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I wish I'd have defaulted years ago.

By justanother   2012 Mar 8, 6:46am   19,549 views   45 comments   watch (1)   quote      

Just wanted to share my story here. I bought property in Central Florida in 2003. It's a full-documentation note, 30-year fixed, although it does have PMI. I didn't care about prices rising or falling, because I fully intended to live at that address until the note was paid off. I liked Central Florida.

Anyway, in 2008, I had a life-changing burnout event at work, and moved to an island. But I always believed that people should honor their obligations, so I kept paying for the place, eventually getting several new fixtures installed and minor renovations done. It became a rental property (because, as you may have guessed, by 2008 it was already upside-down enough that selling wasn't an option). I hired a property manager, who eventually got me a tenant, who paid on time. Even though I was still losing a couple hundred per month, I'm honoring my obligations and not being a deadbeat, right?

Around the second half of last year, the property manager started sending checks later and later and never answered his phone. Finally I got him to send my money, but I couldn't help but notice it came up about $80 short. I know I could have complained to FREC about him, but instead I opted to lawyer up and fire him. After paying a lawyer several hundred dollars to do nothing more than send a couple polite emails, the property manager eventually let me out of his management contract and transferred the tenant's security deposit (minus his $250 'cancellation fee', natch). I was now free to manage my own property directly, which would surely be a bit more hassle, but at least I didn't have to worry about a slacker property manager, right? And I'm still honoring those obligations and not being a deadbeat, of course.

In January, my first month of managing my new property directly, the tenant contacted me to inform me that he'd "never been sent" a lease renewal and was therefore a month-to-month tenant. Furthermore, he was moving out in 15 days. Wow, I figured this was some coincidence, so after more heated correspondance with the ex-property-manager (actually the lawyer had to do this, they didn't respond to me), I discovered that the property manager had in fact sent the renewal documents to the tenant on multiple occasions. The tenant had merely never signed or returned them, always having an excuse ("out of town", "on vacation", and so forth). By now, I had to face the truth: The tenant had engineered this opportunity to escape on short notice. But why?

After the first of February, I missed work to take a very long trip back to Central Florida to check on the state of the property after the tenant had vacated, and I understood. Insects, dirt-smeared walls, broken fixtures, feces on baseboards, and a pervasive odor of cat urine. If I had crapped this place up, I wouldn't want to stay here either. I sighed, and threw away as much trash as I could, as I pondered how much it would cost to renovate this pigsty that had once been my "forever" home. I hired an old friend to manage photo-documentation of the mess and coordination of cleanup, and went back home to draft the Notice Of Intent To Claim Against Deposit.

The ex-tenant received my Notice Of Claim, and 'ballistic' does not even describe it. He apparently thought the place was clean enough to rent out to another tenant, and was counting on the return of his security deposit in full. You may have guessed, I kept the whole thing, even though it was only about 33% of the cost necessary to clean it up at least enough to not look (and smell) like an abandoned sewage treatment facility. I understand he is still baying for my blood on Facebook to this day, even though the 15-day period to challenge my Notice Of Intent has come and gone (which is a relief, because as I understand it, he thus forfeits his opportunity to follow up on his heated threats to sue me to recover his deposit. It would have been fun to embarrass him in court, but I really just wanted to stay at home, for reasons I'm about to make clear).

So now I'm renovating a vacant place several hundred miles away, as my salary has been cut to approximately half of what it used to be. And even though I'm still in my early 30s and have had zero health problems before (in fact, I eat whole foods and bicycle 12 miles a day), I've required a lot of emergency medical attention and will have surgery soon to remove a malfunctioning internal organ. I couldn't pay for this place any longer even if I wanted to, because my surgery and my family require my most immediate attention. I am therefore 45 days into the 90-day period before Lis Pendens, and I am honestly looking forward to the day that the bank deed-in-lieus, or forecloses, or whatever they're going to do.

But I'm sure someone's still out there grumbling, "pay your bills, deadbeat," even as medical costs decimate my savings. The bank and/or Freddie may even consider my default to be 'strategic', since that place is not my primary residence (it's an "investment" property, didn't you know? That's why it was never eligible for HARP/HAMP). If I had it all to do over again, I would have defaulted years ago.

Live your life, be happy.

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6   freak80     2012 Mar 8, 8:13am  ↑ like (1)   ↓ dislike   quote    

PockyClipsNow says

The zero down crowd was genius as they screwed the banks good.

