Many borrowers in default stay put as lenders delay evictions

Quote from Big Money:

Yes, when someone doesn’t pay their bills and stays, they are a loser. We are living “on pins and needles.” Yeah, right. Well, you should be. If they had some integrity, they would have moved. The only problem is the government thinking they are helping things by dragging out the process while also deciding contracts don’t really need to be honored. Maybe they should pay everyone’s bills while we are at it. Are things tough? Sure. But that doesn’t make the truth any different. The housing market will never heal if we keep enabling those who are a drain on the system to stay put. Sooner or latter all these homes will come onto the market. Maybe the government will pay my mortgage as well. As usual, we only reward bad behavior instead of good behavior.

Housing recovery? Yeah, right. Just more examples of how clueless the government is. These people and those like them are a disgrace. Of course they don’t see it that way, “it is not my fault.” Is it any wonder we are in such bad shape?

Good trading

TM
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Actually, they are the BIG WINNERS. The morons who keep paying, strapped to the hilt, just to keep their credit score are the idiots.

Stay put as along as you can folks, screw the banks, keep your money offshore, the whole shithouse is going down....it's too late for your patriotic nonsense.

DOn't listen to this integrity crap. TAKE it when you can get it, there will NEVER be another chance like this.
 
Quote from FattBurger:

The example starts at the top, how dare you question the little guy when the most powerful men running this country in reality have bankrupted the nation.
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I'm not sure what came first, the chicken or the egg. Is it our country's leaders' fault for bankrupting our nation or the people's fault for allowing such fiscal irresponsibility to continue over so many years? Our deficit has been increasing every year for decades--is it a total surprise that we would eventually have to pay the piper? Everyone knows that many (most?) of our current political leaders' decisions are heavily influenced by wealthy special interests that give them large sums of money. However, Americans support these politicians because they give "free" money to so many people in the form of social spending programs.

Millions more Americans "milk" the system themselves every day by running up consumer debt then going bankrupt, collecting unemployment when lower paying jobs are available, filing frivolous lawsuits and, now, purposely not paying their mortgage.

There will be another real estate crisis in this country, but it may not be due to option-arms coming due. The next real estate crisis may occur when a large number of people like the prior poster with underwater mortgages simply stop making the payments.

But don't worry. The the stock market rose last year, the US dollar rose this year and the recession is over. Barack and Ben have our country under control. Everything is okay now. You can sell all of your gold and put all of your savings back into stocks.
 
You cannot expect "morality" in an usustainable system that is being propped up artificially.

If you do, then you are a fool.
 
You don't get it. By letting the tenants stay in the house the bank gets to mark-to-whatever makes their balance sheet look healthy, rather than the actual market price. If they take possession they have to pay all the expenses that come along with owning the house and try to sell it at what the market will pay for it, which is significantly less than what they have valued it at on their balance sheet. Foreclosing on all these properties would be an absolute disaster. Banks would begin to fold because their balance sheets would reflect actual market values and the supply of houses on the market would sky-rocket. That may actually speed up the healing process but it would be a painful event. Which way is the best way? I don't claim to know the answer to that question.

Quote from Big Money:

Yes, when someone doesn’t pay their bills and stays, they are a loser. We are living “on pins and needles.” Yeah, right. Well, you should be. If they had some integrity, they would have moved. The only problem is the government thinking they are helping things by dragging out the process while also deciding contracts don’t really need to be honored. Maybe they should pay everyone’s bills while we are at it. Are things tough? Sure. But that doesn’t make the truth any different. The housing market will never heal if we keep enabling those who are a drain on the system to stay put. Sooner or latter all these homes will come onto the market. Maybe the government will pay my mortgage as well. As usual, we only reward bad behavior instead of good behavior.

Housing recovery? Yeah, right. Just more examples of how clueless the government is. These people and those like them are a disgrace. Of course they don’t see it that way, “it is not my fault.” Is it any wonder we are in such bad shape?

Good trading

TM
More...
 
They got you over a barrel with that damn credit score. Give up your house and try and get a job with a 500 credit score. Roughly about 50% of employers check credit scores as part of a routine background check and the 50% that don't aren't worth working for. What a fucked up world eh?

The best thing to do in the future is give the banks the middle finger and never take out another loan. The next car I buy will be with cash and I got zero credit card debt. Fuck the banks.

Quote from louderfaster:

Actually, they are the BIG WINNERS. The morons who keep paying, strapped to the hilt, just to keep their credit score are the idiots.

Stay put as along as you can folks, screw the banks, keep your money offshore, the whole shithouse is going down....it's too late for your patriotic nonsense.

DOn't listen to this integrity crap. TAKE it when you can get it, there will NEVER be another chance like this.
More...
 
Obama is going to introduce a House Bill that will "Prevent" any further home owners loosing homes. This bill is expected to pass...

Keep an eye on it...this will be interesting.
 
Quote from the1:

You don't get it. By letting the tenants stay in the house the bank gets to mark-to-whatever makes their balance sheet look healthy, rather than the actual market price. If they take possession they have to pay all the expenses that come along with owning the house and try to sell it at what the market will pay for it, which is significantly less than what they have valued it at on their balance sheet. Foreclosing on all these properties would be an absolute disaster. Banks would begin to fold because their balance sheets would reflect actual market values and the supply of houses on the market would sky-rocket. That may actually speed up the healing process but it would be a painful event. Which way is the best way? I don't claim to know the answer to that question.
More...
Regarding banks, this is probably the most insightful post I've yet to read on ET.

As for Credit Scores, I'm sure most know this, but not only do employers check your credit, every Ins. Co. regulates your premium based on your credit score.
 
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