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Citigroup Inc. Message Board

  • Sun_Cruise Sun_Cruise Aug 30, 2010 5:09 PM Flag

    I am ready to give my home . . . .

    back to the bank.
    it has been upside down and requires lots of work.
    Bank does not want to work with people, not even any kind of negotiating. They claim you have to be behind on your mortgage to even consider any new plan.
    So with 20k repairs needed, upside down, they can have it back and maybe get 20 cents on a dollar.
    Plus pay for the maintence, taxes, insurance, and possible more damages from squarters and vandels.
    Boy what are they thinking these morons...........

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Well the odds of Katrina happening there were great.
      It is a friggin bowl!!!

    • You're right, the banks were at fault, steered by Frank, Dodd,Fannie, Freddie and even the pres thought it a good idea to give everyone a house. And the buyers were not financially astute enough to understand what they were signing. Enter the irresponsible investment houses who packaged these mortgages as a way to sell them and make $$. GREED! All comes back to the tax payer in the end..

      • 1 Reply to jsashedger
      • Yep. How many of us signed with a lender and down the road were informed our loan had been sold to some other outfit for trading on Wallstreet? GMAC, you know (General Motors the car guys) bought many of these loans and became a bank when they couldn't figure out how to sell vehicles. When properties were bought, I bet no one told you about that. No lawyer, no financial adviser, no friends, no family..... And you still think the problem was created by the borrower and not the lenders? HAHAHAHAHAHAHAHAHA

    • LOL!
      Would you buy somewhere that they sucked the sand away?
      The ocean would swallow you up - at the very least flood insurance would kill ya.

      good luck with that!

    • Well, in a sense, new land is baked at this very moment. Dubai for instance. They have a very small shoreline. Answer: Suck sand from the ocean depths and spit it out where you are going to 'bake' some new land. Develope properties and sell them. One that's completed is shaped like a palm tree. It it the only structure erected by man that can be seen from space. Perhaps you've seen it?

    • the land is there to build on now!! no new land will be created that doesn't exist today!!!! Once it is all built on and they go as high as they can, what's next? what, you will BAKE new land????

    • yes you are right.
      but he made it sound as if someone should have come to them to warn them.

      yes you need to hire a lawyer or a financial advisor or talk to family/friends, read the fine print, etc.! you can't expect someone to land on your shoulder and warn you as if it's not your responsibility.

      so I do agree with you.

    • Hey craig102771 and all you other "holier than though" attitude Buffoons, the banks are STEALING from people at 28% rates, late charges, etc, etc.

      Businesses that ARE walking away from commercial property that are the EXACT kind of deals banks made with individuals but NO ONE is calling this immoral! WHY ?

      And hold on to your butts but now Govt's (local, county state) are now begining to realize that they CAN'T afford pensions that govt workers are getting and DESERVE!

      So to all you preching moral this moral that, KMFA.......

    • It's called the Bloom Box fwiw.

    • Listen.... I don't know about Jersy. Maybe land has run out. Maybe the Trumps of the world will just build higher. Higher is new land. Here we have deserts and mountains that were deserted 30 years ago. Today those same deserts are an hour to commute to work. There's a lot of desert. As long as there's a housing market, they will be built on. Population isn't getting any smaller. There is a place for everyone and if there isn't there will be. The point is.... just because you invest in a home doesn't guarantee it's value will rise because of shortage. There is always new land being built. Personally, I'm with the guy on 60 minutes yesterday that has a device to make O2 on Mars. But, his cost effective electricity he gets out of it is even better. Google it. It's installed on their campus alongside PGE and other utilities. Maybe if we all could install his device we could afford mortgages a little easier.

    • Read this and you will think twice. It IS happening and folks that got foreclosed are in worse shape. So again I suggest you don't walk. A little education could save you alot. Use your head, not your anger.

      • 2 Replies to jenstina08854
      • Good read.
        Now the question is, if a person has a FHA mortgage with PMI that is insurance to guarantee the loan, or so they say.

      • Being a home owner has its pluses and its minuses. Renting has its pluses and its minuses. When you measure both there is not too much difference in total costs. Biggest plus for owning is once you get it paid for and you are retired and on near fixed income, normally the yearly cost to live in your house is less than renting.
        Renting in retirement without a good income takes too great of a percentage of your retirement income, but you don't have to worry about repairs or taxes .
        I was shocked 2 weeks ago, agent from the assessors office was by to see if property is the same as last year. He stated the state/county is in big need of money, taxes are going up big time.

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