Quote:
Originally Posted by Christien
What about getting sued by the bank when they foreclose and sell? If he's upside down, the bank will sell it for less then what he owes, then I would imagine they'll pursue him for the difference, costs and penalties..
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They won't, that's just throwing good money after bad for them.
Quote:
Originally Posted by Christien
These things don't just go away. The only time it makes sense to walk away is if you're already a deadbeat, have nothing to lose, and make a living from non-garnishable wages (pension, welfare, child support, disability).
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Two Words: CASH BUSINESSES.
There are a lot of people that make a cash (untraceable) living. Plus, garnishing is illegal in a lot of states anyway.
After X amount of years uncollected, these things DO just go away.
Quote:
Originally Posted by onewhippedpuppy
A "predatory" loan is your loan officer with a .45 in one hand and a pen in the other. Not knowing what you are agreeing to is no excuse. More than likely, this is just another case of someone hoping to make money on a flip and getting caught. He agreed to the loan, he agreed to the terms. If he walks away from his word, from his agreement, then he's a dirtbag.
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To me selling a house to a low income a(read that poorly educated or with limited means to investigate) family with a massive balloon payment or ARM is a predatory loan.
You as the officer KNOW they don't know what they're agreeing to, and you as the officer sure as shiit aint gonna explain it to them either, are you?
This is one issue where you and i definitely differ on opinions.