Home to Lose Your Home....

[Calgary_Girl]

How to Lose Your Home in a Few Easy Steps:

How to lose your home in a few easy steps - Mortgage Mess - MSNBC.com

This is the part that kills me:

"Toothman ended up buying a $415,000 condo in June 2004. The mortgage was entirely under her name, since her sister could not qualify. But the two agreed to split the monthly payments of $2,400. For a year, Toothman struggled with her half of the payment. Her monthly take-home pay was $2,000."

Uh, doesn't common sense tell you that you probably can't afford a $1,200 mortgage payment if you're only taking home $2,000? Sheesh. But, but, my mortgage-broker told me I could afford it....if he also told you to jump off a bridge, would you? duh.......

 

[RunningBum]

Good grief...mortgaged to the absolute hilt...with a variable rate mortgage.

And she was the one who qualified? Entirely in her name to be responsible for a $2400 payment with 2000 take home pay?

And she says "We just wanted a piece of land"--and bought a condo!

 

[brewer12345]

And she was the one who qualified? Entirely in her name to be responsible for a $2400 payment with 2000 take home pay?

Probably got a stated income/"liar's loan."

"Just tell us your income: we won't actually check."

 

[justin]

“People stopped being interested in buying homes and more in having an investment”.

Sometimes investments lose money... Someone forgot to tell this lady that little tidbit of wisdom.

 

[bssc]

And then the rate, as they agreed to, jumped to $3600. And they had a second loan from Wells Fargo.

 

[ChemEng]

More people filing bankruptcy these days have perfect credit, zero consumer debt and no missed house payments, said Don Bokovoy, supervising attorney of Pacific Law Center. They are filing bankruptcy because they cannot afford impending higher payments on adjustable mortgages.

There is no way this is right. It sounds like spin from a bankruptcy lawyer trying to get more clients.

 

[FinanceDude]

There is no way this is right. It sounds like spin from a bankruptcy lawyer trying to get more clients.

I agree, that's a total crock...........

 

[jazz4cash]

"She wonders who will date a woman with $82,000 in debt. "

...........Noone on this forum!

 

[packrat44]

IMO she saw that 30% rise in prices the year prior to her purchase and she had big $ signs rolling through her head. People should not get greedy and gamble with money they don't have and can't afford to loose. As the saying goes - "Pigs get fat, hogs get slaughtered".

 

[FinanceDude]

"She wonders who will date a woman with $82,000 in debt. "

I'm sure John Galt would...........

 

[NinjaPigeon]

"She wonders who will date a woman with $82,000 in debt. "

...........Noone on this forum!

Depends entirely on the woman. 82k is a bargain price for some

 

[Darryl]

I'm pretty sure my wife would object but assuming I got clearance and could get past the $82,000 debt I definitely couldn't get past a 30 year old former Navy Officer who says "If they had counseled me correctly I wouldn't have these problems" AAAAaaaarrrrrrgggghhhhhhhhh.

 

[citrine]

Wow....what a nitwit...I cannot believe that she is concerned about dating when her whole financial/credit history is down the tubes!
I am just amazed at how so many people just got so wrapped up in the whole housing thing that they neglected to do simple math.....

 

[ChemEng]

Wow....what a nitwit...I cannot believe that she is concerned about dating when her whole financial/credit history is down the tubes!
I am just amazed at how so many people just got so wrapped up in the whole housing thing that they neglected to do simple math.....

Actually simple math with dating can save her:
(her -$82k) + (his $164k)/2 = $0

All it takes is a marriage and quick divorce to fix her problem. Simple math indeed!

 

[Raygun99]

"a former Navy officer and bioscience technician "----- I don't get it.. Looks like she had the brains to know she was over her head. This sounds like posturing that a lot of people caught in the trap are starting to echo in hopes of some class action law suit against those bad lenders. Yes they are bad lenders but your IQ should have told you its a bad deal.. No tears from me. and NO bail out from my tax money. GOV can waste it on a lot of other things but let the lenders and borrowers choke.

 

[Milton]

a 30 year old former Navy Officer who says "If they had counseled me correctly I wouldn't have these problems" AAAAaaaarrrrrrgggghhhhhhhhh.

Yeah, that's pretty lame.

Isn't it typical how the article portrays Countrywide and (especially) Wells Fargo as the 'bad guys' in this sorry tale. It's certainly not clear to me why the lenders should have voluntarily agreed to take less than 100 cents on the dollar, allowing the borrower to skip out on the balance of her debt. Certainly there's no indication in the article that Toothman negotiated her mortgages on a non-recourse basis ... and Wells Fargo is not responsible for the decline in the condo's value since the 2004 purchase.

 

[FinanceDude]

"a former Navy officer and bioscience technician "----- I don't get it.. Looks like she had the brains to know she was over her head. This sounds like posturing that a lot of people caught in the trap are starting to echo in hopes of some class action law suit against those bad lenders. Yes they are bad lenders but your IQ should have told you its a bad deal.. No tears from me. and NO bail out from my tax money. GOV can waste it on a lot of other things but let the lenders and borrowers choke.

I'll bet Nords is right now looking to write the Naval Academy and ask how this happened........