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titan8813

If you don't pay your mortgage payment, then the contract you signed with the mortgage holder gives them the right to take the asset as a their payment due that you failed to make.  If holding someone accountable to an agreement they made under their own free will is predatory or unscrupulous, then we're in a much bigger mess than has to do with money.  Nobody has to get a loan to buy a house.  They still take cash--seriously!  Will it take a lot longer to save up to pay cash for a house?  Of course!  But buying a home with the bank's money and then not paying your bill does NOT make you a victim, and it's certainly not a RIGHT!  Your job wasn't guaranteed to you when you signed the mortgage, and it's not the bank's fault if you lose it.  They're not the bad guy if they execute on the deal you made with them.  I'm tired of this crap.  Are there "bad guys" out there?  Sure.  They're the ones who have all the means necessary to make their house payment but they see everyone else defaulting on their loans so they decide to live "rent free" for a year or more while they take advantage of the people who allowed them to get a home in the first place!  

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jnwoll

well put... I expound on that I'd like to mention a great phrase:  Live within your means.  In 2006 I got approved for my mortgage.  Okay fine.  But, what suprised me was the banker/lender came back to me wondering why I only wanted 250K as I've been approved for 900k.  Then he went into all the ways I could easily afford 800-900k and all these ways on how to obtain it.  It was crazy.  All I wanted was a 30 year mortgage and that was the last thing he wanted to hear.  Now, I'm not cutting them slack, you're the sucker to signed it.  Can't pay, lose house.  It's that simple.  I don't agree with so much regulation, but banks also need to be told... "You gave a man a $350,000 loan when he makes $10 an hour, lives in a single income family and tries to feed 6?  You deserve to not get paid." 

If it sounds too good to be true, it was and still always is.

 

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titan8813

I'm a real property appraiser and I see stupid stuff like this all the time, it's really old.  I've been pressured to "make the value" on a property that is being financed at 100% with a 60-inch flat screen in the living room and a brand new car in the driveway.  Give me a break.  I was talking to a gentleman in his late-60s a few weeks ago and he said that even though he and his wife wanted only a 10-year note, the banker was pressuring them to get a 30-year loan.  I'm sorry, what part of late-60s plus 30 years was a good idea to you?  Thankfully the guy stuck to his guns, but how many Octogenarians out there are getting approved for these loans?!  Unbelievable.

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holye

These are type of people along with ACORN that got us into the current economic mess that we are now in, forcing banks to make risky loans to people that can afford them. where you see compassion i see a predator.

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