Experts: Drop is forclosures is 'very scary' by piratenews

Quote:
All of these actions leave the foreclosed property in the hands of the original owner who, in many cases, has moved out and is unaware the lender hasn’t taken it.

All the more reason to stand your ground to the very last minute - if they throw in the towel and walk away, you can only gain from that.

Hell, can't even feel guilty about it since payin for bailing THEM out is what lead many folk to missin payments in the first place, so this is just the wheels of karma grindin slow but fine, don't ya know...

I got folks offering me property, and practically beggin me to sign a mortgage, to which I just laugh - I do know if I decide to get some property what imma do with it though.

Imma buy someone else's pre-fab modular they didn't finish payin off, at pennies on the buck (and hoo boy will the folk at Holly Homes fall ALL over themselves to sell it to me!) and have a concrete slab poured - drop that sucker on it, and go straight solar for power, I don't use a lot and can get the panels and batteries dirt cheap, and imma get a property where I can bore a well and dig in a septic tank, etc etc.

Then just rebuild it bit by bit to my own specs, since it's modular anyways.

Hell if imma sell my soul to some bank for it though.

-F

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Tuesday, October 20, 2009 10:27 AM

http://youtu.be/VUnGTXRxGHg

Wifey is after me about buying a house.

But ya know what? I'm gonna wait till the prices drop to a point where its worth it.

hehehehehehe

Can't wait till the banks get pissed at trying to draw blood from a stone, and are willing to take anything for property.

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Tuesday, October 20, 2009 11:20 AM

Cast some lines out, let em think they got a fish on the hook...

Then DILLY-DALLY about it, tell em you'll get back with em in a week or so, and start stretchin that week with "I dunno man, things are kinda tight right now" and watch them FALL ALL OVER THEMSELVES trying to sweeten the deal.

And, since you're not, yanno, really obligated at any point to say yes - wait for one that meets your standards, then bring a lawyer (doesn't matter too much quality-specialty wise, just something to keep em honest as they ever get, right ?) with you and press em on the terms.

Or just wait, and enjoy watching them SQUIRM while you do so - given what you paid (bailouts) for that entertainment, might as well make use of it, right ?

Yeah, imma sadist like that, I like watchin em suffer - but seriously, yank their chains a little and just... wait for it.

Kinda like setting a snare trap in the woods along a game trail, sooner or later SOMETHING worth eatin is gonna come your way.

-Frem

It cannot be said enough, those who do not learn from history, are doomed to endlessly repeat it

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Tuesday, October 20, 2009 12:14 PM

Quote:
Originally posted by Fremdfirma:

Hell, can't even feel guilty about it since payin for bailing THEM out is what lead many folk to missin payments in the first place,

How is that?

"I thoroughly disapprove of duels. If a man should challenge me, I would take him kindly and forgivingly by the hand and lead him to a quiet place and kill him."

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Tuesday, October 20, 2009 4:26 PM

You suck THAT much money out of the economy as a handout to the fatcats, it's gotta come from somewhere - either by takin it from you and me via taxes, or printing more and devaluing what you and I already have in a form of stealth tax, but either way, WE feel the bite, don't we ?

Not to mention the businesses and employers on the small to mid-range end that get crushed, bankrupted, or run off entire - you might remember I used to drive a cab and then had to give it up cause I could not afford to live on what it paid no more.

Which accelerates the slide by providing less sources of the dosh and those remaining get hit just that much harder, while all the bigwigs slip under their tax shelters and laugh.

So no, I don't feel an ounce of sympathy for em, cause for all our pretty gloss on it, we're really living the same feudal dynamic all over again, and the peons are gettin angry about it.

Comes to it though, I really hope we do a better job of that than the French did, but history is against us on that point.

-F

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Wednesday, October 21, 2009 7:46 AM

Just seems fishy to say people couldn't pay their mortgage because of higher taxes when 99% of those folks didn't see a tax increase.

"I thoroughly disapprove of duels. If a man should challenge me, I would take him kindly and forgivingly by the hand and lead him to a quiet place and kill him."

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Wednesday, October 21, 2009 7:52 AM

http://youtu.be/VUnGTXRxGHg

No, they couldn't pay their mortgage because they got a loan they couldn't handle, and didn't (or couldn't) read the fine print.

You work at McDonalds, why the FUCK did you think you could have a million dollar home?

Then, the banks, thinking they would have the full backing of the government, (which they did... Bailouts) gave out loans to people they KNEW couldn't afford it.

It may be callous, but I don't care that you can't afford your home. Get the fuck out, so me and mine, who worked hard and can read, can take it over.

