Prepare for more forclosures & down swing in housing

[Douger]

7 Reasons Why the Mortgage Crisis Is Dragging Down the Entire Economy | | AlterNet

 

[8537]

Yeah. It's amazing in a country that is based on Rule of Law, that some people actually take their legally binding contracts seriously.

That legally-binding contract has two legally-binding options:

1. make your monthly payments to the bank and the bank allows you to remain in their property while slowly transferring ownership or, no less legal:

2. Quit making monthly payments to the banks and allow the bank to retain full possession of the property.

Option 2 is following the rule of law. Just because a bunch of corporate kneeknockers have convinced Americans it's wrong to employ option 2 doesn't make it so.

Home "owners" have no more moral obligation to the bank than the bank has to them...which is to say, quit feeling guilty and start walking.

IF you own a house I dare you to just walk away and believe there is no long term damage done by that action...

1. I "own" a house in conjunction with my local bank, who actually owns more of than I do at this point.

2. I'm well above water on the mortgage, so I have no interest in walking away.

3. I never said there is no long term damage.

It was the Government that bail out the Banks that took away their "long term damage."

Indeed!

Remember the what the Government said would happen if we didn't bail out corporations and banks? "IT HURTS YOU!" LOLZ....

The best thing that could have happened for the "little guy" is that corporations and banks were left to fail.

If enough people walk away from their mortgages as they should, you might get your wish there.

 

[DiamondDave]

But wait.. we have another left winger claiming it is all 'getting better'...

Make up your minds, wing nuts

 

[boedicca]

It's amazing to me that so many folks try so hard to stay in their severely-depreciated homes while they fall behind and more expensive terms kick in, wasting tens of thousands of dollars.

Drop the keys at the bank, find a rental and walk away.

Yeah. It's amazing in a country that is based on Rule of Law, that some people actually take their legally binding contracts seriously.

That legally-binding contract has two legally-binding options:

1. make your monthly payments to the bank and the bank allows you to remain in their property while slowly transferring ownership or, no less legal:

2. Quit making monthly payments to the banks and allow the bank to retain full possession of the property.

Option 2 is following the rule of law. Just because a bunch of corporate kneeknockers have convinced Americans it's wrong to employ option 2 doesn't make it so.

Home "owners" have no more moral obligation to the bank than the bank has to them...which is to say, quit feeling guilty and start walking.

The heartbreak of moral relativism on parade ^^^

 

[The Rabbi]

It's amazing to me that so many folks try so hard to stay in their severely-depreciated homes while they fall behind and more expensive terms kick in, wasting tens of thousands of dollars.

Drop the keys at the bank, find a rental and walk away.

Yeah. It's amazing in a country that is based on Rule of Law, that some people actually take their legally binding contracts seriously.

That legally-binding contract has two legally-binding options:

1. make your monthly payments to the bank and the bank allows you to remain in their property while slowly transferring ownership or, no less legal:

2. Quit making monthly payments to the banks and allow the bank to retain full possession of the property.

Option 2 is following the rule of law. Just because a bunch of corporate kneeknockers have convinced Americans it's wrong to employ option 2 doesn't make it so.

Home "owners" have no more moral obligation to the bank than the bank has to them...which is to say, quit feeling guilty and start walking.

You are a moron of galactic proportions. I doubt you own a house.

For starters, when you sign a mortgage you sign something called a "Promissory Note." Promissory. As in "promise." A promise is an obligation.

Second, there are not two options. There is one option and consequences if you do not do it. That's like saying you have two options when it comes to obeying the law: eitehr follow it or go to jail. There are not two options. There is one option and consequences for not doing it.

 

[ClosedCaption]

But wait.. we have another left winger claiming it is all 'getting better'...

Make up your minds, wing nuts

Need more straw?

 

[8537]

Yeah. It's amazing in a country that is based on Rule of Law, that some people actually take their legally binding contracts seriously.

That legally-binding contract has two legally-binding options:

1. make your monthly payments to the bank and the bank allows you to remain in their property while slowly transferring ownership or, no less legal:

2. Quit making monthly payments to the banks and allow the bank to retain full possession of the property.

Option 2 is following the rule of law. Just because a bunch of corporate kneeknockers have convinced Americans it's wrong to employ option 2 doesn't make it so.

Home "owners" have no more moral obligation to the bank than the bank has to them...which is to say, quit feeling guilty and start walking.

