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Millions of 'underwater' homeowners are trapped
CNBC ^ | 3- 17 -2015 | Diana Olick

Posted on 03/17/2015 9:38:51 PM PDT by george76

click here to read article


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To: P-Marlowe

Geez, there I go being wrong again .....


21 posted on 03/17/2015 10:16:02 PM PDT by Sioux-san
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To: kiryandil

I like it- Ragnar & Sarah! That would be some ass whuppin’.


22 posted on 03/17/2015 10:20:18 PM PDT by Sioux-san
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To: P-Marlowe

Regardless of who put the weed killer on the lawn, the bank is responsible for the off-site migration of pollutants from their property. You can get a new lawn out of them.

If they balk, just ask them how much the Phase 2 site investigation is going to cost to clear it from having a chemical spill reported on it...


23 posted on 03/17/2015 10:22:31 PM PDT by Axenolith (Government blows, and that which governs least, blows least...)
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To: Catmom
Nah, it’s better to just walk away and leave your neighbors with the eyesore abandoned house and the lowered property values.

Ah, the new American Dream! keep in mind, there are more than a few people out there who did not bite off more than they could chew, but had their asses chewed off by a failed economy and job market.

24 posted on 03/17/2015 10:23:45 PM PDT by Mastador1 (I'll take a bad dog over a good politician any day!)
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To: Sioux-san

I like the change of seasons. By the end of summer, I’m ready for the fall weather. I like winters too - as long as they aren’t from hell like the one last year.


25 posted on 03/17/2015 10:25:04 PM PDT by Ken H (DILLIGAF)
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To: Axenolith
Regardless of who put the weed killer on the lawn, the bank is responsible for the off-site migration of pollutants from their property. You can get a new lawn out of them.

The "Bank" doesn't own the property. It is still in the name of the deadbeat cop. The bank won't own it until they foreclose on it. They apparently are in no hurry to do it.

26 posted on 03/17/2015 10:25:30 PM PDT by P-Marlowe (Saying that ISIL is not Islamic is like saying Obama is not an Idiot.)
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To: Ken H

We have winters here. I can go surfing in the morning and skiing in the afternoon. That’s why we Californians are willing to put up with all the crap we get from Sacramento.


27 posted on 03/17/2015 10:27:25 PM PDT by P-Marlowe (Saying that ISIL is not Islamic is like saying Obama is not an Idiot.)
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To: george76

So? Prices go up and down. It’s the circle of life.


28 posted on 03/17/2015 10:34:08 PM PDT by Texas Eagle (If it wasn't for double-standards, Liberals would have no standards at all -- Texas Eagle)
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To: Ken H

I agree - I am always ready for the change of seasons, especially fall, and it has been different every year since I got back to Michigan. It was quite a relief not to go through another winter like last year, however, which really was soul sucking. It got up to 50 degrees yesterday and everyone is out running around smiling, no coat, and thinking, We made it through another one - Good on us!!!


29 posted on 03/17/2015 10:42:34 PM PDT by Sioux-san
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To: george76

I’ve seen some high prices on houses for a long time. Whether continuing to live in the houses without paying or simply being caretakers for holding outfits, they keep property taxes high.


30 posted on 03/17/2015 10:44:19 PM PDT by familyop (We Baby Boomers are croaking in an avalanche of corruption smelled around the planet.)
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To: george76

Many holding companies are stubbornly avoiding short sales at least in some areas. I wonder what ties some of them might have to local governments.


31 posted on 03/17/2015 10:46:16 PM PDT by familyop (We Baby Boomers are croaking in an avalanche of corruption smelled around the planet.)
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To: Ray76

I DON’T care.

Seriously?

zero is 6 years into his scorched earth America project, millions are hurting, and you don’t care that people are upside down in their mortgages??

All it takes, bro, is one health crisis, one lay-off, one switch to zero care, etc., and YOU would be there.

I am not there, but I do have empathy for those who are. Sometimes, it is not 100% your fault.


32 posted on 03/17/2015 10:46:16 PM PDT by Reddy (B.O. stinks)
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To: P-Marlowe

speculation- maybe go after the cop, get a judgment (negligence), then use the judgment to put a lien on the property. that might get the bank’s attention, at least enough to settle out of court in your favor to some extent.


33 posted on 03/17/2015 10:53:27 PM PDT by SteveH
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To: george76

If you do 100% financing on a new Car and drive it off the Lot, you are underwater.

Does that mean you can stop making Car Payments?

I just don’t get it. When you buy a House you sign the Loan Papers and make your Mortgage Payments, right. Whether the Market goes up or goes down, your Mortgage doesn’t change.

Oh that’s right, it’s the Bank’s fault for lending you the Money.


34 posted on 03/17/2015 10:53:42 PM PDT by Kickass Conservative (Advertising Space Available here.)
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To: P-Marlowe

Holding the note is enough to confer the liability (which I don’t personally agree with), that’s why they do a Phase I (research/historical and site visit as opposed to Phase II where you start sticking holes in the ground) assessment on everything they lend for commercially, and for residential probably over a certain limit or in certain areas with dubious past uses.


35 posted on 03/17/2015 11:03:42 PM PDT by Axenolith (Government blows, and that which governs least, blows least...)
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To: Texas Eagle
It’s the circle of life.

Same if you get cancer, right? What's all this "prayers up" BS I see all the time? Shut up and die. Circle of life.

36 posted on 03/17/2015 11:06:13 PM PDT by dr_lew
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To: george76

So, this is the right time for Obama to relax lending rules?


37 posted on 03/17/2015 11:58:36 PM PDT by VanShuyten ("a shadow...draped nobly in the folds of a gorgeous eloquence.")
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To: george76

So?

Seems like you guys cleaned up the nearly 9 million off book REO’s and now we’re down to about 1 million off book REO’s.

Seems like everything is fine...


38 posted on 03/18/2015 12:09:53 AM PDT by Vendome (Don't take life so seriously-you won't live through it anyway-Enjoy Yourself ala Louis Prima)
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To: familyop

I think that there is some sort of bail-out or insurance for the banks by the Fed government.

The subprime mortgage problem from 2008 is brought up well in this comdedy bit, beginning at about the three minute mark.

Bundling the debts and sell them.

“Why do they buy these investments?”

“Well, they have good names. Bear Stearns’s calls one of them High-Grade Structured Enhanced Credit Fund”

“Well, High Grade - I like the sound of that name!”

“But if these investments collapse, won’t it hurt the economy.”

“Oh - but they won’t collapse, as the government will step in and bail out the investment companies.”

https://www.youtube.com/watch?v=mzJmTCYmo9g


39 posted on 03/18/2015 12:22:09 AM PDT by 21twelve (http://www.freerepublic.com/focus/f-news/2185147/posts It is happening again.)
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To: 21twelve

The next video had something about “We all knew it was going to collapse, but the trick is, we all ACTED like it wasn’t going to happen.”


40 posted on 03/18/2015 12:29:55 AM PDT by 21twelve (http://www.freerepublic.com/focus/f-news/2185147/posts It is happening again.)
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