Are you 60 or older

red2720l

LoanSafe Member
Mar 12, 2008
75
0
0
the banks are still trying to screw us.

ok Luvmyhorse, I just have to write here and share my experience with trying to buy another house after 3 years.
This is California in the Inland Empire. It is a nightmare the banks are still trying to screw us.If you see a house say for 350,000 you can bet that by the time your going to buy it.It will go up another 10,000 due to this scenario.You have to place a bid because at least 5 people will bidding also.The banks do not like to take fha loans they know you will be putting only 3% down they want the highest bidder with the most cash.Then comes the part where you have to deal with a realtor they don't even want to look at you unless your pre-approved with a big bank.One realtor told us if you want this house its my listing and I can see to it if you get it or not. Then they want you go through their lender before they will show you the house.Every single one of them wants you to go through their lender first.Then they want you to bid higher and higher.In California it is hard to find a decent house at a good price. I had enough of these people. I'm not ready to fight with the banks again. Your right we will be sweeping up their mess for a long time.
 

luvmyhorse

LoanSafe Member
Jul 29, 2009
506
1
0
Well I am a Realtor in PA, so I don't know about how they work in CA, but let me tell you how it works here.

Number one, the banks, (not the Realtors,) are demanding you Have a pre-approval from their bank. I think this should be illegal, but as a Realtor, you have no say. If the banks demand that, that's what you have to provide.

Number two, again, in my state, it's the Realtors who have been hung out to dry. Buyers think NOTHING of having you work for them for six months, then changing their minds about buying, or blaming you because they lost the house of their dreams because their bid was too low. Realtors make zero until you buy. If you are not pre quqlified, you should not be upset if the Realtor demands that you do that FiRST. Think about it. How would you feel if you worked for your employer for a month, then he tells you the job didn't pan out because he forgot about the money aspect, so you won't get a paycheck?

I used to take people out without asking anything of them, I stopped doing that. This is my livilihood, not a hobby. It costs me money to drive you around, I need to know if you are really buying a house, if you are just looking go to open houses.

Buyers and sellers have been really abusive to Realtors in the last few years. We are human beings with families to support and bills to pay. We are not toys for your pleasure to give you something to do on the weekends.

If anyone has any questions for me about what really goes on behind the scenes, feel free to ask.

ok Luvmyhorse, I just have to write here and share my experience with trying to buy another house after 3 years.
This is California in the Inland Empire. It is a nightmare the banks are still trying to screw us.If you see a house say for 350,000 you can bet that by the time your going to buy it.It will go up another 10,000 due to this scenario.You have to place a bid because at least 5 people will bidding also.The banks do not like to take fha loans they know you will be putting only 3% down they want the highest bidder with the most cash.Then comes the part where you have to deal with a realtor they don't even want to look at you unless your pre-approved with a big bank.One realtor told us if you want this house its my listing and I can see to it if you get it or not. Then they want you go through their lender before they will show you the house.Every single one of them wants you to go through their lender first.Then they want you to bid higher and higher.In California it is hard to find a decent house at a good price. I had enough of these people. I'm not ready to fight with the banks again. Your right we will be sweeping up their mess for a long time.
 

red2720l

LoanSafe Member
Mar 12, 2008
75
0
0
No Luvmyhorse, I know you guys have to make a living but why be rude to a person who already has a loan. They want you to go to their lender only why? I just trying to say the banks are still not being fair. They want it there way. If you really want that house its their way or no way.
 

red2720l

LoanSafe Member
Mar 12, 2008
75
0
0
Tell us what goes behind the scenes maybe we can play beat them at their own game but I doubt it. The bank wins no matter what. right
 

interesting...

LoanSafe Member
Dec 28, 2010
541
2
0
that whole bid thing seems like a scam to me... here in CA they don't tell you what the other bids are... I just don't understand why they do it, and I've never seen anything like this before. Can you explain a bit about this?
 

luvmyhorse

LoanSafe Member
Jul 29, 2009
506
1
0
Red, I couldn't follow what you are trying to say. Why be rude to a person who already has a loan? What does that mean?

I was rude in response to the attack on Realtors. Realtors don't make the bogus rules. If the lender insists that you use them to get pre-qualified, why are you blaming the Realtor?

I am rude because I have been treated rudely by buyers and sellers for so many years that I have no more tolerance for the abuse. People act like Realtors are paid government employees there to serve you. Everyone knows that Realtors work on commission. If you ask a Realtor to "work for you," yet you are not prepared or able to purchase what you are doing essentially is taking advantage of someone. How is this so hard to see?

