But apparently I don't count.
A few months ago (right before my motorcycle accident, actually) I ponied up $500 of my hard earned cash to get an appraisal done on my house. I wanted to refinance. Didn't want any money, just wanted to take advantage of the 2.99% interest rates they were offering on a 15 year loan. Figured I could cut about four years off my current mortgage for a bit less each month than I was currently paying.
Happily taking my $500, the bank then informed me that the $160,000 appraisal was not enough to qualify me for the 80% requirement for financing. Apparently doesn't matter that I've been making payments on this house for fourteen years, have never missed a payment, and have almost perfect credit. (Side note: Not sure why they can't do informal appraisals for free using the interweb and let you know that you would probably be under the limit BEFORE they take your money, but I guess that might fall under the heading of "Good Customer Service".)
Anyway, the President has a solution. He has proposed that banks need to lower their standards so that people who can't afford to pay back their mortgage should be able to buy a house anyway. Never mind that this is, in part, what caused the original housing bubble that led to the crash in 2008; never mind that this shows a clear lack of understanding of how markets work; never mind that you'd have to be an idiot to lend money to people who have already demonstrated that they can't be trusted to lend money to. No, let's focus on the important stuff.
I am a taxpayer. I had to pay to bail out the last bunch of idiots after the crash. I can't refinance my house because the housing market went into the tank after the incompetent nimrods in Washington created a completely unsustainable bubble by implementing idiotic policies to "increase home ownership". And now they want to do it again. While I pay more than I should be for the mortgage that I have been working two jobs to pay for over the past thirteen years. For the past four years I have not qualified for one single federal assistance program because I pay my mortgage on time, because my mortgage is not in default, and because by being responsible I have managed to keep my mortgage below the actual value of my house no matter how big the crash. I can't refinance, I don't get federal assistance, I get nothing for being responsible except higher taxes.
Thanks for nothing, jackasses.
4 comments:
I here you brother!
I'm in on a modest home for just over 6%. I've made all payments on time and even paid slightly more over the last couple years.
I to would have to pony a few hundred dollars and the house somehow has to magically increase to loan threshold they are supposedly willing to lend. Thanks to Dodd Frank, we have to get screwed for an 'official' appraisal though a appraisal from whomever was good enough.
I wanted to do business with the same credit union because they were actually a good deal when I got the original mortgage.
Anyway, it is annoying that being a good customer, they can't compromise and pester me for a $200 on paperwork BS, and then help me a get a lower rate. My other alternative is to check with other banks, but still have the potential to get screwed on the arbitrary fees and still have nothing to show for it.
Banking, a nice scam if you get in on it.
Hi Calvin! It’s sad to hear that you are not qualified for any federal assistance after being responsible in paying your taxes and other payments. It does sound kind of unfair. After being the good guy for more than the past decade, you don’t get to benefit from it. Maybe you could ask a lawyer to help you out and settle matters and be granted the refinance.
Lauren Padilla
Well that does sound unfair. It’s like being responsible didn’t pay off well for you. You aren’t able to accomplish and be granted a lot of things even if you have been able to consistently pay your taxes and mortgages on time and at the right amount for thirteen years. I think that people who have a good track record in payments should benefit the most. That makes a lot more sense, doesn’t it?
Kathy Gregory
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