Not Only Do They Get Your Down Payment And Built Equity At Forclosure, But They Own Your Home, And Bill You For Penalties.
(Real Estate Licence Since 1985.)
2007-12-08 07:40:43 · 7 answers · asked by Anonymous in Politics & Government ➔ Other - Politics & Government
I answered a question just yesterday that was similar to this and got reported! Yes, they are now both laughing and crying -- all the way to the bank! Think back to the Clinton years. The lobbyists got congress to push a bill to raise the interest rates. And then in the early Bush (jr) years, they got congress to rewrite the laws governing who qualifies to file for bankruptcy. The lenders then started handing out loans to those who would normally be under qualified -- subrime lending, and when they default, take back the house! Suddenly the balloon has popped. Those who could not or would not plan for the future are finding themselves homeless and a number of smaller lenders are now in dire straights and EVERYONE is looking to Washington to bail them out. Would you believe this answer (yesterday) got me reported? It was said to neither be an answer nor a question... Go figure. Guess the truth hurts?
2007-12-08 07:55:10 · answer #1 · answered by Doc 7 · 1⤊ 0⤋
I don't think that they are and you should understand the market better with your 22 years of experience. The people the mortgage lenders used to borrow from are not lending them money any more. They are repossessing houses that have seriously declined in value. They can't sell them at a price that makes it worthwhile. Often all they can do is leave them empty. So they have lost income from money institutes AND the people they lent to. I wouldn't want to be mixed up in that.
2007-12-08 07:44:16 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Yes, and as a Realtor you know that they have to flip or rent the property, pay the taxes, insurance, and any damage that was left behind by the departees. It's those 100% financed during the high that will kill them. It will take a while before they can recover. They aren't laughing too hard.
2007-12-08 07:45:23 · answer #3 · answered by GoGo Girls 7 · 2⤊ 0⤋
yes, especially the land speculators, who will have their mortgages frozen for the next 5 years.
2007-12-08 07:54:31 · answer #4 · answered by ati-atihan 6 · 2⤊ 0⤋
Every society has it several classes of leeches.
2007-12-08 07:44:16 · answer #5 · answered by Matt D 6 · 1⤊ 0⤋
ALL THE WAY TO THE BANK !
2007-12-08 07:52:55 · answer #6 · answered by Mezmarelda 6 · 1⤊ 0⤋
yes.
2007-12-08 07:45:34 · answer #7 · answered by Mary Jo W 6 · 2⤊ 0⤋