This is sad but hillarious at the same time...

NEW -> Contingent Buyer Assistance Program
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jbenko_IHB

New member
Here is a site where people post their stories and situations regarding the real estate market.



<a href="http://www.loansafe.org/forum/stop-foreclosure-tell-us-your-story/">http://www.loansafe.org/forum/stop-foreclosure-tell-us-your-story/</a>
 
[quote author="blackvault" date=1222997201]Here is a site where people post their stories and situations regarding the real estate market.



<a href="http://www.loansafe.org/forum/stop-foreclosure-tell-us-your-story/">http://www.loansafe.org/forum/stop-foreclosure-tell-us-your-story/</a>



Here is one of my favorites....



"HELP...we're about to lose our home and need advice. We got into a bad loan for too much money($450,000 @ 81/2%). Our broker used stated income<strong>(said we made double of what we actually make)</strong> and we believe his appraiser inflated the worth of the house also. It was appraised at $500,000 last Summer and now is being valued at $325,000...."



Reading the rest is kinda sad...but at the same time I don't feel sorry for them simply because of the bolded statement in the quote. I mean yeah its the lenders fault for not asking for proof, but its their fault for going along with it and being dishonest.



Amount I feel sorry for them from a scale of 0-10 about a 1.5</blockquote>


A case of "blame everybody but me!" The borrower says, "our broker used stated income..." and "his appraiser inflated the worth of the house." Did the broker fake the borrower's signature on the loan application? If the borrower signed it knowing it was false, then the borrower scores a zero on my sorry scale.
 
[quote author="GoIllini" date=1223001182][quote author="blackvault" date=1222997201]Here is a site where people post their stories and situations regarding the real estate market.



<a href="http://www.loansafe.org/forum/stop-foreclosure-tell-us-your-story/">http://www.loansafe.org/forum/stop-foreclosure-tell-us-your-story/</a>



Here is one of my favorites....



"HELP...we're about to lose our home and need advice. We got into a bad loan for too much money($450,000 @ 81/2%). Our broker used stated income<strong>(said we made double of what we actually make)</strong> and we believe his appraiser inflated the worth of the house also. It was appraised at $500,000 last Summer and now is being valued at $325,000...."



Reading the rest is kinda sad...but at the same time I don't feel sorry for them simply because of the bolded statement in the quote. I mean yeah its the lenders fault for not asking for proof, but its their fault for going along with it and being dishonest.



Amount I feel sorry for them from a scale of 0-10 about a 1.5</blockquote>


A case of "blame everybody but me!" The borrower says, "our broker used stated income..." and "his appraiser inflated the worth of the house." Did the broker fake the borrower's signature on the loan application? If the borrower signed it knowing it was false, then the borrower scores a zero on my sorry scale.</blockquote>


QFT! My schadenfreude meter is going up but not high. These peole went along with it.... you signed on the dotted line, you should have known what you were doing was not a great idea.



-bix
 
I'm glad to see somebody adopted my nuke explosion, although that is probably Upshot Knothole Grabel.... (aka atomic annie).



The more reading I do, the more I understand that alot of people did not understand what they were getting into. Why didn't anybody explain? Lemming Syndrome?

-bix
 
[quote author="biscuitninja" date=1223006770]I'm glad to see somebody adopted my nuke explosion, although that is probably Upshot Knothole Grabel.... (aka atomic annie).



The more reading I do, the more I understand that alot of people did not understand what they were getting into. Why didn't anybody explain? Lemming Syndrome?

-bix</blockquote>
Shrug.
 
what i got from reading that website was that those people were not the most financial suave as the one on this forum. They were signing up 8+% interest when the going rate was like 5.5% or lower. anyways there gotta be loser in the game to be able to make winners.
 
[quote author="jbatzmaru" date=1223011508]what i got from reading that website was that those people were not the most financial suave as the one on this forum. They were signing up 8+% interest when the going rate was like 5.5% or lower. anyways there gotta be loser in the game to be able to make winners.</blockquote>


Agreed. One I read was a couple signing a 30 year fixed at 11.25%. And another I read was a guy who owes just under 800K on his loan but house is valued at 375...ouch...
 
[quote author="blackvault" date=1223013072][quote author="jbatzmaru" date=1223011508]what i got from reading that website was that those people were not the most financial suave as the one on this forum. They were signing up 8+% interest when the going rate was like 5.5% or lower. anyways there gotta be loser in the game to be able to make winners.</blockquote>


Agreed. <strong>One I read was a couple signing a 30 year fixed at 11.25%</strong>. And another I read was a guy who owes just under 800K on his loan but house is valued at 375...ouch...</blockquote>
Good old subprime loans at their best.
 
