jocktheglide

he talks about loan mods, credit card debt settlements etc...??? http://www.mortgagereliefformula.com/01/18...tlement-tricks/

is it possible just to refinance the first mortgage only and not the 2nd? for example you have a 200k total home and your first mortgage is for 130k and 2nd was 70k. when they do a search on your property for value and see it for 170k can you refinance the first for 170k and get a lower rate etc..?

just read the article...I guess thats the only way to do it one person pointed it out very well though, "these homeowners have been living in their homes rent/mortgage free for one year"

this is gonna be crappy my house value has plummeted very hard from 240k to 185k...........(based on zillow estimates on sales) cant even get a refinance.

exactly.... But the post above I must address as well... You WEREN'T there, because you DIDN'T pay off 30k in debt (while paying living expenses) purely on the salary of 2 non-exempt low-paying jobs. I know this because I have done the math. you know nothing of my situation vice versa with OP you know nothing of their situation he was assuming the amount of debt I had because he "did the math" I am assuming nothing about OP, he supplied the fact that he is 30k in debt, getting laid off and looking for a way to avoid dealing with his creditors and to date, he hasnt chimed in to state other wise.

But the post above I must address as well... You WEREN'T there, because you DIDN'T pay off 30k in debt (while paying living expenses) purely on the salary of 2 non-exempt low-paying jobs. I know this because I have done the math. you know nothing of my situation vice versa with OP you know nothing of their situation

EXCELLENT RESPONSE RIGHT THERE OP does NOT live in NJ, parts of the West Coast are experiencing horrendous unemployment. Here's the math that nobody bothers to do: OP will need $9/hour, 160 hours/ week- before taxes- just to make the minimum payments (assuming 18% with 2% minimums). If OP has been rate-jacked to 29%, make that $11/hour. Around here cashiers, gas attendants are $7/hour jobs. If that. Perhaps they pay $9+ where OP lives, perhaps not. Perhaps there are few/no jobs available. Thanks to heavy layoffs around here, even McDonalds has stopped accepting applications- there aren't even part time openings left, and a waiting list for those already filled. OP may be in a similar situation. who knows? not you or I... "just get a job-any job" is excellent advice to help pay living expenses, but it may or may not help him with his debts. Either he can pay the minimums or he cannot- there is no "close enough" payment option. "close" still eventually gets you sued. We deal in reality here, not fantasies that delivering pizzas will pay off a $32K debt. Maybe it will, more likely it won't. As to the rolling eyes reply- keep in mind that CB was founded with a "no judgment" policy. If you'd like to make assumptions or judgments about another member's situation- you'll have to find another board, you cannot do that here. OP: TooPoor covered your question pretty well- pay attention to the advice TP has offered- it's exactly right.

You can say it, but can you SPRAY IT!!! i can bet you right now if you lost your job and started to work at McDs you will find out fast that your 8 dollar/hour job quicky becomes only 4 dollars/hour. You never been in that position so dont assume you can survive in that position. You would not POUND the pavement for work you being a college graduate will be SMARTER than that and get unemployment which will pay more than your so called, "MCDS" As for desperate times for desperate measures I guess your the same perosn who would carry gun to a job also

if banks can ask for a handout based on our taxes why cant we, who pays those taxes, ask for a loan mod????

alot of cracks ups in here I think majority of the respones in here folks dont dont even live in the U.S. if they do they dont know the economy situation and finding a job is tough even finding a job at walmart is hard to get for some reason. if the bank serves you they will serve you if its worth their time and money lets say you have 10 credits cards spread out between the 32k ok they might not sue you, but if its one card they might try to sue you expecially in this time banks that got bail out money LOVE to SUE cause they got money to throw away to sue even if its your tax money at work. Like above poster suggested file bankrupt start over might be your best bet and safe bet.

