Foreclosures, repossessions, and BANKS.

[snowtiger]

I've been wondering whether to post this or not, but I think something should be said. I know everyone is feeling the crunch of our economy right now, some more than others. My family and friends are all having a tough time even keeping their homes and I have a question if there are any BANKERS on here: really I'm only talking about ONE CERTAIN BANK.
I'm sure the people at the banks HAVE to know how the economy is. They cannot be that sheltered. Now, one woman from one bank that I wish I could say the name of, but can't, called my best friend EVERY WEEK about a payment (even after making something like a $2,000 payment the week before). My friend is very sick, lives alone, and with all the stress she ended up down for a whole week with a disease she has that STRESS makes worse. I know of another person with the SAME BANK who is about to get money from their 401K to catch up their house payments(almost in foreclosure state) and all they need is a TOTAL AMOUNT WRITTEN ON A PIECE OF PAPER to show the 401K people the amount they need. Guess what, the BANK SAYS THEY AREN'T ALLOWED TO DO THAT!!! WHAT??!!!:Banane36:
Call me paranoid and I'm sure there MUST be some inane reason some of these banks do not care about the stress they are putting people under, but I almost feel like they WANT everyone to lose their homes so they can have it. Trust me, I know how paranoid that sounds but it just seems like they almost WANT you to foreclose which doesn't make financial sense to me on anyone's part.
You would think with the economy being so blatantly horrible that the banks would try to help the community anyway they could. Whether it be to STOP calling people who are truly making the effort to pay their bills, or if someone needs something like a **** payment amount written on a piece of paper so they could save their farm, then JUST DO IT!!
Ok, I'm done ranting for now, lol. Anyone else gotta story or rant?

[Brian K Beckett]

I am working on a subject releated to this, right now I am still fact checking.

I do have a question to somewhat add to this. How many people on here actually know anyone "PERSONALLY" like yourself, or a family mamber that has been the victim of (financial identity theft)???

[snowtiger]

Nothing on identity theft. In fact, I would feel sorry for the dummy who tried to steal my identity. They wouldn't get ANYTHING.

[kdown]

Banks used to do more to help when they were LOCAL BANKS.
Now the big boys make the rules and regulations.

[snowtiger]

Yes I agree kdown. I literally hate them for what they are doing to people. I hope they get paid back ten-fold!!!!

[Brian K Beckett]

Ill give you a little bit of quick financial advise. Dont ask a banker for financial advise. I cant believe I am going to say this but ask Mark. I think I remember hearing him give good financal advice such as dont get a credit card and my personal favorite is you got to "pay yourself first". I have herd from several people older then myself give this advice and untill recently I didnt understand what it ment. I guess its something that used to be tought in schools because I have herd it from several people from different areas.
I bet a person could put together a time line from when schools stopped teaching basic financing as a required corse that would coinside with the timing of the start predatory loaning. I know I know the schools are doing great because of all the technoligical advances and junk kids are learning now. WRONG!!! What good is knowing E=MC2 when you cant manage your check book. Not that the technoligy being taught is a bad thing but with out the basic knowledge what good is the advanced knowledge.
As far as the Bankers getting it back ten fold. Never happen. They have made way too much money off of this scam by giving people loans that are way above their cost of living. The give you a loan and streatch it out so the payments are affordable but the interest rate is un manageable.
I got burnt in this way once. I bought a car from Maysville Chrysler in 2000 it was a used car made in 98 I ended up paying on that car for 6 yrs to get it paid off because I couldent trade it or sell it because they gave me a loan that was way more then the car was worth. I had a 7 yr loan but I was fortunite that I was financially able to pay it off.
And has for those of you that think oh well you shouldent be so stupid to get a loan on something you cant pay for anyway so its no concern to me that your loosing everything. Well think again it is your concern. Guess who picks up the tab on forclousers, repositions, and other things such as credit card debt. The taxpayer does. So the people loose, the taxpayer looses and the Bankers make more profits and sometimes as much as 40% or more interest that us the taxpayers pay for.

