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As I see it the banks should be begging homeowners to modify their loans instead of walking away!

Discussion in 'Chase Mortgage - Tell Us Your Chase Story' started by wonderland, Jan 20, 2010.

  1. wonderland

    wonderland LoanSafe Member

  2. Upside

    Upside LoanSafe Member

    Thanks for the article...they seemingly want people to walk away! I was told not to go over 90 days late...so today I went to make a mortgage payment and they wouldn't take it because I was over 90 days late...they have referred me to collections who state I need to make 2 payments for them to take the money....I am just scratching my head????
  3. calgirl67

    calgirl67 LoanSafe Member

    I agree the banks should be begging us to stay in our homes. My home for example, is now $200,0000 underwater. That's if I tried to sell it. Take another 10-15% off that for "distress/foreclosure sale" and its over 1/4 million dollars in the hole.

    Yet, they are screwing us around on our trial Mod. Would they rather lower our interest rate or lose 1/4 million bucks?

    One punk at Wells Fargo told me sometimes they would rather foreclose 'cause then they get the house back AND the insurance (backed by AIG or the like) on the full amount of the original loan, plus late fees and legal fees.

    I guess now we know..
  4. roughyear

    roughyear LoanSafe Member

    Yet 'we' the taxpayer, bailed out the very insurer from whom they would get 'bailed out' should they foreclose...

  5. AzGryffindor

    AzGryffindor LoanSafe Member

    I wonder how different things would be in regards to modifications if the govt had not bailed out the banks and AIG?
  6. roughyear

    roughyear LoanSafe Member

    I dunno, but it seems that the banks would have been in a far more urgent position.... When I first started all this crap, they were 'very' eager to work with me via an in-house mod, and the payment, which was just slightly more than the HAMP trial payment, would have been for the term of the loan... not only was interest reduction on the table, but so was 'principal reduction'..

    They were extremely excited that I wanted to keep the home and not walk away... But once the govt bailed them out, all that went out the window, and they had a 'ho-hum' attitude towards me...

    It seems to me, that the govt, took money from our (the taxpayer) future earnings, and instead of using it to actually 'purchase' the actual troubled 'assets' (as was the sales pitch to the public), just outright gave it to them, without any requirements regarding it's use..

    and as a result, they have taken 'our' money and are now using it as 'leverage' to do whatever the hell they feel like with us...

    and so far, what they are doing feels a lot like a lube job in preparation for the next step which is a demand to 'bend over'....

    Maybe in the end it will be all rosy, but right now, it sure doesn't feel like 'roses' are in anyway involved in what they have planned for me..
  7. vee4links

    vee4links LoanSafe Member

    Something really needs to done about this mess, these co. can now collect on default swaps for up to 10x the value of the loans. These swaps are insurance policies that protect them against default, But if the policy is for 10x the value of the loans wouldn't greed tell you that default is the better play. And here is the kicker, not only do they get paid on the insurance policy, but they get to keep trying to collect for the $$ you still owe and foreclose on the property and get to keep that free and clear. isnt that Illegal. Its totaling your car and getting paid from the insurance co. but them telling you its ok you can keep the car and sell it for all its parts. Thanks AIG, its all a big government coverup, with Geitner leading the way.
  8. roughyear

    roughyear LoanSafe Member

    What angers me, is that you see obama and geitner and the like doing this big dog and pony show about the greedy CEOs, forcing them to step down, and then nobody makes even a peep when these very same CEOs are hired by geitner himself to work on his staff for the govt, 'monitoring' these very same institutions...

    The good ole boy network of corruption is systemic now... and they all believe they are 'entitled' to the right to take the peoples money and do as they please...

    Each administration is worse than the one that it replaced..

    Thankfully we have the internet.. otherwise we'd have 'no voice' at all.... because these very same institution own the mass media as well....
  9. wonderland

    wonderland LoanSafe Member

    I don't understand the credit default swap thing....I am uneducated as to what exactly they are. Do they still get an insurance pay out even if I don't have PMI insurance? It is all so confusing! Yes "we the people" got totally screwed!
  10. chasesuxga

    chasesuxga LoanSafe Member

    One day when we were in court the lawyer for Chase told us, "I'm gonna be honest with you, they just want the house." Our loan is FHA and we were paying PMI so Chase will get their money and it is the American tax payer who will give it to them! Our lawyer explained to us that on paper to their stock holders etc if they take our house they can say it is worth what our loan was for...its not and therefore they wont even try to sell it right away because if they sold it, it would show a loss.
  11. Huffster

