The Economic Downturn..

[Bob]

Did I say anything about losing money?  ................................ With all the extra costs and time needed to buy and then sell, you have to figure out how long it would take to break even, I doubt there are more than a handful of places in the country where you can do that in a few years.

Answer to question, yes!

Okay, now on to other topics.

[MartyS (Gromit)]

Did I say anything about losing money?  ................................ With all the extra costs and time needed to buy and then sell, you have to figure out how long it would take to break even, I doubt there are more than a handful of places in the country where you can do that in a few years.

Answer to question, yes!

Okay, now on to other topics.

Where?  Only thing I said was you wouldn't get your money back if you sold in a few years, you also don't get your money back from renting so it's a wash except it's easier to rent.

[k1]

I've been trying to refinance our mortgage for a long time now. We're ALMOST at the point where we found a way that our current mortgage company will accommodate our request for a hardship modification. Everything has been preunderwritten and were just waiting on a letter from my wife's doctor regarding her being out on disability (causing us to be late on a few payments since she couldn't work).

It's been like pulling teeth to get this letter. We've been going back and forth with the drs since March. Ridiculous.

So after the Dr saying "I'll write up the letter & mail it out today" last week, today she emailed my wife to say "I'm not comfortable writing this letter because of HIPAA regulations.  Please ask your psychiatrist to write the letter."

This is costing us HUNDREDS OF DOLLARS A MONTH while our refinance is in limbo.

[Bob]

Jeez, people sure can mess things up without giving a shit, can't they?   Sorry to see this.

[k1]

Such a pain. Another annoying thing is the hospital dates are ON THE MEDICAL BILLS WE SENT.  But that's not proof enough. They want a letter from the dr verifying the dates & that treatment is ongoing.

[Bob]

Such a pain. Another annoying thing is the hospital dates are ON THE MEDICAL BILLS WE SENT.  But that's not proof enough. They want a letter from the dr verifying the dates & that treatment is ongoing.

Yeah, I ran into stupid things like that with CIGNA after my "thing" in late December last year.   The funny thing is, they finally started to pay me and now that I am 100% again, I've told them to stop paying me......but they keep sending me money.  Jeez, that is weird.

[wurwolf]

I've been trying to refinance our mortgage for a long time now. We're ALMOST at the point where we found a way that our current mortgage company will accommodate our request for a hardship modification. Everything has been preunderwritten and were just waiting on a letter from my wife's doctor regarding her being out on disability (causing us to be late on a few payments since she couldn't work).

It's been like pulling teeth to get this letter. We've been going back and forth with the drs since March. Ridiculous.

So after the Dr saying "I'll write up the letter & mail it out today" last week, today she emailed my wife to say "I'm not comfortable writing this letter because of HIPAA regulations.  Please ask your psychiatrist to write the letter."

This is costing us HUNDREDS OF DOLLARS A MONTH while our refinance is in limbo.

God, I am so sorry, k1. What a nightmare. Sure hope that gets fixed up for  you soon.

[k1]

Just got off the phone with them.  We got denied.  Because we haven't missed any payments.  I feel like I'm going to throw up.  I have no idea how I'm going to break the news to my wife.  She's already dealing with so much other stuff right now, I don't want to send her into a nervous breakdown and end up back in the hospital.

Now I've gotta start the process all over again with another bank and hope they can help us.

[wurwolf]

I'm really sorry. 

Because you haven't missed any payments? Are they making stuff up now?

[RVR II]

Just got off the phone with them.  We got denied.  Because we haven't missed any payments.  I feel like I'm going to throw up.  I have no idea how I'm going to break the news to my wife.  She's already dealing with so much other stuff right now, I don't want to send her into a nervous breakdown and end up back in the hospital.

Now I've gotta start the process all over again with another bank and hope they can help us.

Unreal!
It's pretty sad how banks punish the people that never miss a payment..
I've heard that when you do miss a payment, then they seem to suddenly change their tone somewhat and then are more willing to work with you but it's risky 

[Tripe]

Yeah that sucks K1

Yeah you're often penalized for being diligent; early pay-off fees and the like.

[wurwolf]

I am completely confused. What is the reasoning behind rewarding those who miss payments?

[k1]

I have no idea.

[RVR II]

I am completely confused. What is the reasoning behind rewarding those who miss payments?

From what I've been told, when you miss a payment, the bank realizes that the residents may actually have a problem and then will give out restructuring options..
Though the risk is starting foreclosure proceedings after 60 days I believe but the bank would rather work with you to stay in the home than have to go through with foreclosure proceedings and then find another buyer that meets their qualifications.

I know South Carolina has a 'Mortgage Help' center you can contact where state officials will try to intervene and work with the banks or even lend financial assistance to keep you in your home.
https://www.scmortgagehelp.net/

[wurwolf]

Yeah, I was just talking to a friend of mine about it and she said this:

Which means they [the homeowner] can continue paying at their current rate just fine and the bank gets more money then.

That really sucks. I hate banks.