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contraman
ParticipantMultipropert,
They can walk away because it is in the documents they signed that they have the right to do so. I see them all the time. Like I said before, it is not YOUR HOUSE it is the banks until you pay them in full.
From my understanding, and anyone can chime in here, the new BK laws protect the Credit Card companies but you can still BK out of a deficiency judgment from a bank. I have a few friends who are doing it now…..
SD Realtor makes a good point. It is very important to get them to agree to things in a contract when you are going through the foreclosure process. I do know that if they do not do a “judicial foreclosure” they waive the right to bring a deficiency judgment against you later. You can’t foreclose twice on someone…
As far as the banks being screwed (long term), not a chance, they are the bedrock of our economy. Benny will print money for them to lend from here to the end of time…..and Georgie will pass all these laws and acts to protect them from utter failure.
Watch the movie “maxed out” when you get a chance.
Sincerely, Contraman
ParticipantMultipropert,
They can walk away because it is in the documents they signed that they have the right to do so. I see them all the time. Like I said before, it is not YOUR HOUSE it is the banks until you pay them in full.
From my understanding, and anyone can chime in here, the new BK laws protect the Credit Card companies but you can still BK out of a deficiency judgment from a bank. I have a few friends who are doing it now…..
SD Realtor makes a good point. It is very important to get them to agree to things in a contract when you are going through the foreclosure process. I do know that if they do not do a “judicial foreclosure” they waive the right to bring a deficiency judgment against you later. You can’t foreclose twice on someone…
As far as the banks being screwed (long term), not a chance, they are the bedrock of our economy. Benny will print money for them to lend from here to the end of time…..and Georgie will pass all these laws and acts to protect them from utter failure.
Watch the movie “maxed out” when you get a chance.
Sincerely, Contraman
ParticipantMultipropert,
They can walk away because it is in the documents they signed that they have the right to do so. I see them all the time. Like I said before, it is not YOUR HOUSE it is the banks until you pay them in full.
From my understanding, and anyone can chime in here, the new BK laws protect the Credit Card companies but you can still BK out of a deficiency judgment from a bank. I have a few friends who are doing it now…..
SD Realtor makes a good point. It is very important to get them to agree to things in a contract when you are going through the foreclosure process. I do know that if they do not do a “judicial foreclosure” they waive the right to bring a deficiency judgment against you later. You can’t foreclose twice on someone…
As far as the banks being screwed (long term), not a chance, they are the bedrock of our economy. Benny will print money for them to lend from here to the end of time…..and Georgie will pass all these laws and acts to protect them from utter failure.
Watch the movie “maxed out” when you get a chance.
Sincerely, Contraman
ParticipantMultipropert,
They can walk away because it is in the documents they signed that they have the right to do so. I see them all the time. Like I said before, it is not YOUR HOUSE it is the banks until you pay them in full.
From my understanding, and anyone can chime in here, the new BK laws protect the Credit Card companies but you can still BK out of a deficiency judgment from a bank. I have a few friends who are doing it now…..
SD Realtor makes a good point. It is very important to get them to agree to things in a contract when you are going through the foreclosure process. I do know that if they do not do a “judicial foreclosure” they waive the right to bring a deficiency judgment against you later. You can’t foreclose twice on someone…
As far as the banks being screwed (long term), not a chance, they are the bedrock of our economy. Benny will print money for them to lend from here to the end of time…..and Georgie will pass all these laws and acts to protect them from utter failure.
Watch the movie “maxed out” when you get a chance.
Sincerely, Contraman
ParticipantAttention: Borrowers and Home Owners…
This is not meant to help you but rather bail out the banks to stop the bleeding on Wall Street. Stop renting their overpriced homes….they own them, not you……you don’t own the home, they do….get it…..
They don’t want more homes on the market, they lose money like this… they want to work something out with you to keep paying the HIGH RENT (Interest)to them to alleviate more bad numbers killing their stock prices and executive bonuses….
Tell them to go screw themselves and foreclose, rent for free for 8 to 9 months, save your money, then rent a house for half the price down the street, fix your credit, then buy your house back at half the price of the loan they were trying to modify for you….
That’s my lifeline plan for PEOPLE, not the BANKS.
