Any homeowners here?

[crunktimes.com 5,000+ posts]

Unfortunately I have gotten a really bad addiction to weed since this thread and I have missed my last 6 mortgage payments, the problem is I owe 200k and my house is only worth 160k!

manny can you still save me?

 

[mannyb18b]

Okay, explain how someone who is upside-down actually benefits from refinancing into a mortgage which reduces the rate of principle reduction //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif So refinancing their mortgage into a product that actually causes the principle balance to stay significantly higher and for a much longer period of time is supposed to help someone who already has negative equity //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif
And why is any other conventional mortgage product irrelevant //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif There are certainly many other options available to lenders as a part of loss mitigation than the horribly idiotic idea of a 50yr mortgage......

But ofcourse, someone trying to sell a product either ignores this, or is simply a salesman and actually quite ignorant about the financial industry.

You appear to fall into the later group.......

And you have yet to explain your comment;

"These programs want you to pay your principle down."

Upside-down or not....a 50yr mortgage does not accomplish this goal as you mistakenly attribute to it.

A short-refi is for a borrower who is upside in their home, and showing risks of foreclosure. Medigation negotiates with the lender to drop principle balance down to market value, and make monthly payments as affordable as possible again..even if the borrower has a few months in lates, as long as a SALE NOTICE is not issued they can qualify for a loan modification (short refi). This benifits them because they don't lose there home, and little johnny gets to stay in the same school

 

[mannyb18b]

Unfortunately I have gotten a really bad addiction to weed since this thread and I have missed my last 6 mortgage payments, the problem is I owe 200k and my house is only worth 160k!
manny can you still save me?

Honestly...I really could.

as long as a sale notice has not been received yet of course.

 

[bonesninja 5,000+ posts]

Honestly...I really could.
as long as a sale notice has not been received yet of course.

please tell....i need a good laugh.

 

[crunktimes.com 5,000+ posts]

x2

Would love to hear just the basic outline of your marvelous scheme.

 

[mannyb18b]

please tell....i need a good laugh.

illiterate are we?

read the **** thread stupid.

or even better so i don't have to explain it AGAIN. look up a short refi...or loan modification.

http://www.shortrefinow.com there you illiterate fvck...made it easier for you to find out the info

 

[bonesninja 5,000+ posts]

illiterate are we?
read the **** thread stupid.

or even better so i don't have to explain it AGAIN. look up a short refi...or loan modification.

http://www.shortrefinow.com there you illiterate fvck...made it easier for you to find out the info

anyone can look it up....i want you to tell me exactly how smart you think you are.

I have never read such dumass information in all my life as some of the shit you've posted in this thread. This entire thread is full of people owning your *** and yet you refuse to believe anything

 

[mannyb18b]

x2
Would love to hear just the basic outline of your marvelous scheme.

I just made a brief explanation of it god ****...is it so hard to understand? You know how many loan modifications and short refi's are going through RIGHT NOW, especially in California.

Here is a quick sum up...AGAIN!!!

You owe more on your home than its worth. Maybe your in a ARM that is about to adjust or already adjusted and you ahvent been able to make your payments..and you are about to foreclose.

You write a hardship letter (1 of the steps to get this done), explaining why you can't make (x) payment. The banks don;t want all there notes to foreclose anymore, THATS WHY THEY ARE OUT OF BUISNESS. So we or you or watever company u wanna use negotiates with the lender to drop principle down to market and some other guidelines that apply to specific scenario's. They do this because instead of foreclosing the home and getting 20cents to there dollar they get 60cents to the dollar. Understand??

 

[WhoSayWho? 5,000+ posts]

It is NOT a bad time to re-finance. If your looking for a re-finance, my best advice would be to do so now because the rate's are not going any lower, and housing prices are going to start on a uphill climb.
Rate's went back to being very low (6%) because the gov. stepped in with FHA programs and it was a way to give people an option.

Manny, your posts in this thread demonstrate why you should not even be allowed to borrow money, let alone advise others about getting a loan.

Then again, all you care about is slamming people who are already in a bind. You are a poster boy for government regulation of the mortgage industry.

 

[mannyb18b]

anyone can look it up....i want you to tell me exactly how smart you think you are.I have never read such dumass information in all my life as some of the shit you've posted in this thread. This entire thread is full of people owning your *** and yet you refuse to believe anything

never got owned once so you fail there. thx try again though bud... but you already made yourself sound like a complete retard not believing a loan modification existed LOL

 

[mannyb18b]

Manny, your posts in this thread demonstrate why you should not even be allowed to borrow money, let alone advise others about getting a loan.
Then again, all you care about is slamming people who are already in a bind. You are a poster boy for government regulation of the mortgage industry.

oh so you are saying my info was false? you are wrong bud? and obviously dumb if you think now is not a good time to re-fi and take advantage of interest rates as they are. are you really that stupid? really...

 

[mannyb18b]

I can pwn you guys on this alllllll day long please feel free to prove your unknowings

 

[bonesninja 5,000+ posts]

I just made a brief explanation of it god ****...is it so hard to understand? You know how many loan modifications and short refi's are going through RIGHT NOW, especially in California.
Here is a quick sum up...AGAIN!!!

You owe more on your home than its worth. Maybe your in a ARM that is about to adjust or already adjusted and you ahvent been able to make your payments..and you are about to foreclose.

You write a hardship letter (1 of the steps to get this done), explaining why you can't make (x) payment. The banks don;t want all there notes to foreclose anymore, THATS WHY THEY ARE OUT OF BUISNESS. So we or you or watever company u wanna use negotiates with the lender to drop principle down to market and some other guidelines that apply to specific scenario's. They do this because instead of foreclosing the home and getting 20cents to there dollar they get 60cents to the dollar. Understand??

wrong again....they are out of business because they lent money to people who could not afford to repay it....i don't care what agreement you enter into, if you can't afford you can't afford it. Next time you'll tell us how to get a "Well i'm gonna hit the lottery in 10 months, so i need more money" loan

 

[WhoSayWho? 5,000+ posts]

oh so you are saying my info was false? you are wrong bud? and obviously dumb if you think now is not a good time to re-fi and take advantage of interest rates as they are. are you really that stupid? really...

LOL. I am saying that you are a moron for not realizing that if you take the proceeds from your refinance and payoff your car what you are essentially doing is increasing the length of your auto loan to 30 years.

 

[mannyb18b]

LOL. I am saying that you are a moron for not realizing that if you take the proceeds from your refinance and payoff your car what you are essentially doing is increasing the length of your auto loan to 30 years.

that would be a cash out refi stupid idiot.