Since the Banks and credit card companies arent going to change you, me, everyone needs to educate themselves.

Oh and one more thing guess who picks up the tab to pay those people who call and harass you from the colection agencies!!!

[snowtiger]

uhh, ok, I'm talking about people who make dang good money and have never had trouble before, but are now, and it's not because of irresponsible decisions. You have to do a loan to get a house, unless you get your parents house.

[Marcia_Montieth]

I am working on a subject releated to this, right now I am still fact checking.

I do have a question to somewhat add to this. How many people on here actually know anyone "PERSONALLY" like yourself, or a family mamber that has been the victim of (financial identity theft)???


I have been a victim of identity theft.............and it was a family member who done it....

[Brian K Beckett]

Call me paranoid and I'm sure there MUST be some inane reason some of these banks do not care about the stress they are putting people under, but I almost feel like they WANT everyone to lose their homes so they can have it. Trust me, I know how paranoid that sounds but it just seems like they almost WANT you to foreclose which doesn't make financial sense to me on anyone's part.
You would think with the economy being so blatantly horrible that the banks would try to help the community anyway they could. Whether it be to STOP calling people who are truly making the effort to pay their bills, or if someone needs something like a **** payment amount written on a piece of paper so they could save their farm, then JUST DO IT!!
Ok, I'm done ranting for now, lol. Anyone else gotta story or rant?

I was mostly referring to the outlined part of your post about being paranoid because it seems like they allmost want people to lose their homes. I was also adding how they are doing this in other ways as well. And also like KDOWN said things were different when the Banks were "local" but now the "big boys" have the control of the banks. Basically yes they do want a person to forclose because they can actually get more money for that then if the loan is paid in full.
I didnt want to sound like I was putting your friend down because of their financial problems or try to make it sound like its because they are irresposible.
And yes most anybody has to get a loan to get a house and a car and student loans. The Banks often take advantage of people by granting loans they simply know the person can not pay for.

Last week there was some kind of legislation that was passed to make it even easier to get a student loan and legislation that was vetoed that would have helped people in forclosure.

I appoligize for sounding like I was saying your friend was irresponsible that was not the point I was trying to make.



Marcia your the first person I have talked to that has been a victum of Identity theft.

I think its odd that the government passes laws to protect us like seatbelt, or anti smoking but they dont pass any laws to protect us from "Immoral Banking Practices".

[Marcia_Montieth]

I have been a victim of identity theft.............and it was a family member who done it....

I got it all taken care of so it didnt effect my credit took alot of phones calls to get it all cleared off ......

[snowtiger]

Thanks Brian, sorry if I got defensive. I'm just so tired of all my family and friends having such a hard time and nobody trying to even act like they want to help.

[mark]

Ill give you a little bit of quick financial advise. Dont ask a banker for financial advise. I cant believe I am going to say this but ask Mark. I think I remember hearing him give good financal advice such as dont get a credit card and my personal favorite is you got to "pay yourself first". I have herd from several people older then myself give this advice and untill recently I didnt understand what it ment!!!

You are exactly correct. Don't ask your banker for advice. They won't tell you about the real world. I bet most of the folks ( not everybody ) in financial trouble has simply spent more than they make. I bet if the truth is known, they have 1000's of dollars in debt by using those useless credit cards, they also probably drive a car that is on payments & also are using HELOC's.

Dumb...dumb...dumb.

That's why they are facing crisis with the mortgages. It isn't the bank's fault. It's the consumer's fault. If someone wants a house where the mortgage payments are more than 25% of their take home pay...they have too much house....or they signed up for a ARM. That's not good because ARM's transfers risk to you. Time to get a 15 ( or 30 ) yr fixed rate loan with rates as low as they are.

Wanna get control of your finances & not lose the house??

Simple...It's time for drastic action. It's like a weight loss issue. You wanna lose weight, you'll run 5 miles a day, eat right & do whatever else it takes to make it happen. Same thing here.