Ninja Loans: You're Doing It Wrong

7   Austinhousingbubble     2012 Mar 8, 5:26pm  ↑ like (2)   ↓ dislike   quote    

I wouldn't call you a deadbeat, and I don't think any reasonable person would, either. Impulsive and innumerate for buying in Orlando Fl in 2004 -- perhaps; but not a deadbeat for capitulating and walking away from a poor financial decision. I might've hated you in a generic sense for being a brick in the wall, but hey...To my mind, a deadbeat would be the skeezass who hasn't paid on his mortgage in X # of years and yet benefits from the utility of his residence either by renting it out or living there himself rent free. That is fucked on more levels than just basic fairness.

BTW I lived briefly in Central Florida during that same period (College Park area) and I have never witnessed a more palpable example of crowd mania before or since. I actually feel lucky to have witnessed it up-front like that, as it was a very illuminating glimpse into human behavior/consumer psychology. Some of the most rational, reasonably numerate friends I had at the time seemed to possess their own squaring jigs for why it made sense to buy a house. I remember trying to rationalize with some of them about why real estate always going up just didn't square with reality. I always felt like the guy trying to talk a kid out of tattooing his first girlfriend's name on his shoulder. The forces were so great that, yes, I occasionally doubted my own common sense; I thought maybe I was old fashioned or stubborn or (shudder) 'maladaptive.' One thing I don't see mentioned much these days is the impact that the turn of the century had on popular perception. I remember there was this vague sense that -- 'Hey, it's America in the 21st century! It's a totally different game now! '

Anyway -- your loss is no great one in my opinion. Central Florida (Orlando) could have been nice enough once upon a time. Unfortunately, it is nothing more than an asphalt patty melted over some moldy swamp snot rotting in the sun. Some of the rudest and/or scariest people collect their mail there. Indeed, most of Florida is a total write-off, save maybe the Dry Tortugas. It's a shame.

Good luck with that gallbladder.

8   ArtimusMaxtor     2012 Mar 8, 6:53pm  ↑ like (3)   ↓ dislike (1)   quote    

Justanother. Don't be suprised that I look at you as a "victim". Not of robosigning or anything silly like that. I look at you as a "victim" of usury. Something no one has the balls to this day to say. Especially that shitpad of a government that fails to protect its people. Yet claims war is the best way to do it and lets their people fall victim to any kind of usury they want to bring about leaving their people in "debt slavery". They wonder why people are in the streets calling for their heads. The people once again calling for their head have been screwed by some really clever crooks. They may not know just how because of the distortions. However they do know they have been swindeled.

This government operates in very much illegal fashion in many ways. One of them is "taxes". Which they harp on endlessly on television. Which they have "no right" to whatsoever. That they can never "collect" if you decide not to pay. That they never could get around. Except to move the "collection point" to some far off island and put it in a trust. Which still does not work. Property taxes. Some won't dare go near that one same deal. Sue in court you wind up in the Supreme court. Which only issues opinion that everyone honors for the most part. They will never call it "law" maybe on television that dosen't mean shit of course. Don't pay your taxes get a nasty letter is all it amounts to. Sherriffs sale for back taxes on a house. TAKE NOTE THEY ARE ALL VACANT THE ONES SOLD AT A SHERRIFFS SALE FOR BACK TAXES. Or some fast talking swindler buys the note and trys to get something out of you. Ask yourself why do they sell the tax note and not just seize the property. Because they can't. So you aren't getting your 1.5 million out of me. You can't even fucking add because I would owe way more than that if your taxation had any validity at all. You want your 1.5 million? I've got your 1.5 million right between my legs.

I really look forward to some dweeb now getting on here to talk about "taxes". Know what I don't give a fuck for your drones or you.

I know there are some well government types that watch all of this. They monitor of course. Don't ever think this place is "free". So for them I haven't paid taxes in well 18 years. So fuck off. They even stopped sending me letters. I have repeated this several times in this forum. In fact they can "fuck off" in general. Why because they are nothing but a bunch of crooks. Fast talking the public. Selling me Nationlism and Democracy. I don't believe in their bullshit anymore than I believe Jesus treaded water.

Property investment isn't all its cracked up to be there are a hunderd thousand things you need to know. Little shit details that can make your day go really fucking bad. Don't believe me ask anyone in here thats in it.

