2010-07-11 — ml-implode.com
"They call it their “Seven-Year Lockout Policy for Strategic Defaulters,†and if you haven’t realized it already… look what’s been accomplished here: Homeowners have scared the heck out of industry giant, Fannie Mae. I mean… these guys are shaking like leaves, absolutely running scared. I know homeowners have been feeling like they have no power against the bankers, but this should prove otherwise. It’s like we pushed the bully, and the bully ran home and got his Mom to come lay down a new rule in response"
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catherine at 01:39 2010-07-12 said:
the 'giants' talk about walking away like it is just something people in good financial position decide (small small percentage)but the majority HAVE TO. You lose your job, your wife loses her job, you see taxes are going to rise 25% next January, your property taxes and all local and county and state fees and taxes are rising, etc., etc., you make the decision to move for employment, etc., you do it because you can't afford the lifestyle anymore that you had with lower taxes and full employment. As unemployment blows (the gulf and NASA) the foreclosures are going to blow with them and Fannie is going to find out the ugly truth, WHO WANTS TO BUY A HOME IN THE NEXT 7 YEARS. And to the people that got a loan in the last couple years, pay close attention, the government will follow you till you die if you walk away on the new mortgages. Just like the old school loans where we couldn't do a mortgage until they settled up, the new mortage loans insured by Fannie and Freddie are going to have an ankle weight to ruin you forever financially if you walk........ but this seven year rule, I want to see you fannie guys (who can't afford where they live until the taxpayers give them a black check) threaten some people living on the coast with this law in Louisiana :lol: :lol: foreclosures are going to blow because unemployment is blowing and values are still falling..........even thug boot government flunkies threatening you to stay where you can't afford won't work. Permalinkmortgagemess at 05:10 2010-07-12 said:
The lock out is easily avoided by the CURRENT policy of Fannie/Freddie which states Previous homeowners who FILE BK...can buy a home after ONLY 24 has passed from filing date..so basically filing BK allows you to own a home again without the lockout.. PermalinkDinochick at 07:58 2010-07-12 said:
It is understandable that Fannie has taken this stance. Many borrowers just don't like the fact that they made a "bad investment". If they can afford the payment, they are obligated to make it. That is the bottom line. If there is unemployment, medical bills, etc., Fannie is allowing for that. The fact that the market dumped the values, (while Fannie and Freddie dropped their guidelines, unfortunately) is part of the industry, and part of the risk. I am underwater myself, but I bought something I could afford. I had some unemployment issues as well, but worked to get it current. However, I do believe there should be more compassion in the modification process, which probably prompted some of the Strategic Foreclosures. Part of the problem is allot of borrowers bought more than they could afford in ther first place. Allot of lenders add the interest to the end, but the borrowers still can't keep up their payments. This is a consequence that is necessary. Permalinkcatherine at 22:53 2010-07-12 said:
It is understandable that Fannie has taken this stance. Many borrowers just don't like the fact that they made a "bad investment". If they can afford the payment, they are obligated to make it. That is the bottom line. If there is unemployment, medical bills, etc., Fannie is allowing for that. The fact that the market dumped the values, (while Fannie and Freddie dropped their guidelines, unfortunately) is part of the industry, and part of the risk. I am underwater myself, but I bought something I could afford. I had some unemployment issues as well, but worked to get it current. However, I do believe there should be more compassion in the modification process, which probably prompted some of the Strategic Foreclosures. Part of the problem is allot of borrowers bought more than they could afford in ther first place. Allot of lenders add the interest to the end, but the borrowers still can't keep up their payments. This is a consequence that is necessary.i disagree and that is the very first time I think, I love your posts, I think the values are still way too high and by keeping people artificially in those over valued properties we kick the can down the road. The band-aid has to be ripped off and the values fall to their TRUE values..........this deleverage has to happen and I am so glad you have worked it out so you can stay where you are and a lot of people can if this is their last house for 10 years or their jobs are safe............. I have followed your great posts for a long, long time. I just think taxpayer dollars can't prop this up though. It is going to be so sad when it is forced to happen and believe me I am speaking as one who DID deleverage my life, .........it just has to happen.......... like I say this depression is caused by people who bought houses on margin, the first Depression was people buying stock on margin..........there was absolutely NO WAY the government could have ever made all that stock GOOD, same lesson and ending here............sad times and I hope you are right. ............I want to be wrong on this one............ Permalink
Dinochick at 10:30 2010-07-13 said:
Thanks for the input Catherine, I enjoy your posts too... I just think that too many people are bailing, just like "everyone" does it on inflating income etc. I have total sympathy with those whom have lost jobs, or have medical issues. However, I do think just bailing because your house dropped is not a good idea. It adds to the problem. The government should take hold of some of this, but I hate seeing people pay for other's stupidity. There is no easy answer... and everyone's situation is different... Check out foreclosurehamlet, it is on the Florida situation, and other issues with the MERS documents and foreclosure mills. Not very pretty.. Permalinkcatherine at 19:23 2010-07-13 said:
Thanks for the input Catherine, I enjoy your posts too... I just think that too many people are bailing, just like "everyone" does it on inflating income etc. I have total sympathy with those whom have lost jobs, or have medical issues. However, I do think just bailing because your house dropped is not a good idea. It adds to the problem. The government should take hold of some of this, but I hate seeing people pay for other's stupidity. There is no easy answer... and everyone's situation is different... Check out foreclosurehamlet, it is on the Florida situation, and other issues with the MERS documents and foreclosure mills. Not very pretty..thank for that info, it was pretty interesting, bad but ignorance isn't bliss in this deal, is it? one more point on the above :oops: I guess when the media blah-ly(word?) speak about 450,00 or so who lose their jobs week after week, GOING ON 3 YEARS, mmediately I cut thru all the (oh well we just gotta live with it )smoke and all I see is 250,000 or so WHAM BAM FORECLOSURES (no choice, been hanging on, etc., etc., now the choices are over)........I guess the media's 'no story' of the job numbers make that connection disappear-but numbers seem to show a huge, huge connection to me. Now when unemployment is down around 5% I agree wholeheartedly with you, leave that house as the last resort. Permalink
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