Mark Gagliardi, House Debtor
Sue Chai, House Debtor
Rachelle Gonzales, House Debtor
Karen Mims, House Debtor
They should have looked for the good deals before signing up to a crippling mortgage they could not afford. It wasn't too difficult to understand that they were overpaying in the midst of an epic bubble, unless, of course, they actually believed the realtard line that "real estate only goes up", or better yet, "you'll be priced out forever." BWAHAHAHA
What they fail to grasp, which isn't suprising since they overpaid in the first place, is that the "deals" they are seeking will not be deals in 1-3 years. We are still facing a catastrophic economic collapse. These houses will fall another 30-50% from today's prices.
Dawn, this video is for you:
THE HOUSING BUBBLE EXPLAINED ** SPECIAL SHEEP VIDEO!
2008-11-25: Homeowners say no help from lenders
"They're supposed to be getting people into fixed-rate loans they can afford, reducing their principal," Aguiar said. "That's not what I'm getting from Countrywide." (Kiss my a**, Dawn)
"One lady I spoke to was rude, she had a real attitude," Aguiar said. "She talked down to me like I was a deadbeat." (You're a deadbeat, Dawn)
Risk and his wife paid $921,000 in 2005 for a home, financing it with a $736,000 World Savings loan. Wachovia later inherited those loans. Their house is now worth $580,000, based on an appraisal in October.
Wachovia's offer? A first mortgage of about $580,000, at a fixed rate of 5.4 percent, with a 30-year loan term. So far, so good. But Wachovia also insisted on a second loan of $175,000 — to cover the difference between the current value of the house and the loan balance of around $755,000.
"What's going on here?" Risk said. "Are they going to help people or are they not?" (Kiss my a**, Roy)
Mark Gagliardi has sought for months to rework his loan with Countrywide on his Oakley home, but to no avail. Gagliardi and his wife bought the house in 2006 for $768,500 and obtained two Countrywide loans totaling $691,000. Homes nearby now sell for $410,000 to $450,000.
"There is no way to refinance because there is no value left in the house," Gagliardi said. "We are hanging on by the skin of our teeth. We admit our part in this. But Congress did its job. The president did his job. Now the banks are dragging their feet."
Gagliardi wants a 30-year fixed-rate loan based on his home's current value. He has gotten nowhere with Countrywide, despite placing many calls to the firm. (Kiss my a**, Mark)
Sue Chai Spaulding wants Bank of America to restructure a $250,000 equity line of credit on her Berkeley home. She got the loan to help buy a San Francisco house.
"They don't want to help you," Spaulding said. "But they shouldn't take this so lightly. These are people's lives. They have been rude to me." She has retained a lawyer. (Kiss my a**, Sue)
Oakley resident Rachelle Gonzales started a loan workout process in May with American Home Mortgage. In September, the lender rejected the deal.
"It's so frustrating," Gonzales said. "They say they'll help. Then they say no. They have called me names. They have called me a slime. This has been awful. Just awful." Her loan is now delinquent. (Rachelle, you're slime; kiss my a**)
Karen Mims sought for more than a year to convince her lender, Aurora Loan Services, to modify the $509,000 loan on her Oakland home. The payments are too high. "I have desperately tried to work things out," Mims said.
Mims was told she would be helped. But Aurora rejected a new loan although Mims was on a payment plan. On Nov. 12, Aurora foreclosed on the loan. She remains in her house of 11 years.
"This is my home," Mims said. (Karen, it's not your house, anymore; kiss my a**)
"I'm ready to let (Wachovia) have the house," Risk said. "See if they can get $580,000 for it."
He says it's frustrating to see those he believes created the crisis receive help while he and his wife are ignored by lenders.
"They better be careful because those of us at the back of the line just might create the new foreclosure crisis," Risk said
Roy, you and everybody else that participated in this bubble have destroyed the country through your lack of responsibility and self-entitlement attitudes. The meltdown is just getting warmed up. I was out of the stock market a year ago, and now I'm bracing for the next few steps in the process... currency devalution and raging inflation. Got gold?