There are better ways to live life. Deal is they will never teach you them in school. Much less bring up taxes as a subject in school. (funny ain't it). Well there is the "tea party" I guess. That they can get away with. You will never be taught to be self sufficent in school. You will only be prepared to work for others. You gave independece a good shot kid. Deal is it ain't over. There are things that are far and better than property investment. That have way, way, way, less work involved. Simple enough. They just don't want you to know about them because you will run not walk away from the debt and the bonded servitude they want you in. Those two things don't ignore. They aren't from any God. Those two things are very much earthly.

9   ArtimusMaxtor     2012 Mar 8, 8:13pm  ↑ like (1)   ↓ dislike (1)   quote    

bgamall4 says

The housing bubble was a preplanned scam hatched at Basel 2 in 1998 when bogus risk management was adopted and when off balance sheet accounting of bad loans was adopted.

Respectfully bgamall. I have to disagree with that. Another misnomer was that it was "subprime loans" the frost is obviously off the pumpkin on that one. In that the lie did not work (subprime) all prime loans (good rates) are caving in also. So thats obvious. I completely understand you are genuine in your thinking. As all of us have the temptation to "look deeper" into a financial culture of swindel that has endless schemes.

You can start right at Fannie Mae "securitized" loans and stop there. Freddie Mac has had little if any "bearing" on the market. Savings and loan and banks could not handle the bad frieght of loans. Here I will give you an example. What you don't know or may not know if your not aquianted with foreclouser. Which many did not pay attention to heretofore. There were on average 4500 to 5000 forelousers on average A MONTH (low side really) in LA county. When the economy was really, really good. Or in a good steady economy. That is a very steady number. What is really failed at being looked at that is in EVERY county around a major city. So dopey fucking China FAILS again. Honest to God they need to stick to growing rice anything economic they might as well stick their heads up a cows ass to get a look at steak. The MBS scheme is a fucking failure. Someone needs to tell them that. I just did. More than likely. They will get conned or forget that fact again. BANKS WILL NOT TAKE THOSE KINDS OF LOSSES. S&L's failed in losses of that nature.

If you don't believe me on that foreclouser rate. You need to grab reports on that as quick as you can. Thing is they have closed down many of the "county sites" trying to hide the losses.

10   ArtimusMaxtor     2012 Mar 8, 9:03pm  ↑ like   ↓ dislike (1)   quote    

No Speaka

11   ArtimusMaxtor     2012 Mar 8, 9:17pm  ↑ like (1)   ↓ dislike (1)   quote    

Ok so you are basically saying that Fannie and Freddie "sold" their paper to these outfits or they were in some way connected to "Fannie and Freddie"? What your doing is pointing to something like a LaSalle or something that does loans over the Fannie-Freddie limits it seems like. Those are really high risk loans.

12   ArtimusMaxtor     2012 Mar 8, 9:27pm  ↑ like (1)   ↓ dislike (1)   quote    

Boom. Well I guess I get that. Interesting article. BGAMALL. Never considered that. I guess I did from sight value on the Real Estate itself physically. Never did consider that kind of securitization. Know what not a whole lot written on that. From what I have seen and read. Thanks very interesting.

13   goldenpig     2012 Mar 8, 9:35pm  ↑ like (2)   ↓ dislike   quote    

Wow...
I really feel for you! I was in the same boat... Honoring my responsibility to death!
Doing the right thing! Then I realize that getting rid of the property by all means is right thing to do! It was emotionally difficult experience( I was conflicted since I never even been late on any of my bills) but once I got rid of the property through foreclosure, I felt liberated, alive! I checked with local bankruptcy attorney and tax attorney prior to proceed with the foreclosure. Now I have relocated to a state with much lower living cost and happily renting! Please know that there is always light at the end of the tunnel. I feel that home ownership is overrated and my flux life works better with renting! You are free about to move!

14   noodlesphilly     2012 Mar 8, 10:22pm  ↑ like (2)   ↓ dislike   quote    

So sorry this happen to you . I also live in the Orlando area. But you brought a house things happen in life . If all worked out while you were renting the house out and if it worked out in 30 yrs the house be paided off and alll be well ? But it didn't so you walk away.? imho I don't know maybe it's me but I alway's had to go to the bank for a loan they never came to me .

