Mortgage Refinance

[fmlewis]

I would so love to do it but my wife informed me of a federal case where someone did a similar thing to pay for a ticket and the mayors court denied the payment because of the burden or similar to physically count it all. Supposedly went up to the Supreme Court and they ruled on the mayors court side. Said she heard of it at one of her CALEA conferences she attended, police accredidation stuff.

But I would so love to do it just to make a point. Buy the pennies from my bank unroll all of it and take it in there with a wheel barrel pour it all over the floor. Maybe I should start with quarters then gradually go to pennies.

HERE IS MY PAYMENT *****ES!!! :)

I have actually contacted my congressman to share my disgust over the issue with respect to the program. I don't expect much to happen but its worth a shot, you never know.

[WrenchMonkey]

Not to be a weiner, but why do you think it's your bank's fault? Why do you think they owe you a refi?

I mean, you signed a contract to borrow $xxx,xxx, for x number of years, at x.xx% interest. That hasn't changed. If market rates had gone up instead, would the bank be entitled to "refinance" your terms to match?

It does suck out loud that you're stuck underwater. Lotta people are.

I just don't see how it's the bank's fault...

Robert

[fmlewis]

Originally Posted by WrenchMonkey

Not to be a weiner, but why do you think it's your bank's fault? Why do you think they owe you a refi?

I mean, you signed a contract to borrow $xxx,xxx, for x number of years, at x.xx% interest. That hasn't changed. If market rates had gone up instead, would the bank be entitled to "refinance" your terms to match?

It does suck out loud that you're stuck underwater. Lotta people are.

I just don't see how it's the bank's fault...

Robert

I agree with you on the fact that I signed a contract. I have no issue with that. That is one of the reasons why I continue to pay the mortgage.

My problem is that I have read all about this program. Everything I have read states that I am eligible. Even the other loan officers I have spoke to say I am eligible. The problem does in fact lay with my current bank. For some reason they have some agreement with FreddieMac or placed some type of restriction that prevents me from refinancing through HARP. However, like you so kindly pointed out I did sign a contract that is why I am not going to go to crazy and will just pay in quarters instead of pennies.

I know I am airing dirty laundry here and expect to get comments to like yours. But you can't tell me that if you have a mortgage with a 6% interest rate with todays rates around 3.75% (giving potential to save over $200 a month) and meet the guidelines set forth by FreddieMac or FannieMae (whichever owns your mortgage) for HARP that you wouldn't want to take advantage of it.

[WrenchMonkey]

Like I said, not tryin to bust your hump, I certainly see where you're coming from. Of course we'd all like a lower payment to make, it's just whether you or I (or the feds via HARP) can or should be able to force your bank to take it, y'know?

Originally Posted by fmlewis

...I am not going to go to crazy and will just pay in quarters instead of pennies...

Well, as long as you're staying rational about it!

Good luck with it man...

Robert