You are a moron of galactic proportions. I doubt you own a house.

For starters, when you sign a mortgage you sign something called a "Promissory Note." Promissory. As in "promise." A promise is an obligation.

Indeed! an obligation to either make your payments or forfeit the house and any associated equity.

Second, there are not two options. There is one option and consequences if you do not do it.

So, we agree that there are two options then?

That's like saying you have two options when it comes to obeying the law: eitehr follow it or go to jail.

Except one of those options is illegal. Neither option i presented is illegal.

 

[8537]

Yeah. It's amazing in a country that is based on Rule of Law, that some people actually take their legally binding contracts seriously.

That legally-binding contract has two legally-binding options:

1. make your monthly payments to the bank and the bank allows you to remain in their property while slowly transferring ownership or, no less legal:

2. Quit making monthly payments to the banks and allow the bank to retain full possession of the property.

Option 2 is following the rule of law. Just because a bunch of corporate kneeknockers have convinced Americans it's wrong to employ option 2 doesn't make it so.

Home "owners" have no more moral obligation to the bank than the bank has to them...which is to say, quit feeling guilty and start walking.

The heartbreak of moral relativism on parade ^^^

Thank you for so dutifully and kindly carrying our water.

Signed,
Bank of America.

 

[The Rabbi]

That legally-binding contract has two legally-binding options:

1. make your monthly payments to the bank and the bank allows you to remain in their property while slowly transferring ownership or, no less legal:

2. Quit making monthly payments to the banks and allow the bank to retain full possession of the property.

Option 2 is following the rule of law. Just because a bunch of corporate kneeknockers have convinced Americans it's wrong to employ option 2 doesn't make it so.

Home "owners" have no more moral obligation to the bank than the bank has to them...which is to say, quit feeling guilty and start walking.

You are a moron of galactic proportions. I doubt you own a house.

For starters, when you sign a mortgage you sign something called a "Promissory Note." Promissory. As in "promise." A promise is an obligation.

Indeed! an obligation to either make your payments or forfeit the house and any associated equity.

Second, there are not two options. There is one option and consequences if you do not do it.

So, we agree that there are two options then?

That's like saying you have two options when it comes to obeying the law: eitehr follow it or go to jail.

Except one of those options is illegal. Neither option i presented is illegal.

Never thought I'd see the day when you finally admitted you have mush for brains and apologize for your post. But here it is.

Yes, there is no real option in the contract. Pay up or suffer consequences. And as you mention, you made a promise to pay the money. Many people have the quaint notion that their word means something. I guess you aren't one of them.

 

[8537]

Yes, there is no real option in the contract. Pay up or suffer consequences. And as you mention, you made a promise to pay the money. Many people have the quaint notion that their word means something. I guess you aren't one of them.

The contract is quite clear: You can either pay x per month or suffer consequences equal to "Y". When consequences of X > y, any person with half a brain would choose Y.

Dumbshits and racists who buy into the moral "we must support the Man" chose X over Y out of some kneejerk reaction. Your knee must be sore by now.

 

[Trajan]

Yes, there is no real option in the contract. Pay up or suffer consequences. And as you mention, you made a promise to pay the money. Many people have the quaint notion that their word means something. I guess you aren't one of them.

The contract is quite clear: You can either pay x per month or suffer consequences equal to "Y". When consequences of X > y, any person with half a brain would choose Y.

Dumbshits and racists who buy into the moral "we must support the Man" chose X over Y out of some kneejerk reaction. Your knee must be sore by now.

so, you're out on the street? sorry to hear it...but you walked away clean!!!!

 

[8537]

Yes, there is no real option in the contract. Pay up or suffer consequences. And as you mention, you made a promise to pay the money. Many people have the quaint notion that their word means something. I guess you aren't one of them.

The contract is quite clear: You can either pay x per month or suffer consequences equal to "Y". When consequences of X > y, any person with half a brain would choose Y.

Dumbshits and racists who buy into the moral "we must support the Man" chose X over Y out of some kneejerk reaction. Your knee must be sore by now.

so, you're out on the street? sorry to hear it...but you walked away clean!!!!

No, i'm happily in a home that has appreciated in value over the past five years and my mortgage is well above water. Of course, you'd know that if you'd read the thread.

but if it was way underwater, destroying my credit and costing multiples of a similar rent - I'd walk tomorrow.