15   ArtimusMaxtor     2012 Mar 8, 10:42pm  ↑ like (1)   ↓ dislike (1)   quote    

bgamall4 says

YW, Artimus. Spread the word. The problem is, the Fox concept of focusing on the CRA and the GSE's actually hid the central banks and the private investment banks and the shadow originators from blame.

bgamall. Your writting is VERY sophisticated. I see in some ways what your trying to impart. However its going to take some time to read that carefully. With concentration.

I try to simplify what I write. Of course I am trying to speak to the everyday guy. You are probably read by "professionals". That have more of a working knowledge of the industry.

I believe in the "Asset" of course. Paper can do little if not very little in my opinon. If I deal in "paper". I feel I am going to "get screwed". As many that thought they "knew paper" before the mortgage blowout did. Legal tender is very slight of hand in my opinion. If you can't live in it. Eat it, milk it, ride it or screw it. Its not worth much to me.

16   ArtimusMaxtor     2012 Mar 8, 10:47pm  ↑ like (2)   ↓ dislike (1)   quote    

http://www.businessinsider.com/the-great-las-vegas-real-estate-scam-2012-2

Your a fairly sharp guy BG. Thats a really good read.

If I put a value on these houses. Say a split level 3 bedroom. Taking 3 months to "throw up" using true cost of materials. You would be very suprised at the price and length of the mortgage. I would put it at. I "know" the building industry really well. People that take things on face value. Its good not to take things at face value or what your told. Because in ones life here, there is virtually "no trading" just fixed pricing. Thats really screwed because you will never look into the true cost or value of ANY asset including a candy bar. Because you are schooled in everything you see that everything is take it or leave it. No one has ANY trading experince in this country. Because its all fixed pricing. Notice that.

In fact they could care less if you take it or leave it. Go into any store. They could give a damn. The labor is there and thats the bottom line. The labor to finish the goods and make the asset. Truck the asset. Shelve the asset. Check that asset out. Bag it and take it to the car.

Meaning? The everyday guy is their labor force. Once again paper is plentiful to them. You may believe in the system thats your choice of course. Paper to me is a really bad measure. Of a hard asset you should consider "without" the measure of paper. Think about this if they did have trading even with cash. Where you could trade say oh paper for a steak and tell the guy hey I'm not paying for it. I want a better trade. A. You would figure out whats going on and what it takes to get that steak to you. NOTHING. B. They could not fix the measure of that paper to keep you around. Cause you could trade your little way out of the "trap". C. The amount of people being suckered and not knowing anything vs the hip, savvy traders. Would drop like a rock off a mountain. Once again "paper" cost them virtually nothing. Can make all they want Its the only legal means of trade. "Legal tender". Your government made it so and they don't even fucking print it or have any say so. Which makes for nothing but unbridled colussion with your government and the "debt merchants". Wonder why the fucking government cares about selling houses? or cars? or anything? Even some of those nitwits don't get the fact its about labor. End the Fed? How about scraping paper and legal tender?

So if I walk up to a builder and say hey guy I know what you built this for. Heres the deal. Know what hes going to think to himself? I've got a million fucking suckers out here. Then hes going to tell me to buzz off. Ignorance never helps me in getting a good deal. Why. Because everything is "fixed pricing". No one looks at it any other way.

The bottom, bottom line. They use paper to a measure of time at labor for them. True some people have more. But deal is most of the country lives in a 3 bedroom. Thats simple fact. Certain jobs pay certain "wages". Don't think they don't use that. A simple look at the grocery store. Which guys never go to and I highly recommend will give you a really good look at the bullshit they pull on the little woman and its really easy to read. Also really, really easy to see what they are up to. A guy like you BG could figure that place out in very few looksee's

Then it might really occur to you. That little guy that had the store down the road was in business for himself. Hes no longer around. The Bar. That independent Restaruant closed. Then you look up at J.C. Penny or Macys, Sears. Saying to yourself that should have been closed a long fucking time ago. They "flood" those places with cash. If something goes wrong hey no problem its paper. The mall is vacant all GD week long. Not on the weekends. You have to wonder is something wrong? Can you afford the rent or anything but the franchise fee in the right place using company supplied food like a McDonalds? It ain't good planning. Its very well contrived. Your now a super manager. You don't get anywhere without a loan. Thats the truth. Everything is measured to be way overpriced for what it is to get your labor being the purpose and to keep you at it. Someone needs to tell somebody like Lou Dobbs that fucking debt isn't wealth. Its less than poor. That your a whale on the end of a harpoon when you have a 30 year mortgage. I swear these people think they are really in it. When all they do is fucking owe.

