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.
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.
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.
I would bet that she will have a rude awakening when she goes to reapply for a mortgage ... or a car loan ... or any kind of credit after this. And even if she qualifies "in a couple of years" where will she live in the meantime? Even apartment complexes and most landlords run credit checks. No one will want to rent to her.
Then she will cry and whine about how the system is stacked against her and the world is out to get her ... this is just how some people are.
I would bet that she will have a rude awakening when she goes to reapply for a mortgage ... or a car loan ... or any kind of credit after this. And even if she qualifies "in a couple of years" where will she live in the meantime? Even apartment complexes and most landlords run credit checks. No one will want to rent to her.
Then she will cry and whine about how the system is stacked against her and the world is out to get her ... this is just how some people are.
Raise your standards for friends.
Right!
And just wait until someone decides she is not a candidate for promotion or increased salary because of financial irresponsibility.
What goes around comes around, and sometimes it is best to take that on faith and clear out of the splatter zone.
Well, I'm sure the law was written with the best intentions, giving ample of time to a family who is truly devastated economically to find another place to live but there are always scumbags to take advantage of the system, I hope lawmakers learn from all these and give us "scumbag-proof" laws in the following years.
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.
A mortgage is a business contract. It has provisions for defaults. Just like your car loan does.
Until the day of a foreclosure sale, the property is yours. You do a disservice to your neighbors and the lender by just leaving the home to become a squatter house, robbed, gutted, destryoed by winter, or a blight on the community.
Banks take time to take over property for many reasons, some to protect a consumer, some due to regulatory laws and leverage.
Just because you are late and in default does not mean you cannot sell or catch up...many do. In a normal market this is needed.
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?
The bank does take 3 months to 2 years to foreclose. It depends on the bank and what is going on with them.
As a lender, I would rather the buyer stay in the house (since they own it) and not allow it to be destroyed so if I do have to take it over I can get a good price.
Staying in your home IS the responsible thing. Yes, you can get a mortgage easily afterwards. Although it may seem to you like a mortgage is different than any other business deal in the world, it is in fact a regular business contract. Foreclosures and bankruptcies are a normal part of business (ask any airliner, donald trump).
I think you believe someone who is in default should go to prison and forced to work hard labor.
Time to get off the kool aid and turn off some of those commentary shows for a bit.
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.
Thatguywho says----------" Time to get off the kool aid and turn off those commentary shows for a bit"
I don't drink the kool aid offered from either political party and I'm not much for commentary shows.
I just think it is pathetic that not only have we shifted away from a stigma attatched to bankruptcy and forclosure, we now have examples of people bragging about partaking and posters vehenently defending them.
There is some confusion in the previous posts relating to "laws" relative to foreclosure redemption periods. Yes, there are laws which allow the situation the OP described. In this jurisdiction we have 180 day and 1 year redemption mortgages. Once the foreclosure sale has been completed by the Sheriff and a sale certificate issues to the purchaser at the foreclosure sale, the mortgagor has either 6 months [180 days] or 12 months [1 year] in which to redeem the property from the sale. 6 or 12 months depends on the provisions of the mortgage. "Redemption" means the mortgagor has the opportunity to pay the entire balance due, including interest, costs of sale, attorney's fees, etc. and the property then is freed from the foreclosure. Redemption has to occur within the appropriate period of time as noted above. During the redemption period the mortgagor can, indeed, remain living in the residential property. Once the Sheriff's Deed issues at the end of the redemption period, if the mortgagor does not vacate the premises, it is then incumbent on the purchaser to commence legal proceedings to have them evicted.
Last edited by windtimber; 03-11-2009 at 09:33 AM..
Reason: Typo.
Thatguywho says----------" Time to get off the kool aid and turn off those commentary shows for a bit"
I don't drink the kool aid offered from either political party and I'm not much for commentary shows.
I just think it is pathetic that not only have we shifted away from a stigma attatched to bankruptcy and forclosure, we now have examples of people bragging about partaking and posters vehenently defending them.
No wonder our country is in a mess !
These are the same braggards that show up on Jerry Springer and boast how they are on multi-generational welfare, get food stamps and still insist on buying designer clothes and cars with "under the table" income.
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.
