Ok. I would like to complain rant rave bitch talk about something.

The financial affairs of our fucked up country.

Recently, I have been bitten by the 'refinance' monster. My father owns the house I live in. It's cute. I do love it. Unfortunately with some things that are going on right now, my house note has become a little...unattainable.  Only if I would like to continue having electricity and water, that is. Now, before I start bitching discussing this problem, I would like to state that my mortgage/rent is hardly a third of what most of my friends pay. So in some ways I know that it does not seem fair for me to complain bout my situation. I know that a lot of them would much rather pay my bill than theirs.  I also, only have one income...mine.  And although I do make more than most of my single mother type friends, it still is not enough to cover all of my bills in a month if something out of the ordinary happens.  I have a small, old house. In a small, old town.  I have not enough room for a damned thing well under 2000 square feet. My windows are leaky, and my doors drafty.  We have made some improvements, but money runs out.  And, well, ours seems to run out faster than most.  But we were able to make some improvements to raise the value of the house.

The plan was for me to buy the house and have it in my name.  Right now it is in my step-monsters and even though there has not been any reason for me to think she would kick us out, you just never know. I worked on my credit to get it to a point that would allow me to get a house...and them boom!  All the crap happened with the economy and now it takes your first born to buy a house.  Here are the problems:

- Apparently my house does not cost enough to justify a loan.
     Now hold the phone. You do not want to give me a loan because, to you, my house is not expensive enough?? But I am trying to be a responsible adult and not take on more than I know I can pay for!  My house does not cost enough for you to loan me just 30 to 50 thousand dollars and my credit is bad, so to fix it, you want to loan me 120,000?!? WTF? Please tell me where that makes sense?  I already stress to pay the note that is currently on the house and you want me to up it by seven or nine hundred dollars? Because the amount I am asking for is not enough, although what I can afford, and I have trouble paying what I already do, so you want to increase it?

- My credit and debt to ratio numbers are all wrong
     I have been working on my credit for almost two years.  Every time I come up even the smallest amount, you decide to put something stupid on my credit.  No one will give me anything on credit because my credit score is bad, so I cannot get credit to make it good, so that my score will go up.  Yet you want a higher score for me to be able to support the $120,000 loan you want to give me that I cannot afford.  So about a year ago I went to get a new car hoping that would help my credit score.  I go in and see a car between 10-13 thousand that I could afford and my family would fit in.  Would they finance me? Not on that car.  My credit was bad, so they could not finance me on the car I was making a responsible decision on and could afford. NO!  If they were going to finance me it would have to be on a car that was over 21,000.  Therefore giving me a car note that I could not afford and would at some point be late on.  But I had to have a car.  And going to a mafia lot was not something I wanted to do. And I had to have a car that was dependable i.e. warranty and such. So I ended up with a car, that I LOVE, but that has a note the size of my mortgage/rent. No way to improve your credit score like that.  But a hell of a way to jack up your debt to income ratio.

- I need to refinance and I would like to stay with my current company
     Oh but wait---we will not refinance your home that you have paid for through us for the last decade, because your credit score is too low. It is too much of a risk. WTF??? Dude! I am already paying you a note, on a house that you have financed, that you know I am late on at least three months out of the year.  Why in the hell would you not refinance it?? It would extend the loan, which would make the big company more money, not to mention you know I am going to pay it so if you lowered the note then maybe I could pay the damned thing on time!  And you think you will be losing out on money because I am a risk???  Yet if I am not wrong, you would be losing a hell of a lot more money if it got foreclosed on...right??? Right.

It just seems like they do everything so backwards.  OK. Be greedy.  I get it.  The mighty dollar.  Woo Hoo Blah Blah.  The problem is they get bailed out for making horrible decisions and giving people more than they can afford with interest rates that are astronomical.  We the people cannot get any damned help from anywhere, but they get the help for making bad decisions.  They want to complain about all the foreclosures, and the defaulted loans, yet they do not want to step up and help to at least refinance their current customers that are asking for help.  In the end they would make more money if they did.  The notes would go longer. And so many people would not be having to step out of these financial commitments.  Lower some of the freaking interest rates and help people get lower notes.  At least they are trying to continue their notes with you, the same company, and not going somewhere else.  And these people that want to buy houses that are under 60,000...let em!  Chances are they are not worth more than that and if they were stepped out of you would not make any money on it anyways.  And now you have a homeless family. Way to go big finance companies!!

I just do not understand why those of us that are trying to do the right thing financially are not able to.  Because of the same companies that penalize us when we are late or default on our payments.  They are so quick to bend us over and jack us up, but will not ever ever help us, even when it is going to benefit them.  I know ranting about his changes nothing.  I just wish something would happen to help us. Not them.

It just gets so frustrating sometimes.

**sigh*** ok. i am done.

1 Comment

1. Adoption of Jane on May 5, 2010 at 9:53 AM

   Rant on Sister there is no reason for our Economy to be the way it is! On another note... Happy Cinco De Mayo <--- still doesn't know the official Spanish word for happy.. is it Feliz? I should be smacked I live in a state thats very Latino!!