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It would be stupid of her to empty out her 100K to pay for the home, just to lose it later to foreclosure anyway.
(I'm assuming the house can't be paid off with the 100K.)
You'd rather see her penniless AND homeless?
That's nice.
She wouldn't be penniless AND homeless if she just walked away and let the bank sell the house 6 months ago. Renting isn't homeless. SHE HAS 100k. How is that penniless? One year later and the bank may lose 10-20% more as the price of the house declines. She should be in prison. She is the reason why we are in close to a depression. She is the reason millions of people are unemployed may be homeless for legitimate reasons.
I can understand walking away, but not milking every dollar out of a deal you should have known better not to take. Tell her what you think about her. I know you won't but it sure would feel good. She is opportunistic. If she trips over something at your house they will sue you for everything you have and not think twice about it. Think about it.
There are no such "laws" you speak of. Every investor chooses his reward based upon risk. If a buyer is a credit risk, they will be offered only higher (maybe the highest) interest rates. If you pay all of your obligations without delay, you are a great credit risk and will reap the benefit of current market rates.
And its getting worse for people with bad credit all the time. Soon it will be like the 50's where many coud not even get a credit card. The old payday loans and hock shop will thrive again.
A friend at work told me this week that her son who built a huge, new home on a lake was considering short sale/foreclosure because he was 'tired of making those big payments. He and his wife don't need the home anyway, they own a home at the beach and that's where they stay most of the time." It was said so matter of factly, it blew my mind! I guess I'm old-fashioned but I just can't understand this mindset. I can understand if people lose their job, have a health crisis, etc...but just walk away because you're tired of making those big payments?
No, this girl transferred her money over to her siblings and parents over the past year. She knew the market was going down.
Her family is just holding money making it look like she was poor.
She'll never be homeless. She has the money to save the home but does not want to invest her assets. She always has her parents to fall back on. They are very wealthy.
If she has all this money and her family is wealthy too, then why is she in foreclosure?
You said she has sister living with her. Between the two of them, wouldn't it make sense to pay the mortage? Rent the house till the market changes? Find more friends to share with/rent rooms maybe and keep those tax deductions going till the market changes so that she can make more money?
Most of the wealthy folks I know think in terms of making $$$ and increasing wealth, via investments, of which property is major, particularly if she has money or can use the property to make money and/or has the money to hold onto the property till the recession is over.
I have a little equity in my home, my son is grown, I have empty bedrooms, and I'm having a tough time making ends meet, but I'm not selling my home now for nothing. I'm waiting for the storm to subside. I've put too much interest into this baby to give in.
I'm holding on for that 2003 to 2006 type appreciation.
She wouldn't be penniless AND homeless if she just walked away and let the bank sell the house 6 months ago. Renting isn't homeless. SHE HAS 100k. How is that penniless? One year later and the bank may lose 10-20% more as the price of the house declines. She should be in prison. She is the reason why we are in close to a depression. She is the reason millions of people are unemployed may be homeless for legitimate reasons.
aneftp thinks the girl should drain her 100K since she has the money, so after that is drained she would be penniless.
It's funny how people are so worried about the banks and not about actual humans.
Have you taken a look at our monetary policy and how a dollar originates from? She's not the reason we're in this mess. While the people were stupid for going into this bubble, the mess did not originate from them.
A bank creates money through fractional reserve lending, they create a 300K mortgage for an individual, but they do NOT create the interest. So this person owes 300K + INTEREST. Where does the interest come from?
aneftp thinks the girl should drain her 100K since she has the money, so after that is drained she would be penniless.
It's funny how people are so worried about the banks and not about actual humans.
Have you taken a look at our monetary policy and how a dollar originates from? She's not the reason we're in this mess. While the people were stupid for going into this bubble, the mess did not originate from them.
A bank creates money through fractional reserve lending, they create a 300K mortgage for an individual, but they do NOT create the interest. So this person owes 300K + INTEREST. Where does the interest come from?
It doesn't look like she needs anyone worrying about her. She would have her 100k either way. If she found a rental right away, she would have 100k and the bank would take less of a loss. It effects a lot more than banks. So yes, I am worried about the banks.
She wants an extra 25k in free rent. This is pure greed as she has a good income and lots of cash. It will backfire and she will have to take a lower paying job after a prospective employer sees her foreclosure and bankruptcy.
I know how money is created through loans. I also know that taxpayers are paying more to bail out banks because she won't do the right thing and let the bank sell the house as soon as possible.
I just remembered the poster said she is hiding the 100k with family members so she could file bankruptcy. Hummm... I bet the bankruptcy judge and creditors she is trying to scam would like that little bit of info. She'll have some explaining to do when they see that 100k disappeared from her bank account just before filing for bankruptcy. Suddenly she doesn't seem so smart.
Location: Halfway between Number 4 Privet Drive and Forks, WA
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Quote:
Originally Posted by FelixTheCat
It doesn't look like she needs anyone worrying about her. She would have her 100k either way. If she found a rental right away, she would have 100k and the bank would take less of a loss. It effects a lot more than banks. So yes, I am worried about the banks.
She wants an extra 25k in free rent. This is pure greed as she has a good income and lots of cash. It will backfire and she will have to take a lower paying job after a prospective employer sees her foreclosure and bankruptcy.
I know how money is created through loans. I also know that taxpayers are paying more to bail out banks because she won't do the right thing and let the bank sell the house as soon as possible.
I just remembered the poster said she is hiding the 100k with family members so she could file bankruptcy. Hummm... I bet the bankruptcy judge and creditors she is trying to scam would like that little bit of info. She'll have some explaining to do when they see that 100k disappeared from her bank account just before filing for bankruptcy. Suddenly she doesn't seem so smart.
Exactly...you never know who is reading these public forums...
It doesn't look like she needs anyone worrying about her. She would have her 100k either way. If she found a rental right away, she would have 100k and the bank would take less of a loss. It effects a lot more than banks. So yes, I am worried about the banks.
I know how money is created through loans.
If you know how it's created then how come you didn't answer my question. If the bank creates a 300K loan which is only the principal, then how does the borrower pay back the interest?
(hint the interest isn't created, thereby creating situations where someone somewhere HAS to default).
I'm really glad you care about the banks, bc they sure don't care about you...
bek kicking them out and then givings trillions to the banks is not working.
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