Upside Down Mortgage

Posts Tagged ‘banks’

Predatory Lending Bank Of America

Question: Why are republicans so intent on destroying America?

First Bush and his republican rubberstamp Congress dereulate the banking industry.Which led to predatory lending.Basically putting many unqualified buyers in the real estate market.
Thus creating the boom in the economy for the first 6 years of Bushs' presidency.
Also while this was happening Bush took a budget surplus and turned it into deficit spending.Spending more then ALL the other presidents combined!
Now that democrats want to spend money here at home all you hear from the republicans is whining about the deficit they ran up!
Oh and let's not forget about how they didn't bother investigating the worst terrorist attack ever on America for more then a year!
Warren you didn't even try to answer my queestion.Why because I'm right?

Answer: It's called selfish greed, and it comes in all sizes and shapes. We are seeing what a strict free-market system has wrought, and while capitalism is still the desired choice, said capitalism must be tempered by oversight and rules. Since the markets were deregulated by bush/gramm, we are now paying for it--you, me, everybody else (even including the non-answerer, warren). Republicans don't really want to destroy america so much as they just want all her money and power, but they should be careful what they wish for, as the saying goes.

Bank of America - credit card pushers

If you're new around here, you might want to subscribe to our Upside-Down Mortgage RSS feed. It's quite likely the only feed of it's type on the internet!

I purchased my home a little less than 2 years ago in Long Beach, California. I paid $255,000.00. I am now upside down because the house is now worth $210,000. The payments went from (114 HOA) from 1700 to 2000 per month in February. But, I don't really like the neighborhood. Lots of section 8 renters are moving in and playing loud Mariachi music and selling drugs. Police won't do anything. It is a terrible place and I did not know what I was getting into.

I have gone to Austin, Tx twice and really would like to move there. What should I do?

I am a teacher with a Master's Degree, but this is all that I could afford. I don't want to be a slave to the mortgage company and pay for something that is not worth it. I also am not above dinging my credit.

I don't feel sorry for ditching this place. The banks were bailed out of their poor choices. I am simply a school teacher who thought I was doing the right thing by buying a home. I will not continue the cycle of being a middle class person living in poverty...I'm going to take the advice of seeking legal council. The originator of my loan sold it to ( I'm quoting someone from their own company) pennies on the dollar. If they don't negotiate with me jut because I pay my bills, I'll take the 7 year mark and live in a tent in the friggin forest.

It makes me sick looking at people in my neighborhood that have like 8 kids and live in my same building on section 8 and I work like a dog and come home at 5:00.

Rant rant...boo hoo.. for real thanks for the advice everybody.

By the way, I tried calling and telling the police about the noise laws. They almost laugh at you. No joke.

If you own a house anywhere these days, you probably owe more on it than what it's worth. The banks are refusing to modify mortgage rates even if you have great credit. If you live anywhere in Michigan, the market is so bad, you can't sell it without losing a ton of money. Would you walk away and let the bank take it back?

I find it interesting that some people can be so judgmental as to generalize and call everyone irresponsible for being in the position of owing more on their house than what its worth.

Not everyone made stupid choices. Luckily we aren't in that position but I feel bad for the people who work hard, make their payments on time, had equtiy in their home then watched it slowly go down the drain. If you live in Michigan, especially the Detroit area, you know what I'm talking about.