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Hamsters with loans
There's a lot of wheel-spinning when it comes to restructured loans. A bank regulator testified to Congress today that more than half of modified mortgages default again with six months.
I know the President's goal is get to people before they've defaulted the first time, so perhaps this statistic just reinforces the need for that. But it also makes me question how successful any of these loan modifications will be. It still feels like we're trying to "fix" the problem instead of "solve" the problem. You know what I mean?
I lost everything in a Divorce in 1993 and no one cared to "bail" me out. Due to the fact that my ex was a police officer helped him to manipulate the judge in Virginia. It didn't seem to fase anyone that my husband was sexually abusing our daughter. In any event, I ended up in a homeless shelter after 24 years of marriage and a check for $1100.00 for a rental car that I had to get because he would not provide me with one of our four vehicles we owned.
He still owes me money for the property that we bought together. The judge won't demand that he settle with me after 15 years and just pay me off. The judge said that I had to wait till he sold the property and we all know that won't happen anytime soon.
I have sence gone back to college and now am working on my Masters in Special Education.
I really could use the money to pay off my student loans! HELP! I need somebody! Help, not just anybody! HELP!!!!!!
To all those who rant to me about bailing out homeowners, I ask if they know of anyone who lost their home? They don't. They just presume that those who did are just sorry lowlifes who deserved it. I actually know of 2. They bought well within their means with fixed FHA loans. They lost them because they lost their jobs and could not replace their incomes.
I do know of one person who resisted every effort by a mortgage broker to sell her twice what she could afford. He told her she qualified for twice the house she wanted to buy. He kept telling her she must buy as much as she can now, that her income will rise to meet the cost of the home, and she would be so well off. What did he care? All he wanted was a higher commission to take to the bank. Guys like him share the blame for our mess.
The core problem is that the value of a honest day's work is in decline. That is why so many people are in trouble.
