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<bmc> paid 10x as much as it costs
<bmc> for decades possibly
<KoBushi> Linus-- destroying someone else's property because you weren't able to live up to your bargain is being scum, yes.
<bmc> **** that
<Linus--> but its ok for the mortgage cos to destroy you financially
<bmc> they should torch the place
<Abydos313> Linus-- don't you watch 'earl' haha karma will get you in the end..haha
<Linus--> well, i didn't rash my place
<Linus--> but i did leave trash behind
<Abydos313> but you were thinking about it ;)
<Linus--> i wasn't hoping for a security deposit refund :)
<KoBushi> Linus-- the mortgage company didn't destroy you financially, your lack of a job did.
<Linus--> of course i was
<bmc> you pay them for years
<bmc> then you miss some payments
<bmc> and all that you paid goes away
<Abydos313> i dont blame ya.. if i was in your shoes.. same
<bmc> wtf is that?
<KoBushi> Linus-- you weren't aware of how credit worked when you got the mortgage?
<bmc> you werent renting it
<Linus--> KoBushi, actually, they rebuffed all of my honst attempts to save my house
<bmc> you bought it
<Linus--> honest
<Linus--> if it werent an fha fed-insured loan, I'm sure they would have refied it
<KoBushi> bmc you didn't buy it if you didn't finish paying for it
<tortus> linus: you should get a new house and leave all that bitterness behind
<tortus> it is not good for you
<Linus--> my credit is still thrashed
<bmc> KoBushi yea, you did, you didnt pay all the interest you owed
<bmc> you most likely paid the cost of the home though
<Linus--> i can't afford squat in cal anyway
<bud``> you just dont get a mortgage unless you have the ways and means to maintain payments for at least 6 months.. then if you drop down to 3 months with no income you put up a for rent sign right quick
<KoBushi> bmc no, if you only pay 1/2 of what you owed, then you didn't buy it!
<Linus--> i lost 40k in that affair
<haku> yah lol
<bmc> if the home costs $110 and you owe $60k in interest
<KoBushi> You can't make your payments and you destroy the house, you are destroying someone else's property to punish them for YOUR ****eup
<bmc> you give them $110k
<bmc> you paid for the house
<KoBushi> bmc no, you didn't
<bmc> you STILL owe them $60k in interest
<Abydos313> KoBushi good point
<bmc> they can word it anyway they want
<bmc> i dont give a ****
<bmc> my word is law
<bmc> :P
<Linus--> KoBushi, you ***ign saintly attributes to mortgage lenders it seems
<KoBushi> bmc that's because you are worthless scum
<Abydos313> :)
<tortus> haku: that is mean
<Linus--> they are ruthless
<KoBushi> Linus-- nothing saintly about them
<KoBushi> Linus-- but don't act like it's thier fault that you didn't pay them.
<KoBushi> You agreed to a situation
<tortus> more likely someone told linus he had more than 3 months
<KoBushi> Why should it be thier fault that you can't live up to it?
<Linus--> it is their fault if they refuse to renegotiate with a willing loanee, whose track record up to that point credit wise was excellent
<tortus> used to be 9 months before foreclosure
<bud``> Linus: you just dont get a mortgage unless you have the ways and means to maintain payments for at least 6 months.. then if you drop down to 3 months with no income you put up a for rent sign right quick
<Linus--> they took advanatge of the very large loophole inherent in fha loans
<Linus--> bud, i paid for 5 years
<KoBushi> Linus-- no, it's not thier fault, you agreed to a specific agreement, there is nothing which sas they HAVE to be willing to change that agreement.
<bud``> a mortgage is called a 'secured' loan for a reason
<bud``> you dont pay, goodbye
<KoBushi> Linus-- yu signed a document hat said "I will pay X under these terms"
<KoBushi> How is it thier fault that you didn't do that?
<Linus--> KoBushi, i bet noone knows of the fha "incentive" to foreclose
<Linus--> its not written into the agreement
<tortus> i think you get at least a 30 day eviciton notice. 90 days in calif
<KoBushi> Linus-- so you didn't read the FHA guidelines?
<tortus> so
<Linus--> KoBushi, its an anomaly of the law
<Linus--> that mortgage companies take advantage of
<tortus> total would not be 90 days. it would be 90 days after everything went to hell
<Linus--> it aint published
<KoBushi> anyway, it dosn't matter what thier incentive is... everyone knows thier incentive is greed and money
<KoBushi> What matters is, you made an agreement
<bmc> bud`` file bankruptcy and restructure you payments, then they dont have an option
<KoBushi> Why should you be mad at them fo not allowing you to change that agreement?