When it sounds too good to be true it usually is.



When market rates were 5-6% but they were offered a teaser of 1.5% where did they think the other 4.5 to 5% came from?



Greed on most peoples part (buyers, loan reps, agents, Mortgage company owners, wall streeters) along with some failure to either read and understand what they signed or failure to seek legal advice was usually involved. There is certainly enough blame to be shared and most people involved had some amount of "contributary negligence"



We have a long way to go until this problem unwinds and many people will take a hit.



Regards
 
I can only read the blog for so long before I get furious. I actually posted a coupe of replies. Nowhere in any of the emails that I read did any of these people take any personal responsibility. They blame the brokers, the banks, the president and the Easter Bunny for their own problems. OK maybe not he Easter Bunny. I hate to be so blunt but those people are losers and will always be losers if they fail to see their contribution to the problem. They bought houses that couldn't afford with loans that were unaffordable before they adjusted and now they want to blame everybody except the man or woman in the mirror. I hate to say it but this is the problem with our society today. No personal responsibility. My two cents.
 
I've been lurking on those forums for a few months. The reality of the situation seems to be hitting home for some of these people as the focus seems to be shifting to 'I'm underwater, maybe I should walk' rather than 'I can't make the payments with the higher rate, how do I keep my home?' *sigh*



"sittingoncashintheoc," eh? Though the "frustrated parent" tone of your posts made me laugh, I doubt you'll get through to them.
 
Ok Im lauging my butt off right now. I posted two responses to people who didn't accept personal responsibility. I was not mean and didn't use any bad language and here are the two emails i received.



Dear sittingoncashintheoc,



You have received an infraction at Home Loan Forum - Loan Safe.



Reason: Insulted Other Member(s)

-------

Dont attack members

-------



This infraction is worth 1 point(s) and may result in restricted access until it expires. Serious infractions will never expire.



Original Post:

http://www.loansafe.org/forum/stop-...ca-loan-modification-post37383.html#post37383

<blockquote>Next tim you will be banned, Follow the TOS dont personally attack anyone</blockquote>


All the best,

Home Loan Forum - Loan Safe













Dear sittingoncashintheoc,



You have received an infraction at Home Loan Forum - Loan Safe.



Reason: Insulted Other Member(s)

-------

second strike

-------



This infraction is worth 1 point(s) and may result in restricted access until it expires. Serious infractions will never expire.



Original Post:

http://www.loansafe.org/forum/citi-...me-pounding-our-door-post37382.html#post37382

<blockquote>Second strike one more and your out!</blockquote>


All the best,

Home Loan Forum - Loan Safe



I'm emailing the blog to tell them to remove me



Bill
 
[quote author="hbguybill" date=1223080988]Ok Im lauging my butt off right now. I posted two responses to people who didn't accept personal responsibility. I was not mean and didn't use any bad language and here are the two emails i received.



Dear sittingoncashintheoc,



You have received an infraction at Home Loan Forum - Loan Safe.



Reason: Insulted Other Member(s)

-------

Dont attack members

-------



This infraction is worth 1 point(s) and may result in restricted access until it expires. Serious infractions will never expire.



Original Post:

http://www.loansafe.org/forum/stop-...ca-loan-modification-post37383.html#post37383

<blockquote>Next tim you will be banned, Follow the TOS dont personally attack anyone</blockquote>


All the best,

Home Loan Forum - Loan Safe













Dear sittingoncashintheoc,



You have received an infraction at Home Loan Forum - Loan Safe.



Reason: Insulted Other Member(s)

-------

second strike

-------



This infraction is worth 1 point(s) and may result in restricted access until it expires. Serious infractions will never expire.



Original Post:

http://www.loansafe.org/forum/citi-...me-pounding-our-door-post37382.html#post37382

<blockquote>Second strike one more and your out!</blockquote>


All the best,

Home Loan Forum - Loan Safe



I'm emailing the blog to tell them to remove me



Bill</blockquote>




you should just get the third strike so they will ban you. hahahahaaaa
 
Blargh! Even the mod that sent you mail doesn't use proper English. That was one of the things that struck me about the LoanSafe site... The Sentences In Which Every Word Is Capitalized (but only in half of their posts?) and the "almost looks like haiku" style



of posting part

of a sentence instead

of the entire thing

being on one line



IHB has always been a joy to read because the people here are intelligent, well spoken and provide thought provoking commentary on a surprisingly large number of topics. LoanSafe <em>scares</em> me because it makes me wonder if THAT is actually a representative sample of the populace.
 
[quote author="IrvineRenter" date=1223005622]Do you think these borrowers are more the exception or the rule?</blockquote>


I'd say rule considering the housing situation we are in...
 
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