Here's what you can do:

Before doing anything else.........pay yourself 1st! Put back in savings some of your pay & start a emergency fund.
Next:

1. Quit borrowing money, period.
2. Get the scissors out & chop up the plastic. Pay minimums on all other card balances & attack the smallest card balance with extra money till it's gone. Then go after the next, etc.
3. Sell all cars & trucks with payments left on them. Get a $1200 to $1500 car to get you by till you get out of debt. I know...I know..it's a pride issue keeping those cars and/or you want the warranty on a car. That's not smart either. Here's the problem with that. You stay broke by making the banks richer making payments. You will pay more in payments than into car repair driving cheaper used cars. Not good.
4. Sell anything in your house that's not needed. With Free priority boxes you can get from the post office, Ebay is a great way to make some easy money.
5. Stop eating out. If you have a family of 4, it's usually $30-40 most anywhere you go to eat out. Try eating at home, it's easier on the budget.
6. Use cash only...this is simple--no money, no buying.

Finally, make a budget & stick to it. With sheer intensity, you'll win.
Trust me, this stuff works. I know.

I've been there-done that & have the T-shirt.
Good luck..........see ya mark

[Brian K Beckett]

I wish them the best. I hope all gets better. I just dont understand why so many Americans simply will not help each other in times of need or why they want to kick someone when they are down. Or why we allow gross profits to others because of someones missfortune. Its sickening and makes me ashamed to be an American. I think sometimes we are led to believe that people who need some form of assistance is only looking for a hand out.

I dont know if there is anything I can do to help but if there is let me know Ill do what I can.


Marcia Im gladd to hear it turned out allright. The reason I am asking is because I do not personally know of anyone other then yourself that has been a victim of financial identity theft. I personally think its just a bunch of hype. Companies like equafax have made millions of scamming people to get credit reports. Lending companies making money off of it. Im sure it does go on but not to the extent we are led to believe.

[mark]

I got it all taken care of so it didnt effect my credit took alot of phones calls to get it all cleared off ......

That's sad that you have a "bank robber" in your family.
Those who wreck family credit by "stealing" credit cards, social security numbers to obtain credit falsely is nothing more than a bank robber without the gun. It's plain ol' fraud.

I would permanently "freeze" my credit report by sending the "big 3" credit reporting agencies a police report...( yes, actual police report naming the criminal ) & press for prosecution.

That would stop this type of nonsense.
Sorry you had to deal with that.........see ya mark

[snowtiger]

I'm sorry Mark but I don't think it's that simple. The people I'm talking about do not have any credit cards and did not do any of the other things you had talked about with their houses. With me having to drive to Morehead everyday for school, the gas alone broke us. Thankfully I have the summer off. Not everyone in trouble is credit card crazy or people with no financial intelligience.
My post was basically how sad and hateful it is that the banks, knowing how bad the economy is, do not care one bit. Never have and never will. I just wish SOMETHING could be done.

[Rebelyell]

I am working on a subject releated to this, right now I am still fact checking.

I do have a question to somewhat add to this. How many people on here actually know anyone "PERSONALLY" like yourself, or a family mamber that has been the victim of (financial identity theft)???
Brian,
I had an elderly cousin who was the victim of identity theft on a fairly massive scale, with charge accounts and credit cards opened in her name.

There was a waitress in a popular restaurant in Memphis that was running everyone's credit card through a special machine to steal their numbers. We're talking hundreds of customers. A different cousin ate there and used his debit card and had about $25,000 drained out of his checking account.

I know or know of a couple of other people who have had some major problems due to identity theft.

Back when I was in college (almost 30 years ago), some guy wrote my name on the side of a van and went down in the Mississippi Delta and bought $7,000 worth of pecans. He had some personalized checks that I had used when I was 15. I had hardly a dime in the bank, but the head cashier figured I had some money-making scheme up my sleve, so she told the other bank that "the check's good if the signature's good." Of course, the signature wasn't good and some poor farmer was out a lot of money. I guess you could call this identity theft of the old-fashioned kind. (They never asked the guy to show ID because his "name" was written right there on the side of the van!).

