We now are told by USAA that property we own in another state (bought as REAL retirement savings in lieu of 401K plans and Wall Street scams—since TSP didn’t come on line until WELL into his career) isn’t worth enough to borrow against (LTV wise) for the purposes of moving the 2nd across our balance sheet. We WANT to sell our NoVa house using HAP and the money trapped in our land to pay off our 2nd>>>AND DO THE RIGHT THING>>>>but no lender will lend us an equity loan on the ASSET (IMPROVED land) that we have because money is SO TIGHT and the SOCIALIST FOOLS (Barney Frank) in D.C. are holding the industry hostage to itself….

WE HAVE MONEY. MY CREDIT SCORE IS 753, MY HUSBAND’S IS 768.

We have mapped out our strategic forclosure that WILL HAPPEN in three years upon his retirement….. ONLY AFTER WE HAVE DONE THE FOLLOWING:

1. Paid off a small amount of revolving credit debt (a painless six months) to shield ourselves from interest rate hikes that will naturally come with the strategic default.

2. Applied for a construction loan (which will be at a higher rate by then, I know, precisely BECAUSE of the mismanaged economy) to build our STOUT and MODEST retirement home on the land I mentioned before.

3. Closed said home with a year +/- left until retirement—or stay on Active Duty at his full salary until it is closed.

4. Buy a stout one-year old off-lease car with MOSTLY cash (as has always been our policy).

5. Stash $20K in gold coins under the bed…..

6. Call USAA and tell them to GOFUCKYOURSELVES and thanks for nothing!

Pardon me if I was sick to death of sacrificing and living a rootless existance to secure everyone ELSE’S “AMERICAN DREAM”!!! This house was the VERY FIRST HOUSE WE EVER BOUGHT in almost 20 years of marriage. Pardon us if we DARED to want to send our oldest to ONE high school, so we made the decision to buy and stay for two tours. And not even the “most house” we could “afford”. NOT BY A LONG SHOT. We didn’t need creative finaincing to afford it…no “ARM”…just a smaller house than our fellow officers were buying because we are CONSERVATIVE SPENDERS.

AND WE STILL GET SCREWED.

The PIGS IN WASHINGTON bend over backwards and sideways to help folks who bought HUUUUUUUUGE plastic McMansions with no proof of citizenship, no proof of ability to pay, BECAUSE THEY WERE THE ONES WHO FORCED BANKS TO GIVE THESE RISKY LOANS IN THE FIRST PLACE because of a LIBERAL PIECE OF SH*T LAW called the Community Reinvestment Act.

I quote a brilliant FORBES online article from July 18, 2008 by Yaron Brook:

“The government has promoted bad loans not just through the stick of the CRA but through the carrot of Fannie Mae and Freddie Mac, which purchase, securitize and guarantee loans made by lenders and whose debt is itself implicitly guaranteed by the federal government. This setup created an easy, artificial profit opportunity for lenders to wrap up bundles of subprime loans and sell them to a government-backed buyer whose primary mandate was to “promote homeownership,” not to apply sound lending standards.”

I have TRIED to do the right thing, but USAA won’t play ball to loan me a crummy $60K to refi my 2nd against my huge FREE AND CLEAR asset (improved land with a market value of $268K)!!!

So when I punt this loan in a few WELL PLANNED years, I am going to REMIND USAA that THEY were the ones so eager to loan us 125% LTV (of which we took only a TINY BITE of the pie they offered us!!!) of an overinflated home price in 2006 for the 2nd that is holding us hostage to the first mortgage>>>>>>>SO THEY GET TO EAT BOTH OF THEM!!!!!!!!!

CAPITALISM IS NOT THE PROBLEM.

THE FREE MARKET IS NOT THE PROBLEM.

LIBERAL, PROGRESSIVE SOCIAL ENGINEERING IN WASHINGTON IS THE PROBLEM.

I have money. I can pay. But my lender, USAA, won’t help me do the “right thing” before we retire and are forced to move.

I am willing to take whatever credit hit may come because THIS monkey will have a FIRM GRIP ON THE NEXT TREE before I swing out of this mess FOR GOOD and the whole system can gofuckitself.

And with the Obamatards at the helm……it SURELY, SURELY will.

***feeling better***

I’m in the same boat with you. We continue to pay down on our mortgage, extra when we can and plan to ride it out.

If you are not planning to move in the next 10 years, it should be fine.

Best Wishes,

Jeff