Comments on: Credit Union Industry Worried about New “Cramdown” Legislation http://www.creditinfocenter.com/wordpress/2009/03/03/credit-union-industry-worried-about-new-cramdown-legislation/ For the Up To Date News Fri, 20 Nov 2009 15:08:53 -0700 http://wordpress.org/?v=abc hourly 1 By: Fern http://www.creditinfocenter.com/wordpress/2009/03/03/credit-union-industry-worried-about-new-cramdown-legislation/comment-page-1/#comment-1761 Fern Tue, 21 Apr 2009 19:07:19 +0000 http://www.creditinfocenter.com/wordpress/?p=498#comment-1761 I bought a home in a new subdivision, I was the first one there, I paid 275,000 for my house, I put down 70,000 after closing costs I owed about 209,000. Now my house (not being brand new anymore) is worth 180,000, I lost a job, cannot sell my house as I would never get back my deposit. Being self-employed, I owed back IRS taxes of 3000.00, which was an error on my part, however, they put a levy on my bank account and took every dime I had. By the way, more than 1000.00 was in interest and penalties carried over from 2006. Anyway, 3 more homes have sold in my subdivision, the first one a few months after I bought mine sold for 250,000, another one recently in the 220,000 range. My question is if people like Barney Frank caused the housing problem, then why shouldn't the judges be able to help people who are in my situation at least be able to stay in their homes. Because of the IRS levy, I had no choice but to seek an attorney's help. Hey, I put 70,000 on my house, so I am not one of the people who are seeking help and did not use a dime of their own money. I bought a home in a new subdivision, I was the first one there, I paid 275,000 for my house, I put down 70,000 after closing costs I owed about 209,000. Now my house (not being brand new anymore) is worth 180,000, I lost a job, cannot sell my house as I would never get back my deposit. Being self-employed, I owed back IRS taxes of 3000.00, which was an error on my part, however, they put a levy on my bank account and took every dime I had. By the way, more than 1000.00 was in interest and penalties carried over from 2006. Anyway, 3 more homes have sold in my subdivision, the first one a few months after I bought mine sold for 250,000, another one recently in the 220,000 range. My question is if people like Barney Frank caused the housing problem, then why shouldn’t the judges be able to help people who are in my situation at least be able to stay in their homes. Because of the IRS levy, I had no choice but to seek an attorney’s help. Hey, I put 70,000 on my house, so I am not one of the people who are seeking help and did not use a dime of their own money.

]]> By: Fernanda http://www.creditinfocenter.com/wordpress/2009/03/03/credit-union-industry-worried-about-new-cramdown-legislation/comment-page-1/#comment-1718 Fernanda Tue, 31 Mar 2009 02:39:14 +0000 http://www.creditinfocenter.com/wordpress/?p=498#comment-1718 If rich people like Donald Trump can file chapter 13 and continue to "be rich" then I think the same laws should apply for those who only have one home, if the property is no longer worth the price one paid, then I think the judges should be able to reduce the mortgage to market value. In my case, my home is worth almost 100,000 less than I paid and I had a 70,000 deposit. If I walk away, I lose my 70,000 deposit, that was every dime I had, not one penny left in my bank account. With a loss of 6000.00 income, I have been struggling to keep up the high mortgage payment. My only thought when I bought it was, well I can always sell it if I cannot afford it anymore, but oh no, my house is not even worth what I owe. So Yes, vote for the cramdown, I only hope it passes immediately. If rich people like Donald Trump can file chapter 13 and continue to “be rich” then I think the same laws should apply for those who only have one home, if the property is no longer worth the price one paid, then I think the judges should be able to reduce the mortgage to market value. In my case, my home is worth almost 100,000 less than I paid and I had a 70,000 deposit. If I walk away, I lose my 70,000 deposit, that was every dime I had, not one penny left in my bank account. With a loss of 6000.00 income, I have been struggling to keep up the high mortgage payment. My only thought when I bought it was, well I can always sell it if I cannot afford it anymore, but oh no, my house is not even worth what I owe. So Yes, vote for the cramdown, I only hope it passes immediately.

]]> By: Lynn, Ohio http://www.creditinfocenter.com/wordpress/2009/03/03/credit-union-industry-worried-about-new-cramdown-legislation/comment-page-1/#comment-1673 Lynn, Ohio Fri, 06 Mar 2009 00:12:24 +0000 http://www.creditinfocenter.com/wordpress/?p=498#comment-1673 Who are you trying to kid? Since when are the banks concerned about the people.....you make me laugh. Bank losses on foreclosures at best might equal any cramdown amount, given the current market and the costs to banks of foreclosures. No complaints from the banks when they were receiving unreasonable fees, commissions, etc. while pushing the adhoc and innovative (but oh so profitable to the bank) mortgages programs which were oftentimes far above the comprehension of some consumers. Banks WON'T be hurt by this....it's only existing mortgages. You're just upset you can squeeze any more juice out of we lemons. Who are you trying to kid? Since when are the banks concerned about the people…..you make me laugh.

Bank losses on foreclosures at best might equal any cramdown amount, given the current market and the costs to banks of foreclosures.

No complaints from the banks when they were receiving unreasonable fees, commissions, etc. while pushing the adhoc and innovative (but oh so profitable to the bank) mortgages programs which were oftentimes far above the comprehension of some consumers.

Banks WON’T be hurt by this….it’s only existing mortgages.

You’re just upset you can squeeze any more juice out of we lemons.

]]> By: Kristy http://www.creditinfocenter.com/wordpress/2009/03/03/credit-union-industry-worried-about-new-cramdown-legislation/comment-page-1/#comment-1668 Kristy Tue, 03 Mar 2009 17:33:04 +0000 http://www.creditinfocenter.com/wordpress/?p=498#comment-1668 I think you might not have read the whole article. I am for the cramdown legislation. I think you might not have read the whole article. I am for the cramdown legislation.

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