[kybikertrash]

Same thing happened at the Newport Aquarium a couple of years ago. My sister had money missing from her checking account and it turned out they linked it to someone at the aquarium that was stealing the numbers. This clerk told the customers that the electronic scanner wasn't working so she swiped their cards on an old style carbon machine and then was copying the numbers and selling them.

[tkcomer]

I do have credit cards and one is an internet only card. It's been hacked twice. I wasn't out anything as the credit card company took care of it. The first time, I actually tracked down the name and HOME address of where the package was delivered. Called the credit card company and they didn't even want the name or address. Said their fraud division handles that. But as far as interest rates go, I don't care as I pay them off at the end of the month. As far as housing goes, the way I understand it, defaults are a small percentage of total loans. But a lot of the well to do bet on the housing market and lost. Ya didn't hear them crying when the price of housing was skyrocketing. Ya gotta remember, almost half of all bankruptcies are due to unforeseen medical problems. Most were doing just fine until that happened. When you or a family member suddenly has a problem and you need thousands of dollars quick and all you have are credit cards, what would you do? I've never heard of low interest loans for surgery.

[got jeep?]

Marcia Im gladd to hear it turned out allright. The reason I am asking is because I do not personally know of anyone other then yourself that has been a victim of financial identity theft. I personally think its just a bunch of hype. Companies like equafax have made millions of scamming people to get credit reports. Lending companies making money off of it. Im sure it does go on but not to the extent we are led to believe.


I cant count how many statements are incorrect in this qouted area....

I've been directly a victom, 27k worth......biggest PIA I've lived through yet,
my address was even changed so I would'nt get the billing, one card was
maxed out, 2 others showed charges on the other side of the country, and
2 new accounts were opened using my info. My SS # had to be frozen,
Equifax and the others actually 'helped' me,........hours spent on the phone
with creditors, missed work, police reports are all required to clear your
name, even then.....there's still a scar on your credit. Chase bank was the
absolute w o r s t to deal with, all they wanted was their money back, I
spent 5 hours arguing with the highest individual I could speak with via
telephone......he finally slipped in conversation revealing new info, when I
called him out on what he said, I learned he had info pertaining to the conflict
that forced Chase to eat 19k.........Proving again, the only dumb question, is
the one never asked. All other creditors were easy to work with, the bad
charges were dropped after a little paper work, 60 days later I unfroze my
SS# and have since had my SS# & credit monitered 24/7.........costing me
12 bucks a month.

It's no fun, and it's very real.
In my case, creditors ate all $27,000 worth of theft.

Hope this sheds a'lil light on the ID Theft portion of this thread.:cool:

[Brian K Beckett]

Yep i was wrong on this one!!! If notice my other post I said I was still fact checking and now with all the responces my theroy got proven wrong...

[kybikertrash]

The problem with most the foreclosures these days is the buyer either took the ARM because the payments were lower and didn't seriously consider the risk that goes with the ARM loan and/or they didn't read the fine print. I too agree with mark about the 25% of your take home pay. Your monthly rent or house payment should not exceed a weeks pay. Fixed rate loans are the way to go. The payment never changes and you can round it up each month and pay it off a lot quicker. My first home we rounded up, paid on the balance each time we got our tax return and Christmas bonus and we paid off our 15 year fixed loan in just a little over 9 years.

I have had several people tell me their house payment went from one rate to a higher rate and they can't afford their bills, but I feel like they should have been more careful about the type of loan they got themselves into.

[Rebelyell]

These out-of-town national banks have no idea what they've loaned money on, all they know to do is press everyone as hard as they can to pay.

I've had small parcels of land that had a mobile home on it. I've gone to the courthouse, looked up the security agreement, and contacted the lienholder (Green Tree and Conseco were the worst, which is why they are broke). The trailer would be empty and clearly a delinquent loan, but when I would call they would have no idea whatsoever where the trailer was located. Usually they would actually ask me directions to find the property.

