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 ????

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!!!

Banks get bail out. People get ripped off. Banks rip people of. America, land of the free.

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.

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?


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

when the real financial crises hits your mcmansion wont be worth $1.98 anyway.

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

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

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.

Three more words. posts...are...evidence

^^^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.

This rumor is a piece of shit.

The truth is that no one who "buys" a home (via a mortgage) will ever actually pay what it's worth.

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

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?

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.

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....

"Knowledge is Power", and with that knowledge is safety, security and happiness.

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.

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.

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.

All of these ^^^^^
are correct.

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.

^^This^^

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.

FUCK THE BANKS...when are you people going to grow a pair?

youre slaves, absolute slaves. wake up. The easy path is death.

What are you suggesting, pin head?

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 !

Off sorry !

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.