GRRR... it pisses me off that Im supposed to care about idiots.

Where is Darwin when you need him?

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Wednesday, October 21, 2009 7:57 AM

"We'll know our disinformation program is complete when everything the American public believes is false." -- William Casey, Reagan's presidential campaign manager & CIA Director (from first staff meeting in 1981)

Quote:
Originally posted by Wulfenstar:
No, they couldn't pay their mortgage because they got a loan they couldn't handle, and didn't (or couldn't) read the fine print.

You work at McDonalds, why the FUCK did you think you could have a million dollar home?

Then, the banks, thinking they would have the full backing of the government, (which they did... Bailouts) gave out loans to people they KNEW couldn't afford it.

It may be callous, but I don't care that you can't afford your home. Get the fuck out, so me and mine, who worked hard and can read, can take it over.

GRRR... it pisses me off that Im supposed to care about idiots.

Where is Darwin when you need him?

And me and mine, who pay cash and don't borrow, don't give a fuck whether you want a home or not. If you can't pay cash on the barrelhead, get the fuck out so I can move in! I mean, am I supposed to take your WORD for it that you'll be able to keep up these payments for the next 30 or 40 years, Wulfie?

Mike

Let the wild rumpus start!

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Wednesday, October 21, 2009 8:20 AM

http://youtu.be/VUnGTXRxGHg

"And me and mine, who pay cash and don't borrow, don't give a fuck whether you want a home or not. If you can't pay cash on the barrelhead, get the fuck out so I can move in! I mean, am I supposed to take your WORD for it that you'll be able to keep up these payments for the next 30 or 40 years, Wulfie?"

This doesn't even make sense.

Mad cause I called it?

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Wednesday, October 21, 2009 8:29 AM

Are you paying cash for your house, out of your own pocket, or are you planning on taking out a loan? 'Cause if you're taking out a loan, I only have your word for it that you'll be able to make the payments. Capisce?

Sorry, but if you don't have a couple hundred grand in cash in your hand, then you don't deserve a house, and you can just fuck off like the rest of the poor.

Mike

Let the wild rumpus start!

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Wednesday, October 21, 2009 8:44 AM

http://youtu.be/VUnGTXRxGHg

Still not making sense.

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Wednesday, October 21, 2009 10:48 AM

Quote:
Originally posted by Storymark:
Just seems fishy to say people couldn't pay their mortgage because of higher taxes when 99% of those folks didn't see a tax increase.

Currency devaluation and inflation, Storymark.

Not to mention the effects on businesses by yanking that much out of an economy, resulting in layoffs and bankruptcies, and lots of unemployed folk.

Wulf - some of these folk had damn good jobs with pension plans, etc - and every right to expect they'd be able to pay off the loan on conventional terms, so don't be filing all of em in a paradigm fed to you by folks who know are liars just cause you want to believe what they're saying this time.

That's a trap you need to stop fallin into, when you want to believe what they're tellin you is when you should MOST question it.

Look at the folk from Visteon, who got dumped, screwed out of their severance, pensions, all of it, just a kick in the ass and seeya later, while Billy Ford and his pals giggle at their cleverness using spun-off companies to dump those pesky obligations, then deliberately bankrupting and liquidating them, scoring all the cash with none of the responsibilities.

Look at the fuckers from shittybank, who change payment dates without notice, or payment amount, or manage to "forget" to send statements, or even (and this HAPPENED to the Fremgirl, mind you) cash your payment check for 1/10th of it's value - anything and everything in order to FORCE missed payments and jack the rate or foreclose on you - which ain't worked on her cause she's got a shyster like me helping prevent it.

Those are just two tiny fragments of the whole, and while sure, there's a few folks who got talked into, or weaseled themselves into, loans they could not afford - the banks made those loans, and no one forced them to do that, regardless of what propaganda you may have heard, so they are every bit as responsible save in the case of outright fraud.

And yet the banks get a massive bailout, and the people do not ?

That's like playing poker with a player at the table who's money you have to give back at the end - over time, he's GOING to have everyones money cause the rules are not applied equally across the board.

And THAT, Wulf, is what this is about.

If the people stuck with loans they could not, or now cannot, handle - have to suck it up, so too should the banks have to suck it up, for deliberately MAKING loans to folks they knew damn well couldn't pay!

You can't have it both ways, mano.

-Frem

It cannot be said enough, those who do not learn from history, are doomed to endlessly repeat it

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Wednesday, October 21, 2009 10:54 AM

http://youtu.be/VUnGTXRxGHg

EXACTLY!!

