Obama, Save my home.

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Grandluxe

Woman In Foreclosure Posts Giant Sign on Her Roof, “OBAMA SAVE MY HOME”
| September 22, 2012


(FOX 13) – Angela Agrippa is an emotional wreck.”This home just means everything to us, it’s just going to be so hard to walk away,” she said.

That is her worst nightmare, but it could happen in just four months.

Agrippa bought her home back in 1991 for $61,000. She took a couple of home loans out on it over the years. But the sale of a rental property helped her pay off much of those loans years later.

Now the payoff is roughly $89,000. Realtors have told her she could sell it for $140,000.

So Agrippa is not like other homeowners who are underwater in their homes. That’s why she’s so confused as to why she is still begging her mortgage company for a loan modification.

“Once they serve those papers and file them, that’s it. You’re in for the battle of foreclosure, and you’re at their mercy. They’re in complete control,” Agrippa continued.

Back in 2006, her partner of 11 years, Jimmy Martino, got injured on the job. He was eventually let go and over time, the part-time work dried up.

Agrippa suffers from rheumatoid arthritis, which has costly medication. The family fell into foreclosure.

<img src='http://therightnewz.com/wp-content/uploads/2012/09/ca153.png'>
 
So the original purchase price is $61,000, and the payoff now is 28k higher. I see. And all those home loans taken over the years - the HELOCs - those are coming back to haunt her. Instead of paying off her house, she likely used those to purchase that second property, or who knows what else.
 
Quote from Tsing Tao:

So the original purchase price is $61,000, and the payoff now is 28k higher. I see. And all those home loans taken over the years - the HELOCs - those are coming back to haunt her. Instead of paying off her house, she likely used those to purchase that second property, or who knows what else.
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If you spend the equity in your home... then lose it because of the housing marketplace or your job situation... YOU DESERVE TO LOSE THE DAMNED HOUSE!! Quit bitching and pleading for someone to bail you out of your stupidity and greed!!

"Odumbo.. please give me some of somebody else's money"... a cry wearing thin with us ants.
 
Quote from Scataphagos:

If you spend the equity in your home... then lose it because of the housing marketplace or your job situation... YOU DESERVE TO LOSE THE DAMNED HOUSE!! Quit bitching and pleading for someone to bail you out of your stupidity and greed!!

"Odumbo.. please give me some of somebody else's money"... a cry wearing thin with us ants.
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Essentially, this was my argument.
 
Quote from Tsing Tao:

Essentially, this was my argument.
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Right... I read your post as "She screwed herself".

I added the comment, "She DESERVED her plight for being greedy".

Hey, "levering up" is an act of greed... and carries potential consequences.

I recall a story a few years back where a Nevada woman bought a house for $150K... refied it several times to take $750K out of it... then, when it got "under water" on the high refied balance, she walked. How's THAT for abusing the system?
 
Imo, people want refi's to reduce payments, not to cash out equity (if any is left).

Right now the only relief and hope for re fi's is if you are in foreclosurer and you might lose everything.

My interest rate is 6.7, lawyer said I woould qualify for maybe 3% if I went into default. I never been late in my entire life why do I have to go into foreclosure to get leverage? Plus ding my credit.
 
Boy, you guys are tough. It's not like she has taken all the equity out of the house and gone to las vegas. The house is worth $50,000 more than her loan. It sounds like their income has been limited for some time and a 2nd was taken to pay family bills and keep their heads above water.

Rates are probably much lower today than on their existing loans. If restructuring would enable her to be able make the payments the bank should work with her. Banks get stuborn and in many cases just decide they want to foreclose regardless of what is best for both parties.

Without knowing a lot more about their situation it is hard to say they deserve foreclosure. Especially with $50,000 equity in a $140,000 home.

Peil, you should go refinance right now and knock your rate down to 3% to 3.5%. A 3.5% reduction in your rate will save you about $3,500 per year per $100,000 of your loan. You don't have to be in foreclosure to refinance.
 
Quote from pspr:

Boy, you guys are tough. It's not like she has taken all the equity out of the house and gone to las vegas. The house is worth $50,000 more than her loan. It sounds like their income has been limited for some time and a 2nd was taken to pay family bills and keep their heads above water.

Rates are probably much lower today than on their existing loans. If restructuring would enable her to be able make the payments the bank should work with her. Banks get stuborn and in many cases just decide they want to foreclose regardless of what is best for both parties.

Without knowing a lot more about their situation it is hard to say they deserve foreclosure. Especially with $50,000 equity in a $140,000 home.
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How do you know what she did with the money? All I know is that twenty-two years ago, she bought a house for $61,000. A traditional 30 year mortgage would have been 9 years away from maturity at this point.

However, she somehow owes $89,000. That, to me, says she used her house like an ATM like so many out there and now is screwed because of it.
 
Quote from Tsing Tao:

How do you know what she did with the money? All I know is that twenty-two years ago, she bought a house for $61,000. A traditional 30 year mortgage would have been 9 years away from maturity at this point.

However, she somehow owes $89,000. That, to me, says she used her house like an ATM like so many out there and now is screwed because of it.
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She is screwed probably becuse of health issues and her bank. Not knowing more facts makes this argument mute.
 
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