by GarySpicuzza » Mon Sep 22, 2008 10:34 am
Below are actual numbers of a home in foreclosure.
April 1 1998, homeowner buys home with $70,000, 1st mortgage.
January 26th 2004, refinances, with $105,400, 1st mortgage.
Homeowner pulled $35,400 cash out of home.
February 19th 2005, obtains home equity loan of $21,000
Homeowner has now pulled $56,400 out of home.
December 12th 2005, homeowner replaces (paid off) the $21,000 home equity loan with a $70,000 home equity loan. Netted another $49,000 out of home.
Homeowner now owes $175,400 on their home that at best, tippy top, may sell for $150,000.
So within two years the homeowner pulled $84,400 cash out of their home.
The homeowner now just simply walks away from the home and they took more money out of the home than the original purchase price.
The numbers I posted are from actual court records.
Don't feel sorry for these people who have legally robbed the bank with the bank's permission.
Both the banks and the government have been made fools.
Now our Gubment is printing more money to give to the banks to buy these properties.
They have no choice but it hisses me off!
Remember, the HOMEOWNER got the money and spent the $84,400.
April 1 1998, homeowner buys home with $70,000, 1st mortgage.
January 26th 2004, refinances, with $105,400, 1st mortgage.
Homeowner pulled $35,400 cash out of home.
February 19th 2005, obtains home equity loan of $21,000
Homeowner has now pulled $56,400 out of home.
December 12th 2005, homeowner replaces (paid off) the $21,000 home equity loan with a $70,000 home equity loan. Netted another $49,000 out of home.
Homeowner now owes $175,400 on their home that at best, tippy top, may sell for $150,000.
So within two years the homeowner pulled $84,400 cash out of their home.
The homeowner now just simply walks away from the home and they took more money out of the home than the original purchase price.
The numbers I posted are from actual court records.
Don't feel sorry for these people who have legally robbed the bank with the bank's permission.
Both the banks and the government have been made fools.
Now our Gubment is printing more money to give to the banks to buy these properties.
They have no choice but it hisses me off!
Remember, the HOMEOWNER got the money and spent the $84,400.
Posted: Mon Sep 22, 2008 10:31 pm Post Subject:
...and a couple of other things, these poor homeowners literally strip the house down to its bones.
After they live rent free for almost a year they sell the fridge, stove, microwave, dishwasher, pull up the carpet and take the air conditioner unit.
The news media NEVER reports that they live in the house for FREE for almost a year before the forclosure court order is final.
There is one forclosure up the street from my house where the homeowner pulled all the inflated equity out the home and bought two condos on Long Boat Key.
I know, I know this all sounds harsh, but the homeowner took the money, spent the money and has a great excuse for not paying the money back.
Why bother when you can just walk away?
Posted: Wed Sep 24, 2008 11:06 am Post Subject:
Had nearly the same thing next door to me...Grandma left good for little adult (40 something) grandson her house, free and clear no mortgage...he quickly got notes that totalled about 150k against it...still don't know what he bought with it, never saw anything to show for it....then just walked away they foreclosed...a flipper bought it, because it was in awful shape...so the flipper paid about a third of what was owed on it, turned a decent profit...and ''good for little'' is pretty much scot free as far as we can tell...first off though this house in the condition it was in when he got the loans was worth 60k at best...so I blame the lenders (2) that loaned this money as well...I know for a fact his credit rating is and was about 2 so they got themselves in deep on this one, when apparently all underwriting sense went totally out the window...but now who is bailing this lender out? yeah you know
Posted: Thu Sep 25, 2008 10:39 am Post Subject:
What I find amazing is that Prez Bush gets on the tube last night and goes on and on about how the regular folks won't be able to buy a car or send their kids to college or finance some other useless thing....maybe a jet ski, boat, new boobs or those great time-share ponzi schemes! :shock:
Like NOT being able go into debt up to your eyeballs is a bad thing.
The USA govenment borrows more money than anyone on Earth and when they can't pay their bills with tax revenue and borrowed money they simply print the short fall.
The USA govenment has shown Americans by example exactly how to financially bankrupt yourself.
Not only does the USA govenment use one credit card to payoff the other. When their credit line is over the limit they simply increase it then issue themselves another card.
These banks need to GO OUT OF BUSINESS.
:evil: $700 billion dollars...KMA. :twisted:
I say let those properties sit. Private professional investors will get to them eventually and fixed 'em up then rent them back out to all those losers who never saw a loan they didn't like.
