Posted on 12/07/2009 10:58:22 AM PST by Lorianne
Don’t borrow money you cannot pay back. Simple.
Curious as to how the lenders do this without court action being noticed by the borrower.
“Don’t borrow money you cannot pay back. Simple.”
I love the black and white world you live in. Where nobody gets laid off, doesn’t get sick, and nothing else bad happens. Where can I get a ticket for that train?
A creditor (except the IRS and student loans) cannot garnish wages or seize bank accounts unless they’ve already sued you and won. Even then, you can bankrupt out of the judgment or settle the judgment before a judgment levy/lien is taken.
This likely is stemming from defaults on second mortgages that are years old (the court process alone can take a year). People being garnished have had likely had ample opportunity to come to another arrangement.
SnakeDoc
This sounds like a story fueled by attorneys in an attempt to scare homeowners. Very slanted to bash lenders and blame individuals for not hiring a lawyer to oversee and take a big $$$ chunk out too.
......homeowners say they learned.....
They lie, looking for sympathy.
What really happened is they ignored a summons and thought it went away. Meanwhile a judgement was entered.
It’s called the right of off set. Never keep all your funds in one bank.
“Never keep all your funds in one bank.”
Hey I vote for never keep all your funds in a bank, period.
That is true for a common creditor, however, the bank can take your funds deposited in it's bank to pay it's self. Always read the fine print.
Better those who borrowed it then us who get stuck otherwise paying for it...
Related
Of course, the government’s potential losses extend beyond the Treasury program. The Federal Reserve, for example, still holds a trillion-dollar portfolio of mortgage-backed securities whose market value is unknown.
http://www.nytimes.com/2009/12/07/business/07tarp.html
AND
Millions More Are At Risk Of Foreclosure Than Anyone Realizes
http://www.businessinsider.com/millions-more-are-at-risk-of-foreclosure-than-anyone-realizes-2009-12
As part of the refinancing, they took out a mortgage in the amount of $464,000 from HSBC bank with an interest rate of 6.8 percent, and a simultaneous second loan from Citimortgage for $126,000. The latter loan came with an interest rate of 9.5 percent. In all the refinancings, the couple never used an attorney.
They also financed lifestyle with debt. House = $520k loans = $464k + $126k = $590k. Paid off $20k in cred car, so $590k - $520k = $70K that they mined out of the house. - $20k to pay off the cred card leaves $50k of cash that they apparently spent on things that they couldn't afford. Sympathy meter for these irresponsible morons = 0. Screw 'em. They deserve to get kicked out for stupidity.
Exacto-rama
But don’t you feel sorry for them?
Banks have been doing some pretty horrible things these past couple of years. I doubt the homeowners are the only ones mistating the truth.
LOL
Many of these people did not borrow over their heads but economic, health or employment changes are forcing them to lose their homes. Yes, some did borrow over their heads ... but not all. If I lost my job or became unable to work, I would probably lose my home too. How many people could have no income and keep their financial situation the same?
Must be nice to sit back with their self-satisfied little attitudes and pass judgements on others.
That is true. Don’t keep money in a bank against whom you defaulted on a loan multiple thousands of dollars.
SnakeDoc
One of those Freepers who live in a bubble cuz nothing bad ever happens to them. Nice attitude.
I cannot wrap my brain around their logic. I mean our govt mishandles the economy. Trillions in wealth are lost to mismanagement by the banks and other financial institutions.
Our govt is spending us into oblivion.
Taxes are skyrocketing. Businesses across the nation are shutting down.
And yet these jokers ignore what is happening and condemn the individual simply trying to work for a living.
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