Dear former president clinton
- Thread starter dank24
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Mr. Jollypants
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So it's the peoples fault for buying a house they could afford a few years ago, and save money on the side, and now they lost their job, it's their fault?
confused, are you blaming the banks or the government....or is it the governments fault for making the banks give out loans.....either way, i think it is 100% on the buyer. they should know whether or not they can afford a house....and if they lose it, it is their fault (most of the time anyways)
if you put no money down, get a variable interest rate, and aren't prepared for it, then yes, its your fault.....people do dumb s**t, like buy a house with no money down or 5% whatever.....my dad put 80% down on the house i grew up on, had it paid off in 3 years. people get a new job, that they've had for a year, think they're making mad bank, and buy a new house, new car, and about 40% of their payment is interest, thats retarded
wat
with all due respect its NOTHING like that.. these are ADULTS who SHOULD be in control of their finances.. a lot of loans were approved "no-doc" meaning people had GOOD credit showing history of debt payment.... and decent amounts of cash available.. these people were basically saying to the bank.. i may not be able to prove income.. but i have a LOT of cash and good bill payment history, so i will pay you back.. the premise of this is to give people loans who make money in undocumented ways, because there are instances where people earn money in undocumented ways.. such as small in home businesses.. at the end of the day.. the bank says THESE are the details of YOUR loan.. this is how much you pay.. do YOU want the loan.. will YOU be able to pay it.. signing on the dotted line makes it YOUR fault.. if i offer you a loan today of $500 to be paid back by the end of the year PLUS $1,000 interest for a total of $1500.. SURE thats a BAD deal.. but it is YOUR choice to take it..
Damn you Dank. Good topic though.
It is true that nobody MADE anyone take a loan out to buy a home. It IS an individual responsibility.
But how can you really place blame on someone for not being able to make payments after being layed off from a job they've worked at for years (meaning more than say, 5)? Can they really foresee that?
Never should you take a loan with an adjustable rate, that just makes it sound like you're going to get f**ked in the end.
It is true that nobody MADE anyone take a loan out to buy a home. It IS an individual responsibility.
But how can you really place blame on someone for not being able to make payments after being layed off from a job they've worked at for years (meaning more than say, 5)? Can they really foresee that?
Never should you take a loan with an adjustable rate, that just makes it sound like you're going to get f**ked in the end.
it takes a LONG time for a home to be foreclosed on.. and generally speaking if you make a RESPONSIBLE buy you can normally get out before you are kicked out, through various agreements.. my wife and i recently divorced and neither of us could afford to live there individually.. so we stopped paying the mortgage.. BUT we notified the lender immediately.. and they worked with us to sell the home.. in the end it was really a pretty painless process..
i love these threads. knowledge and logic = win.
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Mr. Jollypants
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Exactly. The banks shouldn't have been as open as they were with handing out loans.
We had quite a few people in our neighborhood get loans just because it was no-docs. They were in welfare.
Not always.
No they didn't. The bank thought that they would.
No, it was ways to get loans out the door and make money.
The banks were known to make loans look better than they were.
True.
Exactly, so it's 50/50. 50 for the people even doing it, and 50 for the banks even giving them out.
My mom was the head accountant for a national mortgage corporation. They got shut down for forging signatures, cleaning things up in the peoples credit histories, or even doing No-Docs on people they KNEW didn't have stable jobs or incomes.
Mr. Jollypants
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No it doesn't. It takes roughly 30 days. Usually a bank gives you 15 days to get your stuff and get out. 90 days past due and the home starts going to into foreclosure.
Not always. A bank will do a short sale in this market, but the banks will not always work with you.
That was a big mistake.
Atleast you did that.
You must have a good lender, or two, they wanted to sell it to make money and not lose money while you weren't making payments.
i have NEVER heard of a mortgage company foreclosing after ONE missed payment.. you have to be MONTHS behind before they even START the foreclosing process..
and again with ANY adult choice.. you have the choice at the end of the day to evaluate the terms of the loan.. no matter how awful they are YOU make that choice to sign or not.. you have complete and total control.. if you can't pay.. don't sign.. the moment you sign.. you agree to the shitty terms... and its YOUR responsibility to pay them back..
exactly, the banks aren't making you take their money, you choose too, in no way is that 50/50...then they take your house cuz your the idiot that couldn't make the payments