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View Diary: Thank You President Obama! I was helped by the $26 Billion Settlement. That's why I'm a Democrat! (280 comments)

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  •  Here's A Weird One (11+ / 0-)

    I have a 30 year fixed mortgage with Chase though it originally was with a different bank and was switched over 3 times since I got it.  I have 5 years left; never missed a payment, fairly decent interest rate since I was able to modify my rate before Chase got the loan.  So earlier this year, Chase contacts me to ask if I want to refinance my mortgage under HARP to a ten year and get a lower rate. There would be no out-of-pocket expenses to me so I refinanced anyway to the lower amount but pay extra each month (which is still lower than what I was paying before the refinance) so I can be done in 5 years anyway.

    It all sounded fishy to me on why I qualified.  I believe some banks are giving these refinances to good customers just to show they have done x amount of loans under HARP.  I didn't even know my loan was held by Freddie/Fannie.

    I'm glad I'm paying less interest to Chase but don't you think they should be giving these loans to people who really need them?

    Bad politicians are sent to Washington by good people who don't vote.

    by Renie57 on Sun Apr 22, 2012 at 08:26:48 AM PDT

    •  That's interesting (8+ / 0-)

      The irony is that there is plenty of money to lend. But, they can't lend it because of their own heightened lending standards. They are relegated to chasing people like you --- someone who likely has tons of equity (you said you only had 5 years left) and ability to pay.

    •  That's not the way these bloodsuckers work. (9+ / 0-)

      I got in a serious cash bind a couple of years ago but I knew it would clear itself up in a year or so. I had plenty of unused credit on my cards so I figured I'd just supplement with that for awhile.

      The credit card companies noticed I was charging more and only paying the minimum payments so first one, then the other reduced my limit to just above the amount already charged, less than half my old limit.

      Suddenly I was in a real crisis. I was able to beg and borrow from family enough to keep me afloat until my situation got better, then paid both cards completely off.

      Now they are begging me to transfer balances onto the cards, etc. but too bad for them. They weren't there when I really needed them.

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