I'm sick and tired of all the whining ... about how the bank needs to understand that they're upside down and need HELP !!!

example : they owe 400k on there home and now its only worth 200k ... they'll say things like the BANK just HAS to HELP ME !! its all the banks fault etc. ( meanwhile the homeowner stills hold down the same job and incomes they did 4/5 yrs ago )

now ... if the housing market had continued to go up, up up instead of down

I'd bet NOT a single one those whining now would have called bank and said .. guess what that house you loaned me money for .. went from 400k and to 600k and I'd like to split the 200k in profits with the bank ... were can I send the check ..



suck it up pay our damn bills ... and next time don't bite off more than you can chew ... or afford to lose

Amen.

I agree wholeheartedly.

Nobody in their right mind bought a house with the hopes it would go down in value. They were feed the "American Dream" of home ownership by the banks coming up with loans everyone with a pulse could qualify for, low or no down payment, low interest rates, adjustable rates pick your payments and all the other creative financing B.S.
Who made the money with all of this? Then the banks bundled loans together and sold them to the general public through the stock market and made more money. Good people put their life savings into them and then lost most if not all of their retirement. And who profited from this?
Then the banks needed a bailout from the government (taxpayers) on money they did not lose.

The financial instructions run this country. And we the taxpayers support them.

I am glad you are one of the elite who saw this coming and are able to kick someone when they are down.

Did the banks offer to give the taxpayers a check from their profits as a thank you for the bailout? Or did they give themselves a nice large bonus and think of other schemes to suck money out of us.

Have you seen what BOA is doing with their fees?

1 question Bonehead, what bank do you work for?

Now stop and think before you start telling people to stop their whining.

I also agree. Cars depreciate as soon as you drive them off the lot, but no one calls and says, "I'm upside down. Can you reduce my payments?"

While I agree with you that no one bought to lose money, many used their homes as ATMs or bought on speculation. Ever hear of a 125% LTV? As far as I am concerned, when they maxed out the equity of their home (or false equity due to a "beefed up" appraisal) they already "sold" their house. Now the same people cry foul that they are on the brink of foreclosure. Debt is evil, but a necessary one unfortunately. When people get in over their head in debt due to their own greed, I'm sorry but I have little sympathy for them.

People got sucked into biting off more than they could chew. Deceptive lending practices? Perhaps. Consumer avarice, yes.

Camus wrote, "Every man is responsible for his own face." It was less popular than, " I think therefore I am." but it is still important. Translated to practical terms it means YOU are responsible for your own life.

You made your bed, now sleep in it. Life ain't fair. If it hurts, cry quietly about it, but then figure out a way to make it better that doesn't stick the tax payer with the bill.

I'm with Bonefish on this one.

Debt is the devil. If you can't pay cash for it, you can't afford it.

I agree, attractive people never loose their homes.

vote with bonefish..if you want to keep your home..pay your mortgage..simple concept

as for the banks and the stock market..stock markets are at 2 and and half year highs..but who ever promise the stock market was a sure thing..I know must have been the evil banker who forced you to sign 75 pages of details explaining exactly what you were obligating yourself to do when you both that house that you knew you couldnt afford...

We are all responsible for our own success and or failure. I feel bad for the people who are losing their principal residence, they we led to believe all the hype about values going up and if the did not buy now they could never own a home this was not greed.The investors are a different story, they gambled and lost.

The government has put us in our place by siding with big banks that were too big to fail, giving bailout money and other incentives. They stayed afloat and are showing huge profits off of our tax money.

We as realtors have made a good living in the past 6-7 years, I sold 37 homes in 2005 and 42 in 2006, 2010 was a great year with 65 sales (53 were distressed properties)

I have had over 40% of my 2005-2007 sales either foreclose on or short sales.

Like it or not, taxpayer get stuck with the bill.

Vote for Bonefish in 2012.......

I'm not sure why you are persistent in making this a political/taxpayer thread. People decide for themselves the course of action they take with their lives. I'm not going to reiterate what I have already said. Like others, I side with Bonefish in the point I feel he was trying to make. No one put a .38 to anyone's head and forced them to buy a home or take out second and third mortgages. IMO if something sounds too good to be true, there is reason for it. A zero down real estate purchase or borrowing more than what you own is no exception to that.

PS. BTW, I'm a democrat who believes in individual actions as opposed to gov't intervention. (For the record)

Bonefish is right on. I share the same frustration.

During the height of the market, I lost many clients and potential transactions because I would look at a buyer's income, expenses etc and tell them that they did not qualify or could not afford the home. I have a finance degree and numbers have to make sense to me so I couldn't in my right mind suggest for someone to buy when I knew darn well they couldn't. These buyers, most of them, would begin lecturing me on how they would buy the property, and since values would continue to go up, would refinance in two years, take out money and buy more properties. Many of them knew the consequences and decided to roll the dice. I know there were a lot of incompetent agents preaching this advice, but I also know that there were many agents recommending against this practice.

The same thing happened with the dot.com frenzy. Everyone was an expert and many lost a boat load of money. No one bailed those people out, so I don't believe many of the people being bailed out now, should be.

I don't want to turn this into a political post, so sorry for my ranting. However, Bonefish ignited me with this post. On a personal level, I have to work harder chasing these people around trying to get in touch with them, trying to get in touch with them to guess what..............offer them more money so they can move out.

so Mr. FiddyBpo you have always split your real estate profits with your lenders ???????






nope didn't think so

Right, the owner-occupants are completely innocent while the investors are completely guilty. How ignorant can you be? This is cyclical. It happened in the late 80s and happened again 20 years later. Guess what's going to happen in another 15-20 years? It's not like anybody has learned their lesson. Banks are still offering homes for very, very low down payments with adjustable rates. Buyers still want to buy more home than they are approved for. Investors still want to do hard money loans and refinance up to their max point to take cash out. In order to stop this, we need to teach ourselves and our children that real freedom is financial freedom. Don't owe anybody anything, and you are then the only person controlling your life. If you don't do that and something goes wrong, you pay the consequences. Welcome to life.


No, they just passed their losses off to FHA, Fannie, Freddie, and other government insurers. That's why they are all currently filing lawsuits to figure out damages. So, for the time being, they have a profit, but statistics can lie.


Good for you. Should agents feel bad because they brokered homes to people who made bad decisions? No, they shouldn't. Our jobs are to sell homes. We advise people of the risks and let them make their own decisions. We aren't their consciences. If somebody wants to buy a home through me, even though I think it might not be the best decision, I will advise them of such, advise them of the risks they are taking, and show them what could possibly happen. Then, I let them make up their own mind. If they want to purchase, I will help them get the best deal they can. I'm not going to turn away business just because I think somebody may be making a bad personal decision.


We ALWAYS get stuck with the bill. Want it to change? Stop voting people into Congress, the Senate, and the White House who constantly raise the debt ceiling and, thus, allow uncontrolled spending to continue.

I'm sorry--I understand the sympathy felt for a family who has lost their home and has to move out. What I don't understand is the attempt to blame somebody else. We're all adults, and we all make decisions with consequences. This is life--[censored] happens. While homeowners who got foreclosed on lost their house, at least they got a fresh start and got out from underneath hundreds of thousands of dollars of debt that they were never going to repay.

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.