But hey, I'm not complaining, in Florida, in certain neighborhoods, you can pick up these properties for not much more money than the dirt the house is sitting on! :D
Now for my political dig. People like Obama, Biden, Kennedy and Kerry will starve to death if and when there is total collapse.
People like Sarah Palin will just go out, shoot a moose and feed their family.
Posted: Thu Sep 25, 2008 10:50 am Post Subject:
Now for my political dig. People like Obama, Biden, Kennedy and Kerry will starve to death if and when there is total collapse.
:roll: :roll:People like Sarah Palin will just go out, shoot a moose and feed their family.
Posted: Fri Sep 26, 2008 01:47 am Post Subject:
Linky.
Joe Biden says:
"When the stock market crashed, Franklin D. Roosevelt got on the television and didn't just talk about the, you know, the princes of greed. He said, 'Look, here's what happened,'" Barack Obama's running mate recently told the "CBS Evening News."
So this is the clueless clown who would be a heart beat away from the Presidency?
#1) Wall Street crashed in 1929.
#2) Herbert Hoover was the President in 1929.
#3) Roosevelt didn't become Prez until 1933.
#4) TV wasn't introduced until 1939.
Vote Palin - McCain
...at least she knows where Alaska is...
Posted: Fri Sep 26, 2008 01:56 am Post Subject:
My .02.
This whole mess is because of greed. Banks got greedy to make more money - which leads to bigger bonuses - and created every possible way to loan too much money to people who couldn't afford it. Interest only, etc
And you have the borrower. Greedy by wanting a house that costs more than they can afford. It's called a budget. It's called living within your means.
The banks told us that we could borrow nearly 3 times more than what we did. Why didn't we go for the bonanza? Because we knew, in the big picture, we couldn't afford it.
We weren't greedy.
Many people aren't greedy. Many people are/were responsible.
Unfortunately, we are the ones who are going to pay for those who weren't.
Posted: Fri Sep 26, 2008 09:42 am Post Subject:
"This is an impressive crowd-the haves and the have-mores. Some people call you the elites. I call you my base."
George W. Oct 20, 2000...Alfred E Smith Memorial Dinner......................................................
"Wow! Brazil is big!"
George W. upon seeing a map of Brazil ...meeting with the Brazillian President, Nov.05-----------------------------
"They want the federal government controlling the Social Security like it's some kind of federal program'',
George W St. Charles, MO Nov.2000 :roll: :roll:Posted: Fri Sep 26, 2008 11:46 am Post Subject:
Unsourced quotes without linkies may as well be made up.
Obama says:
"I wish Sarah was my running mate, she's a winner! Joe Biden's a dork. I need to ask her about this financial thingy going on."
Posted: Sat Sep 27, 2008 11:05 am Post Subject:
Unsourced quotes without linkies may as well be made up.
OH no you d-unt...first they are sourced silly...with dates..and places....'everything' doesn't come with a link or from the net my friend...oh...i see you were making YOURS up...ok..Posted: Mon Sep 29, 2008 11:21 am Post Subject:
...oh...i see you were making YOURS up...ok..
Yes. Why not? News reporters make up things all the time.
It's comical watching these political *_ _ _ _ _ trip all over themselves to take credit for this upcoming financial bailout bllsht in which they created the problem in the first place beginning in 1999.
I haven't heard the term "predatory lending practices" used very much recently since that's an absurd term. Someone with money to loan out wouldn't seek out someone or prey on someone to loan them money without a reasonable expectation of the money being repaid.
The truth of the matter is "predatory borrowers" have literally taken the banks to the cleaners with the blessing of our Gubment.
The Gubment isn't going to prevent one foreclosure.
They are simply going to buy and hold the bad debt (properties) until the private sector gets around to cleaning up these properties and from what I can see around Florida it's going to take about ten years.
Source LINK.
Obama claims:
Predatory Lending: In the Illinois State Senate, Obama called attention to predatory lending issues. Obama sponsored legislation to combat predatory payday loans, and he also was credited with lobbying the state to more closely regulate some of the most egregious predatory lending practices.
Really? :roll:
Exactly what are these egregious predatory lending practices?
What is a predatory lending issue?
Who's the predator?
The bank who loans out the money?
or
The borrower who doesn't pay it back?
*_ _ _ _ _ = Bad Word
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