UPDATE - Six months progress

[Anonymous]

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@Anonymous wrote:

SAY

IT

BYRDMAN!!!!

And to add my two cents, the REALITY, AS I SEE IT - is simply this:

2..

Don't get me wrong - the former is certainly true in a great deal of cases and consumers did bite off more than they can chew. But tell me how would you feel if you purchased a home and was comfortably managing a $1200 mortgage then BOOM, rates change and you're now paying $2600?

Okay, I'm done....Good luck to all!

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Are you implying that people who took sub-prime mortgages can't read? That they're not adults who should be able to enter into a contract and be responsible for their choices?

What part of "adjustable rate mortgage" is hard to understand?

[Anonymous]

How did you get NCo to delete? I have went rounds w/them. i paid the debt and they would not budge!!!

Congrats on your hard work! it is inspiring to see people making progress!

[atlastontheroad]

Do a search for NCO in the search box in the upper right hand portion of the myFICO page, there is a wealth of information available about this agency.

With a rather large lawsuit loss in its recent past, now may well be a good time to negotiate with them.

atlast

[Anonymous]

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@Anonymous wrote:

---

@Anonymous wrote:

SAY

IT

BYRDMAN!!!!

And to add my two cents, the REALITY, AS I SEE IT - is simply this:

2..

Don't get me wrong - the former is certainly true in a great deal of cases and consumers did bite off more than they can chew. But tell me how would you feel if you purchased a home and was comfortably managing a $1200 mortgage then BOOM, rates change and you're now paying $2600?

Okay, I'm done....Good luck to all!

---

Are you implying that people who took sub-prime mortgages can't read? That they're not adults who should be able to enter into a contract and be responsible for their choices?

What part of "adjustable rate mortgage" is hard to understand?

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Without defending those people, many of them were under the assurances by their agent that they could simply refinance the home before the rates reset.  Unfortunately, when the other shoe dropped, many of those people found out that their homes were worth less than when they purchased so they were unable to get it appraised for what they owed, which was in many cases the original amount they borrowed or more.

The fact is the industry coasted for many moons.  Many of these people were simply doing what they could to get a piece of the American dream.  I myself NEARLY fell into this trap, but the financial difference between conventional and interest only wasn't significant enough to go that route.  Thank God for small miracles.

Either way, even though they are the ones that will lose their homes, we all lose whenever a property in our neighborhood forecloses as it depresses the values of the other homes.

BTW, Congratulations.  Great progress.

[bott6698]

Thunda Man you hit the nail on the head. I have an ARM and have had it for 3 years. When I bought into it my sleazy broker told me I could refinance within 2 years and don't worry about it. I trusted him. My current rate is 13% and heading to 14% soon. BUT BY LAW it cannot go past 16% and is in my contract so atleast I have that safeguard... I started with 10% and rises every 6 months. I am trying to get my credit score to 620 so that I can get a great fixed rate, But I won't be one of the ones losing their homes as I make plenty of money to afford my ridiculous interests BUT it still pisses me off that's for dang sure.

[Trishco]

Good work!  Patience and perseverance pays!

As a small business owner who has to deal with the likes of all you GW/DV letter writers. Your DV does not replace my inventory!

You are correct Mr Bill...but I'd be willing to bet that your tax write-offs do!! JMHO

[acadia11]

Have you ever tried getting a large company to pay the money they owe you if you are a little guy? They will get to when they feel like paying you. So don't go sticking up for corporations, the tenet of a corporation is to do won thing, and that is to make money for it's share holders, it is not "to do the right thing". Even if this guy did use a loophole so what, Corporations, higher armies of lawyers to manipulate tax loopholes, so with that said, so what the little guy takes a queue of how business is done. Do you for a second think a corporation would pay you a debt if they knew it was cheaper for them to just DV, etc, you ...? Put the shoe on the other foot. I'm not endorsing not paying ones debts but sit here and try to defend Corporations or CA's.

[Anonymous]

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@bott6698 wrote:

Thunda Man you hit the nail on the head. I have an ARM and have had it for 3 years. When I bought into it my sleazy broker told me I could refinance within 2 years and don't worry about it. I trusted him. My current rate is 13% and heading to 14% soon. BUT BY LAW it cannot go past 16% and is in my contract so atleast I have that safeguard... I started with 10% and rises every 6 months. I am trying to get my credit score to 620 so that I can get a great fixed rate, But I won't be one of the ones losing their homes as I make plenty of money to afford my ridiculous interests BUT it still pisses me off that's for dang sure.

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Holy toledo, I've never heard of a mortgage with a rate that high.

Not trying to throw you under the bus, just understand the thought process, but even if it was 10% fixed, did you expect to make money on the outcome? The house would have to appreciate at an unprecedented rate for a long period of time to overcome that cost of money. Or did the investment aspect of the decision not really enter into the picture?

[Anonymous]

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gingergirl wrote:

Did you DV Portfolio Recovery?  How do you find out if a CA is licensed?  Portfolio Recovery have to accounts on my CR.  I sent DV's last week and wanted to know what to expect.

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First of all GREAT JOB Sassy. 

I recently got Portfolio Recovery to delete an account.  I think someone just got tired of me harassing them over and over.  (I am not overexaggerating I probably sent them 20-25 letters)  I had two accounts  on my CR from them and my OC.  I knew that one had to go.  So just keep hounding them and they should break. 
I do have a comment for the person who doubts our ethicality.  I am not a non ethical person.  I have always paid my bills and did everything as required till oneday one decision by one person changed everything.  I was contracting at a large company about to become a full time employee.  The Vice President decided to fire my whole group just to get some fresh faces and new ideas into the workplace.  It took me 6 months to find gainful employment again and another year to bring my income back up to par.  I feel that one decision made me into a lower class citizen.  My whole family suffered through the entire ordeal.  Thanks to this forum I am back on my feet, credit went from mid 400's to upper 600's in one year.  My goal is 750 by JAn 2009.  I also have helped several friends and famlly members improve their credit.   

[bott6698]

Watchnerd, I just needed a house for my family and was tired of renting and getting nowhere, Also  Banks told me if I got a mortgage my credit would soar but they were full of crap. With that said the interest rates I pay have nothing to do with the homes value. The home doesn't depreciate because of my interest rate. Just the balance never seems to come down lol. My credit is what is keeping me back to refinance at a good fixed rate. The value of my home is right where I need it to be for a refinance and pay off my home equity at the same time. ALTHOUGH it does suck to pay on a house for 3 years and the balance not change hardly at all!