Some Homeowners Could Get Away With Defaulting on Mortgage Payments for Years
- Posted on December 29, 2011 at 8:57pm by
Becket Adams
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AP
Some homeowners have discovered that if they want to default on their mortgage payments and let their home fall into foreclosure, they might be able to do so and get away with it for years, according to a recent CNN Money report.
“Thanks to record long waits for foreclosure reviews this year, 40 percent of homeowners in default have been sitting pretty in their homes for the last two years without paying a dime,” writes Business Insider.
The foreclosure process can take much longer depending on where you live. In Florida, the process averages 1,027 days — nearly three years. In D.C., foreclosure averages 1,053 days and delinquent borrowers in New York often stay in their homes for an average of 906 days.
Nationwide, the average time it takes to process a foreclosure — from the first missed payment to the final foreclosure auction — has climbed to 674 days from 253 days just four years ago, according to LPS Applied Analytics.
“It is happening and it’s happening more frequently,” says Chantay Bridges, a senior real estate specialist with Clear Choice Realty & Associates. “[Homeowners] know they have a least a year [for the foreclosure to go through], at minimum, and people are taking advantage of it.”
This isn’t to say that all borrowers are defaulting. But still, nearly 40 percent of homeowners in default have not made a payment in at least two years, according to LPS.
Some market analysts are convinced homeowners are simply not paying because they’re aware of how long it will take for the lender to foreclose. There is rarely a dispute over non-payment, said David Dunn, a partner at law firm Hogan Lovells in New York, who represents banks and other financial institutions in foreclosure cases.
“In my experience, they never say, ‘I’m not delinquent‘ or ’I want to pay my bill but I’m confused over who to send it to,‘ or ’Oh my God, you mean I didn’t pay my mortgage?‘ They’re not in technical default. They‘re in default because they’re not paying,” he said.
Outside of the long wait time for the foreclosure to process, there are other tactics being employed by consumers. Filing bankruptcy, pushing back short sale dates and demanding that lenders produce more documentation, consumers have been able to delay the inevitable (but in most cases, the system itself drags on long enough that homeowners don’t even have to employ any of the tactics mentioned in the above).
Business Insider explains how it works:
The loan modification process alone can take a year or longer and often consumers won’t bother making mortgage payments in the process. After all, if you show banks you can afford you monthly mortgage, why would they consider modifying your loan?
The key here is to keep in touch with lenders throughout the modification process. Once you’re in, they won’t contact your creditors about missed payments.
Walking away from a home that costs more than it’s worth could be the best option for some consumers desperate to downsize and start fresh.
Should you decide to stall the process because of a desire or inability to make your payments, there are websites like YouWalkAway.com designed to help you through the process.
Although lenders can choose to pursue late payments, it’s a rarity. Trying to force late payments out of a borrower costs time and money–two things the lenders can’t really afford in this enviroment.
“You don’t often see [lenders] standing in a court of law taking mom and dad to court,” Bridges says. “They’re going to try to resell the home or something along those lines.”
But there are some who take exception to the claim that some homeowners are “gaming the system.”
“Most people do everything in their power to maintain these homes,” said David Berenbaum of the National Community Reinvestment Coalition. ”They take in relatives, get second jobs and even rent out rooms.”
What really needs to be done, he said, is for lenders to work harder to find solutions that allow delinquent borrowers who can afford to make reasonable mortgage payments to keep their homes.
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Comments (116)
MARYINTN
Posted on December 30, 2011 at 10:16amIn 2006 I bought my dream home. In 2009, I became disabled and had to go on short-term disability for a while. Within a couple of months, I knew I was going to be in trouble so I called BOA. All I wanted was for them to work with me so I could keep my home. After speaking with 4-5 people, they “couldn’t help me”. I’m still in my home but have had to hire a lawyer to represent me. BOA tried to have my case thrown out. Said, in court, that homeowners have no standing. My lawyer argued that the homeowners were what the modification law was written for so they must have standing. Still in the house while we fight BOA.
Report Post »Marci
Posted on December 30, 2011 at 2:07pmMary–sorry to hear about your situation. Actually, you aren’t among the people causing the problem. BOA is a nightmare and does very little to work with anyone. Once they became entangled with Obama administration and truly became the Bank OF AMERICA….they are unworkable.
Report Post »MatthewChapter24
Posted on December 30, 2011 at 9:00pmI’m sorry to hear of your situation. Virtually every homeowner in the US has taken a hit on this recession. What concerns me about your story are a couple of key words like “dream home” which usually translates into “expensive house I couldn’t afford”. No, I don’t know the details of your situation, but if you (like many others) purchased a home with a low down payment (or…gasp…no money down), if you got an unconventional mortgage (like an ARM or interest only) and had very little savings and assets, then you took a very big gamble.