After all your not like the guy in fucking Brazil that has livestock everywhere. Food growing wild everywhere. A lake he just came back from fishing sitting there waiting like hes on vacation for a sunset with a huge house he built for himself and owes nothing. Does not much and answers to no one. That goes on all over the GD world. They ain't never going to show you that. You get Jabba the hut, Columbian drug runners and terrorists. What you have here is as good as it gets. Thats all your ever going to know, see or hear, here.

"Someone" might own stock. Its not fixed to any asset. You may well figure out thats an easy conduit right there. If it is fixed to an asset I want a new car for my GM stock. Same swindel. Just a different way of doing it.

17   ArtimusMaxtor     2012 Mar 9, 1:32am  ↑ like (1)   ↓ dislike (1)   quote    

bgamall4 says

ArtimusMaxtor says
I try to simplify what I write.

That is a gift. I am not sure I have it. :)) But since few others are making the case I gave it a shot.

HAHAHHA. I never said I didn't ramble. I actually like repetition. But this is gettin ridiculous. Honestly I know some people here feel the same way.

18   Patrick   1851/1851 = 100% civil   2012 Mar 9, 1:40am  ↑ like (6)   ↓ dislike   quote    

bgamall4 says

ArtimusMaxtor says

Someone needs to tell somebody like Lou Dobbs that fucking debt isn't wealth.

I agree, not to the borrower, anyway. However, it is wealth to the lender. That is the problem.

Yes, that's the problem in a nutshell.

Debt IS wealth to the lender. It's control over labor. It's making people do things for you. It's making them into your servants.

The debtor must serve the lender, and the police enforce this servitude at the point of a gun through perfectly legal threats such as evictions, repossessions, and in the case of the national debt, through threat of prison for those who refuse to pay taxes because much of their taxes go to pay interest on the completely involuntary national debt.

There's nothing new here really. Check the bible Proverbs 22:7: "The rich rule over the poor, and the borrower is servant to the lender."

See the book "Who Rules America". That's where I was enlightened about the one and only goal of the 0.1%: control over the labor of other people.

Debt for productive investment can be a good thing, but debt for consumption, especially mortgage debt, is all about making people into your servants.

19   Goran_K   146/146 = 100% civil   2012 Mar 9, 1:49am  ↑ like (1)   ↓ dislike (1)   quote    

That was a sad and sobering story. I hope you get back on your feet justanother.

20   Finnian     2012 Mar 9, 2:02am  ↑ like (1)   ↓ dislike   quote    

Sorry to hear that story, hope it ends up better. Hearing things like that make me hesitate. I have a downpayment, have a very stable job, really would love to buy a house and settle down with a 15 year loan, but that nagging "Just what if...?" of losing a job, getting seriously sick, parents getting hurt, marriage/kids taking more money. There's too much turmoil possible in life and in the greater economy at this point.

21   ArtimusMaxtor     2012 Mar 9, 2:24am  ↑ like (2)   ↓ dislike (1)   quote    


See the book "Who Rules America". That's where I was enlightened about the one and only goal of the 0.1%: control over the labor of other people.

Thanks Patrick, I'll be sure to get that. I like some of what Ron Paul had to say. However one thing. They always carry on the same way as the last guy when they get in there. So I figure whats the point?

Its really sad they never taught self-sufficiency in school how to be self sustaining. I know I have never encountered it at any level. Believe me I know bank presidents. Lawyers, doctors, manufacturers even people that own car dealerships and franchise owners. Not to mention Joe Torre. HAHA. Personally. None of those people are self-sustaining in any way and have to be a part of the "paper culture" just like anyone else. You think doctors get out of it. I have seen a few bankrupt. Lawyers too. Mr. Torre is a nice guy and does well for himself in case your curious.

22   Vicente     2012 Mar 9, 5:15am  ↑ like   ↓ dislike   quote    

Thanks for sharing justanother.

Too bad it's so stigmatized. No end of people ready to unload about their divorces and other crackups, but almost everyone keeps their foreclosure firmly "in the closet".

23   romeotybalt     2012 Mar 9, 5:41am  ↑ like (1)   ↓ dislike   quote    

You are making the best decision for your family. However, you made it too late. You should have stopped paying the mortgage when you had maximum cash, then continued to rent the place out to amass even more money.

