Obama Announces $75 Billion Foreclosure Prevention Plan (Worse than expected)

>Great. But it is only fair to ensure you are turning the keys over to whoever can prove they deserve them. <

Ah, the old legalistic make them go to court, while you live payment free for a year or two. I have tenants like you. Go to court to prove that I owe you the money - that’s my right. Meanwhile I’ll live rent free. This is what is wrong with America today.

>>Ah, the old legalistic make them go to court, while you live payment free for a year or two.<<
That is not what I am talking about. We are dealing with companies that massively complicate to squeeze money out of the deal. There really are responsibilities on both sides.

The law is the law, and large corporations are fully aware of the responsibilities that come with dealing with mortgages REITs, bundles and other real estate related paper. They will happily use the law to it’s fullest extent against you (and they have that right, frankly). It is not immoral to exercise the same rights from your side.

Never pay a large corporation money until they prove you owe it to them. You could find the REAL debtor coming to your door asking for the same money later. Saying “but I already paid” won’t really do it for you.

>>I have tenants like you. Go to court to prove that I owe you the money - that’s my right. Meanwhile I’ll live rent free.<<

That is not me. All of my landlords have LOVED me because I keep up the house like I own it. I even do and pay for small repairs myself. I replaced the motor in my heat pump air conditioning last summer and will be replacing the hot water heater under the kitchen sink next month.

Not only does my home not look like the “neighborhood rental”, the yard is in BETTER shape than most of the homes here. I even spend my own money on weed killer to wipe out all the growth in the seams in the sidewalk on our cul-de-sac.

BTW, one of my sons owns three rentals and my brother in law owns eight.

>The law is the law, and large corporations are fully aware of the responsibilities that come with dealing with mortgages REITs, bundles and other real estate related paper. They will happily use the law to it’s fullest extent against you (and they have that right, frankly). It is not immoral to exercise the same rights from your side.

Never pay a large corporation money until they prove you owe it to them. You could find the REAL debtor coming to your door asking for the same money later. Saying “but I already paid” won’t really do it for you.<

Wow. Thanks for the lecture on the law. Are you a lawyer or do you just hand out free legal advice on Free Republic, without the requisite bona fides?

I actually am a lawyer. It is very easy to find out who you owe the money to - just ask the mortgage holder to provide the proof - just show you the assignments of your mortgage. Then execute a deed in lieu of foreclosure and hand them the keys.

By your argument, you must need to have proof that you owe the money to that particular mortgage company each and every month before you hand over your payment.

The law devoid of ethics creates the garbage world we now live in. Just because you can get away with something hiding behind “the law” does not make it right nor create an atmosphere conducive to a free society. After a while everyone is gaming the system, there is no personal integrity and we lose our ability to self-govern and eventually our freedom. This country was founded with the underlying belief that its citizens would act ethically. Now even those who value the government the Founding Fathers established have no understanding of that social compact.

I don’t know how long your children have been landlords, but I hope they are not subjected to unethical tenants year after year, who have been trained by t.v. to “assert their rights” to wait until the sheriff walks up to the door to remove their dishonest carcasses. After all landlords are “rich”, and it’s okay to stick it to “the man”.

No, I am not a lawyer, though I work for a legal department, have successfully won custody of my daughter in court myself by reading up on what must be served, when, and by who and then making sure all the T’s were crossed and the I’s dotted.

The other side’s lawyer was really pissed too. She was beaten at her own game by a member of the unwashed masses.

Yes, there are all sorts of complications beyond what I said. For starters, the law of your own state matters. And in a “normal” world, this would not even be up for argument. But when all ethics in this industry went out the window, regarding my mortgage, once I signed the papers, the rules are a little different today.

And yes, I suspect that there are LOTS of people that, if they stopped making their payments, would find a “lender” that suddenly was unable to prove they were the one that was supposed to be getting the money. But I would not recommend that course of action.

We are witnessing a loss of confidence in the whole system. Nothing is necessarily as it seems. As more and more states default on their tax returns, fewer and fewer people will trust anything.

As I used to say, if your investments in the government ever become useless, the value of your investment portfolio will be the least of your problems.

And gun sales continue to skyrocket as we approach the new age...

I have a hard time believing that $8333.33 is going to help someone that paid 300-500 thousand dollars for a house on 0-35 thousand dollar per year income. To be honest, this would basically make 2-3 months worth of payments. Honestly, these idiots are 6-12 months behind on their mortgage. How about letting these sub-prime mortgages go back to the lenders and let these 9 million people go back to low income housing where they came from.