate properties (whatever that is called - where they pay $300.00-$500.00 for an opinion/report on a properties value) and she agreed to accept those foreclosed homes and quickly realized what a mistake it was. If someone has an inventory of 10,000,000.00 + of commercial and residential property as she does, its not necessary to deal with their BS and unprofessional behavior. And btw... no one with $50,000.00 cash lying around should be lending it to BofA interest free to pay expenses associated with selling the property and then have to beg and beg and beg and beg to get reimbursed? Thats a little crazy. For an agent or broker to be listing properties like this, they pretty much have to be struggling, given the retarded demands of the bank in terms of time, effort and money upfront, the lower commission and the problem of not being able to get your money back in a timely manner. :2 cents: |
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