Homeowners Rise Above Water on Mortgages

duck33 | Feb 21, 2013 11:29 AM ET If we had rule of law in this country none of this would every had happen. Guess what we still do not have rule of law so there is nothing keeping this from happening all over again. I bought my first house at 23 and sold the last house I will every own at 54. To much legalized robbery attached to a home to own one.

antisocial | Feb 21, 2013 11:38 AM ET shut up... people are not stupid... oh pardon me i didn`t know you were talking to wall street!!!

Jay070 | Feb 21, 2013 11:41 AM ET "duck33 | Feb 21, 2013 11:29 AM ET To much legalized robbery attached to a home to own one." I know what you mean. First the bank robs you by creating the principal for the loan out of thin air, then with fees and "closing costs" you are robbed thousands more, then you must make mortgages payments including usury interest charges for 30 years. Then with ever-increasing property taxes and insurance and utilities, a lot of people are little more than renters AFTER they have paid off their mortgage. There is little justice in the USA for people wanting to work for an honest living.

Jay070 | Feb 21, 2013 11:42 AM ET Meanwhile the banker lives on easy street and is debt-free.

tradereye | Feb 21, 2013 11:45 AM ET To duck33: Sorry you had such a bad experience. There are more than a few stupid, greedy and just plain ignorant realtors. That said of course there are those who are competent and uphold fiduciary standards to a high degree. Bottom line is, if you don`t like the answer you get....ask someone else. And demand that they explain it fully to you (pros and cons) as well as your outcomes. On the subject of renting, if you pay $500/per month for a year=that`s $6,000 per year wasted (and $6,000 x 3 years (approximate rental periods you have wasted at least $18,000). Sometimes you get lucky with getting a reasonable and fair landlord; but remember they are into it for the money at the final analysis; not your welfare.

tradereye | Feb 21, 2013 11:50 AM ET To Jay070: Shop around! Don`t take the banks` "word" that that is the final solution to THEIR closing costs! Too many times I have found that the bank is adding their costs on TOP of the usual retail charges you have to pay (appraisals, title policy, etc) and I have demanded that they bring those charges in line with the retail costs. If you don`t like their answer, move on! You would be surprized at how soon they change their tune. And don`t let those bozos intimidate you or threaten you. You can walk out up to and INCLUDING the closing table if you don`t like the terms they are ramming down your throat. And INSIST upon a Good Faith Estimate. If you don`t like that you have 3 days to rescind.

handballforlife | Feb 21, 2013 11:53 AM ET Wanna bet.....you clowns can`t keep the fraud going much longer.....they`re running out of paper for the money printing going on at the Fed

justmakemo | Feb 21, 2013 11:56 AM ET OH, my home is worth more now!!! Is that in real dollars or depreciated Fed dollar?. Anyway, try finding a buyer that will pay what realtors and taxing bodies say they are worth. See if the banks will loan to all these buyers!!! Try competing with all those capital firms that bought the underwater inventory for rentals when they try to liquidate their property. What a joke.

LoganMohtashami | Feb 21, 2013 12:20 PM ET 2 items to point 1."In fact, 70,810 borrowers so far have received a collective $7.409 billion in loan principal forgiveness, averaging approximately $104,626 per borrower" Less than 1% of the underwater debt in fact all the hype for P.W. have been over done. Even the vaunted White House plan is for less than 1 million homeowners that never got traction because the GSE said no I have seen offer reduction based on net Auction prices and the H.E. 2nd lien write-downs can`t all be taken because of the tax consequences 2. Also a lot people think that when homeowners break under 100LTV line that you will get sellers. 90-99 LTV isn`t enough after transactional cost and then you have think about your next shelter base. 2013 inventory has already started out bad so don`t look for too muc

Jay070 | Feb 21, 2013 01:06 PM ET tradereye | Feb 21, 2013 11:50 AM ET Thanks for the advice. In general though, ALL banks are out to rip the borrower off. That is what they do. If you are fortunate enough to have enough wealth to bypass banking altogether that is the way to go. But as I have said repeatedly on these boards, ALL money is created as interest-bearing debt owed to banks. And unless you you are well-off, this fraudulent money system seeks to punish you and steal from you constantly. There is a perpetual money shortage for the vast majority of people and ever-increasing debt burden at all levels. That is the way it HAS to be in this system. It is pretty basic mathematics. ALL MONEY IS DEBT. Practically the only people who are debt-free are the banking class and those that play ball with them - in

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Homeowners Rise Above Water on Mortgages

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