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  • July 10, 2009 at 8:42 PM #16018
    patb
    Participant

    the feds are discussing expanding teh 7(a) loans for small business.
    This is very dangerous, because throwing credit to drowning men is
    attractive but as the owner, you are personally liable for this, and companies can sink at a tremendous rate. Having your personal assets exposed is a real danger.

    July 10, 2009 at 11:10 PM #428358
    patientrenter
    Participant

    Why worry? If a lot of people don’t want to pay the loans back, then the loans will be ‘modified’. Presto! No more problems, and everyone is happy.

    July 10, 2009 at 11:10 PM #429105
    patientrenter
    Participant

    Why worry? If a lot of people don’t want to pay the loans back, then the loans will be ‘modified’. Presto! No more problems, and everyone is happy.

    July 10, 2009 at 11:10 PM #428584
    patientrenter
    Participant

    Why worry? If a lot of people don’t want to pay the loans back, then the loans will be ‘modified’. Presto! No more problems, and everyone is happy.

    July 10, 2009 at 11:10 PM #428943
    patientrenter
    Participant

    Why worry? If a lot of people don’t want to pay the loans back, then the loans will be ‘modified’. Presto! No more problems, and everyone is happy.

    July 10, 2009 at 11:10 PM #428873
    patientrenter
    Participant

    Why worry? If a lot of people don’t want to pay the loans back, then the loans will be ‘modified’. Presto! No more problems, and everyone is happy.

    July 11, 2009 at 3:17 PM #428468
    patb
    Participant

    [quote=patientrenter]Why worry? If a lot of people don’t want to pay the loans back, then the loans will be ‘modified’. Presto! No more problems, and everyone is happy.[/quote]

    You know how citimortgage is now suing for losses on recourse mortgages
    well here it’s the IRS that gets to enforce.

    July 11, 2009 at 3:17 PM #429212
    patb
    Participant

    [quote=patientrenter]Why worry? If a lot of people don’t want to pay the loans back, then the loans will be ‘modified’. Presto! No more problems, and everyone is happy.[/quote]

    You know how citimortgage is now suing for losses on recourse mortgages
    well here it’s the IRS that gets to enforce.

    July 11, 2009 at 3:17 PM #428692
    patb
    Participant

    [quote=patientrenter]Why worry? If a lot of people don’t want to pay the loans back, then the loans will be ‘modified’. Presto! No more problems, and everyone is happy.[/quote]

    You know how citimortgage is now suing for losses on recourse mortgages
    well here it’s the IRS that gets to enforce.

    July 11, 2009 at 3:17 PM #429052
    patb
    Participant

    [quote=patientrenter]Why worry? If a lot of people don’t want to pay the loans back, then the loans will be ‘modified’. Presto! No more problems, and everyone is happy.[/quote]

    You know how citimortgage is now suing for losses on recourse mortgages
    well here it’s the IRS that gets to enforce.

    July 11, 2009 at 3:17 PM #428980
    patb
    Participant

    [quote=patientrenter]Why worry? If a lot of people don’t want to pay the loans back, then the loans will be ‘modified’. Presto! No more problems, and everyone is happy.[/quote]

    You know how citimortgage is now suing for losses on recourse mortgages
    well here it’s the IRS that gets to enforce.

    July 11, 2009 at 4:30 PM #429062
    patientrenter
    Participant

    patb, I’d be very interested to see the total nationwide amount, in excess of home proceeds, collected on these recourse mortages, measured as a % of the total foreclosed-on / shorted loan amount.

    As many people have already pointed out, it is extraordinary for a lender to pursue a recourse mortgage loan beyond the home proceeds. It is so rare that I suspect no one considers the stats worth collecting, the collected amounts are so close to zero. Instead we have just a few anecdotes to
    generate some impressions amongst the public.

    I think you’d have to walk up to the loan servicer’s office and tell them they are a bunch of morons, and then spit on them, before they’d even consider pursuing collection against you. If they come after you anyway, then have an attorney send ’em a letter. If that doesn’t work (and it almost always will), then threaten to talk to the newspaper. If that doesn’t work (and it almost always would for any TARP-indebted bank/servicer), then call your local state or Congressional rep and give a sob story. I guarantee you, the number of people who have to pay is tiny. Almost anyone who doesn’t want to pay can avoid paying.

