just waiting now...

G

ghafoors2005

New member
well like I said hostile, I'm working on the mortgage and even with the delay in my taxes and the probability of going into forclosure my tax money + stimulus + next paycheck bring me to $2600 of the $2950 I need to be completely up to date. Next paycheck after that will bring me total current. Then its just a matter of getting that modification through..
 
Did you know that a bank foreclosing on a house actually violates the contract? I'm not sure where it says that exactly, but a guy sued his bank for trying to foreclose his house because he knew the contract backwards and forwards. The guy won and got to keep his house. The only reason why so many houses still get foreclosed is most people don't know that.

Anyway, I'm really sorry to hear that, DL. I hope everything gets better for you. :hug2:
 
Link please, because that sounds like total bullshit to me. You borrow money, with collateral...dont repay money...you lose collateral.
 
lose collateral and still have to pay... thats the fucked up part about it.. you put property up in lue of payment.... but then the bank chooses to sell that property at a fraction of its value and hand you a bill for money they know you dont have.

Me personally I think that if they dont have the foresight to sell the item in question for its full value then they should be liable for the remaining balance. Also they should not be allowed to hand you a bill including the interest from the origional loan should you default. In the case of a default that means the loan will not come to close in the time frame as it should of. The interest is just ficticious money at that point.
 
Here's the thing. When you sign the contract with the bank they're putting up money that does not exist as their part of the deal. You're putting up your house. When I say the money doesn't exist I mean that the bank basically just says the money's there but it was never actually created. That's what credit is. It's money that someone is saying is there, but it's not actually made. The guy took the bank to court saying that since the money they were "putting up" wasn't actually there they were violating the contract first.

I'll have to ask my fiance where he found that before I can post a link.
 
actually no.. that only works if you bought your house from the same bank you are mortgaging from. Like buying a forclosed home. Where no real money has changed hands.

when you buy a house normally, the contract is signed. the bank gives existing money(not fake money) to the previous home owners for the established value of the home. Split between the owners and thier mortgager if they still owe some money. Then you are indebted to the bank you borrowed from for that money with an interest charge set so that the bank can make a little cash in the deal. The only real fake part of all this is the interest because its just a shurcharge for carrying the loan. In that time the house is held as collateral against that money should you not pay.
 
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