Wcross
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Tue May-15-07 10:25 AM
Response to Reply #18 |
| 19. The lender could come after the borrower for the shortfall. |
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It isn't unheard of for a lender to sue if the property sale doesn't cover the loan(s). Thanks to the wonderful new bankruptcy laws it is difficult to walk away from debt.
At least with my plan they would have a roof over their heads and the ability to sell/refinance when conditions improve.
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| -115 CA Consumer Groups Call Upon Home Mortgage Lenders to Halt Accelerating Foreclosures |
TexasLawyer |
May-14-07 07:42 PM |
#0 |
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I don't understand, people gambled and lost so why shouldn't they pay? Would they have shared their |
jody |
May-14-07 07:57 PM |
#1 |
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This is what I see on a daily basis |
Jacobin |
May-14-07 08:12 PM |
#2 |
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OK but do you want government to evaluate people and determine whether they should be allowed to buy |
jody |
May-14-07 08:20 PM |
#3 |
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That's not the point |
Gman |
May-14-07 08:34 PM |
#4 |
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If people shouldn't have qualified for a loan, then should government approve their loans? n/t |
jody |
May-14-07 09:15 PM |
#8 |
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Of course not... what's your point? |
Gman |
May-15-07 07:10 AM |
#12 |
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If govt approves loans, IMO the associated bureaucracy will be much less effective |
jody |
May-15-07 07:18 AM |
#13 |
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Government does not do things less efficient than private business |
Gman |
May-15-07 08:18 PM |
#25 |
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Note I said effective not efficient. I see we disagree on whether government is more effective and |
jody |
May-16-07 04:54 PM |
#33 |
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A rare visit outside of the Gungeon ? |
Trajan |
May-15-07 11:02 PM |
#30 |
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What's your problem? n/t |
jody |
May-16-07 04:55 PM |
#34 |
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I don't think I said anything like that |
Jacobin |
May-14-07 08:49 PM |
#5 |
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I know you didn't say that but if people should be protected against borrowing when they shouldn't, |
jody |
May-14-07 09:13 PM |
#7 |
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The government's role should be to level the playing field for borrowers |
Gormy Cuss |
May-15-07 10:35 PM |
#28 |
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What part of our Constitution says government should level the playing field for borrowers? n/t |
jody |
May-16-07 04:57 PM |
#35 |
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What part of our constitution says that it shouldn't? |
Gormy Cuss |
May-17-07 07:54 PM |
#37 |
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What part of our constitution says that it shouldn't? Answer: Amendment X |
jody |
May-17-07 08:00 PM |
#38 |
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You are missing the point. STATES are governments too. |
Gormy Cuss |
May-17-07 08:10 PM |
#39 |
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I've not missed the point but you insist that government should approve loans. What other business |
jody |
May-17-07 08:32 PM |
#40 |
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I did not insist that government should approve loans, only that the lender should not |
Gormy Cuss |
May-17-07 08:40 PM |
#41 |
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Clearly congress has a right to regulate commerce but the loans to buy houses in question are to |
jody |
May-18-07 05:38 AM |
#42 |
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On NPR today mortgage brokers confessed that they did things such as |
1932 |
May-14-07 10:19 PM |
#9 |
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I believe that's the buyers fault under contract law. IMO, many people sign loan contracts who |
jody |
May-15-07 07:27 AM |
#14 |
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If the mortgage company admitted they did that, it's fraud and the buyer could |
1932 |
May-15-07 10:23 PM |
#27 |
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letter vs spirit. . . . . not "technically" illegal . . (familiar arguments) |
annabanana |
May-18-07 06:45 AM |
#44 |
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Perhaps the cover sheet should be the "fine print". |
SimpleTrend |
May-15-07 11:17 AM |
#20 |
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Those aren't legally binding documents |
Rage for Order |
May-15-07 10:57 PM |
#29 |
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not a fax cover sheet. |
1932 |
May-15-07 11:04 PM |
#31 |
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If they don't, they've broken the law. Fair Trade Act of 1968 |
shrike |
May-16-07 09:14 AM |
#32 |
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The "house" never loses. Predatory lenders have told |
annabanana |
May-18-07 06:43 AM |
#43 |
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I wonder what % of foreclosures are from speculators |
CharmCity |
May-14-07 08:52 PM |
#6 |
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Asking them to shut the barn door after the horse already got out. |
tanyev |
May-15-07 06:41 AM |
#10 |
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Does anybody benefit from a foreclosure? |
western mass |
May-15-07 07:08 AM |
#11 |
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Depends on the property/equity, but usually no. |
flvegan |
May-15-07 08:36 AM |
#17 |
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The homeowner loses, lender is lucky if it recovers its principle |
slackmaster |
May-16-07 05:19 PM |
#36 |
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A very simple solution. |
Wcross |
May-15-07 07:55 AM |
#15 |
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Great idea. |
PassingFair |
May-15-07 08:09 AM |
#16 |
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If Banks Want to Do That, Okay, But It Shouldn't Be Legislated |
Crisco |
May-15-07 08:47 AM |
#18 |
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The lender could come after the borrower for the shortfall. |
Wcross |
May-15-07 10:25 AM |
#19 |
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Very Bank-Friendly Then, Indeed |
Crisco |
May-15-07 07:05 PM |
#24 |
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Win-Win? |
Wcross |
May-15-07 09:52 PM |
#26 |
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You might even get lender buy-in if they were allowed |
flvegan |
May-15-07 11:45 AM |
#21 |
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Banks wouldn't be stuck with a 1% rate. |
Wcross |
May-15-07 12:28 PM |
#22 |
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They could be if it's based on this: |
flvegan |
May-15-07 12:37 PM |
#23 |
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