Posted on 05/30/2008 1:13:58 PM PDT by nicola_tesla
I agree. But, the other point is the bank should have verified income before disbursing the check. That was their obligation. As the article said, the banks hoped to pass the entire blame onto the borrower of its lack of due diligence.
Hardly, however I have a great appreciation for what I have that has been labor intensive in achieving.
He’d signed some personal guarantees - many small, new businesses do when starting out, because no one will give credit to an unknown corporation (unless they don’t need the money :) ).
Let’s see - EGPWS will say you just shouldn’t have gotten cancer at all if you couldn’t plan for it.
And insurance companies are a lot bolder about denying claims just seven or eight years down the road.
What would you do if you were a single woman too sick to work, but your treatments were denied because your cobra payments just ran out? I sat with this woman while she completely broke down.
And I'm very happy that you are alive. :) I'm happy to be alive as well, but after paying insurance for almost thirty years, I shouldn't have to feel like a criminal for filing claims. I don't feel "lucky" to have been through that experience.
Alas liberal political fodder again....
Yep. Same thing happened to my friend. What nobody wants to talk about is that it also opens you up to liability if you get sued.
That should be “over two decades.” About twenty-six or twenty-seven years. Time flies. :)
I’m sorry to hear all that but I agree, you are not alone in that situation.
Recover and prosper.
If you have good credit, the rate might be lower since banks will be more cautious. and have to compete more for good customers.
They could make a movie out of it. Are you serious or Science Fiction.
huh?
Who wrote this?
First off, from day one the “class” was a joke. Obviously the author knows nothing about the fact the class is a 30 minute telephone seminar.
Second the author does not know about the lien stipping of unsecured mortgage loans under the old vs the new code.
Third what the heck is the author trying to say? hence the “huh”? Was there a ruling? Has the law been shifted or did one judge make a ruling? Where is the ruling.
The author misses the point of stated loans. Stated income loans were for those who were self emplyed. Under the PREreform rules you had to have a larger deposit to make the stated loan. Usually 15% to 30%. After reform made the ENTIRE LOAN nondischargable, the banks were free to inflate the value of the house 15% to 30% and thus have a full value loan with the borrower having a second mortgage on the unsecured part.
The “delusion” part is the bank thinking they would be covered over time as the home value went up to meet the inflated valuation. (how many banks had “mandatory lists” for appraisers who would play ball, wink wink.)
The author needs a writing class.
Thanks! My recovery has gone great. With two beautiful grandchildren I feel like my life is quite rich these days. :)
I question whether you have the slightest understanding of contracts. Contract law is not liberal or conservative - it is.
If EITHER party does not perform due diligence, they cannot claim harm later - AS THE JUDGE FOUND.
EGPWS says it can happen to anyone including EGPWS and when I met my demise, I was prepared for it.
We all get old and die some day, however silver spoons will always be available and outlive all of us. (like it or not)
PSST, where does that spoon come from?
Some Freepers are quick to assume anyone with a bankruptcy, be it Chapter 13, 11, or 7, is a deadbeat. That’s not true at all.
Yes, SOME are. MOST are not.
So?
newsflash, self employed people do not always have “verifiable” income because they have small corporations that become their expense vehicle.
A person taking LEGAL deductions can dramatically reduce income to very low levels but live a very comfortable life.
The issue is the use of inflated valuations to allow banks to have virtual 100% loan to value loans.
If you want to “punish” the banks then restore the pre-2005 bankruptcy rules allowing for lien stripping. The secured portion of the loan is reduced to the current value of the house. Since this is court approved with the supervision of the bankrupcy trustee, the valuation games are not so available to the bank.
Define dead beat.
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