People should not be purchasing bank owned properties. They will get what they deserve in the end, when they discover a hidden lien against it that the title company didn't find.

I have no idea why you are blaming Realtors. Banks make all the rules. If you want to play their games you have to play by their rules. Realtors are victims EVEN MORE than the buyers.

Seller's put their overpriced houses on the market, then when it doesn't sell they have the nerve to be annoyed with you.
No Luvmyhorse, I know you guys have to make a living but why be rude to a person who already has a loan. They want you to go to their lender only why? I just trying to say the banks are still not being fair. They want it there way. If you really want that house its their way or no way.
 

luvmyhorse

LoanSafe Member
Jul 29, 2009
506
1
0
Also, if you ask a Realtor to sell your house, and in six months it doesn't sell, then you list it with someone else. What you have essentially done is used someone. You didn't listen to them when they told you what your house was worth, hyou listed it too high, when it doesn't sell that Realtor is out all the money they paid to advertise your overprice badly presented house, and all the time they worked they made ZERO........

I am very choosey now with whom I work. If you are buying a house with me, you better be able to prove you are qualified and sign a contract that you are using me to purchase. This is my livelihood. You call me all hours of the day or night to ask me questions. You ask me to drop everything to run and show you a house. I fulfill my part of the bargain, and your part is to make sure I get paid.

What's weird is that people act almost resentful that you make money. How weird is that? One buyer said to me repeatedly how I got rich on him. I guess he thought I was his best friend doing him favors for free. ITS MY JOB. If I don't get a paycheck, I cannot do it.

QUOTE=luvmyhorse;384998]Red, I couldn't follow what you are trying to say. Why be rude to a person who already has a loan? What does that mean?

I was rude in response to the attack on Realtors. Realtors don't make the bogus rules. If the lender insists that you use them to get pre-qualified, why are you blaming the Realtor?

I am rude because I have been treated rudely by buyers and sellers for so many years that I have no more tolerance for the abuse. People act like Realtors are paid government employees there to serve you. Everyone knows that Realtors work on commission. If you ask a Realtor to "work for you," yet you are not prepared or able to purchase what you are doing essentially is taking advantage of someone. How is this so hard to see?

People should not be purchasing bank owned properties. They will get what they deserve in the end, when they discover a hidden lien against it that the title company didn't find.

I have no idea why you are blaming Realtors. Banks make all the rules. If you want to play their games you have to play by their rules. Realtors are victims EVEN MORE than the buyers.

Seller's put their overpriced houses on the market, then when it doesn't sell they have the nerve to be annoyed with you.[/QUOTE]
 

red2720l

LoanSafe Member
Mar 12, 2008
75
0
0
Luvmyhorse, We just started looking for houses and right off the bat we met this realtor who said if we didn't work with
him he would see that we didn't get his listing.We are already approved and said we would have the papers for him for the approval.but he said we have to go through his lender or he wouldn't show us the house. He could have be nice about it but he was rude. For the record we said we would use him but I said forget him. I'm 69 yrs old I don't need to listen to crap like that.It would have been different if I used him and abused him for 6 months already. People are rude in California any way.but for the record its the bidding and trying to get the house that is really getting to me.More bank crap I suppose.I know all realtors are not rude. It is just that experience that left me with a sour taste in my mouth.So tell us why are they trying to use this scam now,the banks i mean. is it because their is not enough inventory? I hope my post didn't convey that i hate all realtors just rude ones.lol
 

luvmyhorse

LoanSafe Member
Jul 29, 2009
506
1
0
I hear you. I guess I just look for opportunities to tell MY SIDE of the story. I know some Realtors are really evil. I personally know a few, but many are decent hard working people like I am. I am never rude to someone. Even after they screw me over.

OK, what's up with the multiple offers? I have no idea. Sometimes I THINK The other REALTORS are lying. But I guess its the same in CA as it is in PA, they don't require that these offers be logged in in any official capacity. Anyone can lie and say there is another offer. So what can the Realtor do? We have to tell the buyer that we were told there is another offer. If we don't and there really IS another offer, they may lose the house.

In fact one time I thought the other Realtor was lying, so I didn't tell my buyer that I was told there was another offer. Well there was another offer, and they outbid us. I felt if I told my buyer she would think I was lying and trying to get her to bid higher. I realize now I was wrong. I should have left it up to her, and if she didn't trust me that would have been her problem. As it was she may have been angry with me, because maybe she would have bid higher.

When I am selling a house. Sometimes there ARE multiple offers. What happens is this. A lot of people have seen the house. When one offer comes in, the Realtor calls all the people who have seen the house and says we have an offer, if you want to put one in do so now.

