Mortgage Insurance » losing

Why is the banking industry stable but the average American losing his house?

Wed, 05 May 2010 16:52:07 +0000

Foreclosures are still on the rise but the banking industry has shown stability (according to the news). Shouldn’t the banks be forced to work with the current home mortgage payees instead of creating another empty home and homeless family?
Foreclosures are 11% in Las Vegas and they are mostly average Americans.
I do not agree that banks were forced into giving out loans to people who could not afford it. BofA is known for their picky mortgage banking.

Getting a divorce, losing the house (underwater mortgage anyway) . . . continue to pay CC’s, or stiff THEM, also?

Sat, 17 Apr 2010 04:32:21 +0000

Same old story … we bought at the top of the market, and it crashed … we refinanced our ARM this spring into a 30-year at 5.75 but we owe $230K … comparables in the neighborhood are going for about $170K (and that’s after being on the market for a YEAR!).

We’re underwater in our mortgage, then, and getting divorced (separate issue not related to the house). Neither of us can afford to keep the house by ourselves (hell, we have had to STRUGGLE to keep current with BOTH of us paying into it …).

We’re headed toward “foreclosure/short sale” territory, but so far figured that we’d keep paying on our four (4) credit cards (owe about $7K there) to keep THEM current, and cruise along “rent-free” for about 4 or 5 months or so (however long a foreclosure eviction takes) and save up so that each of us has a “nest egg” for paying rent and deposits on new places to live …

HERE’S THE QUESTION: My buddy at work says, “Hell, if you’re not going to pay the mortgage, stop paying the credit cards, too … your credit is going to be ‘toasted’ anyway, and then you can call them in several months and negotiate away some of what you owe.”

Is he full of it, or does he make some sense? He’s a “Dave Ramsey” disciple, so he usually knows what he’s talking about …

With the high cost of insurance and the low home values is it worth losing your home to carry medical insuranc?

Sat, 06 Feb 2010 16:53:07 +0000

Which would you chose; to go in debt to pay for insurance in case something happens so you do not lose your home? Or not pay for insurance and hope to god nothing happens bad enough to make you lose your home anyway by not having insurance?
If you had to pay your insurance and do not currently how would this affect you, and what would you do?