Actually this question should be, Does Anyone Care when you're losing your home?
There is so much talk in the media about how the government(Federal, State, Local), non-profits, lenders can you help solving your mortgage problems. In reality I think it is all talk.
As a real estate agent I have spent months, hundreds of hours on the telephone, fill out hundreds of forms trying to negotiate with the lenders on behalf of my clients. And rarely has anyone been helped.
And now I find myself in the same boat. Since Jan 2008 I have been strugling to make my mortgage payments. In January I called Washington Mutual and Bank of America to see what my alternatives would be me. I called the credit counseling non-profits. While they all listen to me they pretty much said that they cannot even begin to help until I STOP MAKING PAYMENTS ON MY MORTGAGE.
I asked about recasting my loan, about lower the monthly payment, lowering the interest, forgiving part of the debt to due to property values going way down. And the answer is always NO,NO,NO.
Well, now it is May I stopped paying my mortgage to Bank of American and Washington Mutual. Now that I am late, they say that "they can work on my case." But first I have to fill out a lot of paper work.
Ok. They say there are no guarantees, and that any decision will take months. Meanwhile my credit will be ruined, which will in turn create othe problems.
Well, I think I started my path to hell of stress and anxiety.
For all the talk in the media, non profits, etc. that tell you that if you are having problems making the mortgage payments on your house that they can help
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Came over from the SFGate, to maybe be in the company of empathetic people as opposed to a cold-hearted mean-spirited vindictive bunch of government-subsidized renters hypocritically spouting about the Free Market. (Hey they've got me pigeon-holed, my entire unique situation characterized in a neat little fable... i'm just returning the favor).
It's dispiriting to see all the thumbs-down i get over there for simply trying to explain my position; i'm even accumulating them for clearly stating i'm not asking for a bailout and asking why the people who caused this mess shouldn't share the financial responsibility and work something out with me. As "kevin1006" points out, if we could harness all that venomous energy we'd be energy-independent for a hundred years.
Still, for all that, there were a few excellent suggestions; common-sense solutions which haven't a snowball's chance in Hell of being implemented.
Thanks for caring enough to do this. I wish you all the best in your dealings with the banks.
-jb
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