Judge Wipes Out Couple's Mortgage Debt

Discussion in 'Law and Justice System' started by Southern Belle, Nov 28, 2009.

  1. Southern Belle
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    Southern Belle Rookie

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    Remainder here.

    [sarcasm on] Oh, cool...now I know that when my mortgage company refuses to refinance my home I can go to the courts and end up owning my home and cheat the bank out of every penny they loaned me. [/sarcasm off]

    I am sorry these people had some health issues, but that wasn't the banks problem or responsibility. They signed a contract and owed the debt. If they are having problems that caused them to not be able to meet their obligations they should have sold the home and moved to something they could afford. If there is any justice left in this country the judgement will be overturned on appeal.
     
  2. Oddball
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    Oddball BANNED Supporting Member

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    Link, please.
     
  3. Southern Belle
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    Southern Belle Rookie

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    I put this in my 1st post.....

    (posted on AOL news...this site will not let me post the link till I get 15 posts or more)
     
  4. Oddball
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    Oddball BANNED Supporting Member

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    Fair enough...Gotcha covered. :)

    Also, please don't copy-n-paste entire pieces. It's violates copyright and fair use.
     
  5. goldcatt
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    goldcatt Catch me if you can! Supporting Member

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    Here's a link for you, SB:

    Judge Helps Couple Avoid Foreclosure - ABC News

    Not good news for me. I already jumped one sinking ship in the middle of the credit crunch. If it tightens up again before the field fully recovers there won't be anywhere left to land.
     
  6. Southern Belle
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    Southern Belle Rookie

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    Thank you goldcatt....

    I hope you make it through without any more problems.
     
  7. chanel
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    chanel Silver Member

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    Its b.s. They bought a home they couldn't afford and then cried ignorance. How many people living in houses half that size have been foreclosed upon for the same thing? They must have a pretty damn good lawyer. Prob the judges brother in law. Lol
     
  8. goldcatt
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    goldcatt Catch me if you can! Supporting Member

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    Anytime! And thanks for the good wishes. ;)

    The real estate market has been picking back up since about June where I am, but most of the businesses in my particular field (title) that survived the fall, winter and spring are still on thin ice with another slow season coming up. We're thinking about survival. If there are too many of these lousy decisions and the lenders start balking again like they were last year this time, it's going to mean even more shops closing and even more people out of work. I might be one of them. :eek:
     
  9. goldcatt
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    goldcatt Catch me if you can! Supporting Member

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    That may or may not be the situation. In most cases it's true, but in others there really were at best total apathy and/or incompetence, at worst predatory or even outright fraudulent practices by brokers, lenders, crooked attorneys, fly by night abstractors, title agents that should never have been licensed, and on and on.

    Most of these have gone under by now but in 2004 they were piling on and riding the easy money wave. You have no idea how many hours I spend every week cleaning up those idiots' messes so my clients (and I) don't get burned.

    I've been on the lender side before, I see where OWB is coming from, but these people were with (insert obscenity of choice) IndyMac. :rolleyes: It's not always as simple as it seems on the surface.
     
  10. Foxfyre
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    Foxfyre Eternal optimist Gold Supporting Member Supporting Member

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    A long time ago, the government got on a kick of letting folks take over FHA and VA repo houses for as little as $100 down. There was one neighborhood where almost all the breadwinners worked for one manufacturing firm, and almost all the houses were financed with FHA loans. When the business closed (to escape an attempted union takeover), a great many of those houses went into default. Almost all the folks who subsequently bought them bought them with almost no down payment as FHA repos.

    When the next recession hit, almost all those houses were foreclosed on. With nothing invested in the house, the people had little incentive to keep up payments and it felt, to them, like walking away from a rental property. This time the properties sat empty long enough for the properties to seriously deteriorate. I think eventually the entire neighborhood was bulldozed to make room for other stuff.

    That didn't happen anyplace else in town.

    When we finally get back to the point that you have to put down a substantial amount--at least 10% of value of a property--AND demonstrate ability to repay plus a track record of paying your bills in order to get a loan, it will always ultimately be the responsible taxpayer who absorbs the consequences of irresponsible lending and behavior.

    Can't we all demand that our elected representatives return to responsible policies and pass laws and regulations that the irresponsible courts can't get around?
     
    Last edited: Nov 28, 2009

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