    Huffster LoanSafe Member

  12. LostVegas

    LostVegas LoanSafe Member

    The Crisis of Credit Visualized on Vimeo

    This video has a pretty good explanation, uses good viduals, I finally understood the credit default swap thing after watching.
  13. wonderland

    wonderland LoanSafe Member

    Lost Vegas-thanks! I understand now. You would think that they would be begging us to stay in our homes and give us mods.
  14. Jillian118

    Jillian118 LoanSafe Member

    They forgot to mention that they are also insured against the default. So they make money that way as well. neat.
  15. Do not want to lose it

    Do not want to lose it LoanSafe Member

    This all reminds me of that Alien show late 80's or early 90's with that handsome Mark somebody as the hero and the aliens all looked beautiful until they ripped their skins off and were lizards underneath. They were all nicey, nicey to us humans stringing us along but quietly freezing us and stockpiling us in a huge area until it was our time to be eaten.
  16. Do not want to lose it

    Do not want to lose it LoanSafe Member

    can you tell how crazy this being in limbo is making ME??????:eek:
  17. roughyear

    roughyear LoanSafe Member

    You're not alone...Maybe if they make us crazy enough, 'we the people' will become the aliens, and then we can rip off 'our' masks and freeze 'them' for later consumption...
  18. 0334231

    0334231 LoanSafe Member

    AS SOME OF YOU HAVE ALREADY POSTED, IF THE GOVERNMENT WOULD NOT HAVE BAILED OUT THE BANKS: WE WOULD BE IN THE DRIVERS SEAT.Think about it for a moment. If you are a mortgage company and you have a lot of bad assets or debt and the (OUR) goverment gives you money to cover your bad assets and then some.....Why do I need to modify your loan ???

    Before they gave them the money, the goverment should of told the bankers what the bamkers are telling us-IT"S YOUR RESPONSIBILITY = PERSONAL RESPONSIBILITY

    This is why the dems lost Kennedy's seat-we are tired of the games....
  19. LostFaith

    LostFaith LoanSafe Member

    Although it doesn't help us now, it is curious to ponder what would have happened like you mention. But I like to take it a step further when I get curious. And that is.....What would our personal situations look like IF our Government would have had the time to bail out Lehman Brothers??? That is the 700 Billion dollar question. I know this isn't the proper forum to really debate the past, but it is still interesting while we all wait. Lehman Brothers' "forced" bankruptcy was the reason why it became grossly evident (common opinion at least) that from that moment on that the Government could NOT allow ANY bank of that size to fail ever again. Even if the banks that were going to be saved from that point forward were corrupt, with very shady track records. We, the tax paying citizens were/are to pay those bills and any means necessary to keep these banks afloat.

    It's really an interesting story and theory if you ever get a chance to read any book regarding Lehman Brothers' failure. There is one written by the former VP (I believe). If memory serves me correct, he contends that the Government allowed a last minute, last ditch effort to take over Lehman Brothers, by one of the biggest British banks. I also believe several knowledgeable people suspect that this effort was only a smoke screen to tie up any plans for Government bailout, until it was too late for them to act after the bank, as the British bank was "unable" to go through with the plans. They were out of the picture and the rest is history and speculation. Some believe that Goldman Sachs had some influence on this as well. Some believe that the big banks we all complain about on this forum were well aware that Lehman Brothers was going to be the sacraficial lamb that would eventualy guarantee a protection of their financial future.

    So now, ironically, so many of us lose our homes because of the games they play AND we fit the bill for their losses AND guarantee the largest of banks never fail again.

    Like I said, it is almost crying over spilled milk, but it continues to piss some of us off.
  20. 0334231

    0334231 LoanSafe Member

    LostFaith quote : So now, ironically, so many of us lose our homes because of the games they play AND we fit the bill for their losses AND guarantee the largest of banks never fail again.

    Like I said, it is almost crying over spilled milk, but it continues to piss some of us off.[/QUOTE]

    I want to add to this: I was OK with the bailout, as long as mainstreet was bailed out as well. The problem, it did not trickle down.

    You know when I was in college, my professor told me when solving an Algebraic problem or expression to find X , what you do on one side, you must also do on the other side , so the equation balances out. Well, this same method hold's true for us. You can't bail out the bankers and not bailout the homeowners . So, the reason it's taking longer to recover is they have not solved for X and that's us.....We must balance the equation and be bailed out as well, by modifying these D*&*@) loans.......and right now it's not balanced !!

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