Is your home foreclosure proof??? 62 million homes could be.

[Irish]

Very interesting article: http://seekingalpha.com/article/221344-homeowners-rebellion-could-62-million-homes-be-foreclosure-proof If it were to pan out that way the ramifications would be devastating to our economy & country.

[Honu]

Very interesting article: http://seekingalpha.com/article/221344-homeowners-rebellion-could-62-million-homes-be-foreclosure-proof If it were to pan out that way the ramifications would be devastating to our economy & country.

its amazing the crap thats going on these days ??

this and things like bailing out people who got in over their heads ?

I keep thinking honey we should have gotten in over our heads and then get bailed out :)
but I wont do that !!!! I wont do things I know are wrong etc.


but also makes me sick cause we want to get a place in a few years in another area ? not two homes but move and with all this crap going on it seems like less and less are the chances of getting a good deal etc..


things like this are truly going to destroy our country makes me wonder when the floor falls out from under us who is going to catch their balance and land on their feet ?

[bkb0000]

personally, i'm eagerly awaiting some rapid hyper-inflation. i'd love to pay my house off with two paychecks.

[FromMyColdDeadHand]

I have half way joked that in all this financial mess where banks make bad bets and go out of business that wouldn't it be nice if the little guy got some largess out of it, but this is ridiculous.

I think these people are deluding themselves. The piper has to be paid, and roosters come home to roost. If nothing else I would think that the loan originator would gain the loan eventually and be sued by the people who eventually owned them for some kind of breach of contract.

IF they do start handing out houses (or forgiving loans), expect a tax bite equal to how much the govt had to bail out the bank for your loan.

Trillions of dollars are not going to just disappear because of paper work issues.

[BrianS]

personally, i'm eagerly awaiting some rapid hyper-inflation. i'd love to pay my house off with two paychecks.

Remember you have to pay through the nose for food, gas, etc.

[SHIVAN]

Remember you have to pay through the nose for food, gas, etc.

I have enough stockpiled that it would still work. :D

[Irish]

I keep thinking honey we should have gotten in over our heads and then get bailed out :)

Don't think it hasn't crossed my mind. Getting way past tired of supporting all the bottom feeders.

[No.6]

personally, i'm eagerly awaiting some rapid hyper-inflation. i'd love to pay my house off with two paychecks.

Yeah, but... I can guarantee you that, somehow, someway, the banks or the courts would find a way to "adjust" your 3.25%, 30 year, fixed rate mortgage to reflect the current inflation rate. See, it's in this little clause on page 18, of the sub-agreement, in the appendix of the supplemental loan application that you initialed during closing. Don't have a copy of it? Well those are your initials on the line are they not?


I have half way joked that in all this financial mess where banks make bad bets and go out of business that wouldn't it be nice if the little guy got some largess out of it, but this is ridiculous.

I think these people are deluding themselves. The piper has to be paid, and roosters come home to roost. If nothing else I would think that the loan originator would gain the loan eventually and be sued by the people who eventually owned them for some kind of breach of contract.

IF they do start handing out houses (or forgiving loans), expect a tax bite equal to how much the govt had to bail out the bank for your loan.

Trillions of dollars are not going to just disappear because of paper work issues.

I agree with you that at some point in time, perhaps years down the road and millions of lawsuits later, the original lender would some how find claim to the title. Even if they have to back date their paperwork. But, in the mean time the government would have bailed them out (yet again), paying the mortgages off. Of course this wouldn't stop the mortgage companies from trying to collect the balance of the mortgage, late payments, penalties, fees, title searches, lost profit on escrow accounts, inflation adjusted interest, etc, etc from the borrower. Nothing like double dipping to help the old bottom line, eh?

[mr_smiles]

It's an old strategy that rarely works.
http://scholar.google.com/scholar_case?case=10515743874326631494&hl=en&as_sdt=2&as_vis=1&oi=scholarr

[chadbag]

It's an old strategy that rarely works.
http://scholar.google.com/scholar_case?case=10515743874326631494&hl=en&as_sdt=2&as_vis=1&oi=scholarr


That may be true, but citing one case does not prove it. "Show the note" has worked a bunch in stopping foreclosures as well.

[armakraut]

If they had just let the chips fall where they may we would have been out of this thing 2 years ago.

I can start a bank in a f*cking mobile office trailer.

[variablebinary]

If they had just let the chips fall where they may we would have been out of this thing 2 years ago.

I can start a bank in a f*cking mobile office trailer.

In this case, the banks engaged in bizarre speculation practices that may prevent them from forclosing on people that can't pay (If I am reading the article correctly)

Personally, I don't care if banks can't collect. That is between the borrower and the lender. I do however have a problem with the government jumping in and bailing the banks out if they can't collect.

[armakraut]

Yep, 100% dead on. Bankruptcy, the right to fail. We've got not shortage of lawyers, it should have gone straight to the courts.

A debtors job is to make sure they can pay on credit. A creditors job is to loan money to people that can pay you back. Or failing that they can just steal money from me and other people that pay their bills.

Everything in the bank is 0's and 1's that by and large never really get touched. That's why banks started loaning out money in the first place in Europe, they noticed very early on when all money was coined that they had a crap load of money back there doing zip. Insure the depositors to 100%, if the bank goes under, we'll just transfer the balance that never get used to someplace else where it will sit forever.

I have a sneaking suspicion that some things are "too big to fail", because legislators and pension funds have too much tied up in their market sector. They've taken a ticking time bomb and turned it into a ticking nuclear bomb. Like the old saying, pay now or pay later, it'll cost more later.

I've got some money in the market. Given the choice I'd rather have more work spurned by investors that are hungry for a return on their money. In other words f*ck the market. Don't shoot, let it burn. Risk is for those willing to engage in it.

[rob_s]

Not being able to find the paper trail to determine the true holder of the loan is not uncommon. In fact, if a mortgage was written by A, sold to B, then sold to C, then sold to D, many of these holders are having trouble finding the complete paper trail, and so A and D are simply forging paperwork showing that it never involved B and C at all.

However, I am sick and tired of listening to people that "traded up" homes during the bubble and that bought $200k home for $400k now complaining that they are upside down. These are exactly the people that caused the bubble! 'Round here at least I know dozens of people that moved out of perfectly good homes during the boom into bigger/better/fancier for no real reason other than to impress the shit out of their friends. Many of them are still employed, still able to make their payments, but still bellyache about being "upside down" and talk about walking away.