Foreclosure Rocket Docket
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Does it happen in your country this way ? I am scared Cheers Marcello Turnbull
MarcelloTurnbull wrote:
Does it happen in your country this way ?
Yes, since I'm in the US. But this report never made it to the news here.
"A Journey of a Thousand Rest Stops Begins with a Single Movement"
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People bought homes they can't afford. How should they be dealt with?
Todd Smith
People were tricked into buying something they can't afford. The banks now noticed that they're not getting their money after the scam failed. Now it's the people that need to move? When are they gonna deal with the people that shoved these loans? Are they going to be rewarded, as being productive employees from the bank? Whilst these hard-working people are thrown out on the street?? :mad: My sympathies :((
I are troll :)
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People bought homes they can't afford. How should they be dealt with?
Todd Smith
Probably they were used to the American Way of Life.
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People were tricked into buying something they can't afford. The banks now noticed that they're not getting their money after the scam failed. Now it's the people that need to move? When are they gonna deal with the people that shoved these loans? Are they going to be rewarded, as being productive employees from the bank? Whilst these hard-working people are thrown out on the street?? :mad: My sympathies :((
I are troll :)
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Probably they were used to the American Way of Life.
MarcelloTurnbull wrote:
Probably they were used to the American Way of Life.
I agree if you mean they were living above your means. I went independent a little over 23 years ago and as a result the banks wouldn't lend me money without at least 25% down payment for things like a house or land, and I was not qualified for loans for consumer goods. Their reasoning was that I didn't have a steady work history, read they couldn't attach a steady salary stream should I default. It didn't matter that I had paid every debt I ever had. Back then they really were concerned with your ability to repay the loan. That was the best thing they ever could have done for me. As a result I save for everything I buy and pay cash. Sometimes when I have saved the money I realize that I really didn't need what I wanted, and it would have been an impulse buy at the time if I had just charged it or got a quick loan from the bank money store.
Simply Elegant Designs JimmyRopes Designs
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Does it happen in your country this way ? I am scared Cheers Marcello Turnbull
Seems normal, notice the defendant's brought no evidence and the vast majority didn't show up. Let me replay the biker teachers story for you in reality, with honesty and no crying, "Your honor, I am a single mother with a crappy job. I bought a 300,000 house because I deserve to live in a house but I haven't made the payments in 12 months please let me live in the house for free". The judge heard the appeal and gave them all 60 more days to stop the process. I keep looking for the unfair part and can't find it. No I don't own a home but only because I didn't let anyone "trick" me into buying something I couldn't afford. Unless Obama messes things up this is the year I have been waiting for to finally become a home owner. Any person with 7th grade math skills should have seen this coming from years away.
Need custom software developed? I do C# development and consulting all over the United States.
If you don't ask questions the answers won't stand in your way.
Doing a job is like selecting a mule, you can't choose just the front half xor the back half so when you ask me to do a job don't expect me to do it half-assed. -
harold aptroot wrote:
That's the contract, tricked or not.
"Misleading" advertising is forbidden here, and a sale based on lies or mental pressure just isn't a sale. So the banks are saved using taxpayers-money (that wasn't in the contract!) so that they can now use that taxpayers money to evict the people that helped them? :mad: I admire the hard-working class of them States. It's a darn shame that they get leeched by the economical system. It feels like the "land of the free" is being dragged into economic slavery, and I'm too stupid to understand why it's happening :doh:
I are troll :)
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The judge seems fair but the system is not because it is a large scale phenomenom now. Marcello Turnbull
The scale has no relation to whether it is fair or not. Florida, in particular, was subject to many loans that should never have been made. to blame only the lenders is ridiculous - the disclosures required by law and documented by signature at loan closing are complete and detailed - any one can say, "hey wait, this payment is going to be higher than you said", or "You didn't tell me the payment was going to escalate this much two years from now". If buyers sign the disclosure documents without actually reading them (most are brief and in relatively clear language), then they have no one to blame but themselves. If you can't make the payments, don't take the loan.
