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HLS
ParticipantFORM,
I think that you can sight tight. You may even now need to receive a 60 day notice, as a FC’d tenant..
perhaps DaCounselor will reply…..I’ll see if I can find the updated regs.
You don’t need to go anywhere for awhile, unless they offer you cash, and then you can negotiate until you agree.
a 30 day or 60 day notice needs proper service, and it’s important.
You prob don’t need to pay any rent either to the new owner (lender), and I would also take your landlord to small claims court.
File it 22 days after you vacate the property.Security deposit is NOT last months rent, unless it’s accounted for properly. Some SC judges just love to chew up and spit out ignorant landlords.
You’re dealing with some legal technicalities, but should have time…
Please post and update your situation!
May 17, 2008 at 7:40 PM in reply to: FDIC Chairman On the Great Credit Squeeze: How it Happened, How to Prevent Another; #206602HLS
ParticipantFER..
Shhhhhh!! You make too much sense,,, They don’t want you sharing that logic.
Ms Bair is clarifying that it’s not a bailout, remember.WHY would a FB agree ?? to be able to stay.
There are all the people who are looking for a reason to be able to stay in the house that they OWN, remember.
It’s theirs, the one that they couldn’t afford that they bought with no money down….The 20% gets deferred without additional interest.
The 80% gets paid P&I, but in the first 5 years you won’t be paying much “pee”
They will still owe the majority of todays 100% in 5 years.It’s a plan,,,, but not the best one.
FDIC has bigger fish to fry. They are EXPECTING 100-200 bank failures in the next couple of years.. Encouraging sign ?? UH-UH… A bank failure with millions of account holders may just take some priority to sort out.
Even if some ppl were upside down $500K, they have too much pride to get foreclosed on, and some people just aren’t going to walk away, no matter what. They would rather bleed their retirement accounts and the kids college fund to keep making those payments and protect thy glorious, almighty credit score
How dare you tell them that they will owe more than the house is worth in 5 years too…so mean!!
No Aunti em,, it just isn’t possible, I’m going to click my heels and everything is going to be OK,, I just know it.
C’mon Toto,, we’re off on the yellow brick road.Enough of the common sense and logic…
The bigger issue is if they are offering lower payments and deferring 20% interest free for 5 yrs, WHERE DO I SIGN UP ??
How many payments do I need to miss so I can get the bailout(oops)too ??
There’s no pain to the borrower, just a benefit. I want it also!!May 17, 2008 at 7:40 PM in reply to: FDIC Chairman On the Great Credit Squeeze: How it Happened, How to Prevent Another; #206654HLS
ParticipantFER..
Shhhhhh!! You make too much sense,,, They don’t want you sharing that logic.
Ms Bair is clarifying that it’s not a bailout, remember.WHY would a FB agree ?? to be able to stay.
There are all the people who are looking for a reason to be able to stay in the house that they OWN, remember.
It’s theirs, the one that they couldn’t afford that they bought with no money down….The 20% gets deferred without additional interest.
The 80% gets paid P&I, but in the first 5 years you won’t be paying much “pee”
They will still owe the majority of todays 100% in 5 years.It’s a plan,,,, but not the best one.
FDIC has bigger fish to fry. They are EXPECTING 100-200 bank failures in the next couple of years.. Encouraging sign ?? UH-UH… A bank failure with millions of account holders may just take some priority to sort out.
Even if some ppl were upside down $500K, they have too much pride to get foreclosed on, and some people just aren’t going to walk away, no matter what. They would rather bleed their retirement accounts and the kids college fund to keep making those payments and protect thy glorious, almighty credit score
How dare you tell them that they will owe more than the house is worth in 5 years too…so mean!!
No Aunti em,, it just isn’t possible, I’m going to click my heels and everything is going to be OK,, I just know it.
C’mon Toto,, we’re off on the yellow brick road.Enough of the common sense and logic…
The bigger issue is if they are offering lower payments and deferring 20% interest free for 5 yrs, WHERE DO I SIGN UP ??
