Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
To think people are scum for following the contract they signed is just a kool aid reaction from political talk shows. Imagine if you are late with your car for more than a week and the company took your car? What right do you have to drive it around if you are late with your payments?
Contracts used to be the same thing as a promise. Once you sign on that line, you are obligated both legally and by your word to fulfill the terms. People used to care about those things and take them seriously. Today it's somehow acceptable to large segments of society to break their promises and ignore the contractual obligation they submitted to by act of their own free will. There is little consequence and thus little value behind signing a contract. These days the homeowner could care less because they're in a house for now and the lender could care less because they have their commission. Investors are the ones left holding the bag.
As a lender, you should be ashamed of supporting deadbeat homeowners. Think of all the food banks, shelters, free clinics, health charities, environmental organizations, humane societies, and others who have lost large percentages of their worth due to the collapse of the housing bubble. People are going hungry, losing their jobs, having their families ripped apart, and killing each other because of the actions of deadbeat homeowners and lenders. Most people ignore the macroeconomic impact the housing bubble has had on a whole host of people and organizations globally.
Quote:
I think you believe someone who is in default should go to prison and forced to work hard labor.
They absolutely should be sent to prison. Every single person that was using an interest-only loan or ARM while also using their house as an ATM should absolutely be in prison today. If you lost your job or had a medical issue it's a totally different thing than getting in way over your head and gaming the system. The lender too should feel the pain of having to maintain and drop prices on a property they had to take back due to irresponsible practices.
Actions have consequences. People don't need commentators to tell them that. For some people it's common sense, but a growing population of "losers" want to skirt as much responsibility as possible with maximum return. The government should not save people and institutions from themselves. You don't learn anything when someone else is cleaning up your messes and preventing you from falling down. You don't recover and get stronger unless you remove the parasites.
Note: Homeowners includes speculators. Lenders includes other participants such as realtors.
The sad part is a lot of you believe this fiddle faddle.
I continue to nurse along a good friends foreclosure. I would be glad to sell the house and end the problem but the lender (I won't say who but the initials are CW) won't let me.
I told them we could get through Thanksgiving...maybe Christmas...and now I have made it to Easter. Is the Fourth of July possible?
These folks have no bad bones...they are salt of the earth. Just got clobbered by circumstance. And I, as their agent in all the senses of that word, am going to get them the best ride possible.
I could probably sell the house in a month or so if the lender would let me...but they won't. They continue to erect barriers. I continue to plow down their barriers. And my clients continue their free ride.
Insane? Well of course...but it is really the lenders who put this all together and can't figure out how to administer it. If you are a stockholder you should really consider dumping the management. This is really being done badly.
In the interim I will continue to represent my clients. Maybe July 4. An intersting target. I would not have believed it possible when this one started.
Contracts used to be the same thing as a promise. Once you sign on that line, you are obligated both legally and by your word to fulfill the terms.
You're missing the fact that the people in the foreclosure process are fulfilling the terms. The terms cover the case of non-payment. They are breaking no laws by not paying and staying in the house (otherwise you'd see some of these people getting arrested, wouldn't you?).
I have no more against someone staying in their house and not paying the mortgage, for any reason including greed, than I do against someone buying a yacht with money earned by charging a 99% profit for a life-saving one-of-a-kind drug. Both people are simply maximizing their returns and legally so. Those who don't like it can work to change the laws.
The lady who saved $24K in house payments won't need a car loan--she saved enough to pay cash!
All that said, I'd have a difficult time myself walking away from any loan, and haven't done it.
I don't know why they allow this sort of thing to happen.
Too many people are scamming the system.
There is this young woman I know, and she's bragging she's living 6 months with no mortgage payments and is clearly in default. She was about to be foreclosed on and the day before foreclosure, she went to the court to declare bankruptcy. By declaring bankruptcy, she said it brought her at least another 6 months.
I find it's crazy that she's going to get to live "rent free/mortgage free" for 12 months.
Her little sister decided not to renew her apt lease and moved in with the sister defaulting on her mortgage.
The ironic thing is that she works for AMEX and she says she can get another mortgage in a couple of years rather than have to wait 5-7 years.
Who made these laws. She's basically saving 24K in 12 months by avoiding rent/mortgage payments.
Foreclosure isn't a scam, it's a tragedy.
btw, if she gets another mortgage in a couple of years, I'd like to know where and from whom she got it.
Lighten up. People react differently to traumatic situations.
Maybe the "friend" that you're on here talking about is stressed out to the point of delusion or delerium.
Maybe she's putting on a tough act in a time of crisis or just doesn't want to cry to you.
Lighten up. People react differently to traumatic situations.
Maybe the "friend" that you're on here talking about is stressed out to the point of delusion or delerium.
Maybe she's putting on a tough act in a time of crisis or just doesn't want to cry to you.
No, the girl is not in any distress. She works for American Express, the big company. She's gainfully employed, making a very good living with an MBA degree.
She's not sweating it at all. She's taking advantage of the situation. Still going out, still living her carefree life. She has about 100K in the bank. She could empty that out to cover her lost, but she's intent in keeping that cash.
I think if people want to "game the system" than they should be required to pay some sort of special "homeless tax" to support people who are really homeless.
I own my own business and I have to pay unemployment taxes. It should be the same way for people who have their homes in foreclosure. Tag their SSN with a special 1% homeless tax for at least 5 years if they had their home foreclosed on.
No, the girl is not in any distress. She works for American Express, the big company. She's gainfully employed, making a very good living with an MBA degree.
She's not sweating it at all. She's taking advantage of the situation. Still going out, still living her carefree life. She has about 100K in the bank. She could empty that out to cover her lost, but she's intent in keeping that cash.
.
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.
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.
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.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