It's funny how everyone on this blog is sympathetic to your ordeal. When I defaulted a few years ago I was persecuted for my decision, and even Patrick himself told me "I don't want to pay for your default". I told him he already had.

In any event whatever you do, make sure you rent the place out and fight the foreclosure tooth and nail. Default on your credit cards, and all other installment debt.

The banks are still disorganized. They will split your debt among bill collectors and you will see how easy it is to fight them in court and prevail. None of them have any of the documents that can prove that you own the debt. I did some online research and paid $39 to get over 40K dismissed. Hell if you want the documents, post your email and I will send them to you for free!

Take it from someone who knows. I had over 1 mil. in outstanding debt nearing a divorce, and under tremendous amounts of stress in my family life. Now my wife and I hi-five ass we pass each other in our new digs. Guess the operative word.

I can't go into detail. Let's just say I will never pay another mortgage ever. My credit is shot and that's just the way I like it. When the banks run former loan owners to see who can pay, I won't hit and saving 5K a month cash, is the best revenge.

24   ArtimusMaxtor     2012 Mar 9, 7:03pm  ↑ like (1)   ↓ dislike   quote    

I often wonder to myself. Just how much credibility do I have with people? I when I write. Do people believe what I am saying is genuine? Some people are everyday people. They eat. They sleep. Have friends.

Whats in all this for me? One might wonder. I have no endorsement.

The news. The government. They spend endless fucking days endorsing each other. I know how that fucking game goes believe me.

Notice the difference. Everyday people. Like us. In order to be credible have to make sense. I don't ever endorse or quote any shitbucket thats on the "Debt Merchant" news financial, news or anything they own. Notice that. I never quote those people any of them. Unless its in parody. They don't nessesarly have to make sense. They just make sense from the standpoint of what they are "selling you".

When people deal with each other "everyday people" or "ordinary people". They look for inconsistencies and fault. Sometimes to help.

When you are looking at the Debt merchant news. You might want to do what I do. Look for fucking motive and lies.

Once again people are suspicious of strangers or should be. Now if its a friendly chat. Im not going to get all that wary. But when they start fucking with my future. Or telling me whats good. Giving me advice on how to "run" my GD life. Those are really bad people to take advice from. Discovery another words. Should not necessarily come from "Debt Merchant" sources.

I get the "Debt Merchant" news and financial news. They give credibility to the way they want life to be. They "add in" credibility to everything they do. They "demonstrate" credibility on a daily basis. WHY? SO YOU WILL BELIEVE THEM. What we have to do is make sense to each other of course. One of the things that gives me credibility with some people here is the fact. That I give NO credibility to above said debt merchants. See that. Some people just don't like being gullible. I will continue to write here. For my friends here that are not gullible. That refuse to be herded into "stupid living". I very much enjoy reading the things they say that "make sense". Anything that trashes this stupid system designed for an 9 year old. Designed to make you a think like an unassuming child. By manipulation-you may be tempted to start thinking anything the idiots say is the closest thing you can get to scripture. They go for that continually.

Artimus Maxtor 10:13 Foremost and utmost. Don't believe "The Government" has any fucking "authority" in anything whatsoever.

Yep I'm still here.

25   ArtimusMaxtor     2012 Mar 9, 7:19pm  ↑ like (1)   ↓ dislike   quote    

26   ArtimusMaxtor     2012 Mar 9, 8:51pm  ↑ like   ↓ dislike   quote    

News for them thats been "rendered" Gullible.

Country Joe and the fish is part of that huge lending network that "owns" the Fed. Hes talking to his "other" compart, Sub-division.

Country Joe. "We have a "glut" of foreclosures. What are we going to do Sub"?

Sub-division "Principle reduction".

Country Joe "Yea Sub. Just one little problem. What the fuck do we tell the people that paid on time that aren't getting a principle reduction"? For christ's sake Sub you fucking moron. Everyones going to want one".

Sub-division "Robo signing". Add in a couple of more "mistakes" we have done to mortgage holders and we have got it.

Country Joe "WTF is Robo signing"?

Sub-Division "Its a computer that makes a mistake."

Country Joe "A computer that makes a fucking mistake. Whos going to buy into that"?

Sub-Division "Hopefully the people that busted their nuts trying to pay their mortgage on time. We will just ROBO them."

