Marlys

I know this is a "no-win" conversation, but keep this is mind. The bank is a business. They have to make expenses just like any other business. They make their money on loans, but they also have to pay interest on the money they use to make the loans. Most of the time the profit margins are not that big. So when you are talking about a 10% loan, they are usually only making 1-2% profit. So again, they do not want to foreclose. That just means they lose money.

bearisgray

I really think the lenders - in the long run - will end up shooting themselves in the foot (after, of course, they've found that so many customers have been bled out)

sharon b

The one "good" thing for me is that I have always kept my house payment down. When others were telling me to sell and move to a "nicer" house/area.. I said nope I would always own my house, my house would not own me :lol: So without escrow ( which the company that has my mortgage does not offer ) my payment is only $380.00 a month. My weekly unemployment is $320.00 so financially they are not required to "help" me as I am not outside the percentage range of income to payment ratio :roll:

Food who needs to eat :thumbup: Good thing it is summer, gas bill will be low

Barbm

Another thing we have in PA is an emergency "lender". PHFA- Pennsylvania Housing Finance Agency. They provide low cost loans to bring you current on your mortgage and help you through your tough times.

Also- check out credit counseling services- be sure to go to your local government first to see if they have anything- you don't want to get scammed. Watch for these cos. that advertise getting rid of your mortgage- they are fraud.

Check to see if your state has anything like these- you want to own your home, there are resources out there to help you keep it.

vicki75

Well unfortunately the DH and I know first hand all about short sales. When he got orders (USAF) to leave Vegas we knew we were in trouble. The payment was way too high to keep the house and rent it out and it's not like we can tell the USAF we aren't moving. So, long story short...Wells Fargo wouldn't consider a short sale unless we were behind on payments. So we had to stop making the payments even though we could have made them. That just screws up your credit even more because by the time the short sale was approved we had 10 months of no payments showing on our credit. We finally sold the house after about 10 offers...each time Wells Fargo would approve the offer, the buyer would back out. They would get cold feet. So our house that we paid $342,000 for sold for $167,000...OUCH! Who knows how long it will take for our credit to recover. Hopefully someday we will be able to buy again. The only good thing that came out of this is that we didn't have to claim the difference as income on our taxes. Otherwise bankruptcy would have been in our future. Life goes on...but sometimes it kinda sucks...I get angry when I think about what a good deal the buyer got!

bearisgray

It seems to make no sense.

nellie

it so sad for people to lose their homes or value of there homes

zz-pd

I am so sorry your son is gone through this. we just lost our house in Oct last year. it is very hard to go through, along with the stress there is also the emotion part of everything. your son is in my prayers. God bless. Penny

kd124

What doesn't make sense to me is that the lender will do the short sell rather than lower the payments for the one having financial problems. I know someone who was constantly on the phone trying to work out something. Like someone said to even qualify for some things, you have to be behind on payments.

Lostn51

Gee wiz these stories scare the living crap out of me!

I can not believe that banks are that crooked and do things like that to folks that are trying to make ends meet.

I have never financed a home before or even asked for a bank loan, but I can see why my Grand Daddy told me to pay cash for everything. He was a man ahead of his time!

I hope that your son can come out of this without loosing his rump. Sounds like the short sale is a way for the bank to unload their problem and make another one for the new owner.

Billy