Murphysranch - Bank blues and garage sale thoughts

[murphysranch]

I enjoy reading about everyone else's life than spouting about mine.

That being said, I'm in a major funk again....sigh....We've been talking on here how or when TSHTF or what we are doing to save money, who will pay our mortgate, or how we grow some of our food, or stocking up on supplies, etc etc.

Get this...I applied for a home mortgage modification a couple of months ago. Submitted tax returns, bank statements, current budgets, proformas, etc etc. Got denied on Friday.

So I called IndyMac bank (defunct) and spoke with one very knowledgeable loan mod fella. Turns out we don't make enough money to get our loan modified. My UE doesn't count and DH's miserable earnings this year as a painting contractor isn't enough to change our loan. They require a monthly income of a certain amount, then they take your current loan payment plus taxes and insurance, and then calculate it at 31% of your monthly income. My loan is at 6.75% interest only. We DON't MAKE ENOUGH MONEY to get our loan modified? Is this an oxymoron statement? Is this what has been happening to the ppl who eventually go under foreclosure?

So he suggested I call their refi dept. and that young rude gentleman said no, they could not refi us cus we don't have an income. But I've been a faithrul regular, on time, 800 credit score customer of theirs for over 3 years and its been our primary residence for one year. NOPE. Sorry lady. How about a no doc loan - he laughed out loud and said that was what helped to make IndyMac fail (yes, dummy, I know that....).

So we've decided to put the spread up for sale in early spring and hope that some rich Silicon valley type wants to buy a weekend ranch over the year or so it may take to sell it. This is of course, hoping that TSHTF sometime later, after we dump this albatross. Then we'll take our money, and buy a shack with cash and hunker down.

I complained on FB that we had a garage sale and ONLY made $284 yesterday. There is more in my Pacifica going to two different thrift stores than we sold. One comment was made (and its all relative) that she wished she HAD $284. So she is right...quit yer bellyaching, MR!

I made my first batch of soap, thanks to Bettacreek, and it smells wonderful and is sitting on top of a wire dog crate in the dining room, curing. Today is supposed to be 72 degrees so we're gonna go straighten out the garage and repack the stuff that is worth trying to sell again at a garage sale in the spring. I also have to gather up some remodel stuff and take it to the Habitat for Humanity resell store next Friday. Some wood blinds, some plumbing fixtures, a couple of drapes and rods (all from the house we tore down). That will make me feel good to help someone else with things they need.

The coffee this morning is weak, so gotta go pour the coffee back thru the grounds a couple of times to get some flavor. I'm a cheap date....

 

[savingdogs]

Good luck with the house situation.....the housing situation is in a mess, everyone in my family is experiencing issues and we live in several differnet states. My sister in Canada is in a similar situation, wants to move but at this point buyers are few and far between because no one is qualifying.

I guess the banks will own a lot of empty houses.

 

[AL]

If you are eligible for membership at a credit union, try there... sometimes they have totally different lending criteria and they are much more sound.

 

[Wifezilla]

I don't know a single person who applied for loan modification and actually got it. Lots of customers come in to my shop faxing off reams of documents over a series of months trying to fulfill the requirements. There always seems to be some piece of paper they are missing or they never got despite a confirmation that it was received. It seems to be just a runaround to get you to miss payments or only make partial payments so they have an excuse to take your house faster.

 

[TanksHill]

OMG I think you just summed up the last year of my life.

Not sure if you were aware but Oct 2009(I think) I applied for the home mod plan. I went through 3 applications and 3 HUD counselors who caught IndyMac/One west lying to me. We had conference calls where I gave the HUD financial counselors permission to speak on my behalf. They caught them in several lies. We were continually denied over and over until the told me to try a re fi. The re fi dept sent me a letter stating that I did not qualify. I forwarded that to the loan mode people and had no luck. I gave up.

Then dh got a new job. we tried for the fe fi at a lower rate. For the past 6 months I have been getting the run around from IM/One west again. They needed proof of this, a signed paper stating that. I was so mad. Wed. before we left they called again and wanted some singed statement about 1200.00 reimbursement my dh got 5 months ago. I told him to stick the whole thing up his A$$. Literally. He told me he would call me back in 20 min. I have not heard from him yet.

