Foreclosures
Out of context: Reply #22
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- Boz0
the bank wins because you are paying interest to them on a property that is not worth that much at the moment.. so let's say at the end of the 30 years, my house is worth exactly as much as I paid for it.. not only did I pay off the house, I also gave bank almost as much money in interest. Bank didn't lose anything at that point and actually made money off you paying it off. Even though at the end, you can sell the house and be like 30 years never happened.. you break even on a house. You get my point? That's why bank wins.. me as a sheep would be paying for their profit, and for them to pay off their debt but I'd be on zero in the end. For no reason whatsoever except their own greed and the greed of Wall Street.
The builder got their money. they were the guys who made money and were not hit by this at all on the properties that are under water. You are right there.
Btw, it's downright insulting what they are doing to like "offer" help and modifications of loans.. they are all plain bullshit.
Here's what they would need to do to keep me in the house..
Cut my mortgage in half..and just call it a day.. refinance and let me stay in the house without selling it.. Their loss would be less than trying to sell the house for like $100k which is what it's worth now and they would still make money cause I would refinance under $140k and with interests and all that they would just break even in the end by paying off the $280k value of the house..
Nobody loses. But now.. that's not what they are doing.. they are going out of their way to continue to fuck people over and to just make it harder for everyone..
It's a disgrace really.