Terrible Development! Ridiculous Compromise yet again!

Originally posted by getreadyalready
reply to post by romanmel

 

Banks will bully and try to foreclose, but it takes very minimal effort to stop them in their tracks. Attorneys in Florida have completely stopped all foreclosure proceedings. Many banks, like Bank of America have stopped all foreclosure actions while they await some legislative help, because their current paperwork is insufficient to proceed. I attended a Mediation hearing for my brother over a year ago, and the bank sent a flunkie that was unprepared and not trusted with any decision making authority. The hearing officer was appalled, didn't take any action, gave me some advice for fighting the bank if they try to pursue any further action, and the bank has not contacted him a single time since the mediation.

It isn't bravado, it is fact. The vast majority of mortgages are legally insufficient for foreclosure purposes, and just exercising your right to mediation and/or hearing is enough to stop the banks from pursuing anything.

I know at least 3 attorneys that are still undefeated since 2007 in foreclosure hearings. I know people that have been renting their homes out for over 3 years without making a mortgage payment. They are putting the money into escrow, and when the bank finally decides to settle, they will pursue a short-sale agreement, and use the escrow money to buy down the debt and reaffirm, or in some cases, possibly pay cash for their own properties!!

Like I said, it is the perfect time to stick it to the banks!

OK

How SURE are you?

Will you stand financially responsible if someone here takes your advise and their family is left homeless?

Originally posted by hawkiye
reply to post by getreadyalready

 

Don't worry this will all crash and burn in our lifetime. It can't be sustained for another decade. So the problem will not be left to our children and grand children. It will have to be dealt with in the next few years like it or not. How we deal with it will determine if we doom our progeny or not...

edit on 1-8-2011 by hawkiye because: (no reason given)

I hope you are right!

I am 37, so I hope we can get this stuff dealt with now instead of 20 or 30 years from now. I don't want to leave my kids to deal with it.

The ways things are going, even if I left my kids with homes paid for free and clear, they could still be taxed right out of them!

reply to post by Eurisko2012


Who cares, we have our own more pressing issues to deal with on our own soil, in case yiu haven't noticed. Don't derail the thread. Don't distract the issue we are presently discussing. Please and thank-you.

reply to post by romanmel


I would suggest everyone do their due diligence and seek legal advice. I am only advocating they exercise their rights as outlined in their mortgage and by statute.

I will say that I am involved in 3 cases of foreclosure at this very moment, and I am winning. One home is not mine, it is my brothers. The other two are mine, and I only wanted to restructure the mortgages according to the Federal Guidelines, but the banks were unwilling to help while the mortgage was current. Therefore, I let it lapse. Then the banks were unwilling to help while the mortgage was lapsed. So, the situation escalated, and now the banks are on the ropes. They can't foreclose, they can't win at mediation, they don't want the property back, because they have too many already, and they are getting pressure from the Federal Govt to clear their toxic debt. The banks are having a very tough time making this work, and I have put forth very little effort so far. I have only responded to each inquiry in writing and asked for my rights as defined in the mortgage.

reply to post by getreadyalready


Did not hear an answer to my question...

So, I take it you won't be responsible should someone take your fianacial advise stated in this thread and as a result find their wife and children homeless.

Your situation IS NOT yet settled. Good luck on your credit rating and getting a mortgage in the future.

The majority of the American public is so distracted and dumbed down that Washington can basically do as they please. However even Washington seems to be hypnotized, why in the name of all reason are we still fueling these wars?? Why is the military budget going to grow?? Really?? is this some kind of joke?? Who is cashing in on American Apathy? find out who that is and we have found the root of our problems and I'm afraid we won't like the answer...

reply to post by romanmel


My "advice" is for everyone to do their due diligence and exercise their own rights, per their own mortgage and situation, and to seek legal advice on their own behalf and not trust the word of their bank.

Where could there be any finanical responsibility in that?

If someone finds themself homeless, then they didn't do their due diligence very well did they. A foreclosure takes a minimum of 6 months, but more likely it will take several years. If you are putting your housepayment money into escrow during the proceedings, then you won't find yourself destitute and homeless. You might have to move, if you eventually lose your case, but you will have a nice little reserve to soften the landing.

But for your satisfaction, the answer is NO. I won't be paying anyone's way out of their own debacle. If someone isn't savvy enough to navigate these shark-infested waters, then they shouldn't jump in.

This kind of compromising is like compromisng with Adolf Hitler when most people knew He was gonna slaughter and mass murder jews.Now it is not violent or anything but it is compromising to put the United States of America into total financial ruins of massive debt.Yet they still go right ahead and do it anyways.Like kids with candy.

Whenever I run low on money, I think to myself, I have to pay my bills on time so I better stop spending so much money..Entire Congress does not think this way at all.All have college degrees and have people with even better educated college degrees telling them what to do???Solution is to spend more money.

You make an excellent point. My generation, I'm 14 by the way, sees issues in the government. We're pissed that we get an economic disaster left to us. Myself and my friends have realized that the government doesn't give a flying **** about us, and they just want shallow, temporary band-aid solutions. I'm really ashamed of those idiots. I love my country, and everything about it, but I hate the idiots running our government.

On Monday morning, the Congressional Budget Office score the bipartisan deal, saying it cuts spending $917 billion while extending debt limit by $900 billion. The plan would result in $21 billion in cuts in its first year.