People need to understand that home ownership is not a right…it is a responsibility that you acquire through a great deal of hard work and saving for a good down payment. It does not come easy and many people never own a house. People should not even buy a house without 20% down. It all started when the lending requirements were lax’d to enable virtually anyone to buy a house to make it “fair”. Forget wall street and the hedge fund mgrs. The housing market was a fragile field of dominos just ripe for falling because people bought more house than they could truly afford. The new American Dream is “coveting”.
Report Post »onesmartcookie
Posted on December 31, 2011 at 3:25amPeople like you make me sick. There are only two types of people. Responsible and irresponsible. I absolutely HATE IT that we scrimp and save to afford our very modest house and people like you default on your ‘dream house’. The banks are not the enemies. YOU signed for YOUR loan. Own it, pay it, live with it. Dirtbag.
Report Post »Trance
Posted on January 2, 2012 at 2:31amTell yourself whatever you want, but you’re just another lowlife.
Report Post »EqualJustice
Posted on December 30, 2011 at 9:41amAnd to think we all LAUGHED at that young black woman who was hysterically praising the Obama victory, Peggy Joseph? So excited about how Obama was going to pay her rent and buy her gas for her car..”I helped him, he’s going to help me.” YUP.
Report Post »InversionTheory
Posted on December 30, 2011 at 12:02pmPerhaps someone should look her up and do a “Where Are They Now?” kinda thing. I‘d love to see if she got everything she needed from Obama’s stash.
Report Post »jambo
Posted on December 30, 2011 at 2:23amConsumers are after all cunning, manipulative and have grandiose foresight into how to take on a whole industry by their lonesome selves.The banks, who have big, big hearts opened their wallets and gave generous loans to millions of consumers, that of course were fair and not fraudulent in any way. Because of their pure and honest nature, the banks never employed a single tactic that would shake the very foundation of this country’s financial well being. When the consumer failed to keep up with said loan, the bank willingly, once again with open arms negotiated loan mods and there was no financial meltdown or foreclosure crisis in this country……oooops must have been a dream.
Report Post »mrsalvage2
Posted on December 30, 2011 at 4:26amYes please pass that drink over here!
Report Post »Mateytwo Barreett
Posted on December 30, 2011 at 5:26amBrandy in the egnog, instead of rum??
Report Post »Bum thrower
Posted on December 30, 2011 at 9:01amIs this the ‘occupy main street’ movement? I‘m lovin’ it…..working on our second foreclosure purchase. Some of the lenders are still ‘on drugs’ and trying to get reduculous prices…..talk about believing their own BS………Like the interest rates, tho.
Report Post »Ruler4You
Posted on December 30, 2011 at 9:46am“Sitting pretty”? Now financial institutions are mocking the poor, the destitute?
Look, I’m nearly in this position myself. And this mocking really gets me fired up. I have sold every last thing of value I have to pay my mortgage because my mortgage company WELLS FARGO won’t work with me. In fact has tried to short sell my home AND I”M STILL PAYING 100% of MY MORTGAGE and living in it.
I was making very good money, over $65K and 13 years of “loyalty”, when the recession that no one saw coming shoved me to the curb like used garbage.
Corporate America has gotten its money and more. And I’m working temporary jobs paying less than I was making 30 years ago just to keep from freezing to death.
The “loan modification process” “IS” a scam. Its intention is to make you default, placing the equity of the physical property firmly in the hands of the lender. Most homes are LONG paid off after three or four ‘owners’ have been in them for years.
Wells Fargo “loan modification process” “IS” a criminal enterprise, IMHBLO. And it “IS” sponsored by your federal tax dollars. No, I’m not going to default. I’ll die first. I wanted HELP, not CHARITY. Instead, I got scrod.
Report Post »mrsalvage2
Posted on December 30, 2011 at 2:38pm@Bumthrower – better go look at the Bevilacqua case in Mass.
Report Post »mrsalvage2
Posted on December 30, 2011 at 2:42pmRuler – Look at the AG Coakley case against Wells Fargo and others.
Look at Eaton, Ibanez, and Bevilacqua cases in Mass.
It is all about Common Law requirments, adn the Financial Industry cannot comply.
We will push them to the wall, either by law or with bodies and body counts in the streets.
Where is the Blaze reporting on the Mass. Real Estate Revolt?
It is not happening in the street there, because it is happeing in the COurts that have had the Common Law before most states ever have.
Report Post »StanO360
Posted on December 30, 2011 at 3:04pm“What really needs to be done, he said, is for lenders to work harder to find solutions that allow delinquent borrowers who can afford to make reasonable mortgage payments to keep their homes”
So you are proposing that contracts can be voided if one party doesn’t like the outcome? At least in CA this article is right. Most homeowners in these situations are upside down, they don’t want to stay in the home. What are banks supposed to do? Write off loans? For what purpose? So someone can stay in a home that has no value in it? What’s the point.