How many payments do I need to miss so I can get the bailout(oops)too ??
There’s no pain to the borrower, just a benefit. I want it also!!May 17, 2008 at 7:40 PM in reply to: FDIC Chairman On the Great Credit Squeeze: How it Happened, How to Prevent Another; #206684HLS
ParticipantFER..
Shhhhhh!! You make too much sense,,, They don’t want you sharing that logic.
Ms Bair is clarifying that it’s not a bailout, remember.WHY would a FB agree ?? to be able to stay.
There are all the people who are looking for a reason to be able to stay in the house that they OWN, remember.
It’s theirs, the one that they couldn’t afford that they bought with no money down….The 20% gets deferred without additional interest.
The 80% gets paid P&I, but in the first 5 years you won’t be paying much “pee”
They will still owe the majority of todays 100% in 5 years.It’s a plan,,,, but not the best one.
FDIC has bigger fish to fry. They are EXPECTING 100-200 bank failures in the next couple of years.. Encouraging sign ?? UH-UH… A bank failure with millions of account holders may just take some priority to sort out.
Even if some ppl were upside down $500K, they have too much pride to get foreclosed on, and some people just aren’t going to walk away, no matter what. They would rather bleed their retirement accounts and the kids college fund to keep making those payments and protect thy glorious, almighty credit score
How dare you tell them that they will owe more than the house is worth in 5 years too…so mean!!
No Aunti em,, it just isn’t possible, I’m going to click my heels and everything is going to be OK,, I just know it.
C’mon Toto,, we’re off on the yellow brick road.Enough of the common sense and logic…
The bigger issue is if they are offering lower payments and deferring 20% interest free for 5 yrs, WHERE DO I SIGN UP ??
How many payments do I need to miss so I can get the bailout(oops)too ??
There’s no pain to the borrower, just a benefit. I want it also!!May 17, 2008 at 7:40 PM in reply to: FDIC Chairman On the Great Credit Squeeze: How it Happened, How to Prevent Another; #206710HLS
ParticipantFER..
Shhhhhh!! You make too much sense,,, They don’t want you sharing that logic.
Ms Bair is clarifying that it’s not a bailout, remember.WHY would a FB agree ?? to be able to stay.
There are all the people who are looking for a reason to be able to stay in the house that they OWN, remember.
It’s theirs, the one that they couldn’t afford that they bought with no money down….The 20% gets deferred without additional interest.
The 80% gets paid P&I, but in the first 5 years you won’t be paying much “pee”
They will still owe the majority of todays 100% in 5 years.It’s a plan,,,, but not the best one.
FDIC has bigger fish to fry. They are EXPECTING 100-200 bank failures in the next couple of years.. Encouraging sign ?? UH-UH… A bank failure with millions of account holders may just take some priority to sort out.
Even if some ppl were upside down $500K, they have too much pride to get foreclosed on, and some people just aren’t going to walk away, no matter what. They would rather bleed their retirement accounts and the kids college fund to keep making those payments and protect thy glorious, almighty credit score
How dare you tell them that they will owe more than the house is worth in 5 years too…so mean!!
No Aunti em,, it just isn’t possible, I’m going to click my heels and everything is going to be OK,, I just know it.
C’mon Toto,, we’re off on the yellow brick road.Enough of the common sense and logic…
The bigger issue is if they are offering lower payments and deferring 20% interest free for 5 yrs, WHERE DO I SIGN UP ??
How many payments do I need to miss so I can get the bailout(oops)too ??
There’s no pain to the borrower, just a benefit. I want it also!!May 17, 2008 at 7:40 PM in reply to: FDIC Chairman On the Great Credit Squeeze: How it Happened, How to Prevent Another; #206739HLS
ParticipantFER..
Shhhhhh!! You make too much sense,,, They don’t want you sharing that logic.
Ms Bair is clarifying that it’s not a bailout, remember.WHY would a FB agree ?? to be able to stay.
There are all the people who are looking for a reason to be able to stay in the house that they OWN, remember.
It’s theirs, the one that they couldn’t afford that they bought with no money down….The 20% gets deferred without additional interest.