I would then tell them, "Look, this trailer is worth more right where it sits, so don't move it without giving me a chance to make an offer on it." For those who don't know, it takes a lot of money to set up a double-wide, and even a single wide trailer costs money to put in place.

Long story short, after several calls I would invariably drive by the property a few weeks later and the trailer would be gone -- sold to a dealer for a rock-bottom price. Without question the lender received less than I would have paid. But the people doing the collections are on complete automatic pilot. They don't care that the bank is making more money or less money, they are just doing their job.

The same goes when someone gets in trouble paying their mortgage. The big lenders are just not equipped to listen or deviate from their schedule the least little bit. It doesn't matter whether they are actually hurting the lender (and in many cases they are), they are just blindly chugging along.

[wmjsmallwood]

maybe i wrong here ,but i heard the federal reserve was passind some kinda bill to take control of any bank that was losing money or in the "red" as they call it ,futher more it also alloys them to extend to any bussiness they feel is a threat to the economy,i mean there will soon every thing be run by the government,and we will have no say ,every thing will be by their book of rules ,,no mercy or exceptions ,,,sorry but i gotta go with Marks advice ,,,,,in god we trust all others pay cash,,,,use cash if possible cut out all the middle men making money off our hardships ,(banks,car dealers and car lots any place where you can't pay cash ),i know i am having to cut back a lot of things due to many factors in this trying time,and its hard to do when you got kids,,,

[Chuck]

The Federal Reserve is not an actual Govt. Agency. They can't pass laws or enact bills. They are not regulated or controlled by the Federal Govt. as say like the FBI or the CIA

Since they are a private corporation and they already have a financial interest in most banks, it is my understanding they can absorb any bank that becomes indebted to them due to failed loans.

I remember a little about this from College economic but am weak in this area of Business Economics. The Federal Reserve cannot foreclose on a bank but it can bail them out by absorbing them in to the Federal Reserve System.

Here is a nice site to read about the FRS. http://arcticcompass.blogspot.com/2007/06/federal-reserve-bank-is-not-government.html

Try this one too.
http://www.fdrs.org/federal_reserve_bank.html

[*hotrods*]

WOW, is all that I can say. You guys have no idea what is going on with the foreclosure market. Yes, I am a local banker and no I don't get paid more to screw someone out of there home. Do you honestly believe that banks are in the real estate businiess? We don't want homes! We want to make the interest from the loans. I can personally say that we recently sold a foreclosed home due to a divorce and took a $95,000 loss!! Do you think banks want to loose money?? No, they don't! And no there has been no law passed to pritect banks from lossses.

Here's the deal. You had individuales that wanted to buy homes that they could not afford. They would go to a mortage broker (not a bank) and ask what the cheapest rate there was. The mortgage broker would tell them that they could get a 4% rate on a 3 year ARM with a payment of X amount. The consumer would say oh yell I can aford that, not thinking about the rate changing in 3 years. Then in 3 years the rate increases to 5% because the fed increased rates and there payment is increased by 40%. Then the consumer all of a sudden could not afford the payment.

I did very few ARM loans in the past 4 years and we are not being affected like most lenders have been with foreclosures. But most if not all of this problem began with people wanting more than they could afford and greedy mortgage brokers were just interested in making a big commission. But making statements say not to trust any banker is a terrible statement. Do your research before pointing your finger and I will be more than happy to help anyone!! But we are bankers and NOT real estate agents!

I would be more than happy to try to help anyone that is having a problem or that needs to refinance. I can't promise that I can help but I will try to give you advise to help the situation. And no I have not been paid off and can not be paid off. My name is Kevin Turner and I am the mortage office for Integra bank and can be contacted at 606-564-8900.
<br />****** Double Post *********</br>
Also I forgot one of the biggest questions regarding the letter that the bank refused to write. It is required by Federal LAW that a bank send proper notification to the borrower in the event of forecloser. There is a letter that is sent once the account is 60 days past due, another at 90 days and a forclosure notice at 120 days giving the consumer 30days before sale of the master commissioner. Then the bank has to obtain judgement in order to have the property sold by the master commissioner. Then the property HAS to be sold at a public sale on the court house steps allowing the consumer another chance to buy it back.

