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Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!

 
Fading Lights

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10/27/2012 08:16 PM

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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
I'll make this short, as I am very knowedegable on this subject. If your late you are tehnically in default. If the bank holding the mortgage wants to call the loan (BY THE WAY, THE BORROWER KNOWS THE TERMS), then they can order an appraisal. The appraiser is not the bad guy -- all they do is report what "arm's length" transactions of simlar properties are selling for. Is the bank bad? Why is the apppraiser the bad guy? The ball at that point is back in the court of the bank? Do they call the whole loan balance? Or do they work with the borrower to re-negotiate repayment? (Maybe). But if the borrower does not pay as contracted, yes, in default. Prove me otherwise, unless you feel that people borrowing 100's or 1,000,000 for a property with the borrower not keeping to the terms, then I want to know what their sense of entitlement is ????
Anonymous Coward
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10/27/2012 08:33 PM
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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
ok if the property value goes down then the logic would be the lender would pay me. hahaha you kidding me!! Strategic defaulters are the lowest!!!
Anonymous Coward
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10/27/2012 08:35 PM
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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
Banks get bail out. People get ripped off. Banks rip people of. America, land of the free.
Fading Lights

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10/27/2012 08:39 PM

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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
ok if the property value goes down then the logic would be the lender would pay me. hahaha you kidding me!! Strategic defaulters are the lowest!!!
 Quoting: Anonymous Coward 26374850


No techincally. and most likely contractually, you are responsible for your own decisions (in this case to borrow money on a property that could go down in value). You would then be reaponsible for aby deficit after the asset is liquidized. So to make this more simplified to many nof you that can't noogle this through -- if you default on a mortgage (which you probably were not qualified for, and had no clue as to what the direction of value was), then you can be hold liable for the deficit which is between the default sales price (what bank got for property) vs. what you owed.
Anonymous Coward
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10/27/2012 08:44 PM
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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
Of course I agree with the contract. Why would a house I bought in the middle of a desert for $800,000 go down in value when the median salaries are less than a tenth of that?
pick

*My impersonation of some of the brain dead people that bought in 2005.
Kirk

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10/27/2012 08:46 PM

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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
when the real financial crises hits your mcmansion wont be worth $1.98 anyway.
Worry is a misuse of the imagination.
Judethz
Israel is Eternal

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10/27/2012 08:55 PM

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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
one word..fire
 Quoting: Anonymous Coward 26402663




Three words....Insurance Fraud......Jail
 Quoting: Eggcellent


kitty Three more words. Don't...get...caught.
Chrit

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10/27/2012 08:57 PM

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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
This will be something you signed and did not read. A mortgage contract states you will pay X amount over a period of time if you do not break the terms it is a legal binding contract and cannot be changed, but if you change it by taking out a secondary loan that was not permitted then you broke the contract.

two examples


If you take an equity line using your home as collateral with no early pay back penalty for the equity loan they can call that loan in at any point because it has no set start or finish dates. They would do this because if you foreclose the secondary mortgage holder "I.E. The bank holding your equity line" will not get paid at all. Only the primary lean holder will be the first to get paid back. So if you owe the secondary and the primary lean holder more then the value of the house the secondary will want to get out.


Also if you get caught “renting to own” to another person using a wraparound loan depending on your mortgage they can call it in under the idea that you took a new "primary" loan for other people to buy your home so you are "due-on-sale."


The number one thing is read what you are signing before you sign it and understand it.

Fuzzy issue but all about what you signed and did after you signed.

Commercial property is a whole other monster.

Last Edited by Chrit on 10/27/2012 09:25 PM
I'm only human, it's my biggest flaw.

We must all realize a sink a chair and a pillow are all luxuries of home and a soldiers helmet takes the place of all three.
Anonymous Coward
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10/27/2012 09:00 PM
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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
Makes perfect sense, have bought several houses, there is a stipulation (in small words) that the banks can implement; is says something like this: loan can claim in full, all funds, at any time that the issuing institution see's fit.
Anonymous Coward
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10/27/2012 09:00 PM
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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
one word..fire
 Quoting: Anonymous Coward 26402663




Three words....Insurance Fraud......Jail
 Quoting: Eggcellent


kitty Three more words. Don't...get...caught.
 Quoting: Judethz


Three more words. posts...are...evidence
Anonymous Coward
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10/27/2012 09:05 PM
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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
Not true. Not happening. Geeze stupid doomstards believe everything they read in the interwebz. LOL!
 Quoting: Anonymous Coward 1326056


This^^^

This might be one of the dumbest blogs I have ever seen. Banks have enough problems unloading the homes that non-payers have walked away from.

Dont panic! If you pay...you stay. Its really that simple.
 Quoting: Anonymous Coward 22965576


^^^This too.