And yes, a huge portion of this problem is people based. The Feds opened the door and people walked right in. I was a loan officer for a few years and did some of the loans in question, people knowingly lied on their apps, but there was nothing I could do about it.
Report Post »StanO360
Posted on December 30, 2011 at 3:09pmRuler4You – what do you want them to do? Rates are as low as they’ve been in years? What do you want? You say it’s a scam, it is, but not by Wells Fargo but the government telling you that it was something to begin with.
You signed a contract, you agreed to the terms. You got dealt a crappy hand with your job and now you have a home with no equity and a mortgage for a home that is worthless to you. The banks don’t want you to default, it is a huge loss to them. Why would they want a house that will be hard to sell and they have to write off a huge note?
Report Post »neverfinal
Posted on December 30, 2011 at 4:17pmI heard that if people sit in their house and finally after years are foreclosed on by the Obama owned banks, which are all the banks holding the mortgages ( sold off to them by Fannie and Freddy) intend to come after you for the full amount.?? So it may get worse….
Report Post »I went to our small local Bank, I wanted to get away from the Obama Banks like B Of A and Wells Fargo because I was angry that I got sold off to them. The banker told me that all of the loans are sold off to the big banks now and the small banks are no longer in the mortgage lending position. He said they are all being told what to do by the government. Pretty scary.
Country_of_Arizona
Posted on December 30, 2011 at 2:01amWE THE PEOPLE r the to BIG TO FAIL crowd not the banks and other financial institution but WE THE PEOPLE have discovered we are expendable–has anyone noticed those responsible for this mess, 2008 Democratic party who ran the Congress and White House, are “retiring.” Chris Dodd, Countrywide’s best friend, left and now Barney “I didn’t know about a prostitute ring out of my house” Franks is retiring. It was the Dodd-Franks bill that started this tumble–and you can go back to 1998 when Clinton and Dems pushed for “home ownership for everyone-whether they could afford one or not Act.” I bought my house in 99 for 119,000 today it’s worth 70,000–now that’s looking out for the middle-class party for ya!!!!
Report Post »I say it’s time to take it to them—there are more of us then there are of them—don’t get led into the cattle car without a fight!!!
loriann12
Posted on December 30, 2011 at 7:08amYea, countrywide. They’re the ones who said I would qualify for a loan MUCH bigger than I figured I could make. I used them to pre-qualify for a house back in 2008 (mid) to look for a house. I figured the max I could afford (and pay 2 mortgages temporarily until the other house sold) was about $110,000. They said, no, you qualify for $135,000. Good thing I listened to ME and not THEM. My other house still hasn’t sold. We paid $99,500 for our current house and I love it.
Report Post »1776freedomofspeech
Posted on December 30, 2011 at 7:37amI wanted to borrow 125K for a home but the industry wanted me to borrow all that they said I could qualify for, about 240K.
That is business.
I choose the lower sum. Therefore I was able to handle my debt.
Report Post »spurjimmy
Posted on December 30, 2011 at 8:14amTry getting away with not paying your property taxes. See how long it takes for the government to take action.
Report Post »CulperGang
Posted on December 30, 2011 at 2:30pmAmen to that. ALL those you mentioned, in a truly “Rule of Law” country would be IN JAIL with their worldly goods confiscated and PUT BACK INTO the Peoples Treasury to PAY the mortgages of these people who were DUPED into being “interest slaves,” to the banks.
Paul gets in, there, may yet be a DOJ that actually will go after these “retired congresspersons,“ YANK their pension and ”worldy goods“ from the” fruit of the posionous tree“ and ”REDISTRIBUTE” it back to those they stole it from, “WE the PEOPLE.”
Some say those people were stupid. NOT SO!! even literate lawyers can barely get through the “over lapping chicanery” in which these contracts are written up….let alone a person with HS or BS.
PS BUSH Jr also pushed Fannie/Freddie. Including the Bush families wealth and goods as displaced We the Peoples money. The Bushes are THE BIGGEST THIEVES next to the Clintons in the 20th century.
http://www.youtube.com/watch?v=kNqQx7sjoS8
(Note bush say he is going to use TAXPAYERS
money to help the “po” with “down payment.” aka REDISTRIBUTION……like Obama/Dem plans.
note Bush pushing Fannie/Freddie).