The 80% gets paid P&I, but in the first 5 years you won’t be paying much “pee”
They will still owe the majority of todays 100% in 5 years.It’s a plan,,,, but not the best one.
FDIC has bigger fish to fry. They are EXPECTING 100-200 bank failures in the next couple of years.. Encouraging sign ?? UH-UH… A bank failure with millions of account holders may just take some priority to sort out.
Even if some ppl were upside down $500K, they have too much pride to get foreclosed on, and some people just aren’t going to walk away, no matter what. They would rather bleed their retirement accounts and the kids college fund to keep making those payments and protect thy glorious, almighty credit score
How dare you tell them that they will owe more than the house is worth in 5 years too…so mean!!
No Aunti em,, it just isn’t possible, I’m going to click my heels and everything is going to be OK,, I just know it.
C’mon Toto,, we’re off on the yellow brick road.Enough of the common sense and logic…
The bigger issue is if they are offering lower payments and deferring 20% interest free for 5 yrs, WHERE DO I SIGN UP ??
How many payments do I need to miss so I can get the bailout(oops)too ??
There’s no pain to the borrower, just a benefit. I want it also!!HLS
ParticipantI missed the link before it was removed..
if it wasn’t the “scam” it may have been legit…I run across people on a regular basis who are willing to walk away from their house if someone will just take over their payments.
They will sign the deed over to you, and it is your house with a lien against it for what is owed.
Nothing down, just take over payments.You make the payments directly to the lender.
If YOU decide to ever stop paying, the sellers credit score gets whacked, not yours, and the house gets foreclosed on…You basically have an option while you are living there.
Just keep making the payments. Someday, you either need to buy it and pay off the existing loan, or walk away from it if it doen’t work out.There are ways to protect the buyer,, the seller doesn’t have much of a choice, they would be walking anyway.
It’s not much different than renting with an option to buy, and you might be able to get some tax deductions (Consult your tax advisor)
This can work for a primary or rental property.
The problem usually is that the place is worth $100K-$200K less than what is owed, but for someone who wants a
no down entry and feels the payment is reasonable it’s an option.HLS
ParticipantI missed the link before it was removed..
if it wasn’t the “scam” it may have been legit…I run across people on a regular basis who are willing to walk away from their house if someone will just take over their payments.
They will sign the deed over to you, and it is your house with a lien against it for what is owed.
Nothing down, just take over payments.You make the payments directly to the lender.
If YOU decide to ever stop paying, the sellers credit score gets whacked, not yours, and the house gets foreclosed on…You basically have an option while you are living there.
Just keep making the payments. Someday, you either need to buy it and pay off the existing loan, or walk away from it if it doen’t work out.There are ways to protect the buyer,, the seller doesn’t have much of a choice, they would be walking anyway.
It’s not much different than renting with an option to buy, and you might be able to get some tax deductions (Consult your tax advisor)
This can work for a primary or rental property.
The problem usually is that the place is worth $100K-$200K less than what is owed, but for someone who wants a
no down entry and feels the payment is reasonable it’s an option.HLS
ParticipantI missed the link before it was removed..
if it wasn’t the “scam” it may have been legit…I run across people on a regular basis who are willing to walk away from their house if someone will just take over their payments.
They will sign the deed over to you, and it is your house with a lien against it for what is owed.
Nothing down, just take over payments.You make the payments directly to the lender.
If YOU decide to ever stop paying, the sellers credit score gets whacked, not yours, and the house gets foreclosed on…You basically have an option while you are living there.
Just keep making the payments. Someday, you either need to buy it and pay off the existing loan, or walk away from it if it doen’t work out.There are ways to protect the buyer,, the seller doesn’t have much of a choice, they would be walking anyway.
It’s not much different than renting with an option to buy, and you might be able to get some tax deductions (Consult your tax advisor)
This can work for a primary or rental property.