I recognize the YTer Sherriknowsallorwhatever..trust me, take it with a pillar of salt,
Not a full deck,
Elevator doesn't reach the top floor,
Few bricks short,
Not running on all cylinders,

...probably a giant factual ommission somewhere in there.
SnakeAirlines

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10/27/2012 09:09 PM

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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
putin
THIS SPACE FOR RENT
Anonymous Coward
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10/27/2012 09:10 PM
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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
This rumor is a piece of shit.
itsamadmadworld

User ID: 26412316
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10/27/2012 09:12 PM
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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
Honestly they are doing them a favor.


If you owe 750,000 dollars on a home that is worth 300,000 you are 450,000 upside down.

Say like the home value never recovers you could end up paying 2 million dollars over 30 years for a 300k home

Fuck that, get out and start over in a home that you pay what it's worth.
 Quoting: FatalW1shes



The truth is that no one who "buys" a home (via a mortgage) will ever actually pay what it's worth.
Anonymous Coward
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10/27/2012 09:13 PM
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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
I'll make this short, as I am very knowedegable on this subject. If your late you are tehnically in default. If the bank holding the mortgage wants to call the loan (BY THE WAY, THE BORROWER KNOWS THE TERMS), then they can order an appraisal. The appraiser is not the bad guy -- all they do is report what "arm's length" transactions of simlar properties are selling for. Is the bank bad? Why is the apppraiser the bad guy? The ball at that point is back in the court of the bank? Do they call the whole loan balance? Or do they work with the borrower to re-negotiate repayment? (Maybe). But if the borrower does not pay as contracted, yes, in default. Prove me otherwise, unless you feel that people borrowing 100's or 1,000,000 for a property with the borrower not keeping to the terms, then I want to know what their sense of entitlement is ????
 Quoting: Fading Lights


I agree with this poster. It's idiotic threads list this that give this forum a bad name.

Appraisers are just doing their jobs. While there are shady banks out there that prey on people, it does not happen in the way that the blog would have you believe.

Better yet, be debt free and don't have to worry about a mortgage payment. If you do need money, goto a local credit union. Not Bank of America. lolz
Can't Think Now

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10/27/2012 09:23 PM

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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
This is starting to scare me. I'm currently in the processing of buying a house and obtaining a mortgage. Can I strike out any clause that states that the mortgage holder can call in the loan for whatever reason?
Anonymous Coward
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10/27/2012 09:23 PM
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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
I have over $200,00. In equity and the cash to pay the rest off if bankers do this but, I am not expecting it.
NoSilence (OP)

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10/27/2012 09:38 PM
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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
This is starting to scare me. I'm currently in the processing of buying a house and obtaining a mortgage. Can I strike out any clause that states that the mortgage holder can call in the loan for whatever reason?
 Quoting: Can't Think Now


Call Kevin Clifford.. He'll give you free advice..

[link to www.mortgageendgame.com] Also look for my post above on this thread.. KC radio show and audio archives on RBN..

Thanks for your comment....hf

"Knowledge is Power", and with that knowledge is safety, security and happiness.
"In the beginning of a change the patriot is a scarce man, and brave, and hated and scorned. When his cause succeeds, the timid join him, for then it costs nothing to be a patriot."
Mark Twain
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Truth

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10/27/2012 09:45 PM

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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
I think the only way my home would make value is if I make the improvements I have been wanting to. Either way its a wash but at least I will live in a nicer house.

bricks
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SilverPatriot

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10/27/2012 09:48 PM

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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
This fraudulent takeover appears to affect people who have taken a loan out based upon the equity built up in their mortgages, thus in effect taking out a new mortgage. These people are over a barrel, as if they were not cash strapped they would not have taken out a loan against their mortgage from the “equity” built, is a risk especially with declining property values.

Further, many of these people took out these loans to add value to their property in the form of modernizing kitchens or home additions hence their homes is prime real estate. Whereas with foreclosures many have been without resources to maintain, their properties and banks lose money in reclaiming these homes.

In my opinion, this underhanded tactic is a vain attempt by banks to make money while harming those who have faithfully made payments. The only way to combat this under handed tactic is to pay off your loan as fast as possible and worry about modernizing after the home is officially yours.
Anonymous Coward
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10/27/2012 09:50 PM
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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
This worries me...

Are there specific banks that are doing this, or is it widespread?
 Quoting: Billy_Sastard


at the time - country wide, wellsfargo and a few others were named
 Quoting: Phennommennonn


Yeah, wells fargo. I'm personally acquainted with those bitches. They would stab their mother in the back if she had a nickle to steal.
Anonymous Coward
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10/27/2012 09:57 PM
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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
False, well in my case anyway.
A reappraisal can only be triggered if you try to refinance.
Keep paying your mortgage, like you agreed to in writing, and this won't happen.
 Quoting: Anonymous Coward 18970863


Not true. Not happening. Geeze stupid doomstards believe everything they read in the interwebz. LOL!
 Quoting: Anonymous Coward 1326056


Honestly they are doing them a favor.


If you owe 750,000 dollars on a home that is worth 300,000 you are 450,000 upside down.

