You mean you don't want any of that Government cheese???......hahaha
ate some one time.. made me consitpated
Foreclosures
- Thread starter Ollie
- Start date
ate some one time.. made me consitpated
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Diesel99
Member
So much for "subprime" being contained, what a bunch of retards running this country and Wall Street.
We are basically bankrupt as a nation and everyone knows this. Get ready for scary inflation 10%-15% and borrowing costs to go through the roof. Mn says no bankrupcy for a year WTF what bank is going to lend anyone money in Mn if they have no recourse to collect. That alone will jack lending rates there through the roof.
WTF is next bail out CC bills, boat loans, Car loans.
We are basically bankrupt as a nation and everyone knows this. Get ready for scary inflation 10%-15% and borrowing costs to go through the roof. Mn says no bankrupcy for a year WTF what bank is going to lend anyone money in Mn if they have no recourse to collect. That alone will jack lending rates there through the roof.
WTF is next bail out CC bills, boat loans, Car loans.
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Ollie
ACCOUNT CLOSED
20/20 is running a segment on the foreclosure mess.
Seems 3 of the top guys responcible for this mess have made a collective 225 million out of it. They were paid based on the sheer volume of buisness, not whether the loans were good or not.
Anyone remember the late 70's?? Home loans at 13-15% were considered good. If you couldn't put 20% down you didn't buy a house. Well, you are about to see it again.
Diesel99, the next big bail out will be credit cards. Credit cards are what people are currently living on. Moving money between cards to pay the other cards off and then get another card to move the money too. That will be the next big bail out.
Seems 3 of the top guys responcible for this mess have made a collective 225 million out of it. They were paid based on the sheer volume of buisness, not whether the loans were good or not.
Anyone remember the late 70's?? Home loans at 13-15% were considered good. If you couldn't put 20% down you didn't buy a house. Well, you are about to see it again.
Diesel99, the next big bail out will be credit cards. Credit cards are what people are currently living on. Moving money between cards to pay the other cards off and then get another card to move the money too. That will be the next big bail out.
I feel for the people who were taken advantage of by the lenders....
The lower income people who were initially given a lower rate, then the rate adjusts..... Whoops, the sales guy never told me that!!! Many people are trusting and got screwed!
Those are the forclosures that I think are unfair....
The people who bought way more house than they can afford, part of that still goes onto the lenders shoulders. The lenders would give anybody with a heartbeat a mortgage. there was little risk when housing prices went up 20% each year.. Now that we have deflation, the chickens are coming home to roost. The lenders are taking a bath, and they should!!
Miraculously, now that homes are not appreciating, it is much tougher to get a loan (The banks are actually doing their jobs again, and making sure you can make the payments).........
The lower income people who were initially given a lower rate, then the rate adjusts..... Whoops, the sales guy never told me that!!! Many people are trusting and got screwed!
Those are the forclosures that I think are unfair....
The people who bought way more house than they can afford, part of that still goes onto the lenders shoulders. The lenders would give anybody with a heartbeat a mortgage. there was little risk when housing prices went up 20% each year.. Now that we have deflation, the chickens are coming home to roost. The lenders are taking a bath, and they should!!
Miraculously, now that homes are not appreciating, it is much tougher to get a loan (The banks are actually doing their jobs again, and making sure you can make the payments).........
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MN_Nole
ACCOUNT CLOSED
Was given a quote from a friend of mine whom is a title closer about the bad lending/lenders that went on,which got this ball roll'n..
'Yesterday a BK employee today a mortgage broker'. Paid on the sale of mortgage, reminds me of the movie 'Boiler Room'
I found myself in the situation some, i repeat some, of these people are in, were given the mortgage and promises of lower rates in a year or two. I luckly was able to bust my azz and was able to get the house sold just before this whole mess started. I ain't one to cry over spilt milk, but lesson learned, don't trust anyone, read every detail on that paper work, even though its to many pages long. Now I know what I can and can't afford, not what someone on commision tells me.
'Yesterday a BK employee today a mortgage broker'. Paid on the sale of mortgage, reminds me of the movie 'Boiler Room'
I found myself in the situation some, i repeat some, of these people are in, were given the mortgage and promises of lower rates in a year or two. I luckly was able to bust my azz and was able to get the house sold just before this whole mess started. I ain't one to cry over spilt milk, but lesson learned, don't trust anyone, read every detail on that paper work, even though its to many pages long. Now I know what I can and can't afford, not what someone on commision tells me.
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pwdrhogRMK800
Well-known member
E
Ex-Member
ACCOUNT CLOSED
hehehe, i'm dealing with fun foreclosure stuff myself... title company missed a lien, and my house is scheduled for auction 20march08... Filed a claim with the title insurance and have several people workin for me to get this straightened out.
Unfortunately too many people just sign what they get handed to them, regardless of whether they really understand what they're getting into.
Also, telescopes.
Unfortunately too many people just sign what they get handed to them, regardless of whether they really understand what they're getting into.
Also, telescopes.
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MN_Nole
ACCOUNT CLOSED
Understand where you are coming from Mule, and I wish you the best in this situation. WE all want the dream of home ownership, and with so much paperwork thrown before us we can not possibly read it all at that table. Lesson learned, I am now having everything reviewed for me, by a person I trust, both personally and financially to understand it all. And have them give me the laymans version of each and every segment of it all. For me will not cost anything, as its a trusted freind, but may want to look into someone review all of your doc's prior to signing, may cost a few hundo up front, but long term????
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dragon12
Well-known member
Talk to a real estate lawyer and find out if you can pay the lien off. Find out how much the lien is for and take the lesser of 2 evils. Then sue the previous homeowners, as they were supposed to pay the lien before they recieved payment for the house. Might save your house?
99% lenders fault. i have had these sub prime loans before worked good for me because i build a new home every 3-5 yrs. but i know how these morgatege leanders work. first they you you can get more house for the money on sub prime, historically the rates haven,t changed to much, and if they get out of hand you can always refinace blah blah blah. they feed you full of bull **** just to get there commision
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Ollie
ACCOUNT CLOSED
One of the biggest things you can do to protect yourself is get a buyers agent.
A buyers agent is just a real estate agent that works for you. They find the houses for you and work with the selling agent once you find a house you want.
They look out for your interests. Oh, they also don't get paid by you. They split the selling commision with the selling agent.
Which of couce means the selling agent isn't going to be too happy, but who cares. Our buying agent saved us over 15k in unneeded BS and fees.
A buyers agent is just a real estate agent that works for you. They find the houses for you and work with the selling agent once you find a house you want.
They look out for your interests. Oh, they also don't get paid by you. They split the selling commision with the selling agent.
Which of couce means the selling agent isn't going to be too happy, but who cares. Our buying agent saved us over 15k in unneeded BS and fees.
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