GOP = Democrats NO to GOP or Democrats…VOTE PAUL
Report Post »MatthewChapter24
Posted on December 30, 2011 at 9:12pm@1776FreedomofSpeech: LOL Our realtor tried to talk us into a more expensive house and kept repeating the well-known realtor phrase “buy as much home as you can afford” (which really means-max out your mortgage qualification). We declined and purchased an affordable home that needed a bit of cosmetic work and we put 20% down. We‘re so grateful that we didn’t “follow the crowd”. Just like Dave Ramsey says, “live like no one else” (which means live frugally and don’t try to keep up with the Joneses!)
Report Post »uncleeddie
Posted on December 30, 2011 at 12:09amI was in the construction industry for 30 years before I was laid off from my very well paying management job in 2009 that I had for 10 years. I bought a modest home in 2001; I could make the mortgage payments with no problem and did up until I got laid off and could not a find a job anywhere. I played the game trying to work out a workable solution with BOA (Bank of America) for over 18 months, and yes I did not make one payment during that time, only because the bank would not accept it while I was in the modification process.
Report Post »During the late 90s and the though 2007 we all rode a wave that really wasn’t there; it was a great ride when it lasted but it was bound to end and when it did we all crashed on the rocks and the ones that designed the wave ended up owning 70% of the homes in the country (Freddie & Fannie). We have all been scammed by our own government.
And if you think you own your house, just stop paying that yearly protection fee (taxes) and see how much you really own.
Workforit
Posted on December 30, 2011 at 5:56am@eddie I’m with you.
I had three rental properties, tons of equity and I lost it all. That was my retirement.
At least I’m young enough to re-invent the wheel.
It‘s not like the government is going to be there for me and I don’t want them to be. If the Government and the banks would back off on the regulations and conditions … Like “credit scoring” give me a break, my credit was perfect for years… Right up until until Bush, Wall Street, the FED and Obama decided it was time to pull the plug on prosperity… and force me into BK…
It sure would be a hell of a lot easier to take care of myself… If I could just get the banks and the government out of my way… Common sense does not exist in either of those institutions, and hasn’t for a long, long time.
Report Post »Conservative Hippy
Posted on December 30, 2011 at 10:23amBS… There is no way a bank would not accept your loan payment… no matter what process you are going through… if you send it in they have to accept it… I work for a BOA so I know the laws… I used to do loan modifications for people… The problem with it was when Obama forced banks to use MHA… it had so many qualifications you had to put the borrower through that most people didnt qualify… The traditional Modification program was much better because the Bank could make the decision based on their own risk assessment… once the government got involved it all went down hill… just like everything else the government tries to do… A wise man once said that the worst thing anyone can ever hear is “I‘m from the government and I’m here to help”… But that being said… if you do not make enough to afford your payments, even at a lower rate… a modification will not help you… you need to cut your losses and sell the property before it goes to foreclosure… most banks will work out a short sale with you if it is worth less than it owes… banks do not want Houses on their books… They are lenders, not property owners…
Report Post »Female
Posted on December 30, 2011 at 11:35amConservative hippy,
Sorry, you are naive or ill-informed. In order for the banks to be required to work with people for a modification non-payment is a must.
I would love to do a homeowners memorial. I would love to start a website to give people a place to write their story, perhaps catagorized by bank name. So many families have lost their homes over the past 6 years. You know what; there is a mourning and a betrayal that is not being addressed. There is shame, accusations, arrogant loathing, disgust. distrust and contempt being directed at these families. These were “Home is where the heart is”; refuges; places to raise children; ….”Home, Sweet Home”. Not rental, sweet rental, Rv, Travel Trailer, or tent.
Have some mercy and compassion but by the grace of GOD, really it could have been you and your family.
Report Post »tkhtkh
Posted on December 30, 2011 at 2:04pmConservative Hippy – you are 100% INCORRECT. I have a check returned to me by Countrywide with a letter stating that if I could not pay the full amount past due, they would not take any payments. My loan was later bought by BOA who’s representatives told me the very same thing because I was attempting a loan modification. We are not a family that was allowed to purchase a home we couldn’t afford – we are a family who was affected by the banks that jumped off in that market. My husband lost his job. The loan modification was a scam and tax paying Americans have been duped to foot the bill.
Report Post »CulperGang
Posted on December 30, 2011 at 2:48pmIt is time to purge the corrupt out of our government. You and I lied and destroyed our workplace like they destroyed the country we would be in jail for our natural lives. Time to turn the tables, back to right side up.
Report Post »BannedByHuffpo
Posted on December 29, 2011 at 11:45pm“…sitting pretty in THEIR homes..”
NO. They’re not “THEIR HOMES” until they’ve paid off the mortgage in full. They belong to the bank until then.