As far as the Realtor saying if you didn't buy with him you couldn't buy the house? Well if he showed you the house first, then you would have owed him the commission, even if you came back with another Realtor. He could not however threaten you the way he did, and in fact, you should report him to the local board. Now, I say this with caution, because people just do not realize how they use and abuse Realtors. If we work for you, we DESERVE TO GET PAID....but if you felt that you cannot work with someone you have the right to ask for someone else, and he certainly should not be rude or aggressive with you before you are rude to him. I have found that the worst of them make the most money.

People go for the lying idiot who says he will buy your house if it doesn't sell. Its the oldest trick in the book, and this guy has more listings than 20 Realtors put together. They find out when their house doesn't sell where the loopholes are, but I guess people would rather be lied to that hear the truth from an honest hardworking person.


Luvmyhorse, We just started looking for houses and right off the bat we met this realtor who said if we didn't work with
him he would see that we didn't get his listing.We are already approved and said we would have the papers for him for the approval.but he said we have to go through his lender or he wouldn't show us the house. He could have be nice about it but he was rude. For the record we said we would use him but I said forget him. I'm 69 yrs old I don't need to listen to crap like that.It would have been different if I used him and abused him for 6 months already. People are rude in California any way.but for the record its the bidding and trying to get the house that is really getting to me.More bank crap I suppose.I know all realtors are not rude. It is just that experience that left me with a sour taste in my mouth.So tell us why are they trying to use this scam now,the banks i mean. is it because their is not enough inventory? I hope my post didn't convey that i hate all realtors just rude ones.lol
 

red2720l

LoanSafe Member
Mar 12, 2008
75
0
0
The next lady we went to couldn't have been nicer.She showed us a house almost like the rude realtor one,not as nice as his but I told her put a bid on it.Now there is already 5 bids. We just saw it yesterday.This kills me the person with the most cash will get it probably. Again I say the banks are at it again
 

interesting...

LoanSafe Member
Dec 28, 2010
541
2
0
well there's nothing wrong with the highest bid getting the property! But why on earth don't they tell people what the current highest bid is?! That is bizarre to me. I just don't get it, and it stinks of a scam.

"but he said we have to go through his lender or he wouldn't show us the house."

NEVER sign anything that binds you to the realtor's lender. You should always shop around and get the best APR available. Period. It's ok to go with them, if they're able to match/beat your best offer, but without the ability to shop around, you simply will not get the best terms. And if they show up on signing day with something different than they quoted, don't be afraid to stop everything right there, and get competing quotes again.
 

red2720l

LoanSafe Member
Mar 12, 2008
75
0
0
yes,isn't that something what that realtor said even after we told him we already have a loan. oh well I guess they have their reasons. But I sure hate to bid on them. So if you see a price for a house figure you'll have to go higher than that. Thats crazy.
I hate to shop around because they keep taking your credit score and lowering it. I guess get one and show everyone that one.
 

Annie Mac

LoanSafe Member
Aug 19, 2011
549
60
28
Oregon
When this whole thing started (four years ago) it never occurred to me that age would be a factor at all. I was 58 then. I still do not think it is a factor in being denied for a modification or trial payment plan for four years. However, when I read the postings from those who move out of their house to take a job elsewhere, begin life again, well, now that I am 62, that is just not going to happen. The career merry-go-round is slowing down for us in this age bracket. My house WAS my retirement. My best working years were put into my house, improving it. It is just not so easy to close up and start over now. Maybe Jamie Dimon would be willing to share his retirement fund. I think there is enough in it for all of us. So, I like the idea of the Grannies and Grandpas uniting. Maybe us elders need to pursue this avenue, whether it be AARP or otherwise. Occupy Our Rockers! And those rockers are inside our homes or on our porches!
 

ZIPPY-CA

LoanSafe Member
Jul 2, 2012
6
0
0
I am 7 months away from turning 65 . . . have been widowed 18 years (never remarried and don't plan to), have no siblings, children or grandchildren, and will continue working until June 2013 and retire at that time. Have NO assets = no money, low CC debt which I am paying off, car loan which I will continue to pay.

House is 100K underwater; mortgage taken out in 2005 when I moved here to take care of my mother, who died last spring. She left no estate whatsoever.

I am gathering information about strategic default, although I can pay my mortgage until I retire on a state pension and widow's benefits from Social Security.

I will try to sell my house first, although there are 7 other houses for sale in my neighborhood (2 are short sales). I'll list it June 1st . . . give it 3 - 6 months to sell. If it isn't sold by December 31, I'm going to walk away from the mortgage.