Country Joe "ROBOED you mean like getting fucked. Sounds workable. I'll make sure to get it on our news. Just hope the people that pay on time. Don't remember they didn't like the idea handing out deals to the people that are behind on payments to begin with".

Sub-Division "It will wind up going to court".

Country Joe "It better. I don't want some guy with a 800 credit score ripping my fucking head off". Lets do that and settle. You know the drill. The "government" will love playing this one. The lawyers. are the ones that pay insurace (errors and ommisions insurance) for these kind of mistakes. The fact they are "liable". Not us. Keep that fucking quiet. Also the fact we don't even handle the foreclosures they do. Keep those fucking welfare stories off of the same page our stories are on".

Sub-Division "Yea the "paper". HAHAHAHA". Just call me the undertoad. HAHAHAHA.

Country Joe "HAHAHAHA".

27   ArtimusMaxtor     2012 Mar 9, 10:16pm  ↑ like   ↓ dislike   quote    

Really?

28   toothfairy     2012 Mar 9, 11:21pm  ↑ like   ↓ dislike   quote    

I still think it would be best to find a new tenant and pay your bills. Seem much easier than fighting creditors in court. you think you have stress now just wait.

29   CrazyMan     2012 Mar 10, 1:54am  ↑ like (1)   ↓ dislike   quote    

bgamall4 says

He says that the borrowers are at fault for the housing bubble. He does that for votes. He knows full well that the source of the speculation was the financial sector.

Gary Anderson strategicdefaultbooks.com

To say he's doing it for votes doesn't really make any sense.

Also, clearly both sides are at fault. Nobody forced anyone to borrow what they couldn't afford. Banks knew full well they wouldn't get re-paid and that tax payers would foot the bill. At the same time, greedy people were hoping for profit and/or too stupid to realize they couldn't pay it back.

IMO everyone with a half a brain knew it was unsustainable, but everyone wanted their piece of the pie.

30   ArtimusMaxtor     2012 Mar 10, 2:03am  ↑ like   ↓ dislike   quote    

By the way 2003. Thats right about the time a LOT of investors went to Florida. Many of them got burned really badly. On what was a win situation for about 2-3 years. Id have to say it was about the largest drop-out and scourging of property investors. I have ever seen. The only other place that could come close is CA probably well past FL. I'd rather try to screw a crocadile than buy from a realtor out there. I feel bad for CA. The values are explainable for some. They get it.

31   ArtimusMaxtor     2012 Mar 10, 2:15am  ↑ like   ↓ dislike (1)   quote    

Work it any way. Your right bgmall. One excuse is just as good as the other one they gave. I look at other settlements.

The one that really comes to mind is the 68 riots.

Wasn't a settlement of course. It was the "owners" of most commercial property saying look this is heading our way. What took place is simply paying people to quiet down. Because they have no opportunity. Very little. Black people simply got tired of being screwed over. Patrolled continually. Its not a suprise to me.

LBJ said look its time for a great society before they burn this one to the ground. The numbers were starting to get there. Take into account MY assertation. To them its little more than paper. It's no big deal. Think about that.

The real theme may be 27 Billion without a blink. Which to me proves a lot. A. Its only "paper". B. These are the fuckers that own just about everything. C. Everything you see and hear on a day to day basis is from the guys that can print piles of this stuff. D. Since paper means nothing. What they really need is the labor to haul off and build all the hard assets. Also to maintain them amoung other kinds of labor they need. F. They probably don't do a whole lot of anything in their lives you can describe as work. G. This government is a outhouse that has been there one to many years and stinks really bad for making paper "legal tender" and giving the printing of the "legal tender" To the people that own the Fed and have no responsiblity to anyone.

Meanwhile the "rest" of people get to drudge to work everyday and back and all their lives. Get ripped off for their labor and work in one way or another till they die. Were the people that started and still have the "paper" swindel anything more than slick cons? I don't think so. Was the government taken in? I don't think so either. Paper "legal tender" the only legal means of trade IS nothing but a big fucking swindel and trap for the everyday guy. Everyones in debt to them for the most part. One way or another.

ARTIMUS 5:16 JUDGE AND YE SHALL FUCKING JUDGE. HANG THEM AND THROW THEM IN THE RIVER.

32   elliemae     2012 Mar 10, 2:23am  ↑ like   ↓ dislike   quote    

justanother says

I couldn't pay for this place any longer even if I wanted to, because my surgery and my family require my most immediate attention.

