Banks, What are they up to now?
What are Banks up to now? I must say that I truly dislike the banking system to such a degree that I am contemplating on moving my accounts to a credit union. Yes, I actually said that!! In the process of trying to get my personal loan reduced, I am appalled at the disgusting rules that they have put in place to modify, or refinance your loan. I have spent hours on the phone this past week being transferred from one person to the next. No one will take responsibility to tell you what the new guidelines are and how they now look at your mortgage.
I have never been late in the past 13 years that I have had my mortgage. I have been laid off my job from a bank, and they have my mortgage. But do you think being an ex-employee that I can speak to anyone? No, the whole department was laid off. You would think that they would possibly work with those that no longer have a job with the bank. First of all they now say that I don't make enough money to have my payment lowered. Then after exhausting the person that I was talking to, she became upset and said if you don't like the rules then call the government at this particular number and tell them we can't lower your payment because you don't make enough money. How absurd is that?
So I called the number in which I was transferred two times but found a very nice gentleman who knew his stuff and worked with me extensively. Well when push came to shove, I now have too much equity in my home to qualify. Now what!! You see I don't want to sell my home because it gives me income. I rent out the walkout basement. If I sold my home I could not live on just social security so it is imperative that I keep this home that gives me income. Well with all of that said the week has been devastating and I cannot begin to imagine what other people are going thru that are trying to hang on without going into foreclosure.
Housing continues to be sluggish. Housing starts fell as well as building permits. If you are an investor and are buying homes then you are in a good market in that the foreclosures by the banks continue to skyrocket. If the banks would work with the homeowners most of them would be able to keep their homes. Banks get bailouts from the government but then they turn around and foreclose on homeowners. So what are they doing with their money?
Interest rates are just about the same as they were last year in that a 30 year fixed rate mortgage is about 5.07%. A 15 year rate is around 4.375% and a 20 year fixed rate is about 4.5%.
The FDIC continues to close banks. The FDIC has now closed 115 banks as of last week. Of that number nine banks were closed in Arizona, California, Illinois and Texas. US Bank, NA, of Minneapolis, Minnesota a subsidiary of U.S. Bancorp, will assume all of the deposits and essentially all of the assets of the nine failed banks.
I trust that you will check out your bank and speak to your state representative that banks need to work with the homeowners and keep their assets in tac so they can continue to operate. I trust this has been somewhat helpful for you. I would love to hear your comments.
I have never been late in the past 13 years that I have had my mortgage. I have been laid off my job from a bank, and they have my mortgage. But do you think being an ex-employee that I can speak to anyone? No, the whole department was laid off. You would think that they would possibly work with those that no longer have a job with the bank. First of all they now say that I don't make enough money to have my payment lowered. Then after exhausting the person that I was talking to, she became upset and said if you don't like the rules then call the government at this particular number and tell them we can't lower your payment because you don't make enough money. How absurd is that?
So I called the number in which I was transferred two times but found a very nice gentleman who knew his stuff and worked with me extensively. Well when push came to shove, I now have too much equity in my home to qualify. Now what!! You see I don't want to sell my home because it gives me income. I rent out the walkout basement. If I sold my home I could not live on just social security so it is imperative that I keep this home that gives me income. Well with all of that said the week has been devastating and I cannot begin to imagine what other people are going thru that are trying to hang on without going into foreclosure.
Housing continues to be sluggish. Housing starts fell as well as building permits. If you are an investor and are buying homes then you are in a good market in that the foreclosures by the banks continue to skyrocket. If the banks would work with the homeowners most of them would be able to keep their homes. Banks get bailouts from the government but then they turn around and foreclose on homeowners. So what are they doing with their money?
Interest rates are just about the same as they were last year in that a 30 year fixed rate mortgage is about 5.07%. A 15 year rate is around 4.375% and a 20 year fixed rate is about 4.5%.
The FDIC continues to close banks. The FDIC has now closed 115 banks as of last week. Of that number nine banks were closed in Arizona, California, Illinois and Texas. US Bank, NA, of Minneapolis, Minnesota a subsidiary of U.S. Bancorp, will assume all of the deposits and essentially all of the assets of the nine failed banks.
I trust that you will check out your bank and speak to your state representative that banks need to work with the homeowners and keep their assets in tac so they can continue to operate. I trust this has been somewhat helpful for you. I would love to hear your comments.
Posted by Empiretouch at 4/22/2010 7:17 PM 
Categories: gov program, modifications, refinancing, closures, save your home
Tags: housing market refinancing Banks modifications save your home
Categories: gov program, modifications, refinancing, closures, save your home
Tags: housing market refinancing Banks modifications save your home
Comments