Interesting video on how people are stalling foreclosures.
Link to article.
The premise is this: if you ask the foreclosure agent to "produced the note" of your original mortgage agreement, it may take months for them to show you a copy of this, given that the loan has probably exchanged hands, been bundled and traded ad nauseum on Wall Street. So this stall tactic can buy you some time, to supposedly find a job or another home to buy.
So if they can't 'prove' that you signed papers, then you doin't have to pay back your load! What a croc of bull! (If I were a loan collector, then I would counter with, "well, you need to prove that you are legally occupying this house - otherwise, you will need to vacate the premises." Then the home owner would be forced to produce their own note! )
A little of my background: in 2007, I paid off my mortgage. Granted, I didn't have that great of a mortgage payment (my dad helped out with a hefty downpayment), but still, I paid off my house
the old fashioned way which nowadays means you pay the bank back what you agreed upon in your original loan.
So this video really gets my goat. Some highlights of what I mean:
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Originally Posted by dumb lady- Kathy Lovelace from Tampa
I am going to fight them tooth and nail 'cause they are crooks! They're out there sitting in their million dollar homes while we're out here scrimping and no electricity...
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So this has nothing to do with the fact that you lost your job and can't pay your mortgage? So now the banks are crooks because you lost your accounting job?
Funny, you didn't think of that when you signed the mortgage papers, did ya? If you didn't understand how the mortgage works, then you don't deserve to live in a house!
Yes, the banking industry has a lot of corruption - but did anyone ever hear of the good old fashioned phrase "buyer beware?"
Lady#2 owes $145k on a $39k house due to multiple refinancing
HEY LADY - the fact that you owe $145k on your dumpy 2 bedroom home is because you kept on refinancing and YOU SPENT THE FREAKIN' MONEY! Now, the banks want their money - that you legally owe them!
(At least she does say that she wants to pay and hold onto the house.)
But then she says this:
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Originally Posted by Lady #2
I have a right as an American citizen to file something and put a stop to something myself.
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WHAT?!?!? First off, she doesn't even know what she's fighting for - she just knows that requesting them to "produce the note" will delay the collectors from knocking on her door.
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Originally Posted by lady #2
Well, if they can't prove that I owe them, why should I pay them!
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WHAT?!?!??! Ok - so if she can't prove to the banks that she bought the house, why should they let her stay in the house?!?! This is lunacy!
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Originally Posted by lady #2
Mortgage companies will not work with their borrowers. I've been told that I can't do a loan modificaiton there's not enough time...
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During these days, the mortgage companies are working with their borrowers - they are doing more than they should - they don't want the houses - they want the money, which the borrowers agreed to pay them!
Now don't get me wrong - we are in dire straits. Times are difficult. The mortgage banking industry is in shambles and there have been a lot of corruption in that business. But geez folks - maybe if you didn't take out loans against your house to pay for stuff you probably didn't need, you wouldn't be in this predicament!
Old fashioned common sense is out the door. If I cannot afford something, I don't get it. If I were to loose my job and I have a mortgage payment, I'll go find a job - ANY job - to protect my house. I'll pump gas, work in retail - whatever.
Ok, end of rant...
What are your thoughts?
-Z-man.