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Normally, a house should be considered collateral and the mortgagee should be off the hook, but people seem to have missed their state's laws concerning the abrogation of their contract.
Only 5 years ago when I used to post threads on google groups about the housing market collapsing, people would laugh at me and suggest that I'm somehow jealous of these people, even though I've always owned (a much more modest house). Guess who's laughing now?
I don't take pleasure in anyone's foreclosure. However, people made a financial commitment, in writing, to guarantee they would pay their debt to thier lender. If you cannot afford it, don't buy it. Borrowing money to purchase things you don't have means accepting the responsibility and risks that go along with that decision and that contract.
This is proof that homeowners don't have a clue what they sign at the closing table. The same law applies to repossessed automobiles.
Funny that both the mortgage company and the homeowner signed the final paperwork during the same time period when "times were good",....but now many see the mortgage company is the "bad guy".
Read the contract, people and suck it up!!! No whining!!
I don't take pleasure in anyone's foreclosure. However, people made a financial commitment, in writing, to guarantee they would pay their debt to thier lender. If you cannot afford it, don't buy it. Borrowing money to purchase things you don't have means accepting the responsibility and risks that go along with that decision and that contract.
I'll agree with you there.
Funny when businesses break contracts when it makes business sense for them it's okay but when consumers do it, "they signed a contract, they have an obligation..."
Funny when businesses break contracts when it makes business sense for them it's okay but when consumers do it, "they signed a contract, they have an obligation..."
Businesses cannot break contracts if the law does not allow them to just the same as consumers cannot do it. For example, if the 10yr T-bill shot up to 20%, mortgage companies cannot adjust their fixed rate mortgage to make up the difference.
This is proof that homeowners don't have a clue what they sign at the closing table. The same law applies to repossessed automobiles.
Funny that both the mortgage company and the homeowner signed the final paperwork during the same time period when "times were good",....but now many see the mortgage company is the "bad guy".
Read the contract, people and suck it up!!! No whining!!
Isn't that the truth. Buyers are handed multi-page morgage contracts in small print at the closing table and do not even demand time from the closing agent to thoroghly read it or have it explained. This is something the mortgage company should provide in advance to customers once they pay their mortgage processing fees. However, Buyers have no excuse for signing any contract before they have fully read it and understand it, period.
Funny when businesses break contracts when it makes business sense for them it's okay but when consumers do it, "they signed a contract, they have an obligation..."
What a silly thing to say. It is not ok when businesses break contracts either.
Funny when businesses break contracts when it makes business sense for them it's okay but when consumers do it, "they signed a contract, they have an obligation..."
That isn't true. When a business breaks contract, they pay the fee for the termination including the legal costs associated with the breech and the legal fees associated with getting sued for damages. Sure, companies break contract because the costs associated with the breech are less than the cost of continuing the contract.
That is exactly what the homeowners are doing. They are breaking contract and paying the costs associated with that breech. It makes more financial sense for them to do that than attempt to stay in contract.
Isn't that the truth. Buyers are handed multi-page morgage contracts in small print at the closing table and do not even demand time from the closing agent to thoroghly read it or have it explained. This is something the mortgage company should provide in advance to customers once they pay their mortgage processing fees. However, Buyers have no excuse for signing any contract before they have fully read it and understand it, period.
I hired an attorney and brought him to my closing. I asked him to explain every single thing I was signing, and I knew I could trust him as he had no vested interest in the deal.
It took a little longer, and the sellers, their agents, and their attorneys might have been a little bit annoyed... but too bad. If they want to close the deal, I want to know the terms.
Isn't that the truth. Buyers are handed multi-page morgage contracts in small print at the closing table and do not even demand time from the closing agent to thoroghly read it or have it explained. This is something the mortgage company should provide in advance to customers once they pay their mortgage processing fees. However, Buyers have no excuse for signing any contract before they have fully read it and understand it, period.
Buyers can demand a copy of the contract prior to closing, but few do so. Commercial real estate transactions need to be reviewed by a professional, and having a real estate attorney review ANY contract is not a bad idea.
Buyers are willing to spend hundreds of thousands to buy a home, but not a few hundred to have a professional review the contract and explain it in layman's terms. I don't personally like lawyers, but they can save a lot of money, aggravation, and time in real estate.
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