I agree Im not condoling foreclosure, but right now it seems like the best idea for most folks who cant sell their home or do anything about it and its not worth stressing out over or killing yourself in a time of recession or slow down of economy. Realtors these days are actually hiding in the cave to avoid folks who want to sell their home I had asked over 10 realtors to try to sell my home, but they ignore calls or just dont respond back. Ironic early 00 and beyond everybody and their grandma was a realtor now NO claims to be a realtor. In the end please dont think about stressing out too much or taking out the anger on fellow members just let the home go if you cant afford it.

if you husband is going crazy I say just foreclsoe on the home and let it go LIFE is too short.....there is already people commicting suicide these days over the bad economy and home values plummetting.

from what I understand very few banks right now are coming after folks who have defaulted on their loan due to the fact that there are so many folks defaulting. I read (internet) that it costs about 50k for lender to hire lawyer, sue you, and try to get get judgement after you and its not worth their time. Who knows then again I heard folks getting sued in 06 before the crash.....

well thats NOT so great to hear I always thought the money was to help folks refiance into something more helpful in payments I might be missing my first payment this month I have no money......I just want a lower rate on my 2nd mortgage its 12 percent.

refinance people it seems they just seem to be holding on to the money....been trying to get refinanced for a lower rate, but no bank wants to touch me not based on my credit, but based on home value they claim I have no equity...well duh my home value plummeted like 50k who has potential equity in homes right now unless you threw down a big downpayment. buying a home seems like these days is like buying a car the minute you close the value goes down.

well that seems stupid, I guess, it just handicaps you for awhile then we will probably be back at sqaure one again.

do a search on the net hope is just a program from what I read that negotiates with the lender.......

Just curious with the loan given out by the government the 700B and the mortgage people gonna fight over it what are the mortgage people gonna do with that money to help out folks who are in foreclsoure or are behind?

That's true, and I hate to say it, but our area has a lot of "Section 8" people. We live in a fairly nice area ourselves, but the way the school boundaries are drawn, a lot of the kids come from "the wrong side of the tracks." Not to sound like I'm prejudging anyone, but let's face the truth - most of those kids unfortunately don't grow up in environments where learning is made a priority. However, while putting "bad" kids in good schools rarely helps the bad kids, putting "good" kids in bad schools often makes a good kid go bad... I will check the transfer policy, when it becomes an issue. Thanks! you sound like me we didnt know who was section 8 or on welfare until we moved into our new built home. Then all of a sudden we started (during the downfall of real estate) seeing people move in and out every 6 months to a year then we found out there was a lot of section 8 people moving in. Though we have nothing against section 8 people (financially), but what we have a problem is how they raise their kids majority dont even care what their kids do if they go to school or not. They drink beer just walking down the street at age 10 (im not lying or exaggarting here) and their parents dont give a damn in general. I once talked to a cop in my area just chit chatting (called in because 5 cars were burglerized on street) he told me alot of the kids have parents who give the kids to their grand parents and of course the GP are too old to take care of them. Also the schools (all of them from elamentary to high school) gangs are rampant and fightings in middle and high school are everyday occurance and stabbings and the schools do not expell them ,but the stabber comes back the next day since the school cant get a hold of the parent to tell them whats going on.

is that even after claming bankrupt chapter 7? I cant imagine banks coming after you knowing there is nothing to come after in my opinion though I could be wrong.

if you have to do foreclosure im thinking you can claim bankrupt then (im assuming) they cant come back after you if you do a short sale. I would try for the short sale before trying a foreclosure. just my opinion and I never been through, but shorty here I probably will be....

I would rent....just my opinion.

easiser said than done though in this special situation taxes have increased in my county and mortgage jumped 200 bucks/month. From what I understand the first 80 wont sue you, but the 20 bank will.......thats what I been reading on the net anyways

Ok here is a weird situation lets say you lost your job and found a lower paying job that didnt pay as much and you lost your home. You figure though since you dont want to blemish your credit score so bad you decide to not pay the first mortgage, but pay the 2nd mortgage is it possible though to that? Though you would of course lose your home, but still pay the 2nd. Would the mortgage people care from the first one if you did this and thats all you can afford? Just curious becuase I read an thread where the banks who own the 2nd mortgage (the 20) will sue you, but the first mortgage (the 80) does not sue......

ahh...thanks tammy this guy I spoked to lost his job and had to move out of state to find another job and told me this. Just never knew how they could sue someone with no money