Which is why Ive been AGAINST the bailouts from the beginning!

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Wednesday, October 21, 2009 10:55 AM

Quote:
Originally posted by Wulfenstar:
Still not making sense.

Made sense to me. I guess you might want to work on those reading skills.

"I thoroughly disapprove of duels. If a man should challenge me, I would take him kindly and forgivingly by the hand and lead him to a quiet place and kill him."

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Wednesday, October 21, 2009 10:59 AM

Meh. Economics is a confidence trick invented by Moses.

The laughing Chrisisall

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Wednesday, October 21, 2009 11:00 AM

http://youtu.be/VUnGTXRxGHg

Well let me be clear then, Story.

We never should have bailed out the banks. Let THEM (*edited typo, thanks Story) collect their loans.

If they can't, poor babies, they fold.

Now, if we had done that, every bank would KNOW, not guess, that they better play right.

Silly me.

I lend money to someone I know can't pay it back, I better be prepared to get it back, or to take the loss.

Can't hope for Big Daddy government to pay me back.

THATS common sense.

Something you might be lacking there Story.

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Wednesday, October 21, 2009 11:16 AM

Easy there - you weren't comin across very clear, dude - t'was only cause I understand how you're thinkin that I figured it out.

Sometimes you don't carry the idea forth all that well when you get riled, mano.

-F

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Wednesday, October 21, 2009 11:16 AM

Wulf, what makes you think YOU can pay back such a loan? You're basing your future earnings on your present circumstance, yes? I mean, when some of these people took home loans with adjustable rates (rates they were PUSHED INTO by people they trusted to treat them fairly), they were taking out loans that they COULD afford the payments on, at least at the time.

And your own observations on taxes should have taught you by now that we tend to be an optimistic bunch, always figuring our situation will get BETTER, not worse. So if I took out a loan that I could cover for now, but whose payments were going to adjust in five years, there's that certain tendency to think, "Well, sure, even though I might not be making that much now, I'll be doing better by the time that higher payment hits, so I'll be fine."

Except things DIDN'T work out for some of them. And they MIGHT NOT work out for you. So why should anyone give you a home loan? Why should anyone give ANYONE a home loan?

I'm really sorry you're having such a hard time understanding this, Wuflie. Maybe you'd better think about it before you buy that home you were talking about buying. And don't quit your McDonald's job yet; you may need it!

Mike

Let the wild rumpus start!

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Wednesday, October 21, 2009 11:20 AM

http://youtu.be/VUnGTXRxGHg

So, its the banks fault for doing the whole ARM thing?

Ok, yeah, it WAS sneaky, underhanded, and conniving. But you need to know that's the kind of situation you are going up against when dealing with banks.

Both are to blame. The banks, and the Sling-blades.

So why am I paying for it again?

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Wednesday, October 21, 2009 11:20 AM

http://youtu.be/VUnGTXRxGHg

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Wednesday, October 21, 2009 11:21 AM

Quote:
Originally posted by Wulfenstar:
Let THEN collect their loans.

....let when collect loans?

"I thoroughly disapprove of duels. If a man should challenge me, I would take him kindly and forgivingly by the hand and lead him to a quiet place and kill him."

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Wednesday, October 21, 2009 11:53 AM

http://youtu.be/VUnGTXRxGHg

Fuck you, Story.

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Wednesday, October 21, 2009 12:09 PM

Quote:
Originally posted by Wulfenstar:

If they can't, poor babies, they fold.

I agree with you in principal, but in action, they all fold, we fold as an economic power of any kind. You don't wanna reward failure, but at the same time this may not be the right moment for a depression worse than the "Great One." It's a balancing act. You want brown outs & barter, Wulf?
If so, I'll see you in Thunderdome, motherscrapper!!!

The laughing Chrisisall

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Wednesday, October 21, 2009 12:12 PM

http://youtu.be/VUnGTXRxGHg

Ehh...

In Soviet Russian Siberia.. they use bullets and vodka for currency..

Substitute whiskey for vodka, and we've got a game plan.

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Wednesday, October 21, 2009 12:21 PM

http://youtu.be/VUnGTXRxGHg

Gotta run.

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Wednesday, October 21, 2009 12:25 PM

http://youtu.be/VUnGTXRxGHg

Before I go.

A good start.

Maybe the weaklings who are looking for a handout will learn from this..

http://money.cnn.com/2009/10/21/news/companies/feinberg_compensation/i
ndex.htm

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Wednesday, October 21, 2009 12:38 PM

Ummm... Wulf? You might wanna go back and read the threads where we were discussing the whole mortgage mess, rather than having to rehash the whole thing again.

