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RateMyBody Forums --> The Day Today - Politics & Religion --> is anyone currently in default or being foreclosed
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Replies: 26
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moodytue

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3792 posts
Posted: 5/12/2008 4:11:59 PM
^that would require them officially declaring you in default and most lenders prefer not to have "nonconforming" note on their books unless they see a need to protect their security.

moodytue

Offline
3792 posts
Posted: 5/12/2008 4:13:52 PM
in other words, as long as you're making your payments to them they don't care too much. a lot of borrowing or lending you do in other parts of your financial life are likely against your loan docs. if you stop paying they need to protect their loan.

MarkGB

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49238 posts
Posted: 5/12/2008 5:46:18 PM
I've always been conservative in financial matters. I don't like to owe anyone any money. I have always paid my credit card bills in full when I get the bill. I took out a loan for my truck when I got my first real career type job and moved to Green Bay. I paid it off early within a year.

When I went home and mortgage shopping in 2005 I spoke with all sorts of mortgage professionals and Realtors. Some were honest and I felt comfortable dealing with them. Others were slimy and left a bad taste after I met them. I chose to avoid those.

I was given the choice between an ARM at a slightly lower interest rate or a 30 year fixed loan. There was never a question in my mind that the 30 year fixed is what I would get. If I could have afforded a 15 year fixed I would have done that instead. As it is, I'll have my 30 year fixed rate mortgage paid off within 15 years and be living mortgage free by the time I'm 37. I like that scenario.

People who get into foreclosure trouble because they bought more house than they could afford or gambled on exotic financing and lost, I have no sympathy for. People need to face the consequences of their decisions.

I do have sympathy with those who end up in foreclosure through unforeseen happenings. A job loss, a death of a spouse, medical problems, etc. Those are not the result of bad decisions. They are the result of bad luck.

Edited by - markgb on 5/12/2008 5:48:00 PM