I fully expect a huge ding to my credit score (which is a high one at this point), but if I do a strategic default I'll stay in the house and pay myself the mortgage payments. Should be able to accrue somewhere between $20,000 - $24,000 if I can stay in the house 10 - 12 months from the first missed payment to the foreclosure sale of the house. That should enable me to move back to my home state, put a 3 - 4 month payment on a rental, and get some sleep after all this is over.

I looked up the foreclosure laws in my state (Alabama) . . . advertisement of foreclosure sale must be made for four weeks prior to the sale. After that, the redemption period is 12 months. Does that mean that I could remain in this house from first missed payment to foreclosure sale + 12 months after the sale????

I live in a recourse state, and I expect that the lender will come after me for a deficiency judgment. The mortgage lender can't get anything, since I will have no $$$$ (other than retirement funds) and anything I manage to save from not paying the mortgage will NOT show up in any bank account or credit union.

Have already opened a credit union account to shelter current small retirement benefit and future SS and pension funds. I know that SS and pension funds CANNOT be garnished or seized if NOT commingled with other funds.

I'm totally alone in this, but I've been alone almost all my life except for the 21 years I was married before my husband died at 46 years of age.

I'm intelligent, well-read, and afraid as heck, but I am NOT going to go quietly while the mortgage company siphons off my dignity, as well as my future retirement benefits.

This money pit is NOT my home; it's a house and a millstone dragging me down.
Hi DeterminedLady:

I'm new to the forum, and while browsing the "Over 60 years old" thread came upon your comments. You've touched my heart with your story and your strong determination to overcome all the odds.

I seem to be going down that same road; a retired widow, with a property that costs more each month than its worth. This was suppose to be my retirement investment. What happened to those golden years everyone used to talk about!

Well meaning friends have encouraged me to pursue loan modification - or something - with the bank (Wells Fargo). I'm concerned that my SS benefits will not be enough to sustain a decent living if I have to maintain this home and its future upkeep. (It's down to the wire now; feed the house -- or feed myself.) Costs are rising on everything! How do they say it...."this is above my pay-grade" :)

Anyway, I've got much to think about and as for how long I can stay in this house without making payments....that's another question I need to address. Here in California things are much different and are changing week to week. Any feedback on this from you all would be appreciated.

Best wishes for your future Determined Lady! Zippy-CA
 
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rhiannonj

LoanSafe Member
Mar 10, 2011
44
0
6
Maryland
My mom was 86 when we bought this house back in 2006. (I'm JT with survivorship and will be 60 this coming Nov 6). She had limited income being on SS and Navy Annuity. I was working at the time as a web designer but my income wasn't included on the original loan. We refinanced in 2007 with Countrywide which was later sold to BoA.. got a bit of equity out of the house. I paid off my car and we made a few improvements to the house. May 2007 I got laid off from my job. We could still make payments with her income and my unemployment. Fast forward... August 2011.. Mom died... I lost my benefits... no income. Haven't made payments to BoA in 14 months and I'm scared out of my witts. Neither of my 3 brothers are willing to help me in this fight for me to stay in my home. I have no children, just my three cats and if I lose them I might as well toss it all in. Don't know what to do at this point. My oldest brother who is the administrator and executor of Mom's will be turning over the adminstration rights to me and I can assume the loan. But as of this moment, I have no income, though waiting for a job to come through that would bring me in $4k a month but don't know when that will be. I'm so tired, can't sleep, severely depressed and nowhere to go. Some how, some way, I WILL stay in my HOME!

P.S. MERS is on the DOT and I'd be willing to bet they don't have the original Note.
 
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Annie Mac

LoanSafe Member
Aug 19, 2011
549
60
28
Oregon
Well, I just read my posting of two years ago on this thread. When this fraud began, I was a youngster in the workforce. Now, the fraud still goes on, still in my home, fending them off over and over again. The years go by and it still goes on. I do believe if anything, the tactic the banks use on those over 60 is to stress us out, hope our health gives out, wait til we die and then swoop in to take our homes. I still maintain, Occupy our Rockers!
 
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bigfrog

LoanSafe Member
Aug 31, 2011
333
35
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54
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 see enlightenment. The facts of life. Look around, one way or another we all will hit the road.

Some how banks' mathematical models don't consider our life expectancy and health deterioration. I guess its all irrelevant, because they know we will hit the road, and they'll get their investment back plus whatever else they got from us. Their models are to squeeze/suck as much enjoyments out of us, until we are done and bone dried.