Report Post »towerguy
Posted on December 30, 2011 at 1:28amBanByHuffpo: Actually, who owns the house depends on the state in which it is located. In title-theory states you own the house until the bank completes foreclosure, and the property is sold for the remaining balance on the home. Ohio is a title-theory state and when you leave the closing table, you own the house. Your ownership is subject to a mortgage note, but it is ownership. In lien-theory states, ownership is more like buying a car using a loan; the bank retains a lien on the home and you don’t get your “free-and-clear” deed until the last payment is made or the note is paid off.
Report Post »db321
Posted on December 30, 2011 at 2:35amAttention Homeowners – Pull your head out of your Butt – I’m am only going to explain this once – If you own a Home with a Mortgage today – Don’t walk, RUN! to the County Clerks Office and request a copy of the Title to your Mortgage – over 90% of Home Mortgages in America are Titled in Under the name of MERS as the Trustee – MERS is a Computer system that was used to bundle Mortgage for trade on Wall Street – If you have MERS on your Title, this means that your Title is Clouded – A computer cannot be the Trustee on a Mortgage – Jump up and down with excitement – Courts in nearly all 50 states have been zeroing out Mortgages for homeowners that have taken their Banks to Courts – These homeowners ask one question to the Bankers in Court – “Who is the Trustee on my Mortgage – if the Banker states that the Title has MERS registered as the Trustee – Game over for the Banks – This is why they can’t foreclose on homes – this is why the Banks are using Robo Signers to alter titles.
Google – MERS (Mortgage Electronic Recovery System), and Secularization of Titles. I’m done do your Homework – then contact an Attorney that is familiar with MERS.
Here is just one of 100′s of articles
Report Post »Clouded Title: The Gross Illegality of MERS
http://www.ritholtz.com/blog/2011/12/clouded-title-the-gross-illegality-of-mers/
StanO360
Posted on December 30, 2011 at 3:12pmSo using some kind of manipulation to defraud the bank is the way to go for some people I guess. I guess character and integrity are not a value anymore.
Report Post »Brooke Lorren
Posted on December 30, 2011 at 11:44pmWell, there has been at least one case where a bank foreclosed on a paid-off home…
Report Post »JustPlainSickAndTired
Posted on December 29, 2011 at 11:40pmThe end of everything we have come to know and love is upon us. If you think differently, you are fooling yourself. God help us all.
Report Post »confederacyofdunces
Posted on December 29, 2011 at 11:33pmIf they did foreclose on all of these homes right now it would create a glut of homes sitting on the market and would cause a hosing price crash.
Report Post »ShyLow
Posted on December 30, 2011 at 12:02amNeed the prices on both homes and automobiles to come down by about half
Report Post »mrsalvage2
Posted on December 30, 2011 at 4:29amYes Confed, until the start using bulldozers.
Report Post »SurfinRallylizard
Posted on December 29, 2011 at 11:07pmBanks won’t work with people, after the amount people have paid, plus insurance, plus gov’t bailout funds they have no incentive to work with us regular folk. Beyond stupid, I know so many people who could afford to make payments, on loans higher than the homes current value, but because the banks wouldn’t work with them they ended up living in the homes for a year for free, the banks took a way bigger hit, and the back up in the real estate market continues… 2012 candidates need to come out with solutions to quicken this process, it is at the core of the financial condition of the country.
Report Post »scheduler
Posted on December 29, 2011 at 11:17pmThere are many reasons that it takes this much time.
http://politicalbowl.com – Political Videos
Report Post »pamela kay
Posted on December 30, 2011 at 12:35amA friend of mine has a son that has lived in his house for over 2yrs. without making a payment., paying taxes, no insurance, and still recieved government assistance on utilities. How is this possible? He has not even looked for a job, still recieves unemployment benefits, has a free cell phone, food stamps, etc. His house was just listed for a sherriffs sale. Now he wants to move back home with mom and dad. My friend is so frustrated with him but yet I am sure she will allow him to move back home.
Report Post »beekeeper
Posted on December 30, 2011 at 1:01amJust because the house is underwater is no reason for the bank to recast the loan.
Does GMAC ratchet down the payments on your new car after you drive it off the lot and it’s value drops 25%?
When a homeowner signs for a mortgage they agree to pay back the principal plus interest (as defined by the contract they sign, either fixed or adjustable) – why the bank should suddenly lower the principal because you bought a house that went down in value makes no sense. Lowering the interest rate makes sense because it prevents an otherwise good borrower from refinancing with another lender – keeps the loan in-house.
Report Post »ares338
Posted on December 29, 2011 at 10:43pmNow why did I make all of those stupid mortgage payments for all of those years? Oh yeah…now I remember….because I promised I would and I kept my promise!
Report Post »MeteoricLimbo
Posted on December 29, 2011 at 10:56pmAmen ares338
Report Post »mrsalvage2
Posted on December 30, 2011 at 4:34amBecause you are a fool as fraud vitiates a Constract, any contract, including a social contract.