So do the math. There is at least 4-5 letters sent to the consumer notifying them to cure the default. Any one of these letters can be sent in to the 401k provider to stop the foreclosure. As far as mobile homes they are treated like a car with a title unless the title has been surrendered and converted to real estate then they fall under those laws. And normally there is plenty of time given to cure default, ussually 90 days. If you go in to your local bank and ask them to work with you then they will. If they refuse then ussually that means that you have been in default way to long and made no effort to work with the lender.

The Fair Housing Act was introduced to protect consumers from unethical practices.

[mom36]

One rule of my hubby's thumb, if he can't afford it at the moment, we don't get it. I hate that banks are so crule, but it's like any other business, one for all and all for one.

[*hotrods*]

One rule of my hubby's thumb, if he can't afford it at the moment, we don't get it. I hate that banks are so crule, but it's like any other business, one for all and all for one.

Banks are not crule! It's a double edge knife, if we don't lend people money then they get mad and if we do then we should not have. Folks you need to remember that you are responsible for your own actions. I agree with the old saying that if you can't afford then you should not buy it. But you have to remember that it also VERY IMPORTANT that banks protect the depositors of the bank from losses. I have had hard times and still have hard times and just because I'm a banker doesn't make it any easier on me and my family. Banks are heavily regulated and can not take peoples money for no reason. Can you imagine the fun attorneys would have if banks operated this way.

Call any attorney and they will tell you the same that I am. Banks are a place to put and protect your money not to steal it from you. Yes, I will say that the fee's are pretty hefty when you make a mistake such as overdrawing but it's not the banks fault that you wrote a check for more than you had in your account. Come on folks, I will be more than happy to discuss banking with anyone but please don't blame the banks for being irresponsible. Remember, I am treated the same as you and maybe a little tougher to be responsible because I work for the bank.

Also let me ask you this. If you banked with a certain bank and they didn't do anything about people not making there payments then would you trust them to take care of your money? It is the banks responsibilty to protect its depositors. So if you can't pay it back then don't point the finger at the bank because the bank did not twist your arm and make you borrow the money.

[bevbme]

Can a person whose home is being foreclosed on bid on their home at the Master Commissioners sale?

[*hotrods*]

Yes they can. Normally they don't because they can not obtain financing to close the deal as required by the Master Commissioner in 30 days. But there is no rule saying that they can not. The big thing to remember is that if the home does not sell for the amount owed then the bank will come after the person in default for the balance owed.

[mom36]

Hard times fall on everyone, it's hard to see a family member lose their home, but I still think the banks could lower the payments and set a time limit for the parties to get straightened out , then if they could not pay forclose on it.

[*hotrods*]

Who said that banks don't want to help lower payments? I refinance peoples home loans everyday to help them lower there payments and even do consolidations. BUT YOU CAN NOT GET 3 MONTHS BEHIND AND THEN EXPECT A BANK TO HELP YOU. It is your responsibilty to contact the bank when you realize there is a problem. The banks want to help you but they can not help you if you wait to long. Banks send out notices every 30 days notifying people that they are behind on there payments and general don't start foreclosure procedures until 180 days (6 months) past due. Six months is plenty of time for an individual to either try to make arrangements with the bank or try to borrow the money from a friend or family member.

Let me ask you this. If someone was advertising here on Maysville BBS and did not pay Chuck and never notified him of when they were going to pay do you think he would keep running there ad? Come on folks we have to become more responsible for our own actions and not point the finger. Banks are willing to work with you if you are willing to work with them and make a reasonable efffort to resolve the problem.

[mom36]

I do understand that banks have obligation to collect what is rightfully theirs, and I do know of people whom take advantage of them, but there are also alot of people who fall on bad times and try really hard.

