If you owe money on your home, are you really a 'homeowner?'

Quote from Hydroblunt:

Actually, I retract my statement, and in fact, you are not correct.

Thanks to your nuthugger Cutten insulting me, I took the time to "do my homework".

Only FHA, Fannie Mae, Freddie Mac and VA mortgages have strict guidelines about mortgage not being callable unless there is default.
All other mortgages, particularly subprime can be, depending on the fine print. Lenders can, have and are trying to call loans based on changing LTVs & FMVs, as they were able to hide it away in the fine print.
My guess is that you think that the noble & honorable mortgage industry would not put in demand features like this. It's not like an en masse call in of loans & mortgages has happened in the past 100 years.
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OK, well since you "did your homework", let's have it. Lets see your example of the acceleration of a loan due to a changing LTV. Make sure it's a residential loan, since that's what we're talking about. Please provide link.

OldTrader
 
Quote from Trader5287:

Nope - not in some states - a mortgage actually conveys the legal title to the lender.

Usually somebody asks 'well then what does a mortgage give the lender in the rest of the states?'

The answer is the equitable title is conveyed.

At that point we are so far over even Einstein's genius, it's better to just pay the fken lawyer.
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LOL! No, a mortgage does not convey legal title to the lender. A mortgage is simply the security instrument for the debt. In the case of default in the payments, the lender typically files a lawsuit to foreclose, called a judicial foreclosure. This is about half the states. Each state may have some nuances.

What you may be confusing this with is that the other half of the states are what they call "deed of trust states". In a deed of trust state, there is no "mortgage". Instead, there is a note, and a deed of trust which serves as the security instrument that secures the note to the property. The deed of trust names a trustee, usually a title company or lawyer. This lender notifies the trustee if the payments are in default, and the trustee commences the foreclosure according to state law. The foreclosure in other words avoids court, and therefore is typically less time consuming.

What may have confused you is that the trustee in a "trust deed state" holds "power of sale", or sometimes called "bare legal title". In other words, they may sell the property if certain requirements are met as set forth in the deed of trust and in accordance with state law. This is typically a default in the payment, after which the borrower is notified, given certain time to bring the loan current, and if it isn't, then the property is sold on the courthouse steps by the trustee.

OldTrader
 
Quote from OldTrader:

LOL! No, a mortgage does not convey legal title to the lender. A mortgage is simply the security instrument for the debt. In the case of default in the payments, the lender typically files a lawsuit to foreclose, called a judicial foreclosure. This is about half the states. Each state may have some nuances.

What you may be confusing this with is that the other half of the states are what they call "deed of trust states". In a deed of trust state, there is no "mortgage". Instead, there is a note, and a deed of trust which serves as the security instrument that secures the note to the property. The deed of trust names a trustee, usually a title company or lawyer. This lender notifies the trustee if the payments are in default, and the trustee commences the foreclosure according to state law. The foreclosure in other words avoids court, and therefore is typically less time consuming.

What may have confused you is that the trustee in a "trust deed state" holds "power of sale", or sometimes called "bare legal title". In other words, they may sell the property if certain requirements are met as set forth in the deed of trust and in accordance with state law. This is typically a default in the payment, after which the borrower is notified, given certain time to bring the loan current, and if it isn't, then the property is sold on the courthouse steps by the trustee.

OldTrader
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Nope, I'm not confused. I know exactly what I'm talking about and I know what a mortages is.
 
Quote from Trader5287:

Nope, I'm not confused. I know exactly what I'm talking about and I know what a mortages is.
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Even if you can't spell it right :p
 
Quote from Trader5287:

Nope, I'm not confused. I know exactly what I'm talking about and I know what a mortages is.
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I sent a note to you on this. I can't get into a position of yelling at other thoughtful members or posting something that may mislead.


As for you GTS - you can go fck yourself.
 
Quote from lindq:

Ask a thousand people (with mortgages) if they "own" their home.

I'll lay big odds that the great majority of women will say yes.

And that the majority of men will say "Well, yes....but..."

If you're married, you know what I mean. Women have this ownership/home/hearth thing going on, and will deny even the thought that they don't actually own the home.

Two years ago I suggested to my wife that we sell at what was obviously the top of the market and take our considerable profits of 50% in 2 years...and take a couple years to move into a very nice rental home. I'm not talking a trailer here. More like 4,000 SF with pool, mountain views, etc.

No way, no how. Despite my long and brilliant lecture on the reality of renting versus paying a mortgage wherein we don't own the friggin home in either case, the argument could never be won.

Not the first time I've run into it, and friends have reported the same experiences. An interesting difference in point of view between the sexes.
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very good observation, lindq!
i've never seen a woman who is able to save any money...
the root of american debt problems is how american women deal with financial matters and how they influence men.
 
Quote from DT-waw:

very good observation, lindq!
i've never seen a woman who is able to save any money...
the root of american debt problems is how american women deal with financial matters and how they influence men.
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Wow! You need to meet more women.

Joe.
 
Quote from DT-waw:

very good observation, lindq!
i've never seen a woman who is able to save any money...
the root of american debt problems is how american women deal with financial matters and how they influence men.
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My American wife bought a $230k townhouse and a $440k home all by her little helpless female lonesome...

And she is stacked.....:D I am lucky.
 
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