Sincerely, Contraman
ParticipantAttention: Borrowers and Home Owners…
This is not meant to help you but rather bail out the banks to stop the bleeding on Wall Street. Stop renting their overpriced homes….they own them, not you……you don’t own the home, they do….get it…..
They don’t want more homes on the market, they lose money like this… they want to work something out with you to keep paying the HIGH RENT (Interest)to them to alleviate more bad numbers killing their stock prices and executive bonuses….
Tell them to go screw themselves and foreclose, rent for free for 8 to 9 months, save your money, then rent a house for half the price down the street, fix your credit, then buy your house back at half the price of the loan they were trying to modify for you….
That’s my lifeline plan for PEOPLE, not the BANKS.
Sincerely, Contraman
ParticipantAttention: Borrowers and Home Owners…
This is not meant to help you but rather bail out the banks to stop the bleeding on Wall Street. Stop renting their overpriced homes….they own them, not you……you don’t own the home, they do….get it…..
They don’t want more homes on the market, they lose money like this… they want to work something out with you to keep paying the HIGH RENT (Interest)to them to alleviate more bad numbers killing their stock prices and executive bonuses….
Tell them to go screw themselves and foreclose, rent for free for 8 to 9 months, save your money, then rent a house for half the price down the street, fix your credit, then buy your house back at half the price of the loan they were trying to modify for you….
That’s my lifeline plan for PEOPLE, not the BANKS.
Sincerely, Contraman
ParticipantAttention: Borrowers and Home Owners…
This is not meant to help you but rather bail out the banks to stop the bleeding on Wall Street. Stop renting their overpriced homes….they own them, not you……you don’t own the home, they do….get it…..
They don’t want more homes on the market, they lose money like this… they want to work something out with you to keep paying the HIGH RENT (Interest)to them to alleviate more bad numbers killing their stock prices and executive bonuses….
Tell them to go screw themselves and foreclose, rent for free for 8 to 9 months, save your money, then rent a house for half the price down the street, fix your credit, then buy your house back at half the price of the loan they were trying to modify for you….
That’s my lifeline plan for PEOPLE, not the BANKS.
Sincerely, Contraman
ParticipantAttention: Borrowers and Home Owners…
This is not meant to help you but rather bail out the banks to stop the bleeding on Wall Street. Stop renting their overpriced homes….they own them, not you……you don’t own the home, they do….get it…..
They don’t want more homes on the market, they lose money like this… they want to work something out with you to keep paying the HIGH RENT (Interest)to them to alleviate more bad numbers killing their stock prices and executive bonuses….
Tell them to go screw themselves and foreclose, rent for free for 8 to 9 months, save your money, then rent a house for half the price down the street, fix your credit, then buy your house back at half the price of the loan they were trying to modify for you….
That’s my lifeline plan for PEOPLE, not the BANKS.
Sincerely, Contraman
ParticipantFYI,
1)The Mortgage Relief Act of 2007 eliminated 1099’s. If you short sell your home you will not receive a 1099.
2) Even though a refinance loan is recourse by law, very few banks go after borrowers for a deficiency judgment. For starters, they have to pursue “judicial foreclosure” rather than “Trustee Sale” which is lengthy and expensive for them. Also, they realize the person can just file BK and wipe out the judgment so the risk is not worth the reward.
It’s all about the cheapest course of action for the bank, that’s how they gauge decisions.
I work with alot of borrowers who have foreclosed on a refinance loan. Once the Trustee sale occurs, they are free and clear from a deficiency judgment because it has to come by “judicial foreclosure”. I have not seen any deficiency judgments to date…..
The real reality is…there is not much risk to investing in RE in CA other than negative remarks on your credit report which can also be removed.
I know people who stripped all the cash out of their homes prior to foreclosure and walked away with no ramifications other than the credit hit……a have seen short sales and foreclosure remarks be removed from credit reports for these borrowers and their scores return to pre-foreclosure numbers……
Nothing like the good old system…..
Sincerely, Contraman
ParticipantFYI,
1)The Mortgage Relief Act of 2007 eliminated 1099’s. If you short sell your home you will not receive a 1099.
