Comments on: Strategic Non-Foreclosure

By: PPDCUS

PPDCUS — Thu, 29 Oct 2009 08:15:19 +0000

Shining a light on the shadow inventory … when a lender refuses to foreclose, that’s the definition of a toxic asset.

By: philipat

philipat — Thu, 29 Oct 2009 02:59:14 +0000

Does any if this matter. US housing has been Nationalised anyway so its just shuffling money from one of Uncle Sam’s pockets into the other?

By: hue

hue — Wed, 28 Oct 2009 23:27:26 +0000

torrie, it may be some form of dyslexia. i think i have it. i can’t pick up on my own errors because my sentences are clean in my head, and i don’t want to self edit. but i can spot other people’s errors.

my other favorite white lie as an ex-debt salesman (mortgage broker) was telling peeps that they get to skip a payment when they refi. of course, they’re not skipping anything, the interest clock never stops and starts immediately, it’s just rolled into the next mortgage.

it was also very hard to sell taxes and insurance included in the payment, because it ate up the cash in cash out loans. i can’t remember now, but i think it was the FannieMae loans that required T&I included, especially with lower scores. strangely, sub prime lenders didn’t care about T&I in payment, if i remember correctly, and those were borrowers who really needed in the payment because many are subprime for a reason. they’re habitually late with everything. of course, there are people became subprime because of illness or laid off. we’re all subprime now.

By: torrie-amos

torrie-amos — Wed, 28 Oct 2009 21:28:41 +0000

that is a good point hue, they are usually 6 months forward so it’s a free carry for them

By: call me ahab

call me ahab — Wed, 28 Oct 2009 21:16:15 +0000

hue-

good point

By: hue

hue — Wed, 28 Oct 2009 21:00:38 +0000

torrie, so right before i posted it i clicked on the second “sight”

and i’m not mr. language person either ;-)

some mortgages are set up with taxes and insurance included in the payment. that used to be free money for the lender, until the renters with debt fall behind …

when do people start trashing the houses, holes in the wall etc., when they fall behind or when they are in foreclosure and no one comes to foreclose?

By: torrie-amos

torrie-amos — Wed, 28 Oct 2009 20:41:45 +0000

lol, mark, i did take the test and signed up for weekly lessons, after 4 wrong answers I started to SEE the mistakes, personal, people, thing, ie opinion, lol…….

By: Pat G.

Pat G. — Wed, 28 Oct 2009 20:32:10 +0000

Strategic Non-Foreclosure for the Banks. Then Strategic Foreclosure (other thread) for those mortgage holders in Florida who maintain other lines in good standing for two years which results in forgiveness. Who says America has lost its creativity?

By: Mark E Hoffer

Mark E Hoffer — Wed, 28 Oct 2009 20:13:10 +0000

torrie,

re: 13:09 , de nada~

though, seeing 15:53, a little more practice may be necessary ( ;

w/this: “people love to offer their opinons, just ask decent questions and be quiet”, though, no doubt~

it’s, really, the reason why it’s so hard to believe that ‘all these analysts’ got it so wrong, for so long–into today..

more proof that snorting exhaust fumes, rather than laser toner, is good for your Portfolio..

By: call me ahab

call me ahab — Wed, 28 Oct 2009 20:09:27 +0000

CandC-

thanks for the reply- much clearer- now i see the dilemma