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Topic:
Mortgage modifications: Winning!....? [Locked] |
paulg_68  Posts: 2,469
Registered: 2009-7-27 18:45:54
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Date Posted:
1/1/00 12:00am
Subject:
Mortgage modifications: Winning!....? |
IMHO posted:
the banks will make money off these people losing their house.
No they won't.
If banks made money off of people losing their houses there never would have been a bailout.
Banks get killed on foreclosures.
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Date Posted:
1/1/00 12:00am
Subject:
Mortgage modifications: Winning!....? |
paulg_68 posted:
IMHO posted:
the banks will make money off these people losing their house.
No they won't.
If banks made money off of people losing their houses there never would have been a bailout.
Banks get killed on foreclosures.
actually youre dead wrong on that.
banks make a ton of money on these bad mortgages foreclosing
unless congress has fixed that since the market crashed
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Taliesihne Title: Wind on the Deep Waters
Posts: 1,117
Registered: 2004-2-19 04:47:59
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Date Posted:
1/1/00 12:00am
Subject:
Mortgage modifications: Winning!....? |
sweeny_comodore posted:
then add in insurance and taxes and youre probably talking in the hood of 2500/mo
plus 5 kids??!
Hehe - I take it you aren't a homeowner?
Taxes and insurance would be part of the mortgage - they did not put 20% down and were not at 20% equity, which is what is required to take PMI off the mortgage. An extremely common (read - everyone does this) requirement for someone carrying a mortgage with PMI is that taxes and insurance are paid by the mortgage company until PMI is gone.
Now, I'm not an expert and may have screwed up the technical details, but the basic point I'm making is that until they hit 20% equity in their house, it's very, very, very likely that taxes and insurance were paid by the mortgage company.
A 275k house is a modest house - especially for someone with 5 kids.
I live in BFE and we have a 3 bedroom house. I won't get into specifics, but it's within range of what they were paying. They do NOT live in a McMansion.
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First comes smiles, then lies. Last is gunfire. -Roland Deschain, of Gilead
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paulg_68 Posts: 2,469
Registered: 2009-7-27 18:45:54
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Date Posted:
1/1/00 12:00am
Subject:
Mortgage modifications: Winning!....? |
sweeny_comodore posted:
actually youre dead wrong on that.
banks make a ton of money on these bad mortgages foreclosing
unless congress has fixed that since the market crashed
Please demonstrate your deep knowledge of the subject by telling us where they get the money from then.
Do they get it from the people who aren't paying them? Do they get it from the people they sell the house to for less than the mortgage was for? Where does all this money come from?
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If you wish to make an apple pie from scratch...
http://www.youtube.com/watch?v=zSgiXGELjbc
"Everyone has a chance to become rich." - Groucho48
"Most of the human wealth on earth exists between the ears of live human beings." - theredkay1
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Moe_Nox Title: In Moe We Trust
Posts: 1,962
Registered: 2007-2-4 12:17:56
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Date Posted:
1/1/00 12:00am
Subject:
Mortgage modifications: Winning!....? |
There is nothing modest about a quarter million dollar home.
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Currency should be bacon cheeseburgers and blow jobs... - Reese
Life at the Outpost: http://www.collegehumor.com/video:1771556 |
Taliesihne Title: Wind on the Deep Waters
Posts: 1,117
Registered: 2004-2-19 04:47:59
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Date Posted:
1/1/00 12:00am
Subject:
Mortgage modifications: Winning!....? |
You mean, besides the fact that a $250,00 house is cheaper then the national average Moe?
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Jesus saves, Allah protects, and Cthulhu thinks you'd make a nice sandwich
First comes smiles, then lies. Last is gunfire. -Roland Deschain, of Gilead
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Date Posted:
1/1/00 12:00am
Subject:
Mortgage modifications: Winning!....? |
they place their bets on the mortgages failing.
im not a stock broker. i havent read anything about it months.
if you had a brain yould already know that that is one of the issues which specifically lead to the giant crash we experienced.
forcing bad loans on people and betting against their success.
go google it if you have any questions.
im sure you can find articles written by people more knowledgeable than i am.
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Jesus? No, but there is indeed a god shaped hole in the heart of man, why is yours so empty? -- snarf igraine
the original monotheism: http://en.wikipedia.org/wiki/Phallus |
Hammerhand21  Title: That's what she said
Posts: 147
Registered: 2002-2-26 14:28:29
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Date Posted:
1/1/00 12:00am
Subject:
Mortgage modifications: Winning!....? |
Are the guys who think a 250k house is extravagant living in the ghetto?
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Abaddon_Ambrosius Title: Retired Theurgist TL
Posts: 1,674
Registered: 2001-12-21 09:51:39
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Date Posted:
1/1/00 12:00am
Subject:
Mortgage modifications: Winning!....? |
sweeny_comodore posted:
those houses are $50k in my area
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Taliesihne Title: Wind on the Deep Waters
Posts: 1,117
Registered: 2004-2-19 04:47:59
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Date Posted:
1/1/00 12:00am
Subject:
Mortgage modifications: Winning!....? |
Hammerhand21 posted:
Are the guys who think a 250k house is extravagant living in the ghetto?
I guess.
We looked for 5 years before we bought. Everywhere.
250K is an extremely average home.
**Edit - Fixed my math. I've been coding all day..my bad**
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Jesus saves, Allah protects, and Cthulhu thinks you'd make a nice sandwich
First comes smiles, then lies. Last is gunfire. -Roland Deschain, of Gilead
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