expanding SBA loans a new trap by the banksters.

[patientrenter]

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.

[patb]

[quote=patientrenter]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.[/quote]

let me know how that strategy works

[patb]

[quote=patientrenter]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.[/quote]

let me know how that strategy works

[patb]

[quote=patientrenter]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.[/quote]

let me know how that strategy works

[patb]

[quote=patientrenter]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.[/quote]

let me know how that strategy works

[patb]

[quote=patientrenter]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.[/quote]

let me know how that strategy works

[patientrenter]

“let me know how that strategy works”

patb, I am morally offended by this whole business of borrowing without repaying in full, so it’s very difficult for me to do it. But I am in no doubt that it’s easy for a large and growing number of people. I am also pretty sure that letting that happen is not a good idea.

[patientrenter]

“let me know how that strategy works”

patb, I am morally offended by this whole business of borrowing without repaying in full, so it’s very difficult for me to do it. But I am in no doubt that it’s easy for a large and growing number of people. I am also pretty sure that letting that happen is not a good idea.

[patientrenter]

“let me know how that strategy works”

patb, I am morally offended by this whole business of borrowing without repaying in full, so it’s very difficult for me to do it. But I am in no doubt that it’s easy for a large and growing number of people. I am also pretty sure that letting that happen is not a good idea.

[patientrenter]

“let me know how that strategy works”

patb, I am morally offended by this whole business of borrowing without repaying in full, so it’s very difficult for me to do it. But I am in no doubt that it’s easy for a large and growing number of people. I am also pretty sure that letting that happen is not a good idea.

[patientrenter]

“let me know how that strategy works”

patb, I am morally offended by this whole business of borrowing without repaying in full, so it’s very difficult for me to do it. But I am in no doubt that it’s easy for a large and growing number of people. I am also pretty sure that letting that happen is not a good idea.

[ucodegen]

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,

Not correct. A small business can be incorporated. By doing this, it limits the losses to the value of the business. It is actually a good idea for a small business to incorporate, and many do. It limits any losses, particularly when starting up a business. It also limits the amount of damages that may occur against the owner in a lawsuit (ie slip-and-fall)

[ucodegen]

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,

Not correct. A small business can be incorporated. By doing this, it limits the losses to the value of the business. It is actually a good idea for a small business to incorporate, and many do. It limits any losses, particularly when starting up a business. It also limits the amount of damages that may occur against the owner in a lawsuit (ie slip-and-fall)

[ucodegen]

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,

Not correct. A small business can be incorporated. By doing this, it limits the losses to the value of the business. It is actually a good idea for a small business to incorporate, and many do. It limits any losses, particularly when starting up a business. It also limits the amount of damages that may occur against the owner in a lawsuit (ie slip-and-fall)

[ucodegen]

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,

Not correct. A small business can be incorporated. By doing this, it limits the losses to the value of the business. It is actually a good idea for a small business to incorporate, and many do. It limits any losses, particularly when starting up a business. It also limits the amount of damages that may occur against the owner in a lawsuit (ie slip-and-fall)

[Author]

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