HARP II

Initial Thoughts-
I'm one of the hard-hit homeowners in Arizona. Being able to refinance into a lower rate mortgage, even if I have to drop it to a 20 year loan, will save me thousands of dollars in interest payments. I'm not looking for a principal reduction. I'm not looking for a temporary fix. I like my house, I don't want to move. I am one of the responsible buyers- sure, we bought at the top of the market, but we didn't finance 100% of the house- we put down a large down payment. We make our payments on time every month. If the bank really wants me to stay in my house, make it attractive to do so. Otherwise, I walk, and they have yet another foreclosure/short sale on their hands in a flooded marketplace. 

So, banks, get your acts together, and start making refinancing a possibility for people like me. We exist. We are hanging on to our sanity by a thread. Our patience is wearing thin however. We will walk out on our loans if nothing is done.

Mortgage Frustrations

We bought our house at the top of the market in 2005. We put a down payment down, and didn't finance 100% of the mortgage. We now owe $241K on a house that's worth roughly $125K. There is NOTHING anyone can do for us. Short of getting up and walking away, there's no recourse or assistance available. We can't even take advantage of the much lower interest rates, because our OWN MORTGAGE COMPANY -IndyMac aka OneWest Bank- won't even look at our loan to do a rate adjustment. Never mind that we've never been late on a payment. Never mind that our DTI is in the low teens. Never mind that IndyMac itself had to be bailed out by the Feds in 2008.

Where's the assistance to homeowners like me who no one gives a damn about? You banks should be bending over backwards to keep "good" borrowers like me in my home!