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The banks are still encouraging people to borrow money they can't afford to pay back. [View All]

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notadmblnd Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-12-09 07:50 AM
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The banks are still encouraging people to borrow money they can't afford to pay back.
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My mortgage company called me last week and asked if I would be interested in refinancing. I told them yes since I'm about to lose approx 1/2 of my income in April and will have trouble making the payments since I have been unable to find employment.

To make a long story short, apparently they won't re finance me because I'm upside down in my mortgage, however, they will give me a 20,000 personal loan to pay off my less than 5,000 of debt. I asked them how this was going to help me since I won't be able to make my mortgage come April. I told the girl I'd call her back, but I'm thinking isn't this the kind of behavior by the banks that got us into this mess to begin with?

In all honesty, I'm half tempted to take the money, buy a repossessed double wide, pay cash, put it in a relatives name and walk away from it all? I was told that they can't rework my mortgage or file for hardship until I have fallen behind and ruined my credit. What should I do?
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  -The banks are still encouraging people to borrow money they can't afford to pay back. notadmblnd  Feb-12-09 07:50 AM   #0 
  - Your idea has merit  Sadie5   Feb-12-09 07:58 AM   #1 
  - I wasn't in over my head.  notadmblnd   Feb-12-09 08:02 AM   #3 
  - I don't know who holds your mtg. but the bankers at the hearing yesterday  napi21   Feb-12-09 08:01 AM   #2 
  - I filled out paperwork for Michigan's foreclosure prevention program  notadmblnd   Feb-12-09 08:04 AM   #6 
  - But when they apply the banks turn them down  lunatica   Feb-12-09 08:02 AM   #4 
  - I can pick up the 20,000 this afternoon if I want  notadmblnd   Feb-12-09 08:18 AM   #11 
  - Isn't there going to be a moratorium on foreclosures?  lunatica   Feb-12-09 09:28 AM   #19 
     - I don't know enough about it, but I hope you're right.  notadmblnd   Feb-12-09 09:33 AM   #20 
  - A credit score  JoDog   Feb-12-09 08:31 AM   #14 
     - I've certainly been good about credit card payments  lunatica   Feb-12-09 01:15 PM   #23 
  - See If You Can Find Out Who The REAL Mortgage Holder Is...  KharmaTrain   Feb-12-09 08:03 AM   #5 
  - No, they didn't quote me a rate on either the mortgage or the personal loan.  notadmblnd   Feb-12-09 08:08 AM   #7 
     - That's the same company we have.  Blue Diadem   Feb-12-09 08:17 AM   #9 
     - The '05 Bankruptcy Bill Has Been A Real Disaster  KharmaTrain   Feb-12-09 08:20 AM   #12 
        - To me they're committing a fraud. They know that in two months I won't be able to pay  notadmblnd   Feb-12-09 08:25 AM   #13 
           - It's Outright Shameful...Hope Others Are Seeing This As Well  KharmaTrain   Feb-12-09 08:33 AM   #15 
              - I read it. Before my husband died, he co-signed a car note for his neice  notadmblnd   Feb-12-09 08:37 AM   #16 
  - We ran into the same thing.  Blue Diadem   Feb-12-09 08:13 AM   #8 
  - There's an FHA program for people upside-down...  rucky   Feb-12-09 08:17 AM   #10 
  - One major question, notadmblnd  JoDog   Feb-12-09 08:40 AM   #17 
  - My car is paid for. I have approx 5,000 in unsecured debt  notadmblnd   Feb-12-09 08:52 AM   #18 
     - Honestly, both  JoDog   Feb-12-09 09:53 AM   #21 
  - Well, here's an idea  customerserviceguy   Feb-12-09 09:57 AM   #22 

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