So, we are raising the debt ceiling by $900 billion, which I don't like, but at the same time it seems insignificant in the grand scheme of things.

We are cutting the budget by $21 billion the first year, which is definitely insignificant when looking at a debt of over $14 Trillion!

Obama said the plan cuts domestic spending to percentage levels not seen in more than 50 years.

Really? Where? $21 billion doesn't even negate the increases in programs from this year! Pure exaggeration!

The White House adviser called the process "a spectacle" for a jittery country and said, "Let's hope it doesn't get repeated any time soon."

This much I agree with. They put on a show for a "jittery" country. It was a big ol' farce, and it resulted in nothing but slight of hand. It was useless, but it served to calm some fears for another month or two. The country is just about beyond "jittery" and so is the government.

MSNBC Source

My interpretation of this "deal" is this. Please correct me if I'm wrong. I'm just a layperson looking in from the outside (or from the bottom of the heap, as may be more accurate.)

The debt ceiling is being raised, but only by enough to delay this crisis for a few more months.

No new tax revenues will be generated, even from the wealthiest 1% of earners, right now. But they might be if the committee recommends it, and lawmakers can agree to those recommendations (i.e. MORE GRIDLOCK down the road.)

Social programs won't be cut right now, but might be if the committee recommends it, and lawmakers can agree to those recommendatins (i.e. MORE GRIDLOCK down the road.)

If the committee can't agree or lawmakers can't agree to pass their recommendations (as seems feasible, given the gridlock we just witnessed for weeks,) automatic cuts across the board to everything - social programs, military, everything - kick in.

Am I missing something here, or is this a recipee for uncertainty, willy nilly, arbitrary cuts, more gridlock, and possibly massive cuts to social programs down the line?

Originally posted by Jobeycool
Whenever I run low on money, I think to myself, I have to pay my bills on time so I better stop spending so much money..Entire Congress does not think this way at all.All have college degrees and have people with even better educated college degrees telling them what to do???Solution is to spend more money.

edit on 1-8-2011 by Jobeycool because: (no reason given)

Exactly. If you need more credit on your VISA or Master Card, you call the company. They might increase it once, but would they 74 times? NOPE!

Well, that's how many times the US has increased it's own debt limit. The dirty little secret is it is going to cost us. One word:

H Y P E R I N F L A T I O N

This is the result of a socialist supported by liberal idealogs. Obama got what he wanted, no election time distractions and a blank check digging a even bigger hole for us to crawl out of. How you can justify a $2.4T increase and $2.2T of imaginary cuts over 10 years is baffling! We are Greece in the making and nothing is learned and Obama doesn't care about the people, just winning relection and continuing his rein of distruction, just like Ayers and Rev Wright had preached.

my prediction we will run out of cash within the next 2-3 years and it will be raised agian

but without all the fan fair and it doesnt matter if its obama or a republican in the whitehouse.

now i am hearing that there are no tax raises coming

wish the "news" would get their story straight.

reply to post by getreadyalready


Your whole argument is based on appealing to people's emotions. Telling them they should be outraged, that this should ignite every citizen. Using heavy-handed phrases like 'murdering your children's future'. I mean I get that you are upset, but this detracts heavily from your argument. It's impossible to have a conversation or debate with someone who relies so heavily on emotion.

Instead of telling people how they should feel, present the facts and let them decide for themselves. Then you might get some intelligent opinions from all sides of the matter instead of just "I agree! I am outraged!"

reply to post by romanmel


Sorry guys but if someone goes and does something based on advice they got of a site like this without looking into it themself well they kinda gonna get what they deserve !

What i want to ask though is do you have any information that discredits what he is saying ? simply becasue this is not the first time i have come across this information and there are always people arguing both sides, but the naysayers can never explain to me how this doesn't work and the people arguing for are generally use other website to back them up ? i guess my question really is what law/laws does this fall under ?

Cheers

reply to post by Akasirus


I wrote the thread, let it marinate over night to try and alleviate some of the emotion. I awoke this morning to even more terrible news, so I added the introductory paragraph and let it fly. I certainly appreciate intelligent debate, and I am not typically an emotional person, but this fiasco is beyond the typical debate level. Our elected leaders have debated this for days, weeks, and really, in reality, this has been an ongoing issue for years! The time for rational debate is over. This situation calls for a firm stance, and an irrational and steadfast resolution for no more compromises!

Here is the rub.

The country would be drastically better off if the Congress did absolutely nothing. If they don't raise the debt ceiling, if they let the tax loopholes and credits naturally expire, if they don't grow the social programs and military budget, then all of this goes away! If the Tea Party and Progressive Liberals were able to bring the entire government to a deadlock, and keep it that way for several months, then most of these problems would solve themselves.

The real, and most simple solution, is to do nothing at all. Now how is that for emotional?

I think you guys are being hoodwinked. There is no crisis. . . . It is a manufactured one!

These deficits and debt can be dealt with, this is not the issue.

You worry about your children? You should worry that they have a job when they get of age other than flipping burgers.

Its not the debt . . .its outsourcing, its bad trade policies, that btw the republicans always support the globalist corporations doing what they want to do and taking jobs overseas.

I have been through two careers: the auto industry and now the IT industry and both have been gutted by bad US policies that has driven jobs overseas

That's the issue we have now thats skrewing the economy.

I assure you this debt hysteria thing is bogus, it is a distraction to take our eyes off the prize.

If tomorrow our debt went away there still wouldn’t be any jobs left.