Are we idiots to keep paying mortgages?

ALL i can tell you is you have to be an idiot

not to get at least 90 days behind and get a bargain. The government is foolish by telling everyone to become delinquent first, of course it will cause millions more to intentionally fall behind. That is of course if you are underwater.
 
It's not just mortgages where unethical thieves are the victors.

Those who fail to pay off small debts almost always get ~50% off if their debt is small enough (most creditors won't pursue [to the point of legal action] bad debt under $10,000 so it'd probably be for credit cards/auto loans) for the creditor to sell to collectors for ~.25-5% of face value.
 
I'll tell you, I was in the mortgage business in the midst of this shitstorm growing, and i am sick to death of the Government saying it was all the dirty brokers who did this. What about the WALL STREET INVESTORS who thought up these stupid ass programs when they realized they couldn't pool them fast enough? What abut the banks and lenders who gave Wall Street What they wanted? And what about the STUPID FUCKING people who assumed a mortgage that was going to adjust to 2K a month after the first year when they didn't have a job, just good credit?

Where does that leave most of us, who have an affordable mortgage, qualified with full documentation, and pay ontime? We eat the highest rates that will be out there in another 6 months. I've heard talk that they are even going to remove the derogatory lates from these people's credit reports? I haven't missed a monthly payment in 4 fucking years and my credit score hasn't moved 5 points. Who owns the credit bureaus? The banks that specialize in high interest loans to people with mediocre credit. It is in their interest to keep scores low. They claim other risk factors, but it's all bullshit. My friend's daughter has a student loan, deferred and nothing else on her credit. Score is 680. I pay everything on time and have for the last 4 years or so (had trouble at one point) and mine isn't even 600. Where is the fucking fairness in that?

Rant over. Thank you.
 
kathy88 said:
I'll tell you, I was in the mortgage business in the midst of this shitstorm growing, and i am sick to death of the Government saying it was all the dirty brokers who did this. What about the WALL STREET INVESTORS who thought up these stupid ass programs when they realized they couldn't pool them fast enough? What abut the banks and lenders who gave Wall Street What they wanted? And what about the STUPID FUCKING people who assumed a mortgage that was going to adjust to 2K a month after the first year when they didn't have a job, just good credit?

Where does that leave most of us, who have an affordable mortgage, qualified with full documentation, and pay ontime? We eat the highest rates that will be out there in another 6 months. I've heard talk that they are even going to remove the derogatory lates from these people's credit reports? I haven't missed a monthly payment in 4 fucking years and my credit score hasn't moved 5 points. Who owns the credit bureaus? The banks that specialize in high interest loans to people with mediocre credit. It is in their interest to keep scores low. They claim other risk factors, but it's all bullshit. My friend's daughter has a student loan, deferred and nothing else on her credit. Score is 680. I pay everything on time and have for the last 4 years or so (had trouble at one point) and mine isn't even 600. Where is the fucking fairness in that?

Rant over. Thank you.
Click to expand...

I can only assume you took out an ARM as well or else you wouldn't talk about "eating" high interest rates in 6 months. How does that make you less susceptible than someone else? What is your mortgage currently tied to? LIBOR? Prime?

There's a lot of people out there who didn't know what they were getting into but really had the best of intentions. One guy on CNBC took out an interest only loan and put down 20% and he's still getting killed, having to work 12 hour days to make it work.

Your credit score is determined on many things. Yes your payment history has a lot to do with it, but it's also how many credit accounts you have open, what the balances on them are, and what your debt-to-income ratio is.

And in this day and age, I don't know why people are worried about their credit score anyway. After I'm finished with school, I never intend to finance anything again for the rest of my life. Not even a car. No cc's, nothing. Maybe a house. And that's a huge maybe, and I'm putting down a minimum of 25% with a fixed rate only.
 
kathy88 said:
I'll tell you, I was in the mortgage business in the midst of this shitstorm growing, and i am sick to death of the Government saying it was all the dirty brokers who did this. What about the WALL STREET INVESTORS who thought up these stupid ass programs when they realized they couldn't pool them fast enough? What abut the banks and lenders who gave Wall Street What they wanted? And what about the STUPID FUCKING people who assumed a mortgage that was going to adjust to 2K a month after the first year when they didn't have a job, just good credit?

Where does that leave most of us, who have an affordable mortgage, qualified with full documentation, and pay ontime? We eat the highest rates that will be out there in another 6 months. I've heard talk that they are even going to remove the derogatory lates from these people's credit reports? I haven't missed a monthly payment in 4 fucking years and my credit score hasn't moved 5 points. Who owns the credit bureaus? The banks that specialize in high interest loans to people with mediocre credit. It is in their interest to keep scores low. They claim other risk factors, but it's all bullshit. My friend's daughter has a student loan, deferred and nothing else on her credit. Score is 680. I pay everything on time and have for the last 4 years or so (had trouble at one point) and mine isn't even 600. Where is the fucking fairness in that?

Rant over. Thank you.
Click to expand...

