I'm On Fire",
> Like Crazy said. All I've wanted to do since my wife and I have fallen in this hole we created ourselves; apparently, is to restructure my mortgage. I never wanted out of it. Like I said, some of you read what you want.
I did read all of what you wrote. The tone of much of it was much different than what you wrote above.
> Thing is, the banks have a legal obligation to restructure mortgages that are underwater. This is not something I made up. The US Government said they have to.
That may be true, but you agreed to claiming far more income than you actually made. Now, incomes are verified. So, for the most part, you no longer qualify for that amount of credit. The lender was a fraud, but you went along.
> We haven't been, "living beyond our means" as some of you ASSume. If we were. If we had been my wife would have a brand new SUV and I'd bee in a full size truck with a quad cab. But we're not.
Borrowing far more than you should, IS living beyond your means.
> We've been paying $2k a month on a mortgage for $170k in a house worth $103k. Doesn't make financial sense to me. Maybe some of you would like it in the ass but not me.
True, but say you would owe $85K on a house that was now worth 51.5K. It would still taste bad, but it would not be as hard to swallow.
> But, ultimately the bank issued a bad loan regardless of who signed the paperwork. They have a moral and legal obligation to support the loan they issued.
How so? Here's the meaning of "loan": http://en.wikipedia.org/wiki/Loan
You got in over your head, and now want a re-fi. What if you get under water again? How many times should they "support the loan that they issued"?
> They have not been and in the end, the home owner is held left holding the bag. The lawyer and I had a nice long conversation about the economy and the housing market. He said he handles 12-15 of these same cases a month. Guess that 1.8 million people in my position really does reflect an issue going way beyond the, "you made the bed, now sleep in it stigma".
Yes, many of those 1.8 million people made poor choices and borrowed too much. Lumpy beds. The lenders knew that many folks would default. They didn't care at the time. Now, since it all crashed, the borrowers can't flip the house, and get out of a mortgage that they knew they could never ever afford in the first place. The house that they could not afford, but was a sure money maker turned into a money looser. Now, they DEMAND that their government does something for them.
Finally, believe it or not, I'm glad that you found what you feel is a good solution. Honestly, I would not think bad of you for going chapter 13. If Donald Trump can do it, you should also be able to. I would still look hard at that option, esp if you come to realize that you simply bit off more than you can chew, and there's a chance that you'll loose it in the end anyway.
That said, I still stand by everything I've mentioned, but I do wish you luck in the future.