We are 52 and 65, and it is morally reprehensible for a mortgage lender to put a senior citizen into an adjustable rate mortgage knowing full well we will be much less risk tolerant as we get older. That is why the banks should accept the consequences for the risk they took on, as well. Permanently lower our rates, make them fixed, and do principal reductions. And while they're at it, do the same for everyone under age 60 who doesn't have an ARM. End of story.
Caldwell, I'm 62 on Saturday. I wonder if anyone realizes the limited options there are for those that lose their homes at this point in their life. I'm one of them, and now I'll be renting the rest of my days or until I qualify for the 'old folks home'!!
iam going on 70 years old & have been in a trial payment modifiction with chase for 5 months now. But i have been fighting with wamu & chase for over 2 yrs. I called today to get a status up-date and was told its still in review with a negociator.
We are 62 and 63 and got a mod after 17 months of trying. We have only SS income and the new mod has still left us at 41% of our fixed income. We are greatful to have it though as the rate is 3% for 30 years. We just might live to pay it off because our family has great longevity. The stress was huge during the 17 months, but "what doesn't kill you only makes you stronger "!
59 and 61 here. Maybe it is age discrimination,esp for the NPV. Those of us who bought long ago still have equity and tend to be older. Right? So we are probably disproportionately denied mods based on that alone.
NPV discriminates against older Americans clearly. Love to see the stats on denials by age group. If we become victims in this, maybe we'll get somewhere. Seems to be the way gov't operates these days.
There is no age input for NPV. Income and home value and loan balance are the major inputs. The banks would have no real reason to single out seniors for denying mods. Many seniors have steady fixed incomes. The process may be more wearing, or difficult for some to understand and work through, but I doubt any intentional discrimination based on age alone. Having equity is a problem to some degree, but having enough equity opens up other solutions if your credit is decent.
I know. The point I was trying to make is that those with equity are probably older b/c they bought homes earleir and so on.. so an unintended consequence is npv works against older homeowners. That's all.
Hell with it. I'm 62, discharge comes in about 10 days. Quess what I'm goin to tell them to do!!! One thing all this bull#@%# has taught me, hit the road, enjoy everything you can, and don't ever think that the rest out there are any different than you.
I posted earlier but this thread intrigued me . We are close to 70 not there quite yet.
We received a new loan through the Obama program about 1+ yr ago and wound up paying more interest that what we were paying and Countrywide / B of A tacked on extra interest (1/4 point I think , as it was never clarified ) on the note because we do not have an impound account .
There were no HAMP rules out in cyber space for us to look at at that time ; there is now.
It very clearly states people with no impounds stay in that position under HAMP ~ Why did B of A charge us extra interest on the refied mtg. ?
Does anyone else understand this or has it happened to them.?
I was informed by B of A ( BAC ) that the loan cannot be changed now that it is in place . This cost us over 8 K to refi . as we live in Fla. and now we are stuck with the MTG that cannot be changed unless prices in the area come back to at least close to where they were on 2005 so we have some equity.
Any ideas on what to do re: this as I do not think it was legal to charge us extra.