The problem usually is that the place is worth $100K-$200K less than what is owed, but for someone who wants a
no down entry and feels the payment is reasonable it’s an option.HLS
ParticipantI missed the link before it was removed..
if it wasn’t the “scam” it may have been legit…I run across people on a regular basis who are willing to walk away from their house if someone will just take over their payments.
They will sign the deed over to you, and it is your house with a lien against it for what is owed.
Nothing down, just take over payments.You make the payments directly to the lender.
If YOU decide to ever stop paying, the sellers credit score gets whacked, not yours, and the house gets foreclosed on…You basically have an option while you are living there.
Just keep making the payments. Someday, you either need to buy it and pay off the existing loan, or walk away from it if it doen’t work out.There are ways to protect the buyer,, the seller doesn’t have much of a choice, they would be walking anyway.
It’s not much different than renting with an option to buy, and you might be able to get some tax deductions (Consult your tax advisor)
This can work for a primary or rental property.
The problem usually is that the place is worth $100K-$200K less than what is owed, but for someone who wants a
no down entry and feels the payment is reasonable it’s an option.HLS
ParticipantI missed the link before it was removed..
if it wasn’t the “scam” it may have been legit…I run across people on a regular basis who are willing to walk away from their house if someone will just take over their payments.
They will sign the deed over to you, and it is your house with a lien against it for what is owed.
Nothing down, just take over payments.You make the payments directly to the lender.
If YOU decide to ever stop paying, the sellers credit score gets whacked, not yours, and the house gets foreclosed on…You basically have an option while you are living there.
Just keep making the payments. Someday, you either need to buy it and pay off the existing loan, or walk away from it if it doen’t work out.There are ways to protect the buyer,, the seller doesn’t have much of a choice, they would be walking anyway.
It’s not much different than renting with an option to buy, and you might be able to get some tax deductions (Consult your tax advisor)
This can work for a primary or rental property.
The problem usually is that the place is worth $100K-$200K less than what is owed, but for someone who wants a
no down entry and feels the payment is reasonable it’s an option.May 17, 2008 at 4:03 PM in reply to: FDIC Chairman On the Great Credit Squeeze: How it Happened, How to Prevent Another; #206557HLS
ParticipantAlienation of property should be encouraged, not restrained.
***********************
OH YA,,
King, perhaps a matter of semantics, but “alienation” also means insanity.INSANITY OF PROPERTY is exactly what inflated this bubble by millions of people who had no business getting on the train… (no down, no assets, little income)
It was promoted to them as a gravy train that went on forever, when in reality it was nothing more than a boring commuter train that only went to the end of the line, and then turns around.
It’s going to be a very, very, very long time until it gets back to that station with way, way too many people thinking that it’s going to arrive sooner rather than later.
May 17, 2008 at 4:03 PM in reply to: FDIC Chairman On the Great Credit Squeeze: How it Happened, How to Prevent Another; #206608HLS
ParticipantAlienation of property should be encouraged, not restrained.
***********************
OH YA,,
King, perhaps a matter of semantics, but “alienation” also means insanity.INSANITY OF PROPERTY is exactly what inflated this bubble by millions of people who had no business getting on the train… (no down, no assets, little income)
It was promoted to them as a gravy train that went on forever, when in reality it was nothing more than a boring commuter train that only went to the end of the line, and then turns around.
It’s going to be a very, very, very long time until it gets back to that station with way, way too many people thinking that it’s going to arrive sooner rather than later.
May 17, 2008 at 4:03 PM in reply to: FDIC Chairman On the Great Credit Squeeze: How it Happened, How to Prevent Another; #206641HLS
ParticipantAlienation of property should be encouraged, not restrained.
***********************
OH YA,,
King, perhaps a matter of semantics, but “alienation” also means insanity.INSANITY OF PROPERTY is exactly what inflated this bubble by millions of people who had no business getting on the train… (no down, no assets, little income)
It was promoted to them as a gravy train that went on forever, when in reality it was nothing more than a boring commuter train that only went to the end of the line, and then turns around.
It’s going to be a very, very, very long time until it gets back to that station with way, way too many people thinking that it’s going to arrive sooner rather than later.
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