delinquent HELOCs (formerly written off) and others ready to explode

[bearishgurl]

See:

http://www.housingwatch.com/2010/08/12/home-equity-loans-go-unpaid-by-the-billions/

Piggs, do your friends and neighbors have vehicles and toys, ETC that are soon to be written off by lenders, because filing an NOD on these properties is fruitless, due to being in a subordinate position??

. . . Equity lines are consumer loans they can be wiped out completely in a bankruptcy judgment. Even in recourse states banks have no recourse if the consumer files bankruptcy. That’s one big reason banks are settling for 10 cents on the dollar or less with underwater homeowners as they try to modify their loans. What will happen when more underwater borrowers realize this settlement option is out there?

[Coronita]

No shit shirlock (directed to the banks/institutions that wrote these things)…

Of course, that requires people to file for bankruptcy….

[Coronita]

No shit shirlock (directed to the banks/institutions that wrote these things)…

Of course, that requires people to file for bankruptcy….

[Coronita]

No shit shirlock (directed to the banks/institutions that wrote these things)…

Of course, that requires people to file for bankruptcy….

[Coronita]

No shit shirlock (directed to the banks/institutions that wrote these things)…

Of course, that requires people to file for bankruptcy….

[Coronita]

No shit shirlock (directed to the banks/institutions that wrote these things)…

Of course, that requires people to file for bankruptcy….

[CA renter]

BG,

I think that info is already out there with the mortgage scammer crowd. They’ve been able to get an extra few hundred thousand over the past ten years…and they don’t have to pay it back. What’s funny is that some of them will still complain that their lenders are being “mean” when they want to foreclose. They don’t seem to understand that they just got hundreds of thousands of dollars gifted to them. It sucks!

[CA renter]

BG,

I think that info is already out there with the mortgage scammer crowd. They’ve been able to get an extra few hundred thousand over the past ten years…and they don’t have to pay it back. What’s funny is that some of them will still complain that their lenders are being “mean” when they want to foreclose. They don’t seem to understand that they just got hundreds of thousands of dollars gifted to them. It sucks!

[CA renter]

BG,

I think that info is already out there with the mortgage scammer crowd. They’ve been able to get an extra few hundred thousand over the past ten years…and they don’t have to pay it back. What’s funny is that some of them will still complain that their lenders are being “mean” when they want to foreclose. They don’t seem to understand that they just got hundreds of thousands of dollars gifted to them. It sucks!

[CA renter]

BG,

I think that info is already out there with the mortgage scammer crowd. They’ve been able to get an extra few hundred thousand over the past ten years…and they don’t have to pay it back. What’s funny is that some of them will still complain that their lenders are being “mean” when they want to foreclose. They don’t seem to understand that they just got hundreds of thousands of dollars gifted to them. It sucks!

[CA renter]

BG,

I think that info is already out there with the mortgage scammer crowd. They’ve been able to get an extra few hundred thousand over the past ten years…and they don’t have to pay it back. What’s funny is that some of them will still complain that their lenders are being “mean” when they want to foreclose. They don’t seem to understand that they just got hundreds of thousands of dollars gifted to them. It sucks!

[UCGal]

once again I shake my head… why did I pay back my HELOC in full (taken out to build the granny flat)? I could have had all that free money.

I agree with flu – the scammers are well aware they’ll get their goodies for free.

[UCGal]

once again I shake my head… why did I pay back my HELOC in full (taken out to build the granny flat)? I could have had all that free money.

I agree with flu – the scammers are well aware they’ll get their goodies for free.

[UCGal]

once again I shake my head… why did I pay back my HELOC in full (taken out to build the granny flat)? I could have had all that free money.

I agree with flu – the scammers are well aware they’ll get their goodies for free.

[UCGal]

once again I shake my head… why did I pay back my HELOC in full (taken out to build the granny flat)? I could have had all that free money.

I agree with flu – the scammers are well aware they’ll get their goodies for free.

[Author]

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