The Mortgage is a false constract because the Bank never gave you what it promised. it never loaned you the actual money, or value.
And we wonder how housing prices plummet?
Could it have something to do with the fact that the Bank did not lend the money that they duped you into believeing that they lent?
G-D is not mocked.
Read about Fractional Reserve Banking.
Report Post »Gonzo
Posted on December 30, 2011 at 7:45amI had an employee quit making car payments because the car broke down. ” I ain‘t gonna pay for a car the don’t run!” Brilliant.
Report Post »chewfatlip
Posted on December 30, 2011 at 10:25amJeez, I feel like a fool for paying off my mortgage. Now I only have the permanent annual payment to the government to live in my own house.
Report Post »mrsalvage2
Posted on December 30, 2011 at 2:49pmGonzo, in some ways in regards to Warranty issues, she is technically correct.
You need to learn somethings about Equity and Common Law,
Report Post »mrsalvage2
Posted on December 30, 2011 at 2:58pmChew – I understand and agree.
Wait until you learn about how they never had the money to lend you and created most of it some 85% out fo thin air. That is Fractional Reserve Banking. The Bank did not pay money for the Property either, so how do they ahve RIght?
When you learn of:
A. the protection of the Right to Private Property under the 5th Amendment,
B. how the Bill of Rights PREAMBLE removes that Right from the Reach of Statutes, votes, and Majorities and is reaffirmed in West Virginia Board fo Education v, Barnette;
and;
C. the fact that Rights can never be taxable (In re: Slaughterhosue)
you will find that you are a pavlavian and do not live in anything but a corrupt police state.
But this is crazy because I have case law and history in support of the fact that Property Taxation is seizure just as the Baptist experienced in Mass until 1806 for not paying the Constitutionally imposed Parsonage Tax for Episcopalians, and the root of Fries’ Revolt.
Report Post »StanO360
Posted on December 30, 2011 at 3:21pmmrsalvage2 – Wrong! The previous homeowner received payment, cash if they want it. The bank puts the funds in escrow for the seller, if anyone committed “fraud” it would be the realtor. The bank loans money based on it being backed by real property value (though Fannie Mae and Freddie Mac diverged from this somewhat).
Are you proposing an end to mortgages and property backed loans? Only personal loans? Your issues with the banking system in general and it’s proposed lack of legality are irrelevant to that point. If I want to buy a home with limited cash, I must get a loan. No one will loan me the money unless it’s attached to an asset of greater value than the loan. If the cannot take ownership of that asset then why would anyone loan the money?
Report Post »Fonz777
Posted on December 29, 2011 at 9:59pmI heard about a lady that bought several and is doing this.
Report Post »whereareyourbrains
Posted on December 29, 2011 at 9:58pmAnd the collapse of America continues. Stage 7 or is the only stage 5..who knows. Call Soros or ask Obama. They have in planned down the dotting the I‘s and cossing the t’s…………Right out of the play book. Now he wants another Trillion. That will make 7 Trill for him in 3 yrs. Uh…Bush did 4 Trill in 8 yrs. Oh Boy Obama won….he spent more and no one cares……………….peace
Report Post »CoolBreezin
Posted on December 30, 2011 at 5:36amBush. $6.3 Trillion in 8 years.
Report Post »chattr
Posted on December 30, 2011 at 11:28amI must agree with you. If Obama has another four years, he will double his previous four years. If a Keynesian Republican is elected; the outcome will be exactly the same. Keynesian economics is like a hamster on a treadmill. Americans don’t have the fortitude to suffer the pain required to fix the problem now; however, the end result will be excruciating.
Report Post »Digressive
Posted on December 29, 2011 at 9:44pmThis is actually going to end up as one of the biggest bailouts in US history. Think about how many million people are not paying their mortgage on purpose (you figure 15-20K per year of mortgage payments). With Fannie Freddie owning most of these mortgages, who do you think is going to pay the bill in the end? Worst yet, more and more people are figuring out that if they don’t pay their mortgage, not only can they live for free and essentially get a 30K+ personal bailout, they also won’t be saddled with a loss on thier home, which will continue to get worse (more strategic defaults = lower prices). Eventually, this all collapses and those who either rent or pay their mortgage get left holding the bag, and then chaos will ensue. I actually wouldn’t mind seeing a law passed allowing for banks to come after these people, at least for some of it…we have to maintain order or it’s going to be an ugly free for all.
Report Post »georgiavietvet
Posted on December 29, 2011 at 10:15pmhas anyone besides me noticed that the vast majority of the sub prime loans went to blacks? i really believe that most of them never intended to repay the loans, and are expecting obama to bale them out. i keep waiting for an executive order to stop all foreclosures. that would sure get him a lot of votes. it wouldn’t surprise me a bit if he issues such an order………………………………….
