Looks like I beat my foreclosure.

[halik]

Here comes the shens shit.

Never heard of a place called Detroit? Hell property values went down there a lot more than 75%.

What does it matter what the insurance requires when they find excuses to not cover a loss?

My family is from Detroit, prices there started dropping way before 2006 when he bought. Also he's in Florida.

 

[Humpy]

...fixed rate products were fixed rate... ...they changed...

If only there was a word for the type of rate that stays the same for a little while and then changes. :hmm:

 

[dmcowen674]

There isn't a single place in the US where residential property went down 75%. Not a single place.

My family is from Detroit, prices there started dropping way before 2006 when he bought. Also he's in Florida.

So then why did you post such bullshit?

 

[Uppsala9496]

What bullshit did halik post? Looks like he posted a graph showing the decline in Detroit housing. Looks factual to me.

 

[Genx87]

They got the money. It just was lost in the electronic shuffle.

If you can find an attorney that can make a case, I am open to hear about it. At least here there is nothing they can do. The bank just claims it was a clerical error and they can't be at fault for another creditor raising my rates.

I'd love to have a solution, but there isn't one.

Didnt you inquire about where the payments were going? I had a moron teller apply my payment to the wrong account once. But I was up there the same day having them fix it.

 

[Captante]

I am getting to keep my house, haven't paid for 4 years, and it's going to be like I never stopped paying.

My rate goes down dramatically, but the clusterfuck they caused against my creditors outside them is unfixable.

Look at on the bright side at least you get to keep the house.

While I won't go into details I've had similar financial setbacks of my own over the last few years so you have my sympathy.

I actually sort of regret not declaring BK myself when the problems first started as I'd be half-way done with the credit-hit at this point.

 

[alkemyst]

Err where did the payments go the first couple years? They simply didn't cash the checks?

The bank got the money, it just was not applied to my mortgage.

Also how the hell did you buy that M3 if you're 60K in hole in CC debt, facing foreclosure and all this other nonsense?

How did you not have insurance on your assets? Residential mortgages REQUIRE insurance and coverage levels being percentage of the note value.

The debt payments were below what the loan requirements were and at that time my credit score was still very high. Pretty much right after the M3 purchase, everything went to hell quick.

I did have insurance. However; like I said I gave that check to the creditors. Since then, Florida has reduced the amount of insurance you get on personal belongings. Dwelling coverage is required, content coverage is not.

There are no income stipulation for federal unsubsidized college loans; what you wrote is patently false.

I qualified for UNSUBSIDIZED LOANS and LOANS THAT HAD HIGHER APR's than my current credit lines. The 'free' and discounted money I did not qualify for.

Please read and understand.

There isn't a single place in the US where residential property went down 75%. Not a single place.

Here are my current values, I can't go back to the lowest in 2010/11
2014: $84,168
2013: $76,318 (29.8%)
2012: $78,688

I guess the county appraiser is a liar too then?

You picked 40 year fixed note, and then prepaid to the tune of 100K in the next 3 years(?)

?!? My payment was $2280....you can do the math of what the mortgage company was paid, my insurance went from $3500 down to about $3000 and my Taxes from $2000 down to about $1300. There was interest in this so it's not all principal in my pocket, but the bank got it's money.

In your interest to attack me, you are blind to the facts I have posted.

 

[alkemyst]

Look at on the bright side at least you get to keep the house.

While I won't go into details I've had similar financial setbacks of my own over the last few years so you have my sympathy.

I actually sort of regret not declaring BK myself when the problems first started as I'd be half-way done with the credit-hit at this point.

I tried to do the right thing and was hoping my creditors would understand/my mortgage company would have fixed this years ago.

What I should have done is thrown in the towel and BK'd prior to all this. That insurance money would have been taken, but my retirement I wouldn't have had to touch. I could have gone for a reinstatement of the house at that time.

hindsight is always different and I had no idea this would go on for 4 years...