In lots of cases, YES, it was the bank's fault, because they would wait until you showed up to close on your home mortgage loan, and then switch the terms on you - usually without even bothering to tell you. So you're under the gun, you need to sign to make this happen, and you really DON'T have time to carefully re-read the entire contract again to make sure they didn't change anything while you weren't looking.

Why did the banks do this, often KNOWING full well that they were selling people something they couldn't afford? Simple: They also knew they weren't going to be the bank holding the bad loan when it reset. They bundled these toxic loans and sold them "upstream" to larger banks, who bundled them with MORE of the same, and sold them to hedge funds and investment houses, who really had no way of knowing whether they were any good or not, unless they did full investigations of every single loan in each bundle they bought.

Should we be bailing any of these banks out? That's not really for me to say, but I'd rather be bailing out people who are right on the borderline of being able to afford their homes. For instance, there's a guy I work with who bought a home a few years ago, and it takes well over half his net income to keep up the payments, insurance, and taxes, but he manages to do it. But that also means that he has no TV, no cable, no internet, no cell phone, no new car, and no nights out on the town. Now, if he were several months behind on his mortgage payments and had bought a new car, a big-screen TV, and all the rest of the goodies, the bailouts would probably help him, but since he IS making his payments - barely - he's screwed.

Mike

Let the wild rumpus start!

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Wednesday, October 21, 2009 12:41 PM

Quote:
Originally posted by Wulfenstar:
Before I go.

A good start.

Maybe the weaklings who are looking for a handout will learn from this..

http://money.cnn.com/2009/10/21/news/companies/feinberg_compensation/i
ndex.htm

Okay, but isn't that restraining free trade and capitalism?

Mike

Let the wild rumpus start!

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Wednesday, October 21, 2009 12:42 PM

SIGNYM

I believe in solving problems, not sharing them.

The problem, Wulf, is that a lot of peeps are looking for a "handout" but only the rich... who, if you think about it, are the ones who created this mess... are getting it.

SO I dunno, you rail and rant and blame the poor for getting "handouts" when its not the poor who are getting anything out of the situation, unless you count getting screwed as something.

...

ETA: OH, I see Frem already made that point. *waves at Frem* How're ya doin', man?

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Wednesday, October 21, 2009 12:45 PM

Quote:
Originally posted by Kwicko:
but since he IS making his payments - barely - he's screwed.

Too late for him to buy a Ferrari & get a handout then?

The laughing Chrisisall

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Wednesday, October 21, 2009 12:56 PM

Quote:
Originally posted by SignyM:
SO I dunno, you rail and rant and blame the poor for getting "handouts" when its not the poor who are getting anything out of the situation

Okay Signy, lemme tell you a story. Next door to me lives a crack addict. She has three kids & no SO or means of support, any money she gets goes to her habit. She drives a 2007 Mustang convertable paid for by US!! Her rent in a condo I pay $800 a month for is FREE! She BRAGS that she hoes for $200 an evening, TAX-FREE! And to add salt to the wound, she recently won $76,000 in the lottery & paid for the ticket with- wait for it- FOOD STAMPS!!!!!!!!!!

Okay, just kidding. Thought I'd give the Ultra-conservatives a little red herring. Sorry dweebs, that's an unlikely scenario in any significant numbers.

The laughing Chrisisall

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Wednesday, October 21, 2009 1:10 PM

SIGNYM

I believe in solving problems, not sharing them.

Just a comment in inflation and the deficit:

I know this is economic heresy, but I really don't think deficits are automatically a problem. The USA piled on a HUGE debt during the Great Depression and WWII, and yet that deficit was followed by decades of unrivaled growth and a strong dollar.

True, there were unusual circumstances involved, but the point is that the strength of a currency is related to the strength of the economy (production) behind it, and not to the number of bills floating around. IF the deficit is spent in ways that increase production and improve productivity, then the deficit is a good thing. (Unfortunately, so far the money has simply gone to propping up the financial institutions' ability to create MORE money, and not to any fundamental improvement in our economy.)

But I think we should be asking a question here: Do we WANT our dollar to continue to be "strong"? All that does it allow us to spend abroad like drunken sailors, buying "cheap" oil and "cheap" consumer goods. The only thing propping the dollar up is simply that is WAS the world's currency... so many people held so many dollars that everyone had an interest keeping the value "high". But the truth is, our economy has been shrinking over years and in reality the dollar has steadily become worth less and less, a little like an dam which has been slowly undermined over decades.

