Mortgage interest loans

[standby-V]

Bank Mortgage interest:
I made mention of going to my bank a few weeks back that I have my mortgage with and told them since they where the preditors that gave loans to people who couldn't afford them and they walked away from these homes dropping the equity in my home drastically and that I wanted a reduction in my interest rate.

Yesterday I dug down deep and walked in and presented my case based on Obama's latest address last Wednesday night on TV offering this type of package to the people that held up their end of the bargain and made their payments on time and are still keeping up.

My banker showed me an email from the President of Chase who bought out Washington Mutual (Wamu) that on or near April first they would be offereing a good size reduction in mortgage interest rates to those people that have been paying on time, rewarding the people that where saving these institutions without any costs involved.
This is all in line with Obama's request for the banks to do this and pass along the interest drop to the government and they would pay the difference.

He said he could refy me right now and I could buy down my rate, but to have a little patiences to see what Chase would be offering since I could still refy if I didn't like the amount of interest they would drop me to.
This may sound confusing but I explained it the best I could.

 

[Tiffany's Dad]

Thanks for the info Standby. Good point. Let us know if you find out more.

 

[Rob]

Interesting. I have a 5/1 ARM that goes adjustable in one more year and I want to refinance into a 30-year fixed. Hopefully, I'll have some luck.

 

[mtrocket]

Refied to a 10 year at 4.25... we'll have our house paid off in 3 1/2 years. Don't think it would make sense to refi again...

 

[standby-V]

For diligent mortgage payers only

First I want you guys and gals to know that what I do best is pick brains and at the ripe old age of 75 still absorb like a sponge.
Everyone should take the time to talk with your mortgage company face to face, not on the phone. If you can, offer to bring some new money into their bank such as CD's that you might have in another bank or cash from under the mattress.
Everyone of you who have been diligent in paying your mortgage on time and have at least a 5.5 should talk to your banker and "ask not what you can do for them but what can they do for you." There is no reason why they can't reduce your interest rate by April first and pass it on to our wonderful government who has offered to be a part of this. Like one of our astute members says, "Get er done"

Thanks for the info Standby. Good point. Let us know if you find out more.

 

[CADXLR-V]

The problem for most is that unless you have at least 20% equity in your home the banks won't even talk to you. If you consider me as an example... My wife and I moved to Orlando just under three years ago and bought a new house when the market was still strong. I put down 20% when I took out the mortgage and since the market took a nose dive I lost all my equity and then some. Another bank ripoff to consider is the outrageous fees they charge to refinance. The average quote I got from a number of major banks to refinance my note was 11K! Now the banks want you to think that they are doing you a favor by refinancing.

My current note is not bad, I have a 30 year fixed at 7%. Consequently, we chose to stop throwing more good money after bad and just doubled up on our payments using the equity accelerator plan most banks have and now my house will be paid off in 11 years.

I'm going to be ****ed if I start seeing bailouts for those who bit off more than they could chew when they bought their house. Sure, I put a lot of blame on the banks for lending to those who could not afford it, but ultimately it's the borrowers responsibility to know what they can afford.

 

[Lola's Mom]

Great to hear that most of you are paying your homes off. If we were making house payments at this time of our life I would be really worried. I think of paying interest as standing over a trash can and just dropping my money into it. And all of you know I'd much rather be dropping it into the price of a hotel, or a slot machine ...

We were all warned that the market and economy was going to have to correct itself .... I guess this is how it happens. When the dust settles it will be very interesting to see what our homes are really worth, and what the U.S. will have for gross production - I don't think it is going to be the automobile industry anymore .. who knows, mSwaim .... maybe it will be wine!

 

[Popbigguy]

My current note is not bad, I have a 30 year fixed at 7%. Consequently, we chose to stop throwing more good money after bad and just doubled up on our payments using the equity accelerator plan most banks have and now my house will be paid off in 11 years.

I hope the "EquityAcceleratorPlan" didn't cost you anything (?). From the plans I get in the mail, I think those plans are a waste of money, for what they cost. Just make sure the loans you get doesn't have a pre-payment penatly clause, no fees or costs that way! The wife and I are in our third new house, with three thirty years mortgages, first two loans payed off by paying extra on the princpal of the loan, and we've only be married (almost) thirty one years. And yes RA, we have a mortgage now and make payments! Our "tax man" wants me to have a loan, tax dedutions!

 

[Lola's Mom]

Congratulations, Popbigguy! 3 homes .... that is wonderful ... You also have a beautiful stable of autos, and have raised a son to be extremly proud of....

Good advice about making extra payments, and checking for penalty fees ....

I didn't intend to be critical .... I was just adding my 2 cents .... (might be 3 if I had to pay interest! ) Having the deed to my house gives me a tremendous sense of security - especially since I will be elegible to draw my SS in September - now where, oh where have the years gone???

 

[standby-V]

Steak and slot cars

I've gotta get over to your house and get one of Ray's great steaks and play slot cars. Look for personal email.

Congratulations, Popbigguy! 3 homes .... that is wonderful ... You also have a beautiful stable of autos, and have raised a son to be extremly proud of....

Good advice about making extra payments, and checking for penalty fees ....

I didn't intend to be critical .... I was just adding my 2 cents .... (might be 3 if I had to pay interest! ) Having the deed to my house gives me a tremendous sense of security - especially since I will be elegible to draw my SS in September - now where, oh where have the years gone???

 

[standby-V]

Just went into B of A and I know the manager really well and she said that they have 340,000 houses and I don't know if that is country wide or not but they are all being forclosed and B of A is working with the people in some fashion trying to let the adjust the intereset or payments.
Hey banks What about we people that are paying our mortgage? Answer was, when they get the 340,00 taken care of they will get to us. In the mean time more people will spring leaks and that will be added to the 340,000 and they never will get to us. There's the screw again, they pop up in NM and California too.
Where's Bonny & Clyde when we need them most.