[*hotrods*]

I do understand that banks have obligation to collect what is rightfully theirs, and I do know of people whom take advantage of them, but there are also alot of people who fall on bad times and try really hard.

I agree because with $4.00 gallon gas and 2 young children it's been hard on me and my family. I'm not rich just because I work for a bank. A matter of fact I work in my garage every evening until 9:00pm or 10:00pm restoring muscle cars to sell for profit. You can ask anyone who knows me and they will tell you that I am honest and will do my best to help anyone. But when statements are made to not ask a banker and not to trust a banker, I get upset. Especially when I have helped so many people out. It's just hard to help someone out when they have already ruin there credit.

[mom36]

Hotrod you are one who seems to really care about folks. I know that I have ruined my credit by choice and I blame know one but myself for that. But there are many people who try very hard to keep their credit up to par but are unable to for circumstances beyond their controle.

[littlelee]

Hotrod you are one who seems to really care about folks. I know that I have ruined my credit by choice and I blame know one but myself for that. But there are many people who try very hard to keep their credit up to par but are unable to for circumstances beyond their controle.

Amen! I know that from experience.

[*hotrods*]

I totally agree because I have had a close family member who HAVE LOST THERE HOME. But to point the finger is not fair because this labels people like me as a bad person. I'm human and a dedicated christian and love to help people and understand that people have circumstances beyond there control. I had 3 heart surgerys between June 2007 and February 2008 and boy do I have a bunch of medical bills.

[Foxy]

Here is the thing, no one made anyone sign anything.... freedom of choice.

[bubbysgarage]

Hotrod you are one who seems to really care about folks. I know that I have ruined my credit by choice and I blame know one but myself for that. But there are many people who try very hard to keep their credit up to par but are unable to for circumstances beyond their controle.

He is the only one who seems to care. I know him on a personal level and he has helped us with many financial questions we've had. I have been reading back through all the posts and everyone seems to want someone to blame. Well there is someone to blame here but its not the bankers its our government. That is a total different thread but its the truth. It is not the bankers faults that our economy is in such bad shape that people are loosing their homes. HotRod has posted his name, where he works, and a number to contact him. I'm telling you all if you have questions he would be more than willing to talk to you and answer them. Just because he is a banker it doesn't mean he can write himself a check for any amount he wants. He too is in the same boat that the rest of us are. He has a family, a home, and bills. The economy has put everyone of us in a tough position but it isn't right to place the blame on just one person.

[*hotrods*]

He is the only one who seems to care. I know him on a personal level and he has helped us with many financial questions we've had. I have been reading back through all the posts and everyone seems to want someone to blame. Well there is someone to blame here but its not the bankers its our government. That is a total different thread but its the truth. It is not the bankers faults that our economy is in such bad shape that people are loosing their homes. HotRod has posted his name, where he works, and a number to contact him. I'm telling you all if you have questions he would be more than willing to talk to you and answer them. Just because he is a banker it doesn't mean he can write himself a check for any amount he wants. He too is in the same boat that the rest of us are. He has a family, a home, and bills. The economy has put everyone of us in a tough position but it isn't right to place the blame on just one person.

Thanks for the support and have to agree with everything you have said. First off let me say that this problem started when the Fed started raising short term interest rates. This caused everyones credit card, home equity loans, auto loans and adjustable rate mortgage to increase. This also affected retailers who borrow money to purchase inventory because they then had to increase there prices for goods. The fed raised the rates up way to fast and people couldn't make it. Now they try to lower it and think everything will be ok. Well those people who had adjustable rate mortgages will not be affected until there next rate change. The banks are having to now keep rates up just to cover the losses they are incurring. It's a never ending cycle now. Housing prices are being devalued because of all the foreclosures and everyone is being effected regardless if you owe on your home.

Do I know what to expect in the future? Boy, I wished that I could waive a magic wond and it all be fixed but it looks very dim over the next few years. My advise is to pray that something or someone comes up with a solution. Enjoy life and live each day as if it's your last and don't get caught up in the depressing economic politics.

