So I quit paying my mortgage about 16 months ago. At first I was laid off for a couple of months, and that's why I initially fell behind. Being laid off didn't last long, but they didn't want to work with me to make it more affordable at the time. So I began banking it. I wanted a lower payment, as many did. I just wanted them to work with me a little. Even to the point of letting me catch up in exchange for not ruining my credit. They sent me a modification packet, which I filled out.

They didn't like it right away. I make too much money to be cut any kind of deal. They wanted the payment to stay the same and have me pay it all back at once. I asked them if they knew that I could go get twice the house with my saved money as a down payment. Taxpayers like myself bailed out these corporations, but they saw that they could squeeze more out of me. Long story short, I'm moving. They haven't even sent me foreclosure papers, THAT'S how backed up they are with them. Here's what their greed got them:

Me moving out without ever paying them back (in Washington you can't go after the borrower, you just get the house back) any of the last 16 months.
They now have to sell the house at between 110 and 130k, since that what houses go for like mine in this neighborhood. I owed 170k because I bought at the peak of the bubble. Keep in mind, I wanted to continue paying, just at some kind of compromise.

Right now I'm in a 1,200 square foot house built in 1955. In a neighborhood with gunfire, crime, awful upkeep (potholes, etc.). My neighbors scream at each other at the top of their lungs at ALL hours. Their three dogs bark 24 hours a day (three feet from my window) and the crazy chick that lives there ACTUALLY stands out there and makes them bark, then smiles at me and gives me the finger.

I'll be moving into a 2,300 square foot house in Puyallup, that was built nine months ago. With an H.O.A. that fines you 50 a month if your grass isn't green (trust me - I count this as a bonus). Yup, 3 bedrooms, a den, a bonus room, a great room, fenced yard, vaulted ceilings and three bathrooms is sure going to suck for me. FOR LESS THAN THEY WANTED ME TO PAY HERE. That's greed.

I can't explain enough what a difference of quality my living will be, and I have to thank the lender's greed for all of it! I am really going to hate having a bathroom with a jacuzzi tub that's bigger than my living room is now. Horrible.

And the worst part? While I tough it out at this rental soon, I'll only have to wait 3 years to purchase again, not seven, as is common rumor.

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Frrrrrt!

Sorry to hear about the problem with the bank, but it seems like things are going to be going well in your move to Puyallup. Sorry you'll not be as close, but Puyallup is just a hop and a skip away.

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Political Buddies