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Old 11-15-2013, 09:39 PM
 
794 posts, read 818,636 times
Reputation: 1142

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Quote:
Originally Posted by kiggy View Post
That's just plain dumb. Like I said, they put you through the wringer, but they can't read your mind. Or predict someone's character. Unfortunately. I think you're referring to the pre-2008 climate where Donald Duck could get a mortgage with no money down. That climate is long gone. This guy's trying to default today. This guy is just a dirtbag. Can't always prevent that.
Oh, ok. Bank lends to clearly unqualified borrower pre 2008. Clearly unqualified borrower defaults in 2013.

Bank has no culpability, as borrower didn't default immediately after closing pre 2008. Makes total sense!
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Old 11-15-2013, 11:18 PM
 
Location: Miami
1,821 posts, read 2,898,902 times
Reputation: 932
What makes you think the OP is clearly an unqualified borrower??? Have you not read the thread that he has no problems financially? He just doesn't want to pay it anymore. He CAN, but doesn't want to.
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Old 11-16-2013, 07:17 AM
 
Location: Fort Payne Alabama
2,558 posts, read 2,902,918 times
Reputation: 5014
Quote:
Originally Posted by Mr. Maryland View Post
Oh, ok. Bank lends to clearly unqualified borrower pre 2008. Clearly unqualified borrower defaults in 2013.

Bank has no culpability, as borrower didn't default immediately after closing pre 2008. Makes total sense!
Just a note, read the thread before making a comment. The OP posted in 2010 not 2013.
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Old 11-18-2013, 06:46 AM
 
Location: Englewood, FL
1,464 posts, read 1,841,747 times
Reputation: 985
Quote:
Originally Posted by Mr. Maryland View Post
Oh, ok. Bank lends to clearly unqualified borrower pre 2008. Clearly unqualified borrower defaults in 2013.

Bank has no culpability, as borrower didn't default immediately after closing pre 2008. Makes total sense!
No matter what the market is, just because a person is qualified for a loan by the bank, does not mean that the person has to take out the loan. The person needs to assess his own situation and decide HIMSELF whether he can afford the mortgage.

The bank didn't FORCE the borrower to borrow the money. The bank simply made it available to the borrow. That's what banks do.
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Old 11-18-2013, 06:18 PM
 
Location: FLORIDA
8,963 posts, read 8,916,759 times
Reputation: 3462
I dont feel bad for the banks AT ALL. So much fruad going on, then they force some ppl into bankrputcy by possibly going after them for a deficiency! And THEY GET BAILED OUT, then go after Mr and Mrs (insert name)... Nah, not cool.
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Old 11-18-2013, 06:58 PM
 
Location: Florida -
10,213 posts, read 14,829,894 times
Reputation: 21847
Let's not forget that the banks knew these sub-standard, sub-prime loans were not good business, but, instead of standing behind the 'risk' that they financed, ... they sold-off the loans to get them off their books.

There's plenty of culpability to go around and far too many people have been hurt by their own greed ... and by the approval of their dangerous loans by greedy banks and financiers. Unfortunately, it's generally the people who can least afford the 'financial hit' that get stuck with it, - while the 'smart money' bails out, leaving them holding the bag.

All of that said, each individual has got to decide what the 'right' thing to do is ... and decide what their own personal integrity is worth... when it comes to honoring contracts they signed, even if the other party doesn't.
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Old 11-19-2013, 04:49 AM
 
26,585 posts, read 62,033,913 times
Reputation: 13166
Quote:
Originally Posted by CravingMountains View Post
Because lending practices during the housing boom resulted in many people who COULDN'T afford the homes being given to them. Banks gave out these loans on the assumption that property values would continue to increase. People were getting stuck in homes that they truly couldn't afford. I don't know if that was the OPs situation or not, but it was definitely a reality in my neighborhood. One of my neighbors was a real estate agent for goodness sake. He didn't even have a set income. When the housing market crashed he went years without even having any work. He couldn't afford that home and all its problems.
The banks didn't force anyone to sign in the dotted line. The borrower needs to be aware of what they can and can't afford, and they alone are responsible for making sure that they live within their means and understand the terms of their note. It's always easier to blame the faceless corporation though, isn't it?


Autocorrect responsible for most typos...
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Old 11-19-2013, 07:05 AM
 
5,365 posts, read 6,335,752 times
Reputation: 3360
Quote:
Originally Posted by annerk View Post
The banks didn't force anyone to sign in the dotted line. The borrower needs to be aware of what they can and can't afford, and they alone are responsible for making sure that they live within their means and understand the terms of their note. It's always easier to blame the faceless corporation though, isn't it?


Autocorrect responsible for most typos...
For me, it is much easier to blame the faceless corporation. We must all pursue our own happiness in this world on our own terms. Everyone else needs to mind their own business.
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Old 11-19-2013, 08:25 AM
 
26,585 posts, read 62,033,913 times
Reputation: 13166
Quote:
Originally Posted by CravingMountains View Post
For me, it is much easier to blame the faceless corporation. We must all pursue our own happiness in this world on our own terms. Everyone else needs to mind their own business.
You don't seem to understand that it's not all about you. When people default on loans, it causes interest rates to rise for those of us with a sense of personal responsibility.

Personally I think that the IRS should be going after the defaulted borrowers with deficiencies as if they were unearned income.
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Old 11-19-2013, 09:25 AM
 
Location: Fort Payne Alabama
2,558 posts, read 2,902,918 times
Reputation: 5014
Quote:
Originally Posted by annerk View Post
You don't seem to understand that it's not all about you. When people default on loans, it causes interest rates to rise for those of us with a sense of personal responsibility.

Personally I think that the IRS should be going after the defaulted borrowers with deficiencies as if they were unearned income.
I agree......as soon as they start putting those bankers that sold off those risky loans as AAA rated in jail for fraud.
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