<bud``> you generally have 3 months of missed payments.. thats plenty of time to rent out the house and collect a security deposit and quickly give it to the bank
<Linus--> most mortgage companies gladly restructure your loans over a longer term if youve paid faithfully for 5 years or more
<KoBushi> the FHA guidelines and laws aren't published?
<bmc> bud`` if your living in the house?
<Linus--> it means more money for them
<bud``> then another 12 months to grow up and generate money
<bmc> :P
<KoBushi> Linus-- but they aren't required to.
<Linus--> KoBushi, are tax loopholes published by the feds?
<KoBushi> Why should they?
<bud``> bmc you rent somewhere else you can afford
<KoBushi> Linus-- yes
<Linus--> no, they aren't
<bmc> it doesnt work that way
<bud``> bmc, actually it does
<KoBushi> Linus-- yes they are, you read te tax laws, and you figure them out.
<Linus--> laws are written, lwayers and accountants interpret the grey areas
<bmc> how are you going to rent somewhere else when you cant pay your mortgage?
<Linus--> loopholes aren't written into legislation
<bmc> you cant just live there for free while you pay off all your other bills and move and setup everything else there
<Linus--> they're milked from it
<KoBushi> realizing the downside of FHA loans isn't rocket science Linus--
<bmc> they will foreclose
<bmc> you will have 30 days
<tortus> i think you get 90 days in calif
<Linus--> i was caught off guard as a newbie homeowner i do admit
<Linus--> i never thought theyd swoop so swiftly
<Linus--> nor hang up on me!
<bmc> theyre vultures
<tortus> that is after you have not negotiated
<bmc> they want to take it
<Linus--> i was a neophyte i know
<bud``> bmc ok, my morgage payments are $500-600 a month, If I was out of money, I could rent my house out for prolly $950 a month.. I'd also collect a $950 security deposit. I'd take this cash, rent a room somewhere for $250/month, keep my house, keep a roof over my head, start earning money again, and all would work out.
<KoBushi> anyway; I'm not defending the mortgage company... I agree they shoul have refinanced for you... but nothing required them to... to destroy the property just becaue your situation led to you being unable to fufill yur contract is immoral.
<Linus--> my mortgage was sold to a third party one month after i signed it
<KoBushi> and dispicable
<bmc> bud`` how are you going to rent it out when you live there?
<bud``> bmc I would VACATE it
<bud``> jesus
<bud``> read
<Linus--> i didn't destroy it!
<bmc> you have to have money to rent -first-
<Null_Ptr> mortgages are almost always sold, that's the norm
<KoBushi> Linus-- I know, but bmc would
<bmc> you dont have money for mortgage
<Null_Ptr> same with car loans
<bmc> so you dont have money for rent either
<bud``> bmc you have 3 MONTHS
<Linus--> Null_Ptr, i know that now
<bud``> 90 days
<bmc> you have other bills in the meantime
<tortus> bud: you couldhave rented ti to a nubile young woman who wanted to let you still live there
<Linus--> i never would have imagined so soon after though
<Null_Ptr> nubile hah
<Linus--> tortus, now were talking
<bmc> so you get three mortgage payments, then have to pay rent and security deposit
<bmc> now youre broke
<KoBushi> bmc buy ramen
<KoBushi> :)
<Linus--> i was so caught up in the unintentional writing of that "bad" check, as it was used to pay the min balance on a credit card bill, and steamrolled from there
<KoBushi> Linus-- it's okay, my credit is ****ed too ... but it's 100% my fault. I used my credit cards to live off of for about 6 months while my wife and I were unemployeed
<Linus--> in a sense, i was kiting credit to save my house
<Linus--> but in a completely legal way
<Linus--> then that routing number brought down my house of cards
<KoBushi> Linus-- once we both got jobs again, it was too late to pay down the CCs
<bud``> bmc, If i was to rent my house out this week, id have an immediate $1900 in cash.. I could find somewhere to live TOMORROW. and then every month my rental property is generating $450 income for me.. and in the meantime im getting a better job or whatever is needed to move back into my own home after the 6 or 12 months.
<Linus--> KoBushi, i walked away from 30k cc debt
<Linus--> they never did a thing except send my offers to pay half etc
<Linus--> well, they ****ed my credit score of course
<KoBushi> Linus-- I eventually used my mother's credit card to pay mine off (paid them 1/2 the total) and now I'm paying on that
<Linus--> you see, i refuse to play their game any longer
<Linus--> they are the worst kind of scum
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