    I can’t resist mentioning that Barney Frank is my Congressman. Can you imagine Citibank taking the call from his office if they pursued a recourse loan they’d given me, after I’d provided a sob story to Barney’s office? I guarantee that loan would be “taken care of” within 24 hours.

    July 11, 2009 at 4:30 PM #429222
    patientrenter
    Participant

    patb, I’d be very interested to see the total nationwide amount, in excess of home proceeds, collected on these recourse mortages, measured as a % of the total foreclosed-on / shorted loan amount.

    As many people have already pointed out, it is extraordinary for a lender to pursue a recourse mortgage loan beyond the home proceeds. It is so rare that I suspect no one considers the stats worth collecting, the collected amounts are so close to zero. Instead we have just a few anecdotes to
    generate some impressions amongst the public.

    I think you’d have to walk up to the loan servicer’s office and tell them they are a bunch of morons, and then spit on them, before they’d even consider pursuing collection against you. If they come after you anyway, then have an attorney send ’em a letter. If that doesn’t work (and it almost always will), then threaten to talk to the newspaper. If that doesn’t work (and it almost always would for any TARP-indebted bank/servicer), then call your local state or Congressional rep and give a sob story. I guarantee you, the number of people who have to pay is tiny. Almost anyone who doesn’t want to pay can avoid paying.

    I can’t resist mentioning that Barney Frank is my Congressman. Can you imagine Citibank taking the call from his office if they pursued a recourse loan they’d given me, after I’d provided a sob story to Barney’s office? I guarantee that loan would be “taken care of” within 24 hours.

    July 11, 2009 at 4:30 PM #428990
    patientrenter
    Participant

    patb, I’d be very interested to see the total nationwide amount, in excess of home proceeds, collected on these recourse mortages, measured as a % of the total foreclosed-on / shorted loan amount.

    As many people have already pointed out, it is extraordinary for a lender to pursue a recourse mortgage loan beyond the home proceeds. It is so rare that I suspect no one considers the stats worth collecting, the collected amounts are so close to zero. Instead we have just a few anecdotes to
    generate some impressions amongst the public.

    I think you’d have to walk up to the loan servicer’s office and tell them they are a bunch of morons, and then spit on them, before they’d even consider pursuing collection against you. If they come after you anyway, then have an attorney send ’em a letter. If that doesn’t work (and it almost always will), then threaten to talk to the newspaper. If that doesn’t work (and it almost always would for any TARP-indebted bank/servicer), then call your local state or Congressional rep and give a sob story. I guarantee you, the number of people who have to pay is tiny. Almost anyone who doesn’t want to pay can avoid paying.

    I can’t resist mentioning that Barney Frank is my Congressman. Can you imagine Citibank taking the call from his office if they pursued a recourse loan they’d given me, after I’d provided a sob story to Barney’s office? I guarantee that loan would be “taken care of” within 24 hours.

    July 11, 2009 at 4:30 PM #428478
    patientrenter
    Participant

    patb, I’d be very interested to see the total nationwide amount, in excess of home proceeds, collected on these recourse mortages, measured as a % of the total foreclosed-on / shorted loan amount.

    As many people have already pointed out, it is extraordinary for a lender to pursue a recourse mortgage loan beyond the home proceeds. It is so rare that I suspect no one considers the stats worth collecting, the collected amounts are so close to zero. Instead we have just a few anecdotes to
    generate some impressions amongst the public.

    I think you’d have to walk up to the loan servicer’s office and tell them they are a bunch of morons, and then spit on them, before they’d even consider pursuing collection against you. If they come after you anyway, then have an attorney send ’em a letter. If that doesn’t work (and it almost always will), then threaten to talk to the newspaper. If that doesn’t work (and it almost always would for any TARP-indebted bank/servicer), then call your local state or Congressional rep and give a sob story. I guarantee you, the number of people who have to pay is tiny. Almost anyone who doesn’t want to pay can avoid paying.

    I can’t resist mentioning that Barney Frank is my Congressman. Can you imagine Citibank taking the call from his office if they pursued a recourse loan they’d given me, after I’d provided a sob story to Barney’s office? I guarantee that loan would be “taken care of” within 24 hours.

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