Posted on 03/03/2010 5:39:05 AM PST by EBH
You are right, you signature is your oathe, and above that signature it says “you bank can take this property as your own if I can no longer afford it.”
The banks have no honor to follow their end?
“People still make their car payments even though virtually every car on the road is “underwater”.”
Excellent point!
“I screwed up judging the page turn. They didn’t take a risk on the appraised value. YOU DID! You promised to repay a value that they loaned YOU.”
LOL, you are hillarious... let’s do business sometime.. I’ll buy you lunch... Are you interested in a ‘99 Ford F150?
It’s different because the basic assumptions in effect when the deal was made have changed.
And they charge you the difference sold at auction, plus reposess fee, plus plus plus.
Look, I’m 32. I would have liked to have bought a house 8 years ago when I moved to my current location (at the start of the bubble). Housing prices were unreal. Guess what, I didn’t buy. There wasn’t any value.
I’m sorry if you chose to, but that’s not the banks fault. You promised you would repay a loan given to you at terms that you agreed to.
If you lose your job and can’t pay it, I understand. But walking away from a promise to repay simply because it’s currently worth less than money you bought it for pay is strait up wrong in my book.
I learned early on in my life that you don’t use credit to buy consumables. Who wants to be paying 30% for last years tank of gas? Same thing goes for speculative assets. That includes Real Estate.
I’d enter a contract with you because I know you would always pay no matter what was done to you.
That is very good.
No it’s not. Everyone knows that going into the deal.
How did the basic assumptions change? You borrowed x from me in promise for x+interest from you over y set of time?
Indeed it is very good. And it takes a country of people like that to be a good and prosperous country.
How did the basic assumptions change?
Today, a man’s word means squat.
They do and my bank has. They lent me the money to buy my house and they send me regular statements and let me know of escrow balances, service the loan stuff, etc...
And remember, you are signing a promissory note which states you are going to make a good faith effort to pay back the loan. The intent of the contract is for it to be fulfilled not forfeited.
I know you are in a tough spot and not happy with current events, but that changes NOTHING about the rules you signed on to.
I remember being at your side posting how unfair it was to change the rules after an election when it came to the 2000 elections
It would never happen because I would never sign the document. Now if you want to play poker, then lets play poker! ;)
Personally I am just fine economically thank you.
Maybe you don’t understand my position. If the bank refuses to negotiate I agree you are morally obligated to stick with it.
I’m with you bud. I’m trying to save capital to backstop this.
Banks are not “Moral”
they are at best “Amoral”
Corporations do not “Care”
Banks do not “Care”
Governments do not “Care”
People
are capable of Caring, Morals, Love, Kindness
or Not...
The Individuals who run the Bank however might,
as individuals, attempt to engage in Moral acts
or not...
My other point is that it’s just good business to negotiate with troubled debtors. Get what you can rather than be stuck with a house you have no idea what to do with.
In the long term it is good business to act as if you have morals.
Indeed, it takes a nation of people apparantley to support a banking system through FIT... bwahhh haaa haa...
I may have to become a banker after reading so many of these post.
Too much money to be made fleecing sheep.
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