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Let them eat cake.
LOL! Let YOU eat defaults by the millions
More people are “getting it” now. The system reeks and is corrupt. I encourage everyone who is underwater to simply walk. Don’t negotiate, don’t even ASK for a modification, just simply STOP PAYING.
All you are the same people who sit idly by while the President orders the assassination of a U.S. citizen without due process of law. You want LAW when it is conveinant or when it benefits you, but when it makes America “look bad” you look the other way ASAP.
“Actually they are deadbeats as they were not making their payments. What he is really arguing is that it’s okay to be a deadbeat if you have good intentions.”
But isn’t that exactly what your argument has been re. pro strategic default? To paraphrase you, “The responsible choice is to quit making the payments if it financially beneficial for you.”
Yes, that is the argument I have been making. But when people strategically default, they bear consequences of losing their home and a diminished credit score. The loan modification is an attempt to eliminate consequences to the borrower for borrowing too much.
Strategic default is exercising an option in the contract, this story is about expecting the contract to be modified. Very different in my eyes.
i don’t know if i would necessarily call it an “option”... having your home taken away from you and your credit score ruined (foreclosure).. is a consequence of failure to perform the contract.
“...Would a bank really not accept payment from a borrower in arrears? ...”
Yes, at a certain point in the foreclosure process, a creditor cannot accept money from the borrower.
When is that point reached? It appears banks will accept payment even after they have issued a Notice of Trustee Sale. Is this a law, or is it up to the bank?
I believe a creditor cannot accept a partial payment (not the full amount required to bring the loan current) from the borrower after a formal foreclosure notice has been filed. If they do, the “clock” starts anew - they have to send a new notice of default and start over.
That’s my rough understanding. I do know, that when I worked in a credit union in the mid-90s, we were very careful with our collection employees. Any payment that came in on a loan or mortgage that was > 60 days past due had to be approved by a manager before posting.
Au contraire, mon ami! C’est tout a fait a good thing for sensible, intelligent, and hardworking renting FAMILIES who refused to play ball in the final stages of the Tulip Bubble.
Loving, caring, nurturing, and responsible FAMILIES await the homes still occupied by these shady, grasping squatters. Are not these responsible renting FAMILIES exactly the sort of people the neighbors and the COMMUNITY would want living nearby? As a FAMILY man, with a FAMILY, I would prefer a FAMILY neighborhood of financially responsible FAMILIES.
Family family family!
You forgot to mention children.
IR - maybe an interesting property to highlight. These people bought new in 2006 and tried selling it within weeks of buying and now its a shortsale. The listing delisting list is very long.
http://www.redfin.com/CA/Tustin/16636-Sonora-St-92782/home/7202630
Is it just me, or does it really bother others when the kitchen cabinets are one color/type of wood/laminate and the flooring coming into the kitchen is another color/type?
but the alternative would love even weirder right? if its the floor and the cabinets are the same color and type, then there would be no distinction
That’s why I think you can do wood floors in a kitchen if the cabinets are white. If the cabinets are anything other than white, the flooring needs to be tile in the kitchen (or where ever cabinets meet flooring like bathrooms).
What type of moral judgment should we render towards the taxpayer bailed-out Wall Street banks that have millions of these mortgages on their books (sometimes, if they feel like it) marked to peak prices (i.e. fantasy) and refuse to write them down in order for the market to clear? Isn’t that the more salient question? Moral hazard means moral hazard.
Once upon a time banks were an arm of society. Highly regulated by law and responsible for the orderly transfer of wealth and services between the generations. One step removed from the use of force. Times have changed. Today they are a self-serving conglomeration of interests that only pretend to serve society while exploiting anyone unfortunate enough to be ignorant of the new arrangement and/or fall on hard times. Don’t be so eager to borrow money from them.