 

[alkemyst]

If only there was a word for the type of rate that stays the same for a little while and then changes. :hmm:

My fixed rate cards should never have changed as long as I didn't screw up my credit.

The laws are they were allowed to re-rate me due to my score dropping.

However; this drop was caused totally by the bank as I was paying EVERYONE properly.

You guys are something else though.

GIGGITY GIGGITY GIGGITY Let's get him! lolz.

 

[manimal]

congrats man. Must be big burden off your shoulder.

 

[alkemyst]

What bullshit did halik post? Looks like he posted a graph showing the decline in Detroit housing. Looks factual to me.

That's an aggregate. A single homes value or even a single neighborhood's can be VERY different.

In my area, we have homes 5 mins away on the ocean and intercoastal that have actually continued to rise, that affects the aggregate for my area.

My house shows about $151k on Zillow and $84k on the Property Appraisers. In 2011, Zillow shows my house at $86k...the Appraiser had it around $65k or so then...maybe less.

In one of my letters to the mortgage company I listed that and that the property was worth less than 25% of the original value and that I WAS LOOKING TO PAY MY LOAN.

 

[halik]

That's an aggregate. A single homes value or even a single neighborhood's can be VERY different.

In my area, we have homes 5 mins away on the ocean and intercoastal that have actually continued to rise, that affects the aggregate for my area.

My house shows about $151k on Zillow and $84k on the Property Appraisers. In 2011, Zillow shows my house at $86k...the Appraiser had it around $65k or so then...maybe less.

In one of my letters to the mortgage company I listed that and that the property was worth less than 25% of the original value and that I WAS LOOKING TO PAY MY LOAN.

Most people's assessed value for taxes is less than the actual market value. Have you had any sales in your neighborhood? Florida RE is about 15% off the peak, so you should be north of $200K.

SE Florida apartments showed the highest peek to trough decline (~52%) and bounced back quite a bit (south florida vs case shiller)

Peculiar strategy with the credit cards though, that definitely wasn't "fixed" rate, but rather variable revolving credit.

 

[alkemyst]

Most people's assessed value for taxes is less than the actual market value. Have you had any sales in your neighborhood? Florida RE is about 15% off the peak, so you should be north of $200K.

Really bro,

Maybe that is why I quoted Market Value and not Assessed Value above (my Appraiser shows both).

The only sales in my neighborhood have been foreclosures and they have gone for $40-80k (with pool at the higher value).

Properties with pools have listed at $120k and nothing sells.

Zillow shows my house at $151k, it would never sell for that. I actually had two real estate agents write up their estimated sale value for my mortgage company at one point and got $75k and $80k both required re-siding my workshop and redoing the flat roof and fascia.

The problem is you are assuming I am lying. I was in the mortgage industry myself since I was about 12 years old. I started working full-time during the summers around 15 years old and in my 20's until 30 years old it was my career. I handled loan sales/purchases and contract management.

 

[alkemyst]

Most people's assessed value for taxes is less than the actual market value. Have you had any sales in your neighborhood? Florida RE is about 15% off the peak, so you should be north of $200K.

SE Florida apartments showed the highest peek to trough decline (~52%) and bounced back quite a bit (south florida vs case shiller)

Peculiar strategy with the credit cards though, that definitely wasn't "fixed" rate, but rather variable revolving credit.

My two cards were technically lines of credit that I could use the card for. They both were fixed APR. My discover personal line of credit was also fixed and had checks I could write against it.

My neighborhood is Lantana, FL. You can do all the research you want. The subdivision is Lantana Heights.

 

[smackababy]

Glad you got that mortgage shit sorted out and you got to keep the house. From stories I've heard, you got lucky, even if it wasn't your fault to begin with.

And for people who want to say his story is false and this: who cares at this point?

 

[SP33Demon]

The home's value should appreciate a bit more over the years. Filing bankruptcy is not so simple though if you don't have a place to live.

A bankruptcy would have prevented the mortgage company from working out a deal.