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People were tricked into buying something they can't afford. The banks now noticed that they're not getting their money after the scam failed. Now it's the people that need to move? When are they gonna deal with the people that shoved these loans? Are they going to be rewarded, as being productive employees from the bank? Whilst these hard-working people are thrown out on the street?? :mad: My sympathies :((
I are troll :)
Eddy Vluggen wrote:
People were tricked into buying something they can't afford.
Bullshit. The disclosures required by law (and the documents mandated and written by the Federal Government that must be signed at closing) give buyers the opportunity to detect and refuse any trickery. No one held a gun to their head, they borrowed money they had no reasonable expectation of repaying. Banks gain nothing by foreclosing on loans. In most cases the property will resell for far less than the value of the loan, and result in a net loss for the bank (remember, the money they lent is gone - it was used to pay the builder or previous owner, who in turn used the proceeds to repay construction loans, etc.). They foreclose because they have to in order to write off the losses for tax purposes, and because they have no way to establish that the current borrower plans to ever repay. 12 monts delinquent seems absurd - surely these folks could scrape up the equivalent of one mortgage payment in that time, and reset the clock. Or better yet, negotiate reduced or deferred payments with the mortgage holder...
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Does it happen in your country this way ? I am scared Cheers Marcello Turnbull
This film clip is just being used for TV news drama. If you listen closely you hear the Judge say something to the effect "this is what we have discussed", which to me implies he has spent time with the home owner prior to court and the court hearing is a just formality. No reason it shouldn't go quickly or for people to even show up if it was all discussed and agreed ahead of time.
Melting Away www.innovative--concepts.com
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MarcelloTurnbull wrote:
Probably they were used to the American Way of Life.
I agree if you mean they were living above your means. I went independent a little over 23 years ago and as a result the banks wouldn't lend me money without at least 25% down payment for things like a house or land, and I was not qualified for loans for consumer goods. Their reasoning was that I didn't have a steady work history, read they couldn't attach a steady salary stream should I default. It didn't matter that I had paid every debt I ever had. Back then they really were concerned with your ability to repay the loan. That was the best thing they ever could have done for me. As a result I save for everything I buy and pay cash. Sometimes when I have saved the money I realize that I really didn't need what I wanted, and it would have been an impulse buy at the time if I had just charged it or got a quick loan from the bank money store.
Simply Elegant Designs JimmyRopes Designs
Think inside the box! ProActive Secure Systems
I'm on-line therefore I am. JimmyRopes -
You will have saved a fortune in interest as well.
Visit http://www.notreadytogiveup.com/[^] and do something special today.
Trollslayer wrote:
You will have saved a fortune in interest as well.
Yes I have, especially on "big ticket items" like cars and boats. :-D Around 20 years ago I wrote a US$43,000 (GB£30,000) check for a boat. The manufacturer was surprised to say the least. He commented that he had never had anyone pay in full for a boat before, and he probably hasn't since. PS - I used the boat for 14 years (I even lived on it for 5 years) and took the money when I sold it and built a house in Thailand. I definitely had good use of that money.
Simply Elegant Designs JimmyRopes Designs
Think inside the box! ProActive Secure Systems
I'm on-line therefore I am. JimmyRopesmodified on Saturday, February 21, 2009 1:48 PM
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Eddy Vluggen wrote:
People were tricked into buying something they can't afford.
Bullshit. The disclosures required by law (and the documents mandated and written by the Federal Government that must be signed at closing) give buyers the opportunity to detect and refuse any trickery. No one held a gun to their head, they borrowed money they had no reasonable expectation of repaying. Banks gain nothing by foreclosing on loans. In most cases the property will resell for far less than the value of the loan, and result in a net loss for the bank (remember, the money they lent is gone - it was used to pay the builder or previous owner, who in turn used the proceeds to repay construction loans, etc.). They foreclose because they have to in order to write off the losses for tax purposes, and because they have no way to establish that the current borrower plans to ever repay. 12 monts delinquent seems absurd - surely these folks could scrape up the equivalent of one mortgage payment in that time, and reset the clock. Or better yet, negotiate reduced or deferred payments with the mortgage holder...