It is so dang frustrating. We are going to sell as well. Our dead line is next June. I have pretty much decided not to pay the property tax bill. It will come out when we sell. We want to hunker down, buy some land and live simply.

It's not going to be easy but it has to be done.

Ca. just sucks!!

Anyways, sorry about your yard sale. It's a sign of the times. I was lucky to sell some mx gear on craigslist before we left last week. Gave us a bit of pocket money.

My neighbor sold his house on Craigslist last month. Walked the buyer to the escrow office himself and saved a ton of realtor fees. i think we will do the same. We need every penny.

Ok my rant is over. I hope your having a great weekend. The soap sound wonderful!!!

g

 

[lalaland]

I have so many friends and family in this same spot - trying to figure out what to do, trying for months on end to get refi'd, getting no where.

It is the height of crazy making to be told you don't make enough to qualify for a lower monthly payment when you are consistently making the higher payment!

wish I knew the answer

 

[Wifezilla]

Time to start calling and writing your representatives. Seriously.

Tell them all the details. How you tried to comply. The runaround you got. The lies.

Document it all and send it off to DC.

The newly elected freshman class just got there.

 

[ohiofarmgirl]

hey cheap date! good thing you are fun too!

sorry about your situation. i'll throw in with 'no one i know who's tried to get help got it' - and they all got the same nasty response. or worse, a temp who is obviously reading a script and cant answer any questions.

here's a kick in the ba.. um... that is.. here's an example:

some folks i knew were totally upside down, behind, and underwater on their house (the husband went on disability for a job related injury). so they tried VERY hard to get the bank to work with them and ...nothing. the run around. treated badly. told they didnt quality for any of the programs... so they ditched the house and moved out of state.

get THIS - as soon as they moved the bank decided to work with them! after they had left the bank said they'd take a short sale, forgive the rest, and even PAY THEM for moving out.

do you think they told them this before? even when they asked what their options were? NO! jerks.

these folks totally would have done something different if they had known - would have handled it differently than basically packing up what they could and driving off under cover of darkness. and i woudlnt have most of their belongings all over my house (*looks around at all the boxes and wonders where i'm gonna put this stuff*).

so i guess it will all work out and they are glad for a fresh start.

their neighbor - a good working guy - is in the same spot. he hired an atty to help him and is getting the same jerk-around-wont-help you thing. he's gonna have to bail also. and he has a good job! works for the state and basically has guaranteed income!

i'm tell you - something isnt right at all.

so anyway - i hope you dont take it too hard. and not personally. i see lots of good folks in the same spot. and lots of folks teetering - if one or the other of the couple looses as job they will also loose their house. yikes!
:-(

but hey you can join the rest of us in our 'chuck it all and live off the grid thing'! whoooot! the more the merrier i guess. we can all sit around and laugh about all the money we threw away on coffee and stupid stuff like that. i actually laughed out lod when i realized i spent more money A DAY on coffee at boutique coffee houses then i did on the bag of coffee i got ON SALE at the store yesterday.

life is funny, isnt it?

hang in there baby - we loves ya!

 

[PamsPride]

It has got to be stressful dealing with the banks and getting the run around.

 

[murphysranch]

OFG - that happened to DH's best friend in Eureka too. He was behind, behind, behind; the bank foreclosed on him; he found an apt in Crescent city; packed his things over two months time; slowly moved up there.

What do you know? The day before he rented the Uhaul for the big stuff, the bank said nevermind. We'll lower your payments to xxxx and you can stay and we'll work with you. Being single, and stupid, he said "F you bank - I'm outa here"

Something is WAAAAAYYYYY wrong with all of this.....

All I wanted was to have my interest only loan adjusted from 6.75% down to a reasonable 4.5% or something and maybe......convert it to a principle and interest loan. Sheesh.....

bad banks, bad bad banks....

bad ponzi, bad madoff, bad investment firms, bad bad boys....