This family did nothing wrong. Bullcrap. They took out a loan and didn’t pay it.
I’m going to sell my house, invest the cash, take out a new loan and then default.
I’m going to sell my house, invest the cash, take out a new loan and then default.
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Sorry , you’re too late , Wall Street is actually following the NY State Trust Laws now.
>>This family did nothing wrong. Bullcrap. They took out a loan and didn’t pay it.<<
Actually,that option is available and spelled out in the contract. It is not “wrong”. The judge did not say that nobody could foreclose on them. He just said this particular bank couldn’t. It is now up to them to discuss with who sold them the loan, who can discuss with who sold them the loan, etc.
As a former real estate agent as well has having a brother and daughter that did/do handle mortgages and closings, I can tell you that if the contract these buyers signed was wrong, then they did nothing wrong in not making the payments. They merely invoked the “plan B” contained in all secured loans. Now, if we can ever determine who has that securitization, that party can foreclose. Successfully.
>>This family did nothing wrong. Bullcrap. They took out a loan and didn’t pay it.<<
Actually,that option is available and spelled out in the contract. It is not “wrong”. The judge did not say that nobody could foreclose on them. He just said this particular bank couldn’t. It is now up to them to discuss with who sold them the loan, who can discuss with who sold them the loan, etc.
As a former real estate agent as well has having a brother and daughter that did/do handle mortgages and closings, I can tell you that if the contract these buyers signed was typical, then they did nothing wrong in not making the payments. They merely invoked the “plan B” contained in all secured loans. Now, if we can ever determine who has that securitization, that party can foreclose. Successfully.