 

[Avorysuds]

But wait.. we have another left winger claiming it is all 'getting better'...

Make up your minds, wing nuts

Need more straw?

Figures you would be the one to offer, who has more stock than you, RW, TM Rtard maybe?

 

[KissMy]

I am not saying that, I am saying that if you lower wages, people will have to rent instead of buy houses. That means no property tax paid which is a huge source of revenue for states across the country. That funds education, state troopers, and many other programs.

When you keep saying lower taxes, lower taxes, you defund the biggest employer in the country. They get lower wages across the board, they don't spend as much. And since we don't build shit, we are screwed if they don't spend. Businesses don't expand or downsize, meaning jobs are lost and the cycle continues.

Thats the point. Yeah taxes sucks. Everyone agrees, but government is a huge employer and job creator. You defund that, you defund America.

Assholes like you are always only concerned about the government employee & their golden pensions. They are way to high paid compared to everyone else & damn sure should not be able to extort tax payer money to funds their lavish retirement.

Squatters need to be kicked out so the house can be auctioned to a landloard. Rental homes creates 100% USA jobs. Housing was a huge 100% US industry until government said people could stay in their homes for free & let it fall appart around them which put everyone in housing out of work. Even the government collected hefty tax revenue from housing before they started letting people squat for free. Realtors, Surveyors, Advertizers, Land Lords, Insurance Agents, Home Inspectors, Occupancy Inspectors, Evictions, Mortgages, Plumbers, Electritions, Carpenters, Movers, Painters, Landscapers, Roofers. This makes up a very large portion of the US economy & none of this is outsourced to other countries.

Yes you're right and some of those are unionized. And what lavished retirement? At best I am getting 90% of my salary and thats going to be tough. I make 30K a year after 4 years of teaching. My friend who is in business is getting 45K in 2 years of experience. So what freaking lavish lifestyle am I living? Oh yeah I have a 2000 Ford Taurus, I am really living it up with my power locks.

We take less pay to have that guaranteed retirement that WE PAY FOR. You take that away, who the hell is going to work for 30K with no retirement or benefits to teach our kids? Not a whole lot of people.

See I know you despise everything government even though everything that surrounds you has had government involvement. To ensure your house is built properly, that the streets you take to work are clean and driveable. To give your kids a proper education. ALL OF IT has government involved.

And don't give me that free market BS. Businesses cut corners all the time in employee safety.

Your friend that you envy can't force tax payers to give him what he wants like you try to do. He does not get 3 months off to enjoy summers like you. He could be fired any day so he must give his all to stay on the job while you just put in your time & party. You get to retire after 20 years of work at any age & after jacking your last 3 years salary up to increase your pension payments when you retire so you can live the high life. Your friend has to work until he saves enough or draws SS at age 70. When you add up your pay & benefits, you make double what your friend makes!

As a teenager I went out on my own & hustled up jobs. I hired & ran my own work crews to assist me to do the work & paid them better than they had previously earned. I saved my money, bought my own car & paid my own way through college. I did not get government grants, loans or scholarships for college.

As for government building my house & road properly pfft! I worked my ass off when I was young instead of partying. I bought my land with my money without government assistance or loans. I built my own road, cut my own trees, leveled my lot, drilled my well, dug my lagoon, poured my concrete, sawed my lumber, & built my own house with my own hands.

I don't have any guaranteed retirement, only guaranteed taxes. So excuse me for not giving a shit about your union pension fund blues.

 

[The Rabbi]

Yes, there is no real option in the contract. Pay up or suffer consequences. And as you mention, you made a promise to pay the money. Many people have the quaint notion that their word means something. I guess you aren't one of them.

The contract is quite clear: You can either pay x per month or suffer consequences equal to "Y". When consequences of X > y, any person with half a brain would choose Y.

Dumbshits and racists who buy into the moral "we must support the Man" chose X over Y out of some kneejerk reaction. Your knee must be sore by now.

Yes, I have a knee jerk reaction that says a man's word is his bond. I won't apologize for it. It doesn't matter if I have freely given my word to "The Man" or someone else. I am bound to keep it.
You, in typical lib fashion, feel that whatever your "needs" are their gratification is most important. Everyone else can go suck an egg.
And if you give a deed in lieu your credit is pretty well trashed anyway, since that is equivalent to a foreclosure.