[acoolmom777]

I was doing a refi...and long story short...took over 3 months because a bank didn't want to subordinate from 2nd to 2nd (go figure on that one)...during this whole time the bank doing the refi said any payment you make change the figures on the paperwork...well needless to say I still made my house payments within the 30 day time zone...always kept my mortgage company up to date on the refi...we were suppose to close on a Thursday and didn't, (paperwork issue) made my house payment before close of day on Thursday didn't clear until that Tuesday due to Monday hoilday....made my house payment late by 1 day....never had a late house payment in over 30 yrs...mortage company said "sorry"...my credit score dropped big time..told refi to kiss my butt...hows that for a caring bank story.....

[*hotrods*]

I was doing a refi...and long story short...took over 3 months because a bank didn't want to subordinate from 2nd to 2nd (go figure on that one)...during this whole time the bank doing the refi said any payment you make change the figures on the paperwork...well needless to say I still made my house payments within the 30 day time zone...always kept my mortgage company up to date on the refi...we were suppose to close on a Thursday and didn't, (paperwork issue) made my house payment before close of day on Thursday didn't clear until that Tuesday due to Monday hoilday....made my house payment late by 1 day....never had a late house payment in over 30 yrs...mortage company said "sorry"...my credit score dropped big time..told refi to kiss my butt...hows that for a caring bank story.....

Was the new loan you were trying to do with a bank or mortgage company? Also was the payment over 30 days late? If it was then yes this would affect your credit score. Regardless if refinancing or not you should continue to make your required monthly payment. The only thing that this will affect is lower your payoff. Typically even if you were over 30 days behind then it takes 30 days before it is even placed on your credit and you would of had your loan closed by then. Also, we don't repull credit on someone unless the current credit bureau is over 120 days old.

Was you trying to get this done locally? Because it honestly sounds like something that a internet Mortgage company would do. They have tried this on friends of mine by promissing a great rate up front and then trying to charge a higher rate in the end. I always try to warn customers that if it sounds to good to be true then it usually is.

[acoolmom777]

Yes it was a local bank...and no the payment was made on a Thursday before 4pm and due on Monday but also a holiday was on that Monday...this has been a few months back..I have ALWAYS continued to make my payments during a refi...

[*hotrods*]

Something really does not sound right because your credit score would not had been affected unless you were over 30 days past due. Sounds like you had a bad experience. I'm not going to ask what bank but I have a good idea just because I have had several complaints about a certain mortgage loan officer. They make a bunch of promises and then don't come through in the end. Well, I'm always available here at Integra in the future.

[JIMMY]

Can I have some money? I heard I could get some money on here for free. I heard I could get something for nothing around here. Anyone, Anyone???
GEEEEZZZZ

[acoolmom777]

I was one day past 30 days...it was due on a Monday which was a holiday so I paid it on the prior Thurday....I have written all 3 credit agencies and we are in the middle of that now....

Dude...you were the bank I took my original house loan through...then you sold me...(I feel cheap....:(...lol)

[JIMMY]

ouch, that hurts...

[*hotrods*]

I was one day past 30 days...it was due on a Monday which was a holiday so I paid it on the prior Thurday....I have written all 3 credit agencies and we are in the middle of that now....

Dude...you were the bank I took my original house loan through...then you sold me...(I feel cheap....:(...lol)

Yeh, we sold all of our fixed rate portfolio a couple of years ago. But that's not unordinarly because all fixed rate loans are subject to be sold on the secondary market. I will say that we now GUARANTEE that your loan will never be sold. So come back and we will see if we can help again.

I would recommend that you contact the bank who is reporting the 30 day late and explain the situation. If you have a receipt that shows the payment made date then that will help. Sorry you felt cheap we didn't sell your loan to make you feel that way.

[acoolmom777]

I was just jokin about the feeling cheap...I was told they would only guarantee to keep it for 180 days...I have sent copies to credit agent I am working with on this...isn't a big deal to most people...but I like my credit to stay the way I built it....