Kathy, you might want to run a credit check on yourself. Someone could have stolen your identity and screwed over your credit score. I don't have a mortgage or car payment. I pay student loans, rent, gas/electric, cable/internet, cell phone, and credit cards. I make 24k a year on a student stipend. I have all my bills set up for automatic payment through my CC and my CC is set up to automatically be paid by my checking account. In doing so, I'm never late on a single payment and everything is paid off in full. I didn't check my credit score until recently but when I did, it was 790. My bills are minuscule yet I racked up a good credit score. They say people who pay the least attention to their credit scores usually have the highest.

If you are in good standing in all of your bills that you know about and only have a 600 credit score, it's highly likely that someone has stolen your identity. I would get it checked out.
 
silverlinkx2 said:
I can only assume you took out an ARM as well or else you wouldn't talk about "eating" high interest rates in 6 months. How does that make you less susceptible than someone else? What is your mortgage currently tied to? LIBOR? Prime?

There's a lot of people out there who didn't know what they were getting into but really had the best of intentions. One guy on CNBC took out an interest only loan and put down 20% and he's still getting killed, having to work 12 hour days to make it work.

Your credit score is determined on many things. Yes your payment history has a lot to do with it, but it's also how many credit accounts you have open, what the balances on them are, and what your debt-to-income ratio is.

And in this day and age, I don't know why people are worried about their credit score anyway. After I'm finished with school, I never intend to finance anything again for the rest of my life. Not even a car. No cc's, nothing. Maybe a house. And that's a huge maybe, and I'm putting down a minimum of 25% with a fixed rate only.
Click to expand...

credit score will be an ancient relic in a few years. It will help you a lot if you plan on buying a home in the next few years. It will get you as low of an interest rate as possible. I agree though, people spend way too much time fretting over their credit score, as if borrowing money is essential to their lives.
 
theoakman said:
credit score will be an ancient relic in a few years. It will help you a lot if you plan on buying a home in the next few years. It will get you as low of an interest rate as possible. I agree though, people spend way too much time fretting over their credit score, as if borrowing money is essential to their lives.
Click to expand...

Isnt this the whole impression and plan buy banks and all the credit issuing agenies?

Just another way to fleece people of money IF their credit is not prefect. Its all a scam to make more money at the expence of the people.
 
no, you are not idiots for paying your mortgage, you were an idiot for buying your house in the first place. paying your mortgage is only taking responsibility for the mistake you already made.

if you feel like risking losing everything you paid in, DO IT. if you're running the risk of losing your house, you're better off selling it if you can take some cash.
 
My house is going up in value now. Bought it 110,000K off the high, went down 50K after that now it has gained for the last two months. Las Vegas market is coming back, big time. Two vacant homes on my street were finally purchased this month after a year or more of being vacant.
 
autobot said:
My house is going up in value now. Bought it 110,000K off the high, went down 50K after that now it has gained for the last two months. Las Vegas market is coming back, big time. Two vacant homes on my street were finally purchased this month after a year or more of being vacant.
Click to expand...

If prices are going up , I would suggest that you take advantage of that and get out. The future for Vegas doesn't look bright given the coming depression.
 
tmosley said:
If prices are going up , I would suggest that you take advantage of that and get out. The future for Vegas doesn't look bright given the coming depression.
Click to expand...

I'm really conflicted between storing up essentials and preparing for the worst and at the same time looking at this market turning around and thinking maybe things wont get catastrophic.

My house has gone up 10,000 in 30 days and all of Las Vegas and Pheonix are doing the same.
 
they need people to go into debt because usually once you start it is next to impossible to recover after years of wasteful spending. They will end up with more property the more we lose so they will continue until they own it all and can THEN save us and the people will be so grateful to the big old government for coming to our rescue.
 
Pretty much a safety net that works only ONCE they first help you become bankrupt, they can then be able to take care of those who cannot get their head above water with their bills and happily take the so called free aid.
 
silverlinkx2 said:
I can only assume you took out an ARM as well or else you wouldn't talk about "eating" high interest rates in 6 months. How does that make you less susceptible than someone else? What is your mortgage currently tied to? LIBOR? Prime?

There's a lot of people out there who didn't know what they were getting into but really had the best of intentions. One guy on CNBC took out an interest only loan and put down 20% and he's still getting killed, having to work 12 hour days to make it work.

Your credit score is determined on many things. Yes your payment history has a lot to do with it, but it's also how many credit accounts you have open, what the balances on them are, and what your debt-to-income ratio is.

And in this day and age, I don't know why people are worried about their credit score anyway. After I'm finished with school, I never intend to finance anything again for the rest of my life. Not even a car. No cc's, nothing. Maybe a house. And that's a huge maybe, and I'm putting down a minimum of 25% with a fixed rate only.
Click to expand...

No, I'm in a 5.25 fixed. My point was that the slackers are going to get 3.5 or lower soon. On a 150K mortgage, that's a couple hundred bucks a month. I'm well aware of what credit scoring is comprised of, and it's all bullshit. My ccs are all below 30% of limit, no new derogs or lates in 4 1/2 years and my score hasn't moved. They say what they use to determine score, but it's not true.
 
And debt to income ratio has nothing to do with your credit score. That only determines whether you qualify for a loan or not. Sometimes it can affect rate, but most of those programs are gone.
 
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