Gee, I wonder what the "after bailout" rate will be?
Still another tax created by government....
Bankruptcy law went from too easy to honestly a little too strict. This proposal (the HELOC thing) is just crazy though unless it means losing the house, which is what current law says.
This is just lien stripping under another name, which was allowed prior to bankruptcy reform. The primary lienholder holds the house as collateral. HELOC is a second, they wouldn’t get anything in the event of foreclosure anyway.
No such thing as liar’s loans ... it’s FRAUD clear and simple and should be fully prosecuted. Note that much of the paperwork was sent via hard copy, snail mail, via US Post Office. That adds the charge of mail fraud.
If you have good credit, the rate might be lower since banks will be more cautious. and have to compete more for good customers.
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.
The credit merchants begged for the foolish provisions, now let them reap a pittance and spoiled account files that age without any income.
There is difference between that man with the wool shears over that a way, and the wolves thereabouts. The Foolish Lending Law was just the sheet of tickets to the Predators Ball.
Sign me,
--Shepherd.
I knew we we’re heading for trouble when I had two co-workers file for bankruptcy, kept their homes, moved to new homes and rented or sold the other one at the same time they got their debts lifted......how can you allow a person to have two homes and a motor home,boat, 4wheelers, etc and still let them file bankruptcy?....its a mockery....