Walking away??

[bsrsharma]

sue the bank for predatory lending

I read somewhere that there are massive violations of TILA (Truth In Lending Act) in many of the subprime documentation. That makes the mortgages unsecured credit. Imagine what that will do to new mortgages!

[bsrsharma]

Man you can't make this up. Illegals harvesting the CMO investors for cash. Doesn't get juicier than this!

He knows other undocumented immigrants who are refinancing their houses and getting cash out so they can return right away rather than waiting for their houses to sell.

http://www.azcentral.com/arizonarepublic/news/articles/0826sanctionsimpact08260.html

 

[bsrsharma]

Man you can't make this up. Illegals harvesting the CMO investors for cash. Doesn't get juicier than this!

He knows other undocumented immigrants who are refinancing their houses and getting cash out so they can return right away rather than waiting for their houses to sell.

http://www.azcentral.com/arizonarepublic/news/articles/0826sanctionsimpact08260.html

 

[bsrsharma]

Man you can't make this up. Illegals harvesting the CMO investors for cash. Doesn't get juicier than this!

He knows other undocumented immigrants who are refinancing their houses and getting cash out so they can return right away rather than waiting for their houses to sell.

http://www.azcentral.com/arizonarepublic/news/articles/0826sanctionsimpact08260.html

 

[gary_broker]

Great post bsrsharma..

Once again either the American taxpayer or US corporations are left to pick up the tab left behind by illegals… un-friggen real.

I have had some seriously negative experiences dealing with these folks in the real estate business. I will post this information another day.

[gary_broker]

Great post bsrsharma..

Once again either the American taxpayer or US corporations are left to pick up the tab left behind by illegals… un-friggen real.

I have had some seriously negative experiences dealing with these folks in the real estate business. I will post this information another day.

[gary_broker]

Great post bsrsharma..

Once again either the American taxpayer or US corporations are left to pick up the tab left behind by illegals… un-friggen real.

I have had some seriously negative experiences dealing with these folks in the real estate business. I will post this information another day.

[TheBreeze]

So how does an ‘undocumented’ person go about getting a loan? Do they ‘borrow’ someone else’s identity? I hope my credit score isn’t negatively affected because one of the undocumented decided to borrow my identity and then walk away from ‘their’ obligations.

Is ‘negatively affected’ too harsh of a term when used in the context of the undocumented? Perhaps I should have said ‘non-positively affected’.

[TheBreeze]

So how does an ‘undocumented’ person go about getting a loan? Do they ‘borrow’ someone else’s identity? I hope my credit score isn’t negatively affected because one of the undocumented decided to borrow my identity and then walk away from ‘their’ obligations.

Is ‘negatively affected’ too harsh of a term when used in the context of the undocumented? Perhaps I should have said ‘non-positively affected’.

[TheBreeze]

So how does an ‘undocumented’ person go about getting a loan? Do they ‘borrow’ someone else’s identity? I hope my credit score isn’t negatively affected because one of the undocumented decided to borrow my identity and then walk away from ‘their’ obligations.

Is ‘negatively affected’ too harsh of a term when used in the context of the undocumented? Perhaps I should have said ‘non-positively affected’.

[bsrsharma]

American taxpayer or US corporations are left to pick up the tab left behind by illegals…

Gary, A lot of these non-GSE grade papers were palmed off to foreign banks. They eagerly bought any junk that was marked AAA by the rating agencies. I don't think they will again buy US mortgage for a long time!

So how does an 'undocumented' person go about getting a loan?

I suspect a friendly broker sold one of the no-doc loans. No-doc loans to no-doc borrowers seems to be a perfect match!

[bsrsharma]

American taxpayer or US corporations are left to pick up the tab left behind by illegals…

Gary, A lot of these non-GSE grade papers were palmed off to foreign banks. They eagerly bought any junk that was marked AAA by the rating agencies. I don't think they will again buy US mortgage for a long time!

So how does an 'undocumented' person go about getting a loan?

I suspect a friendly broker sold one of the no-doc loans. No-doc loans to no-doc borrowers seems to be a perfect match!

[bsrsharma]

American taxpayer or US corporations are left to pick up the tab left behind by illegals…

Gary, A lot of these non-GSE grade papers were palmed off to foreign banks. They eagerly bought any junk that was marked AAA by the rating agencies. I don't think they will again buy US mortgage for a long time!

So how does an 'undocumented' person go about getting a loan?

I suspect a friendly broker sold one of the no-doc loans. No-doc loans to no-doc borrowers seems to be a perfect match!

[cindy]

let me make sure i understand this correctly… so whether they do a short sale or just walk away and let the bank take the house back, they are hit with a 1099? for some reason i thought it was just for a short sale that they got the 1099… should definitely be for both though! so someone who walks from a, say $100k loss, will probably be making payments to uncle sam for the rest of their lives on that approx. $38k tax bill?

[cindy]

let me make sure i understand this correctly… so whether they do a short sale or just walk away and let the bank take the house back, they are hit with a 1099? for some reason i thought it was just for a short sale that they got the 1099… should definitely be for both though! so someone who walks from a, say $100k loss, will probably be making payments to uncle sam for the rest of their lives on that approx. $38k tax bill?

[Author]

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