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January 09, 2009


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I just talked to my broker about refinancing, not because I can't pay, but to take advantage of the lower rates. Turns out I could save some on the monthly, but it would take 5 years to recoup the costs. not much of a deal for me.

Serious question. A friend of mine - no its really not me - asked about getting relief even though he is able to make his payments. He reasons that the banks are striking workouts with others, why not with him? He is currently on an adjustable at 6% plus - with a pre-pay penalty. He told me that his plan is to stop making payments for a few months and then plead poverty with the bank to get them to deal. Do you have any experience or info or thoughts on this? I know nothing about this subject...


I have been trying since July to get mortgage relief to no avail, I was late paying my property taxes and my mortgage lender increased my monthly payment and has caused me to be late and behind with my payment, now i am afraid that I will be foreclosed upon. I have a seventy thousand mortgage and I have been unable to get relief. I tried to modify with my lender, I was denied because my hardship was not of a permenant nature. I would hope no hardship is permanent. When the financila industry was bailed out was permanent. What is really going I think they don't want anything the President does to succeed and it is going to be the fall of USA.

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