2) Even though a refinance loan is recourse by law, very few banks go after borrowers for a deficiency judgment. For starters, they have to pursue “judicial foreclosure” rather than “Trustee Sale” which is lengthy and expensive for them. Also, they realize the person can just file BK and wipe out the judgment so the risk is not worth the reward.
It’s all about the cheapest course of action for the bank, that’s how they gauge decisions.
I work with alot of borrowers who have foreclosed on a refinance loan. Once the Trustee sale occurs, they are free and clear from a deficiency judgment because it has to come by “judicial foreclosure”. I have not seen any deficiency judgments to date…..
The real reality is…there is not much risk to investing in RE in CA other than negative remarks on your credit report which can also be removed.
I know people who stripped all the cash out of their homes prior to foreclosure and walked away with no ramifications other than the credit hit……a have seen short sales and foreclosure remarks be removed from credit reports for these borrowers and their scores return to pre-foreclosure numbers……
Nothing like the good old system…..
Sincerely, Contraman
ParticipantFYI,
1)The Mortgage Relief Act of 2007 eliminated 1099’s. If you short sell your home you will not receive a 1099.
2) Even though a refinance loan is recourse by law, very few banks go after borrowers for a deficiency judgment. For starters, they have to pursue “judicial foreclosure” rather than “Trustee Sale” which is lengthy and expensive for them. Also, they realize the person can just file BK and wipe out the judgment so the risk is not worth the reward.
It’s all about the cheapest course of action for the bank, that’s how they gauge decisions.
I work with alot of borrowers who have foreclosed on a refinance loan. Once the Trustee sale occurs, they are free and clear from a deficiency judgment because it has to come by “judicial foreclosure”. I have not seen any deficiency judgments to date…..
The real reality is…there is not much risk to investing in RE in CA other than negative remarks on your credit report which can also be removed.
I know people who stripped all the cash out of their homes prior to foreclosure and walked away with no ramifications other than the credit hit……a have seen short sales and foreclosure remarks be removed from credit reports for these borrowers and their scores return to pre-foreclosure numbers……
Nothing like the good old system…..
Sincerely, Contraman
ParticipantFYI,
1)The Mortgage Relief Act of 2007 eliminated 1099’s. If you short sell your home you will not receive a 1099.
2) Even though a refinance loan is recourse by law, very few banks go after borrowers for a deficiency judgment. For starters, they have to pursue “judicial foreclosure” rather than “Trustee Sale” which is lengthy and expensive for them. Also, they realize the person can just file BK and wipe out the judgment so the risk is not worth the reward.
It’s all about the cheapest course of action for the bank, that’s how they gauge decisions.
I work with alot of borrowers who have foreclosed on a refinance loan. Once the Trustee sale occurs, they are free and clear from a deficiency judgment because it has to come by “judicial foreclosure”. I have not seen any deficiency judgments to date…..
The real reality is…there is not much risk to investing in RE in CA other than negative remarks on your credit report which can also be removed.
I know people who stripped all the cash out of their homes prior to foreclosure and walked away with no ramifications other than the credit hit……a have seen short sales and foreclosure remarks be removed from credit reports for these borrowers and their scores return to pre-foreclosure numbers……
Nothing like the good old system…..
Sincerely, Contraman
ParticipantFYI,
1)The Mortgage Relief Act of 2007 eliminated 1099’s. If you short sell your home you will not receive a 1099.
2) Even though a refinance loan is recourse by law, very few banks go after borrowers for a deficiency judgment. For starters, they have to pursue “judicial foreclosure” rather than “Trustee Sale” which is lengthy and expensive for them. Also, they realize the person can just file BK and wipe out the judgment so the risk is not worth the reward.
It’s all about the cheapest course of action for the bank, that’s how they gauge decisions.
I work with alot of borrowers who have foreclosed on a refinance loan. Once the Trustee sale occurs, they are free and clear from a deficiency judgment because it has to come by “judicial foreclosure”. I have not seen any deficiency judgments to date…..
The real reality is…there is not much risk to investing in RE in CA other than negative remarks on your credit report which can also be removed.
I know people who stripped all the cash out of their homes prior to foreclosure and walked away with no ramifications other than the credit hit……a have seen short sales and foreclosure remarks be removed from credit reports for these borrowers and their scores return to pre-foreclosure numbers……
Nothing like the good old system…..
Sincerely, Contraman
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