Monday, July 25, 2011

I dont understand...

Wow, that could be the title of a very lengthy post couldnt it? Cause there are so many things I dont understand.

But right now it is finances - financial institutions especially. You have a couple who have paid their mortgage monthly and they come to you with an issue. The issue being that they are being relocated because of their job - hey, a couple who both are employed! What a concept!
And what they would like to do is the responsible thing - they would like to rent their house - keep making their mortgage payments! Another unusual consept in this day and age - they have accepted responsibility and want to keep up with it. All they are asking for is a little help - to refinance so that they can make the house payments with the rent payment and yet still have a little extra money put aside for when/if the house needs something done to it.

Whew....dont know if I can handle this type of responsibility. I dont see much of it around me any more. People deciding not to meet their obligations and just walking away from the debt that they occured willingly.....and here is a couple who is embracing it but saying - can you help me out.

And guess what - you got it - they are turned down...
Why?
Well, let's see...
1. Because even tho both people are employed by a company who is not only continuing thier employment but also promoting one....they cant help them because they are NOT employeed by the military.....
2. They also cannot help them because they are NOT in financial hardship.....even tho helping them out could PREVENT hardship and yet be beneficial for the bank cause they will still be collecting monthly payments.....you know those payments, when they are strungout over a length of time and the bank walks away with 4 times what the original amount was....

So instead of rewarding RESPONSIBILITY the banks are rewarding those who chose NOT to accept responisbility....oh yeah, so sorry, you dont want to make those payments any more, ok....we'll just rack up one more mortgage loan loss to our account...add one more empty house to the area...decrease property tax income to the area...and hey - dont worry about it, you can EASILY get another mortgage in just months to years - WITHOUT EVER LEARNING A LESSON about it.....

But you want to keep that house out of the market? You want the area still to be able to collect property taxes? You want the bank to still collect monthly payments on a loan they gave you? Well, folks, basically, you are f**ked.

Like I said, I just dont understand finances...

3 comments:

MLJ1954 said...

Relocation . . . it is what I do. Think outside the box. Instead of your standard mortgage holder, think of other mortgage holders. Relocation mortgage info is a different animal from standard mortgages. Below is a list from the Worldwide ERC (ERC = Employee Relocation Council):

Bank of America Home Loans -- Lisa M. Caravella, CRP -- (Mortgage/Financial Services - Nationally)

Bank of America Home Loans -- Jason R. Marton -- (Mortgage/Financial Services - Nationally)

Chase -- Deborah G. Holiday, CRP -- (Mortgage/Financial Services - Nationally)

CitiMortgage, Inc. -- Wendy A. Morrell, CRP -- (Mortgage/Financial Services - Nationally)

Colonial National Mortgage -- Derek D. Bird, CRP -- (Mortgage/Financial Services - Nationally)

First Tech Credit Union -- Lizbeth A. Stewart, CRP -- (Mortgage/Financial Services - OR,WA)

Guaranteed Rate, Inc. -- Kathy A. Marzullo -- (Mortgage/Financial Services - Nationally)

HomeServices Relocation, LLC -- Mary Lee Blaylock, CRP -- (Mortgage/Financial Services - Nationally)

HomeServices Relocation, LLC -- Frances Wells -- (Mortgage/Financial Services - Nationally)

HSBC Bank USA -- Bob Wallace -- (Mortgage/Financial Services - Nationally)

Huntington Mortgage Company -- Ralph Burkley, CRP -- (Mortgage/Financial Services - Nationally)

Huntington Mortgage Group -- Jennifer N. Haller -- (Mortgage/Financial Services - Nationally)

MetLife Home Loans -- Debra Botulinski -- (Mortgage/Financial Services - Nationally)

Mobility Services International -- Timm T. Runnion, CRP -- (Mortgage/Financial Services - Nationally)

NuCompass Mobility Services Inc. -- Ronald C. Whitmill -- (Mortgage/Financial Services - Nationally)

OXXFORD -- Theresa M. Kolany, CRP -- (Mortgage/Financial Services - Nationally)

PHH Home Loans -- Kevin E. Russell, SCRP -- (Mortgage/Financial Services - Nationally)

PNC Mortgage Corp. of America -- Michael P. Setze, CRP -- (Mortgage/Financial Services - Nationally)

PrimeLending, A PlainsCapital Company -- Diane Clark -- (Mortgage/Financial Services - Nationally)

Proficio Bank -- Patrick Barlow -- (Mortgage/Financial Services - Nationally)

Provident Mortgage Corporation -- Linda Popp, CRP -- (Mortgage/Financial Services - Nationally)

Quicken Loans -- Thomas J. Dempsey -- (Mortgage/Financial Services - Nationally)

Shelter Mortgage Company, LLC -- Del Januchowski -- (Mortgage/Financial Services - Nationally)

SIRVA Mortgage -- Paul Klemme, CRP -- (Mortgage/Financial Services - Nationally)

SIRVA Relocation -- David B. Barlow, Jr., SCRP -- (Mortgage/Financial Services - Nationally)

Travel Guard -- Jodi Simasingh -- (Mortgage/Financial Services - Nationally)

US Bank -- Steven E. Sandvig -- (Mortgage/Financial Services - Nationally)

Weichert Relocation Resources Inc. -- Jim Schneider, SCRP -- (Mortgage/Financial Services - Nationally)

Wells Fargo Home Mortgage -- Emely Hanson, CRP -- (Mortgage/Financial Services - Nationally)

Wells Fargo Home Mortgage -- John P. Rasmussen, CRP -- (Mortgage/Financial Services - Nationally)

Sharon said...

That happened to my son and his family two years ago, and in the relocation, they went from a double income to a single income. They live simply now and on a cash-only basis. They love Oregon, the boys love their schools and friends, and it is what it is. It could have been better. Both professionals, they worked hard to lose what they lost.

Smalltown RN said...

I hear you sister! All to often it seems like the people who want to be responsible,and accountable get the shaft. It's very disheartening. One works hard all their lives and has the misfortune to come onto bad times...they continue to pay their bills...go to the financial institution and ask for assistance for refinancing and they are turned down. It has never made any sense to me.

PS...thanks for stopping by my blog and leaving your comments...I hope you are enjoying your Cherry Ames books!