Report Post »mrsalvage2
Posted on December 30, 2011 at 4:37amWho, other than holders of Stock, pay for things that are 2 and 3 times over their equitable value?
If the Banks had not created all of teh fake money by the Fractional REserve System, all houses would not be facing Devaluation.
Fraud vitiates a contract, and the Banks never had the money. Jsut like the Congress, they jsut kept creating it.
Report Post »CatB
Posted on December 29, 2011 at 9:36pmSilly me … I paid for my home.
Report Post »Darmok and Jalad at Tanagra
Posted on December 29, 2011 at 9:54pmMe too, as long as I keep the taxes paid and the gun loaded, its mine.
Report Post »patriot4evah
Posted on December 29, 2011 at 9:28pmMy next door neighbor has not made a house payment since 2008..seriously.. no paperwork, no foreclosure, no sheriff sale….nada, nothing. They now have enough funds in the bank to pay off their mortgage… seriously.. It is disgusting.
Report Post »Darmok and Jalad at Tanagra
Posted on December 29, 2011 at 9:37pmCould have been worse, they could have waited for it to go to auction, then buy it at a discount.
Were the able to buy new tires for the house also? (just kidding).
Report Post »Rogue9
Posted on December 29, 2011 at 9:28pmDon’t forget the provisions in some states that do not allow foreclosure proceedings to terminate occupancy in the winter months under many compassion statues. When someone versed in the system realizes this additional step, he/she can delay the foreclosure process during the winter months and drag things along for years.
Report Post »LIBS-ARE-DINGLEHEADS
Posted on December 29, 2011 at 9:27pmGood! I know some of these people. SCREW banks! THEY should be occupied/taken over/burned to the f-ing GROUND!
Report Post »oldironsides
Posted on December 29, 2011 at 9:39pmthey knew the deal when they signed the papers – i say it’s gov. taxes- ie outrageous property taxes, income tax state and fed, sales taxes, gas taxes, vehicle taxes, utility taxes etc that leave them unable to pay the bank.
Report Post »Baddoggy
Posted on December 29, 2011 at 10:10pmLibs are dingleheads? No YOU are a dinglehead!
Report Post »Sheepdog69
Posted on December 29, 2011 at 10:58pmUhhh, they knew exactly what the payments would be when they signed the papers. They made a promise. They signed a contract. It’s not the banks fault.
Report Post »mrsalvage2
Posted on December 30, 2011 at 4:43amHow can people make a promise when the Congress ships off the jobs to China, and the FED requires a certain amount of unemployment to keep wages low, and teh system is devaluing the Properties down to the more realistic values that a temporary home is?
Do people not know that fraud vitates a contract?
Do the petulent malcontents here know that foreclosures only rob them who can and do pay their mortgage of the value of their homes, and thus their hatred of those who do not pay is only cutting their wrists?
Report Post »billrow
Posted on December 29, 2011 at 9:26pmThis reminds me of people turning down job offers because they still have 26 weeks of unemployment benefits coming.
Report Post »Stoic one
Posted on December 29, 2011 at 11:07pmIf I was offered a job, I would walk away from unemployment ,, period.
Report Post »beekeeper
Posted on December 30, 2011 at 1:04amOr renters who stop paying rent and ride out the eviction process, this is nothing new, just larger numbers of people and bigger dolalr amounts involved…
Report Post »mrsalvage2
Posted on December 30, 2011 at 4:45amIt might remind you of that, but it is nowhere near the same.
Report Post »CoolBreezin
Posted on December 30, 2011 at 5:53amThis reminds me of people talking about people turning down jobs to stay on unemployment, who have no idea what they’re talking about… D’oh!
(smirks)
Report Post »billrow
Posted on December 30, 2011 at 8:54amIt is the same thing. Abusing a broken system of one type or another is still theft.
I have a feeling liberal trolls are taking over blaze comments.
Report Post »mrsalvage2
Posted on December 30, 2011 at 2:47pmHave you read the Antonio Ibanez Case in Mass SJC?
Have you read the Bevilacqua Case in Mass SJC?
Have you read the Easton case with the recent Federal District Court ruling on the Common Law?
Does the Common Law mean anything to you? It meant something in the Northwest Ordinances and the State Costitutions.
It sounds like you are the broken one who like the Banks is a criminal who has no regard for the law.
It was the Banks who have no regard for the law. And most State Courts.
Report Post »team1blazer
Posted on December 29, 2011 at 9:12pmThe problem is that the government has made it WAY to easy for deadbeats to get a loan, and WAY to difficult for lenders to collect from deadbeats. Barney, Chris, Maxine, et.al. have created this monster, which is bleeding the middle class dry.