I personally think that the dollar SHOULD be re-adjusted to be more in-line with the current world situation. Rather than worrying about "the deficit" I think we should be worrying about "the economy", and more specifically how we inject money into it at the bottom, in ways that create jobs and ultimately make us more productive.

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Wednesday, October 21, 2009 1:17 PM

SIGNYM

I believe in solving problems, not sharing them.

CHRIS, YOU RASCAL!!!! Hell, man, even MY blood pressure started to go up!!!

It wasn't until I was about halfway through that I thought... Wait a minute....

But, for versimilitude you SHOULD have added the seven snot-nosed kids who're left in the yard all day long while "mom" hos, and that she gets welfare and THEY get Social Security disability payments (due to drug addiction at birth). Now THAT would have been the capper!

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Wednesday, October 21, 2009 1:18 PM

Quote:
Originally posted by chrisisall:
Quote:
Originally posted by SignyM:
SO I dunno, you rail and rant and blame the poor for getting "handouts" when its not the poor who are getting anything out of the situation

Okay Signy, lemme tell you a story. Next door to me lives a crack addict. She has three kids & no SO or means of support, any money she gets goes to her habit. She drives a 2007 Mustang convertable paid for by US!! Her rent in a condo I pay $800 a month for is FREE! She BRAGS that she hoes for $200 an evening, TAX-FREE! And to add salt to the wound, she recently won $76,000 in the lottery & paid for the ticket with- wait for it- FOOD STAMPS!!!!!!!!!!

Okay, just kidding. Thought I'd give the Ultra-conservatives a little red herring. Sorry dweebs, that's an unlikely scenario in any significant numbers.

The laughing Chrisisall

And ya know, despite Reagan never being able to produce his fabled "Welfare Queen" that he referenced, it's still a touchstone of conservative politics that such people are the vast majority of welfare recipients. Fact is, two of every three welfare dollars are given to farmers - and most of THAT is given to corporate farms!

So here's your "Welfare Queen":

Mike

Let the wild rumpus start!

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Wednesday, October 21, 2009 1:22 PM

Quote:
I personally think that the dollar SHOULD be re-adjusted to be more in-line with the current world situation. Rather than worrying about "the deficit" I think we should be worrying about "the economy", and more specifically how we inject money into it at the bottom, in ways that create jobs and ultimately make us more productive.

Oh hell, Signy - good luck with that crazy-ass scenario! It's far too sensible to ever be taken seriously. Oh, and you know how we inject money at the bottom? By injecting it at the top. Tinkle-on economics, don'tcha know... Given that wealth ALWAYS manages to flow upwards anyway, we really SHOULD inject the money at the bottom of the economy, so at least it could pull some people up on its way back to the top.

Mike

Let the wild rumpus start!

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Wednesday, October 21, 2009 1:35 PM

Quote:
Originally posted by SignyM:
I was about halfway through that I thought... Wait a minute....

Woe to those that had to wait for my "I'm kidding" to suspect something, eh?

The laughing Chrisisall

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Wednesday, October 21, 2009 1:36 PM

Woe to those that doublepost...

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Wednesday, October 21, 2009 3:49 PM

Quote:
Originally posted by SignyM:

ETA: OH, I see Frem already made that point. *waves at Frem* How're ya doin', man?

Hangin in there, the Somer case is lookin uglier by the minute and prolly gonna result in Clearance/Null, alas.

At least I have some backup to walk some of the rounds, one of my bullygirls has shown herself uniquely qualified for the job and had the necessary birthday (and party) today to actually legally do it.

Still trainin her though, she's not familiar enough to solo the rounds quite yet.

-F

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Monday, October 26, 2009 12:17 PM

DREAMTROVE

wake up, time to buy.

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Tuesday, October 27, 2009 7:58 AM

OUT2THEBLACK

Quote:
Originally posted by Wulfenstar:
Wifey is after me about buying a house.

But ya know what? I'm gonna wait till the prices drop to a point where its worth it.

hehehehehehe

Can't wait till the banks get pissed at trying to draw blood from a stone, and are willing to take anything for property.

http://www.moneymorning.com/

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Tuesday, October 27, 2009 8:00 AM

OUT2THEBLACK

http://www.moneymorning.com/2009/10/27/housing-market-bottom-2/

If You’re Going to Buy a House, Do it Now

By Martin Hutchinson
Contributing Editor
Money Morning

'It looks like the U.S. housing sector has bottomed. In fact, if you’ve been thinking about buying a house, this may be the time to make your move.

Let me tell you why.'

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Tuesday, October 27, 2009 9:17 AM