Posted on 10/05/2009 2:41:13 PM PDT by Kartographer
Did you BUY your house for $900,000.00? Or was the market value at some time worth $900,000.00??
I am a Christian, and I know and have experienced government corrupt in ways you can’t imagine and I do believe in paying ones debts that are legally owed.
Part of a contract includes, even if not specifically stated in the contract, that provisions of the law at the time it is signed are incorporated into it. I can assure you that banks and other mortgage lenders knew of statutes about not being able to go after deficiencies in states where that is the law. The fact that they ignored those laws and their implications when making their lending decisions is their responsibility.
Thank you for the compliment about me being civil. I think you have also been civil.
Calif. has MANy, MANY ups and downs. A house we owned has gone from $220,000.00 to $800,000.00 up and down over the years...UP and DOWN.....back and forth MANY TIMES.
I wasn’t engaging in speculation; and neither should you.
You told him he should have WALKED AWAY! geesh....
Yes; and for all the reasons I stated. Why should he be the only one to pay for the manipulation of the market by the individuals and companies who made a lot of money doing it at his expense and the expense of millions of others?
If the law in his state does not permit the lender for going after the borrower for a deficiency, he has every legal right to turn over the keys to the lender and move on with his life.
Perhaps you can answer this...
Property listed in the paper - foreclosure notice, amount owed, address, etc. If the amount ‘works’ for a buyer can that buyer step up and bid that amount, or more, and secure the property?
Of course, it would have to be a property that one ‘knows’ since no inspection is available. Also, most of the properties listed at that point in the foreclosure process appear to be for amounts that are way over market, e.g. the amount owed is way over market.
In practice they would not sell back to the same buyer. That buyer owed say 300,000. The lender would have previously re-negotiated the loan if they wanted, but if they get to the auction, they would not sell to the buyer they refused to negotiate with for say, 200,000.
Maybe someone can cite a government or FHA regulation.
I have heard that buyers can have someone else buy, perhaps a relative and then get the property back later on perhaps a lease purchase. Don't know the time frame for that.
Bought it for $900K. Then discovered that appraisers were colluding on appraisals. Once Lehman blew up and ABCP rates blew up, there was no financing available for jumbos. Then i lost my job.
Other than that, its been a lot of fun.
YIKES.....so sorry fpr you. Did you REALLY think your house was WORTH that amount....REALLY? We sold 6 years ago and have rented since just because we didn’t think real estate was worth it.
Did I think so? I wanted to rent, the wife wanted to buy. Did we foresee down 50-60%? No. I thought down 10%.
Now I have two jobs and I am in danger of losing both of those jobs.
So, I am broke with 3 kids and no home. Renting (which is what I wish I had done in Phoenix). I kick myself every single day over that decision.
I am furious with the Fed, the Federal government, and ... me.
I am so sorry for you and your family.....PRAY....get down on your knees, you and tyour wife, and PRAY, PRAY ,PRAY!
I said a special prayer for you at Mass today.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.