Rob Graham wrote:
bullsh*t.
I'm simplistic, granted. My words ain't dung though.
Rob Graham wrote:
The disclosures required by law
Yes, the fine-print, the devils' always in the details. I'm from a relative developed country, and even here we don't have a 100% literacy-rate.
Rob Graham wrote:
they had no reasonable expectation of repaying
That's where the fight and the fun starts. You can't get a loan 'ere if you can't prove that you're able to repay your debt. That's in the best interest of both parties, since foreclosure is indeed expensive, again, for both parties.
Rob Graham wrote:
12 monts delinquent seems absurd
It is :omg:
Rob Graham wrote:
surely these folks could scrape up the equivalent of one mortgage payment in that time, and reset the clock. Or better yet, negotiate reduced or deferred payments with the mortgage holder...
Or look for a cheaper apartment? Some obviously can't afford it, and that sounds just as absurd :wtf: My apologies if I hit a nerve, just pissed at something I can't understand, doesn't makes sense, and is going to hurt a lot to lots X|
I are troll :)
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Seems normal, notice the defendant's brought no evidence and the vast majority didn't show up. Let me replay the biker teachers story for you in reality, with honesty and no crying, "Your honor, I am a single mother with a crappy job. I bought a 300,000 house because I deserve to live in a house but I haven't made the payments in 12 months please let me live in the house for free". The judge heard the appeal and gave them all 60 more days to stop the process. I keep looking for the unfair part and can't find it. No I don't own a home but only because I didn't let anyone "trick" me into buying something I couldn't afford. Unless Obama messes things up this is the year I have been waiting for to finally become a home owner. Any person with 7th grade math skills should have seen this coming from years away.
Need custom software developed? I do C# development and consulting all over the United States.
If you don't ask questions the answers won't stand in your way.
Doing a job is like selecting a mule, you can't choose just the front half xor the back half so when you ask me to do a job don't expect me to do it half-assed.Ennis Ray Lynch, Jr. wrote:
Any person with 7th grade math skills should have seen this coming from years away.
The really sad part is that the people who do have advanced degrees in finance, both those in the lending institutions and those in government tasked with oversight of the financial markets, allowed this to happen. If it was not criminal it was at least morally wrong and should have never been allowed to continue. I am not a proponent of big government and do believe in a market economy but minimal oversight should have detected and stopped this a long time ago. :mad:
Simply Elegant Designs JimmyRopes Designs
Think inside the box! ProActive Secure Systems
I'm on-line therefore I am. JimmyRopes -
Seems normal, notice the defendant's brought no evidence and the vast majority didn't show up. Let me replay the biker teachers story for you in reality, with honesty and no crying, "Your honor, I am a single mother with a crappy job. I bought a 300,000 house because I deserve to live in a house but I haven't made the payments in 12 months please let me live in the house for free". The judge heard the appeal and gave them all 60 more days to stop the process. I keep looking for the unfair part and can't find it. No I don't own a home but only because I didn't let anyone "trick" me into buying something I couldn't afford. Unless Obama messes things up this is the year I have been waiting for to finally become a home owner. Any person with 7th grade math skills should have seen this coming from years away.
Need custom software developed? I do C# development and consulting all over the United States.
If you don't ask questions the answers won't stand in your way.
Doing a job is like selecting a mule, you can't choose just the front half xor the back half so when you ask me to do a job don't expect me to do it half-assed.I still remember the people bragging about the gazillions of square feet US americans home owners can afford, proving the superiority of the US economy. Where are the braggers now? Probably busy counting their own bailout. There's your "unfair" part.