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Thread: Bank gets foreclosed on by homeowner. Reply to Thread
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  Topic Review (Newest First)
06-12-2011 06:49 PM
Perpetual3am ^^^ That guy is definitely in over his head then if he can't afford 2k to put into it.

That's a great story, nice to hear a bank being held accountable for it's BS. I have sympathy for some situations, but most people were just plain stupid and bought way to much house than they could afford. Regardless of what they banks did on their side, it's your own fault if you can't afford to make the payments on your house, you should be factoring in job loss and property values staying the same or declining slightly over a 5-10 year period as is the usual housing cycle. Maybe it's just me because I hate owing money, but I couldn't see myself ever getting that far in over my head. Hell I even heard stories of people that bought so much house that they could barely afford insurance on it. Yeah smart choice, don't insure what is likely the biggest purchase you'll make in your entire life.
06-09-2011 07:25 PM
little devil
Quote:
Originally Posted by JeffreyCH View Post

Then it got to the point where young couples started out with huge 500k houses and lived paycheck to paycheck to get to point of where they should have hit in thier 30's. Somewhere along the line big business/gov't decided to sell our middle class to 3rd world countries, because let's face it, sustaining our middle class was just getting to expensive. So no more raises for mr. Smith, no decent paying jobs for Mrs. Smith, so poof there goes the 500k home. In walks Mr. and Mrs. Jones who think they can afford the smiths old house, and the cycle repeats.....
A house inspector I know just did a 450k house for a cop. After the inspection he told the dude he's only looking at $2000 tops to get everything perfect. Cop said he cant do it, $2000 was out of his budget.....

What. The. Fuck....
06-09-2011 08:34 AM
dtshakuras ^^^^^^^ Agreed.

Or him.

06-08-2011 01:04 PM
schmitty34
Quote:
Originally Posted by JeffreyCH View Post
I would hate to be young person just starting out in todays society. When I bought my house in '93 things were pretty simple, you bought a "starter house" that you could afford, had kids, got promoted at your job, built equity in your home until the need arose for a larger house. At that point you had enough equity, cash savings, credit score and income to get something larger.

Then it got to the point where young couples started out with huge 500k houses and lived paycheck to paycheck to get to point of where they should have hit in thier 30's. Somewhere along the line big business/gov't decided to sell our middle class to 3rd world countries, because let's face it, sustaining our middle class was just getting to expensive. So no more raises for mr. Smith, no decent paying jobs for Mrs. Smith, so poof there goes the 500k home. In walks Mr. and Mrs. Jones who think they can afford the smiths old house, and the cycle repeats.....

Crap!! I had a nice big rant, but now rather then finishing that thought I have to go chase the almighty dollar and get my ass to work...

Moral of the story, we fucked ourselves by being so caught up in "the american dream" no one was paying attention whne it got sold out from under us.
Yeah man, keepin up with those damn Joneses is killing my generation right now (30 somethings). I've got way too many friends that are underwater on their nice houses and drive pretty sick cars, but are gonna get screwed by that house and are buried under credit card debt and car payments.
06-08-2011 10:23 AM
JeffreyCH I would hate to be young person just starting out in todays society. When I bought my house in '93 things were pretty simple, you bought a "starter house" that you could afford, had kids, got promoted at your job, built equity in your home until the need arose for a larger house. At that point you had enough equity, cash savings, credit score and income to get something larger.

Then it got to the point where young couples started out with huge 500k houses and lived paycheck to paycheck to get to point of where they should have hit in thier 30's. Somewhere along the line big business/gov't decided to sell our middle class to 3rd world countries, because let's face it, sustaining our middle class was just getting to expensive. So no more raises for mr. Smith, no decent paying jobs for Mrs. Smith, so poof there goes the 500k home. In walks Mr. and Mrs. Jones who think they can afford the smiths old house, and the cycle repeats.....

Crap!! I had a nice big rant, but now rather then finishing that thought I have to go chase the almighty dollar and get my ass to work...

Moral of the story, we fucked ourselves by being so caught up in "the american dream" no one was paying attention whne it got sold out from under us.
06-07-2011 11:13 PM
schmitty34 Or you can just have two different mortgages for two different properties....i.e. your primary residence and a rental property or vacation home.

But you can't have two first mortgages on the same property...only the situation wolf mentioned.

Unless of course you are comitting mortgage fraud, then you are free to have as many mortgages as you'd like really stick it to them
06-07-2011 06:29 PM
fattrav So, can you have two different mortgages with two different banks?....
06-07-2011 05:43 PM
schmitty34
Quote:
Originally Posted by Snowolf View Post
I think the technical term for this is "clusterfuck"......
Yes, but I typically use the term charlie foxtrot, but I'm just trying to cut down on the cursing.
06-07-2011 05:31 PM
schmitty34
Quote:
Originally Posted by Snowolf View Post
Oh yeah, I agree that there was greed on the part of the little guy too. "hey Martha, lets buy this 5 bedroom $500,000.00 home that is waaaaaay more than we need or can afford because we can get an interest only loan!"...yeah tha`ts a good plan. My point was that I think the actual dollar amount involved was a drop in the bucket compared to the horrible "investment" choices that the banks themselves made....

Yes, the dollar amount in this situation was small, my point was that the customers that are being foreclosed on are not customers that make the banks money. The bank's are getting killed my "toxic assets" which are mostly mortgage backed securities or mortgage servicing rights that are full of foreclosed properties.

So in a way, the bank is f-ing the customer while the customer is f-ing the bank. Just a big f-ing mess really.
06-07-2011 05:06 PM
schmitty34
Quote:
Originally Posted by Snowolf View Post
Its a drop in the bucket. What kills banks and caused the banking crisis that we all got to pay for was due to simple greed on the part of the banks. They deliberately wrote risky notes, knowing that within 30 days they were going to quick turn these packages of loans to another financial institution at a huge profit. It grew out of control and banks went out looking for anyone to write a mortgage regardless of their ability to pay. It was like a game of hot potato; as long as you are not the one holding the potato when the clock stops, your are fine. Problem is, the game was played so long and the housing bubble got so ridiculously over inflated that it brought the whole system crashing down. It is the purest example of the end result of unregulated total free market predatory Capitalism. It should stand as a shining example of why there has got to always be some regulation over a free market Capitalist economy.
Greed, yes, but on the part of the banks and the consumer. It takes two to tango.

General greed within this country is what caused the banking crisis. Everyone was getting fat and happy off the real estate market and MANY never took the time to think, "what if?"
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