Say like the home value never recovers you could end up paying 2 million dollars over 30 years for a 300k home

Fuck that, get out and start over in a home that you pay what it's worth.
 Quoting: FatalW1shes


All of these ^^^^^
are correct.
Anonymous Coward
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10/27/2012 10:45 PM
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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
people

The only safety you will have is if you arm up, get into your communites and secede.

Simply do not allow the banks, the police or anyone enter the communities area. Work together and secede.

For goodness sake, break these bankers.
21SchizoidMan

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10/27/2012 10:47 PM

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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
If this happens to me .. I will simply file bankruptcy on everything and rent .. Screw them and their credit !
 Quoting: MadGame


^^This^^
Cat's foot iron claw
Neuro-surgeons scream for more
At paranoia's poison door.
Twenty first century schizoid man.

Blood rack barbed wire
Polititians' funeral pyre
Innocents raped with napalm fire
Twenty first century schizoid man.

Death seed blind man's greed
Poets' starving children bleed
Nothing he's got he really needs
Twenty first century schizoid man.
Anonymous Coward
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10/27/2012 10:55 PM
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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
This makes no sense. If a mortgage is not in default and the homeowner is making payments as stipulated in the contract, then it doesn't matter what the "value" of the property is.
 Quoting: Anonymous Coward 25720208


Well you know if theyre doing it there either a clause in the contract or even general wording that they think they can prove so.
Anonymous Coward
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10/27/2012 11:03 PM
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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
FUCK THE BANKS...when are you people going to grow a pair?

youre slaves, absolute slaves. wake up. The easy path is death.
Anonymous Coward
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10/27/2012 11:05 PM
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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
FUCK THE BANKS...when are you people going to grow a pair?

youre slaves, absolute slaves. wake up. The easy path is death.
 Quoting: Anonymous Coward 26434859


What are you suggesting, pin head?
Anonymous Coward
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10/27/2012 11:18 PM
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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
I keep telling you guys the reason for something like this.
It's called "Loss Carry Forwards" where "C" corps carry this line on their ledgers and "S" Corps carry these on the passthroughs to the CEO's and Owners with their K-1 long tax forms.
If a bank or any financial institution needs losses to offset gains so they wont have to pay taxes, why wouldnt they call in your loan. These loss carry forwards are going to insure that large corporations and all financial institutions never pay taxes again in our lifetimes.

No matter how high Obammy raises taxes (Pay special attention to this line)

They are becoming a hot commodity (LCF's) and are worth .33 plus for each dollar of loss. Lets say company "A" is making all kinds of profits. They look into the market for a company "B" that has large losses "carried" on there balance sheets. They aquire this company for pennies on the dollar, not for their business or sales but for the "Loss Carry Forwards". They then combine their Corporation with the new entity and walla they can write of any profits for as many years as it takes to depleat the accumulated losses. (Look at a company called "Tiger Direct - Systemax - CompUSA")

I am not an accountant but I play one on TV

WATCH !

You will more than likely see more and more of this especially if Bammy raises taxes on the elite that hold large corps and financial entities.

LCF's are the new lollypop to avoid taxes legally !
Anonymous Coward
User ID: 25662194
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10/27/2012 11:30 PM
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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
I keep telling you guys the reason for something like this.
It's called "Loss Carry Forwards" where "C" corps carry this line on their ledgers and "S" Corps carry these on the passthroughs to the CEO's and Owners with their K-1 long tax forms.
If a bank or any financial institution needs losses to offset gains so they wont have to pay taxes, why wouldnt they call in your loan. These loss carry forwards are going to insure that large corporations and all financial institutions never pay taxes again in our lifetimes.

No matter how high Obammy raises taxes (Pay special attention to this line)

They are becoming a hot commodity (LCF's) and are worth .33 plus for each dollar of loss. Lets say company "A" is making all kinds of profits. They look into the market for a company "B" that has large losses "carried" on there balance sheets. They aquire this company for pennies on the dollar, not for their business or sales but for the "Loss Carry Forwards". They then combine their Corporation with the new entity and walla they can write of any profits for as many years as it takes to depleat the accumulated losses. (Look at a company called "Tiger Direct - Systemax - CompUSA")

I am not an accountant but I play one on TV

WATCH !

You will more than likely see more and more of this especially if Bammy raises taxes on the elite that hold large corps and financial entities.

LCF's are the new lollypop to avoid taxes legally !
 Quoting: Anonymous Coward 25662194


Off sorry !
Anonymous Coward
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10/27/2012 11:37 PM
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Re: Wow! You don't have to have missed a payment now for the banks to STEAL your property! They are doing it through "Appraisals"!
OP, your post is hitting home for me. Today, I received a letter from my mortgagor telling me I'm late by two months. I've never been late on anything.

Matter of fact, I'm paid up until december. They are claiming they haven't received any payments!

Someone is going to pay be bigtime. I've put a great deal of money into my home. Again, my bank statements are clear that I have paid on time, every time.

This is a mess and I just can't believe people are such money vampires.

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