Bet a lot of readers are saying that's horrible. Last year, I would have said the same thing too. Well, good for you. My attitude has changed dramatically after about two days of google and research on this topic. I WISH I'd researched jingle mail back in March when I tried to sell or rent this place. I wasted my time and money trying to come up with a buyer or a tenant.
For those who say "but I've made a promise"... believe me, you bank is in a business transaction and nothing more. They have not made any promise that is not documented in your agreement and, despite all the "we're here to help" crap. That is not the case. They are attempting to minimize their damages from bad business practices that THEY SET UP and that THEY PROFITED FROM. They are ONLY interested in MAXIMIZING their PROFIT or MINIMIZING their LOSS. Do not be fooled into thinking that they'll make even one decision based on empathy for your situation in the current economy. Not even when THEY SAY THAT TO YOUR FACE. Remember, I found out about this from a neighbor who read it in the newspaper the very same day that I was talking to them on the phone trying to put together this package to work something out. They don't even have any information about my income or my situation yet.
You think I'm just ranting because I'm angry... well, yes I'm angry.. but here are some reasoned people who explain that its just a business transaction:
Jan 2008 CBS Report "House Of Cards: The Mortgage Mess"
Almost all of the people involved in the transactions made huge amounts of
money, then passed the risk on to somebody else. Instead of keeping the dicey
loans in their own portfolios, the big banks and giant mortgage companies that
originally underwrote them resold the mortgages to big New York investment
houses.
Firms like Bear Stearns and Merrill Lynch sliced the loans into
little pieces and packaged them up with other investments, then sold them to
their best customers around the world as high-yield mortgage-backed securities,
turning sows' ears into silk purses, all with the blessing of rating agencies
like Standard & Poor’s.
"At every step in the way, somebody has his or
her hand out, getting paid. And everyone, for the time, is happy. The broker got
paid. He or she was happy. The lending officer, ditto. The rating agencies got
paid for passing judgment on these securities. They, too, were pleased, and
their stockholders were happy. And on and on. And it would never end, except
that it did," Grant says.
So not only is my once overvalued house (I'll write how that happened later) no longer worth what I paid for it. I had paid additional principle payements (remember, I was raised to do everything right) and had paid it down $20k in only 5 years. The house isn't even worth the paid down amount thanks to the current mortgage debacle made by the 'big boys'. Remember, I'm not whining because my ARM went up.. I got a fixed rate. I tried to put 20% down (wow, that you to that person who kept me from doing that). I've put over $50k in upgrades to this property and payed principle in advance and it still isn't worth the amount owed on it! And I can't get any straight answers about how long this process will last, so am scrambling to get stuff liquidated so I don't have to pay storage on it.
So, if you're behind with no real job opportunities. DON'T BE STUPID LIKE ME. Don't keep up your end of the bargain because they will not give you any credit for it. Google jingle mail and get out on your terms.
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