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Old 06-14-2012, 07:26 AM   #1
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Foreclosure on House

I must be missing something! Why does it cost so much to get someone out of home that they haven't made a payment on in 12 months? Banks are even paying people over $10,000 to get them out. "Cash for Keys" is one of the programs being offered. I thought when you signed the paperwork on your mortgage that you were going to pay "X" number of dollars per month for "X" number of years. Is that no longer valid? Why does someone who fails to make the payments have any rights at all? I was taught if you bought something on credit you payed for it.
Just doesn't make sense to me!!
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Old 06-14-2012, 07:30 AM   #2
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May not sem fair but that's the way it is. By law they are given a certain amount of time before they have to vacate.
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Old 06-14-2012, 08:27 AM   #3
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The worse part is the people who do not make their payments get help. The people who are doing without, struggling to pay their payments get nothing in the way of reduced interest or help.
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Old 06-14-2012, 08:32 AM   #4
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Quote:
Originally Posted by mga60tw
I must be missing something! Why does it cost so much to get someone out of home that they haven't made a payment on in 12 months? Banks are even paying people over $10,000 to get them out. "Cash for Keys" is one of the programs being offered. I thought when you signed the paperwork on your mortgage that you were going to pay "X" number of dollars per month for "X" number of years. Is that no longer valid? Why does someone who fails to make the payments have any rights at all? I was taught if you bought something on credit you payed for it.
Just doesn't make sense to me!!
They are saving $$$ by paying out the 10k. Its mainly a reverse tactic to try and keep the people from stripping or trashing the home before they leave.
When the house gets trashed, figure they have to atleast put 15k back in to make it remotely resellable...
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Old 06-14-2012, 09:32 AM   #5
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But my son & DIL, who have a fantastic credit score and are super responsible, can't refinance and get a lower interest rate because their house that they bought in 2008 won't appraise high enough. We're in FL and values tanked since all of this started. How about some help for people like them??
They don't qualify for the HARP program. There are certain restrictions on who bought their mortgage or something to that effect.
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Old 06-14-2012, 09:43 AM   #6
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What's a DIL? And starting Jan next year, the FEDS are going to get 3.8% sales tax on the sale of all homes.


Never mind, figured it out. I have one too.
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Old 06-14-2012, 09:52 AM   #7
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Old 06-14-2012, 10:09 AM   #8
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Originally Posted by Perry White View Post
What's a DIL? And starting Jan next year, the FEDS are going to get 3.8% sales tax on the sale of all homes.


Never mind, figured it out. I have one too.
Yup - we have a DIL also.

However, as to the "...FEDS are going to get 3.8% sales tax on the sale of all homes" statement, read this:

FactCheck.org : A 3.8 Percent “Sales Tax” on Your Home?
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Old 06-14-2012, 10:39 AM   #9
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The misinterpretation of that part of the law has really gone viral. There is no sales tax on the sale of a home. First off a married couple has a $500,000 exemption on the PROFIT on the sale of their home. The profit is the sale price of the home less the selling expenses, such as commissions and legal, less the costs that someone has put into the home. There aren't a lot of folks that have more than a half million in gain on their homes in today's market.
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Old 06-14-2012, 10:43 AM   #10
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OK still can't figure it out.
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Old 06-14-2012, 10:49 AM   #11
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Quote:
Originally Posted by Perry White
OK still can't figure it out.
If you mean DIL. Daughter in law
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Old 06-14-2012, 08:58 PM   #12
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Nowdays, you need to watch what you say to whom. If you are talking to someone who has taken advantage of their educational opportunities and has worked most of their adult life, then you can badmouth those that deliberately "work the system" and cause problems for those that have sold a property in good faith or financed a property in good faith. etc.

If you are talking to one of those that have extorted money and/or services from the system, then you will be cursed and accused of being hard hearted or a wealthy so and so (even if it took you 45 years to accumulate your worked for "wealth")

The system sucks and makes excuses for those that have ignored the "facts of life" that you and I have come to understand.

We will be seeing class conflict in another generation because we (the working and responsible) are becoming outnumbered.
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Old 06-14-2012, 09:18 PM   #13
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Originally Posted by slwohlford View Post
Nowdays, you need to watch what you say to whom. If you are talking to someone who has taken advantage of their educational opportunities and has worked most of their adult life, then you can badmouth those that deliberately "work the system" and cause problems for those that have sold a property in good faith or financed a property in good faith. etc.

If you are talking to one of those that have extorted money and/or services from the system, then you will be cursed and accused of being hard hearted or a wealthy so and so (even if it took you 45 years to accumulate your worked for "wealth")

The system sucks and makes excuses for those that have ignored the "facts of life" that you and I have come to understand.

We will be seeing class conflict in another generation because we (the working and responsible) are becoming outnumbered.
What's being discussed here, is the efforts - and results - of a largely Liberal society, pretty well summed up like this:

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Old 06-14-2012, 11:39 PM   #14
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Without giving my big, long story, an attorney and a mortgage broker gave me the same advice = do not make payments on a $264,000 mortgage for a house that is worth $170,000.
I did get a modification and my payments are current.
If I walk away from my mortgage I am supposed to feel guilty and immoral for failing to keep my word.
Where is the honor and morality of "someone" (Blackstone) who buys a business (Fleetwood/Coleman) and then purposely destroys it?

My loan servicer was Litton. About 4 months ago OCWEN bought the loan.
Why would a company buy a $300,000 (corrected to reflect modification terms) note for a property that is worth $170,000? Because there is profit in it.

There is corporate profit in personal loss.

I bought a hitch for $1800 and sold it for $1500. I made a decision and accepted a loss.
If someone had come to my house and forced me to accept $1500 for my $1800 hitch, I would have been pissed!

When I bought this house, I was not willing to accept a $90,000 plus loss.
Therefore, I am pissed.

When we moved in we planned on living here for ten years or so then selling and maybe making a few bucks to use toward living on the road full time.
We are guaranteed to get no return on our investment. Pretty cool, Huh?
We pay $1700 a month to stay here. We can't short sell the house.
If we walk away and rent a smaller, lower cost house we are supposed to be the bad people with no morals who won't keep their word.
What is your word worth?
Is it worth $1700 a month?
Is it worth $20,000 a year?
Is your word worth $200,000 or $400,000?
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