Report Post »Unix
Posted on December 29, 2011 at 9:38pmDon’t forget ol Jimmy Carter, who signed the CRA 1977 into law w/his Dem majorities…then Clinton, Bush pushing the bubble along…blame mostly Dems, but Reps had their hand in this too…still the progressives are the enemy, the ones we have to kick out of office…and progs come in all stripes.
Report Post »mrsalvage2
Posted on December 30, 2011 at 4:47amLet‘s not forget Woodrow Wilson’s Federal REserve Act which the allowed Banks to loan out Money that they did not ahve to gain control of assets.
If that is not THEFT what is?
Report Post »CoolBreezin
Posted on December 30, 2011 at 5:43amWell, thank Bush43 and the GOP Congress 2003-2007.
” In 2004, Federal Housing Commissioner John Weicher said, “George W Bush doesn’t think those who can afford the monthly payment but have been unable to save for a down payment should be deprived from owning a home. We do not anticipate any costs to taxpayers.”
D’oh! .. (smirks)
Report Post »oriondma05
Posted on December 29, 2011 at 9:09pmCloward and Piven – Overwhelm the system.
Report Post »mrsalvage2
Posted on December 30, 2011 at 4:56amUS Congress created the System in 1913 when the Lawyer Aristocracy agreed to the FED and Fraction Reserve Banking. In exchange for them being able to print up as much money as they wanted.
When they did this they allowed Banks who had only 1/6th of the dollars being loaned to be able to steal the money and property of those seeking to own Proeprty.
So, If the Copngress had never allowed the Banks to steal, there would be more outrage in light fo what is going on right now.
Lay the Blame and objection to moral decay in the fact of the proper parties,
The System on homes got rigged when Freddie and Fannie were created, and interfered in the valuation of Homes and therefore generated false values.
Report Post »mrsalvage2
Posted on December 29, 2011 at 9:08pmAs soon as people read about the Common Law Elements necessary for Foreclosure as shown in the Mass. Cases of Ibanez, Bevilacqua, and Eaton, there is so much to ask, that we cannot be certain who owns anything.
There is also the case filed by Mass. AG Coakley against 5 Banks including Wells Fargo, that they have been violating the law, due process, and committing fraud upon the courts.
We have not even begun to find a way to enter the court to get them to look at the fraud that probably not even a 10th of the money alleged to be loaned in the Mortgage ever existed and was ever risked by the Bnaks due to the Fractional Reserve Banking System.
With Fannie and Feddie owning over 70% of the Mortgages and Notes, so they claim, this means that the Government and thus the People own 70% of the Homes in the US, since we bought them and keep bailing them out despite their gains from credit default swap holdings.
The homes in dispute were bought with dollars never existing Dollars that were created on the Full Faith and Credit of the People of the United States, nevertheles, the Servicing Banks are buldozing houses down.
I predict street fights and the Bankers and Lawyers will not be winning in the end.
Report Post »Darmok and Jalad at Tanagra
Posted on December 29, 2011 at 9:16pmI know who owns my house. Me.
Report Post »mrsalvage2
Posted on December 30, 2011 at 4:50amYou might find something else that reveals otherwise. Like Property Taxes, when the Right to own Private Property is enchrined in the 5th Amendment, no statute nor Amendment can undo the Rights of the Bill of Rights (West Virginia Board fo Education v. Barnette), and the PREAMBEL agrees with the high Court on that.
Report Post »Darmok and Jalad at Tanagra
Posted on December 29, 2011 at 9:05pmThis reminds me of something I did for 18 years, live with my parents. This is nothing more than these losers sponging off their parents, our parents, us and our kids. I say let them stay there, but they get no cable service, phone service, garbage service, or mail delivery. And they have to house a OWS person on their front lawn, preferably, one with a drum.
Report Post »Darmok and Jalad at Tanagra
Posted on December 29, 2011 at 9:11pmBy the way, if you can’t afford something, don’t buy it. Everyone doesn’t need to live in a McMansion. and if your housepayment is over 50% of your income, you are going to lose your house.
Report Post »Detroit paperboy
Posted on December 29, 2011 at 9:04pmWell Ollie, what a fine mess you’ve got us into this time !!!!
Report Post »Darmok and Jalad at Tanagra
Posted on December 29, 2011 at 9:30pmScratches his head and whines.
Report Post »neverending
Posted on December 29, 2011 at 9:04pmOf course, no surprise at all – just more of the same destruction tactics from the bastard in chief that we get to sit back and watch as he takes down this beautiful God given country.
Report Post »SamIamTwo
Posted on December 29, 2011 at 9:02pmYep that is the process…did it change? I guess I missed it if it did.
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