I heard that the ACORN add on is out but haven’t been able to get in to doaload the bill yet. I don’t like the bill but do realize that if we don’t do this then banks acorss the country could being to collaspe and I don’t know about you but I can’t afford for my mortgage to be called in tomorrow and need to be paid in full!
How does that happen?
I suppose that's theoretically possible, but I seriously doubt we'd see a large-scale calling in of performing mortgages. Whatever lenders may wish, they are ill prepared to take action against large numbers of citizens residing in their homes. As long as sub-prime mortgage holders are sitting in their homes with delinquent mortgages, I have a hard time seeing lenders trying to throw ordinary law-abiding citizens out of theirs. What on earth would they do with all the houses, even if they could evict us all?
“I don’t know about you but I can’t afford for my mortgage to be called in tomorrow and need to be paid in full!”
Your mortgage is a contract. As long as you uphold your side, they should not be able to call it in. That is, unless you signed a contract that said the holder could call it in at any time. I assume you didn’t do that.
After seeing Pelosi say it’s a ‘buy-in’, it is a bad deal, never take investment advice from her or any other Democrat that hates Wall Street
Even if your bank collapses, nobody will have the authority to call in a mortgage that is not in default. That's a major legal change that emerged sometime after the Great Depression.