Stealthtercel wrote: I know Canadian bank rules are different, but wouldn't a bank that refused to accept payment in full because it wanted to be a property speculator AND a bank have some 'splainin' to do to the state bank regulator?
Here in the U.S. banks haven't had to 'splain anything in decades. That's why we are where we are, in a financial sinkhole and the only ones on the outside lookin in are the gubment and the banks, one in the same.
Ignorant, thats not really true, you do in fact own your home. You purchased it with your money...that the bank gave you on condition that you met certain obligations set forth in the mortgage agreement. It is your property. Now, if your agreement secures this debt with the home as collateral, then the bank has the right to take your property in repayment of that debt should you default, which just happens to be said house in most cases. All things considered, the bank does not own your house until your contract with them to repay your obligation has been breached.
DrBoost wrote:Stealthtercel wrote: I know Canadian bank rules are different, but wouldn't a bank that refused to accept payment in full because it wanted to be a property speculator AND a bank have some 'splainin' to do to the state bank regulator?Here in the U.S. banks haven't had to 'splain anything in decades. That's why we are where we are, in a financial sinkhole and the only ones on the outside lookin in are the gubment and the banks, one in the same.
Well, you're partially right but government didn't have a direct financial stake in the banks until after the crash.
The government played a HUGE role by guaranteeing loans to way too many people who could never afford them - all in the name of "ownership for everybody". When Bush43 attempted to reign-in Freddie/Fannie in 2006, he was thwarted by Frank and Dodd who claimed there was no need and no impending crisis.
Combine that with de-regulation and government's failure to enfore the rules still in place, and the Feds have at least as much, if not more, 'splaining to do.
I just keep it simple and think of Feds, banks, and GM all as the same entity. What's cool is that you can swap any of the three in place of the others and it still all means the same thing.
924guy wrote: I might join this guys fan club.... I had a mortgage with automatic payments, new bank bought the mortgage. next thing i know im getting aphone call from my nephew who lives on the property telling me he just ejected two people he found wondering the property, he over heard them talking about where the new house would go. one of those people was from the "new" mortgage holder. two weeks later i get a foreclosure notice on a mortgage id been paying for, stating non payment (proceedings had not yet started.) I called, submitted proof of payment, etc, etc... AFTER that, they still tranfered my account to the foreclosure attorneys. It cost me over five grand to keep a house i had been up to date and current on the payments with. And no, they never paid me back or applied the owed credit to my account. I still have a lawyer working on it, but it ruined my credit. If they can get away with that on a property that is up to date and current, I cant even image what they could do to someone who is falling behind. these berkeleytards are pure evil.... if they want your house, there is virtually nothing stopping them thats legal on the home owners end. yea, i Like this guy....
This is exactly why I have my mortgage w/ Chase. It's never been transferred to another bank in 7 years. I don't trust having a mortgage w/ a smaller bank.
Oh--and dude in the OP is gangsta.
gamby wrote:924guy wrote: I might join this guys fan club.... I had a mortgage with automatic payments, new bank bought the mortgage. next thing i know im getting aphone call from my nephew who lives on the property telling me he just ejected two people he found wondering the property, he over heard them talking about where the new house would go. one of those people was from the "new" mortgage holder. two weeks later i get a foreclosure notice on a mortgage id been paying for, stating non payment (proceedings had not yet started.) I called, submitted proof of payment, etc, etc... AFTER that, they still tranfered my account to the foreclosure attorneys. It cost me over five grand to keep a house i had been up to date and current on the payments with. And no, they never paid me back or applied the owed credit to my account. I still have a lawyer working on it, but it ruined my credit. If they can get away with that on a property that is up to date and current, I cant even image what they could do to someone who is falling behind. these berkeleytards are pure evil.... if they want your house, there is virtually nothing stopping them thats legal on the home owners end. yea, i Like this guy....This is exactly why I have my mortgage w/ Chase. It's never been transferred to another bank in 7 years. I don't trust having a mortgage w/ a smaller bank. Oh--and dude in the OP is gangsta.
Seriously... i read it, and somehow thought of Tony Montana.
"berkeley 'em!"
Gamby your loan probably isn't still with Chase, they are probably only the servicer and not the owner. Chase does a lot of servicing (collecting the payments) cause it's profitable without the downsides.
In reply to gamby:
I used to have a loan with a big bank, made auto payments, after a year that loan got sold every couple of months. Twice one month, and everytime it got sold I had a new service I had to adapt to.
My lesson was different than yours; I transferred it to a local bank. They might have sold the loan, but they still service it and my payments go the same place every month.
This is why I always pay cash for things like houses and cars.
HA HA HA HA HA HA HA HA HA HA I WISH!
Seriously though, it was a nice house. It had a pool and a pond. Pond would be good for you.
Scroll through the bulldozer photos; it appears he removed windows etc. before plowing. Recouping something.
Could he be cited by the city fathers for not having a permit?
Dan
If you have a mortgage, you can only use the equity on the house as collateral in another loan (his business loan in this case). So if he had a $350k house and owed $160k on it, he could have outstanding loans with that $190k value being collateral. You can't sell a house with a 2nd mortgage on it unless you pay off that debt. The bank can take his $170k and settle the first mortgage, but it can not transfer ownership to the new person because the ownership would go to the bank or person who has a lien for the outstanding collateral. It could also have a tax lien on the collateral.
either way, the guy is a douche, and it he smashed a E30 M3 or Z06 vette to keep the banks from getting it, this board would be full of people calling for his immediate and painful execution.
my original mortgage was with chase, then they sold it to another bank, that bank is proud of their unethical practices.
I dont know about the rest of you, but i was raised to treat people right, and expect the same back. when someone threatens your family or your lively hood, you fight back and do what ever it takes to correct the problem, and you leave every option open to do so. I also learned when i was in law enforcement, that law and justice dont always meet eye to eye. In my book, justice always trumps law, which means its probably a good thing i hung up my badge a long time ago... 
914Driver wrote: Scroll through the bulldozer photos; it appears he removed windows etc. before plowing. Recouping something. Could he be cited by the city fathers for not having a permit? Dan
Did not see that first time good idea , he should have pulled the gas stove pull cord out of wall leave fireplace burning scam , sorta like the movie with antonio bandayho and rambo assasins
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