All Forum Posts by: John Andre

Richard, That is classic!! My wife said the same thing last night.

I do not think so. The credit rating says it has a good chance to be a non performing note any month. With only $3000 in equity which could have disappeared yesterday in this market, means you are asking someone to buy something that has less value than the paper they are holding. This does not look like an investment anyone would even look at.

Just thought I would bring this topic up again to see how the nation now feels about Obama and his faithfulness to his nation.
And because of the quality, on topic, answers last time!

If this is retail you are talking about. No. But a pre qual with your offer will be respected. You need to do it sooner or later, why not with your offer?

"I understand your point Ryan, but you bought the home, you signed the mortgage and therefore it is YOUR responsibilty to make good on your promises regarless if the home is upside down or not. This is just one example of thousands why the RE market is a mess right now. Too many people walking away from their responsibilities when they do have the ways and means to make the payments."

I have to blame part of this mess on the Government and the loan mod companies. The government, all the way up to obama, says we are going to help, the loan mod companies are old mortgage brokers that can not sell a loan right now, so they are following the market into mods to make a buck. The home owner see 100 commercials a day on payments about to adjust, we can help, and the president giving 1.2 trillion because he cares about the home owner, don't worry help is on the way, and they buy into it. But it is not on its way without a price. The price is your credit, and maybe your house, when you find out the bank does not care, and, or watches the same commercials as the home owner does.

I can always trust you to get us back on tract Jon.
My point is anything is possible right now, but an attorney will have more power to talk on your behalf.

"I am currently 75000 upside down and the best the bank is willing to do is give me a 6 month 5.25 intrest rate after that it adjustes back to 14.9%."

How about this for making sense. A quote from the original post. And the bank might have even said, you have to get current first before we can work with you. I have heard that one also.

You are right. I heard the story from my attorney, and you learn not to ask the ins and outs of every case , when it is costing you $350 an hour for his time. What does make sense right now? The banks taking 400B, and putting it in their vaults and not helping the home owners. If anyone can explain anything going on right now, I am all ears, because new rules are being written every day.
I do not see you as a jerk or anal at all. Just a logical thinking person trying to make sense in a senseless world.

I did not ask detailed questions into the case. But if a homeowner still has the same job, and making a decent living, his mortgage doubles, values tank and he can not refinance, which is what all the mortgage brokers said they could do when they put the home owners into the pic-a-payment loans. The home owner is banking the payments during the foreclosure process. "If the bank is not cooperating, and your payment doubles, why would you turn in partial payments, and the bank by law cannot accept payments during the foreclosure process. At the end of 6 months to a year the home owner has a decent amount of reserves. Those reserves is what he used to buy the house/note. Once again I say, the banking industry is messed up.

I thought this was a great story, and shows how the right people, Attorney, can give you a good ending in this messed up banking world.
The home owner was behind and close to loosing their house. Hired my attorney to try to do a loan mod. The bank was not being very cooperative in the process. The attorney changed gears and started negotiating for the non performing note on the house. Was successful in buying the note at penny's on the dollar and worked out cheaper than a loan mod, or, the going short sales price in the area. That is the first time I heard of a home owner buying their own non performing note. Turning lemons into lemon aid!
Of course I must add, this was performed but professionals, do not try this at home or you might cause great home ownership harm. And proves how scr@#$ up the system is right now.