If I had to move it would be very hard to find a place to take on my pets.

Couldn't you have moved into your current g/f's place? Or didn't you meet her yet?

 

[doubledeluxe]

OK first off that's tmi. Second off you're very lucky. Congrats

 

[alkemyst]

Couldn't you have moved into your current g/f's place? Or didn't you meet her yet?

My current fiancee's situation was discussed in L&R...she doesn't have a place of her own.

 

[alkemyst]

OK first off that's tmi. Second off you're very lucky. Congrats

Why TMI? Sharing a story that may help others directly or indirectly.

My foreclosure is a public record.

 

[Linux23]

Holy Sheet man, what a clusterfuck of a situation here.:shocked: I may be going through a similar situation as I am terrible with paying my bills on team, even though I have the money in the bank to pay them. And I've lost the original bills after years of not sending payment so don't know what's gonna happen next. May start a new thread on this and see how much this forum rips me a new one ala this thread. 😛

Anyway, I had $20K of credit with Bank of America. Was missing payment due dates by a matter of days, but paying off the minimum, plus a little extra. They decided to cancel all of my cards without any written or verbal notice. I had no idea a credit card company could review your credit report/history without your consent and just make changes without informing the consumer.

 

[alkemyst]

Holy Sheet man, what a clusterfuck of a situation here.:shocked: I may be going through a similar situation as I am terrible with paying my bills on team, even though I have the money in the bank to pay them. And I've lost the original bills after years of not sending payment so don't know what's gonna happen next. May start a new thread on this and see how much this forum rips me a new one ala this thread. 😛

Anyway, I had $20K of credit with Bank of America. Was missing payment due dates by a matter of days, but paying off the minimum, plus a little extra. They decided to cancel all of my cards without any written or verbal notice. I had no idea a credit card company could review your credit report/history without your consent and just make changes without informing the consumer.

Now imagine if they did that based on a mistake another creditor was reporting ...

It sucked big. It still sucks because there is not a lender that does fixed rate credit lines without collateral that I know of. I was building my credit since even prior to 18, kept my utilizations very low, and always paid properly.

🙁

 

[Uppsala9496]

Not to nitpick, but $60,000+ in credit card debt is not keeping your very utilization low.

 

[LegendKiller]

WTF kind of mortgage has PMI that high???

One where the OP is a liar, like he's always been.

 

[LegendKiller]

My fixed rate cards should never have changed as long as I didn't screw up my credit.

The laws are they were allowed to re-rate me due to my score dropping.

However; this drop was caused totally by the bank as I was paying EVERYONE properly.

You guys are something else though.

GIGGITY GIGGITY GIGGITY Let's get him! lolz.

They are allowed to change your rate for any number of reasons, including proactive adjustments for a changing credit environment.

 

[LegendKiller]

The bank got the money, it just was not applied to my mortgage.



The debt payments were below what the loan requirements were and at that time my credit score was still very high. Pretty much right after the M3 purchase, everything went to hell quick.

I did have insurance. However; like I said I gave that check to the creditors. Since then, Florida has reduced the amount of insurance you get on personal belongings. Dwelling coverage is required, content coverage is not.



I qualified for UNSUBSIDIZED LOANS and LOANS THAT HAD HIGHER APR's than my current credit lines. The 'free' and discounted money I did not qualify for.

Please read and understand.



Here are my current values, I can't go back to the lowest in 2010/11
2014: $84,168
2013: $76,318 (29.8%)
2012: $78,688

I guess the county appraiser is a liar too then?



?!? My payment was $2280....you can do the math of what the mortgage company was paid, my insurance went from $3500 down to about $3000 and my Taxes from $2000 down to about $1300. There was interest in this so it's not all principal in my pocket, but the bank got it's money.

In your interest to attack me, you are blind to the facts I have posted.

First off, you initially said you didn't qualify for loans, now you're changing your tune *AFTER* said I there was no income standards for unsub loans.

Second, when were you going to school?