True !

BPOMaster, what the heck does this have to do with the thread you posted it in?

How about some applause for the folks that bought at the height of the market and are still making their mortgage payments? Going to work, making those payments, paying utilities and HOA dues.

A number of times last year, as I was working through a closing with someone who was buying one of our REO properties, I commented to my partner, "Yep, that house will prolly be listed back up here on our board in a year to 18 months -- because they are getting in over their heads!" I couldn't get over how some of these buyers qualified for the loans they got (and they weren't my buyers, but I still saw enough to figure out they shouldn't have been buying).

My partner always says, "Heh, if you're looking for sympathy, you know where to find it - it's in the dictionary between
sh*t and syphilis." Heartless, isn't he? lol

When you sign a note promising to repay x amount and life happens and you end up not being able to repay - that's just tough luck. You signed the note, you promised to repay. Banks are businesses, not charities.

I lost my home, business went belly up and we couldn't afford the mortgage anymore. We tried to modify but the lender only increased the payment. At the end of the day, we didn't do what we said we were going to do and now the lender is taking the home back. They are entitled to it - it said so in the papers we signed. I'm not wasting time blaming the gubberment or the mean loan officer that held a gun to my head. This is life and life ain't fair.

You don't make your car payments, the repo man shows up in the middle of the night and hauls it away. People that don't pay their mortgage have a lot more protections. But they still want to play games, cry foul and threaten everyone in the process.

I'm with Bonefish too. If you sign on the dotted line, you said you would pay. If you go back to the bank and ask them to modify your loan - you are asking for a favor. If they do it, you caught a break, if they don't it is within their rights. I missed two payments back in 2002 but called the bank prior to doing it and worked out a payback plan. They didn't have to do that - it really hurt my pride to make that call, but I paid it back asap. I've been on time and straight with them since. I knew walking into it that there was a chance I would loose the house because that is what my mortgage said. I was surprised that they worked with me - it was before all of this hit the fan, but I can tell you I knew what they could say to me. I was lucky and I knew it was luck not something they had to do. So now, to pay my mortgage, I list houses where others couldn't pay theirs. I give them all the sympathy I have, because I have been there, but the fact is, I was ready to pack up my stuff and not whine if they chose to kick me out. It sucks, but it doesn't change the fact that they have every right to take the property you secured the loan with. My 2 cents.