Great call on WJ now

[malaise]

Go lady from St Pete's Florida.

[ProfessorGAC]

1. She Rambled A Bit

But, she made some very valid points. Of course, it would only work for the banks to treat her the way she said, if her house is at least half paid-down. Otherwise, they'd still take a beating.

So, for those folks who have their mortgage paid well down, the banks could very well be trying what she suggested.
GAC

[malaise]

2. True

Good morning Professor :hi:

[SammyWinstonJack]

7. What did she suggest? Thanks in advance.

[ProfessorGAC]

8. She Didn't Suggest Anything Specific

She was simply mentioning that the banks were intentionally not working with people because they WANT the houses to be foreclosed. Then they can auction them off and make their money anyway. She thought it would be better to actually work with people to try and allow them to stay in their homes.

As i said earlier, she must be in a position where the money she owes is a lot lower than the value of the house. So, the bank already has a bunch of their original money back and auctioning the house would cover the difference. Which basically means that if her story is accurate, she is taking a beating for STAYING in the same house for quite a while.
GAC

[Sancho]

3. They are doing exactly that...

I heard someone yesterday (St. Pete) wanted to put $80,000 down on a foreclosed house and the bank refused. They are waiting for another opportunity to steal the $'s.

[snappyturtle]

4. I thought she was right on. It's exactly what my daughter is going through.

It's a long story but my daughter has been taken by the sleeze out there in the banking world. First time buyer, awful loan terms....set up to fail. She works two jobs everyday but Sunday. Recently, after three years of hell she has decided she needs one day a week off. People who say they will help have taken her money (thousands) and run. Yesterday she calmly decided she'll file bankruptcy...she seemed relieved. So much for her college degree....at least it was paid for in full. What little we could offer her would be of little help since we're hanging on by a thread. It seems to me that there are a lot of scams going on and that lady from St. Pete was telling it right.

edit: I should have said she has tried and still trying to work on her loan with her 'bank', EMC Mortgage. Her loan was sold, bundled, whatever, and now she tries to work with people who are beligerant,demeaning,and almost impossible to get a hold of, etc.

[malaise]

5. She was spot on

I feel so sorry for your daughter.

[snappyturtle]

6. Thanks Malaise. She is such a hard worker and I don't know how

she keeps going. Together we worked, and worked to get her throug college without any debt. I thought she would be able to get ahead. She works for probably the largest personality assessment company in the country and it pays little but the company is making huge acquisitions! Her night job is waiting tables at a country club. Actually she does much better there per hour but can't get enough hours in the winter (averages about five a night now)....MN with the golf course down. But, that's still over 65 hours a week...too much to also have a real 'life'.

She's very creative and loves people....but we just can't seem to find a good match for her talents. Hopefully, one day, she'll have her own business.

She has a wonderful boy friend and I'm so happy about that. They've been together for over a year now and he is helpful but his plate is very full too....helping BOTH of his divorced parents who have run unto tough times. At least they have each other and a good outlook. I don't know how long that can last though.