I'm sorry - healthcare should never be an option and a good socialized national medical plan would ensure you didn't have to make these choices.

You can't afford your rental because your income was reduced by half - and have health problems. This doesn't sound like a strategic default situation, more like a desperate attempt at survival.

good luck.

33   CrazyMan     2012 Mar 10, 6:20am  ↑ like (2)   ↓ dislike   quote    

bgamall4 says

The source of the easy money scheme was the banking system. And the banking system wants to divert blame. That way they won't go to jail. Guess they have you prisoner.

Remember, without the loans, without the easy money, no bubble could have been formed. Instead of churning their own contracts they had the people churn mortgages, but otherwise it was a classic financial system bubble.

Yes, they have me prisoner (lolwtf?) You're not getting it. Clearly banks/govt. wanted to blow this bubble, but it wouldn't have happened if people didn't actually take the loans out to buy overpriced properties that they could not afford. Everyone is at fault. To say people were "innocent" and it's all the banks/govt. is naive.

I want the banks involved to go out of business and anyone in govt. involved put in jail, but that doesn't mean I don't also place blame on the people who took out the loans in the 1st place. It just isn't black and white.

34   ArtimusMaxtor     2012 Mar 10, 7:30am  ↑ like   ↓ dislike   quote    

This is one of my favorite movie clips. True HD. Full screen. Look at the trees behind John Wayne. They are something to behold. Really nice. The guy on the far right of the gang reminds me of John McCain.

35   CrazyMan     2012 Mar 10, 3:45pm  ↑ like (1)   ↓ dislike   quote    

bgamall4 says

CrazyMan says

Clearly banks/govt. wanted to blow this bubble, but it wouldn't have happened if people didn't actually take the loans out to buy overpriced properties that they could not afford.

Sorry, in this case we know what came first. The chicken. The borrower was not a chicken, the lender was. Get a grip.

Used to be banks cared about underwriting. That was what kept them solvent. The banks determined what house you could afford. It was their job. Your argument is bankrupt.

Gary Anderson strategicdefaultbooks.com

wut? My argument is bankrupt? You need meds.

So, it's the banks responsibility to tell you what you can afford? Really? You're serious?

36   ArtimusMaxtor     2012 Mar 10, 9:19pm  ↑ like   ↓ dislike   quote    

I'd say a little of both. I'm not going to Ref' this one of course. The thing being is: Total lack of any information being imparted on what the terms of the loan are! The simple answer is who TF going to put any "real" warning label on their own stuff? They may put a few "nonsense" warnings to make you trust them and think they are good guys. But nothing that would warn you as to what the fuck is really happenin'.

Don't ever trust this govt. To protect you. They make a big deal out of the fact they do. The government that clearly should protect you. As they do in their own estimation. Should protect you from a "racket". The government spends countless hours telling you how they protect you. THEY ARE ALSO SAYING WE ARE "GOD ORDAINED" TRUST US, TRUST US. Thats the real foundation of their government. If cornered they will go straight to Religion and Religious argument. They know its bullshit. Of course. Notice once again if they really get cornered. They will go straight to that. Get some kind of whoop de do religious argument going. While the divided are busy slugging it out. They are leaning back smiling. Saying look we told you there must be something to it look at all the people arguing about it. Send out their high profile "God lackeys" from either side. To stir it up even more. Then they walk away quietly of course. Murmuring purposefully there must be something to the "God" stuff after all. Otherwise how could we be a government any other way.

SEPERATION OF CHURCH AND STATE WAS GENUIS. BECAUSE EVEN BACK THEN MANY OF YOUR ANCESTORS WERE NOT GULLIBLE IDIOTS. MANY UNDERSTOOD BY THEN HOW "RELIGION" WAS USED TO PACIFY. NOT FOOLED THEY WERE TAKIN IN WITH THE OLE' GREEK DIVIDE AND CONQUEOR. You set your enemies. Potential allies at an outrage at one another. You may not be able to divide a "solid" entity such as blacks. But blacks vs whites. Well you have a fucking potential "free for all".

They can even plee for solidarty and combine back the divided entities. With humanity and those aspects of "Religion" that require understanding of their "adversary". Quell the purposefully "well inserted dividing factor". While everyone is looking around. Saying Duh Wha Happened. It all went away. While the "hot tempered" quietly seeth. Waiting for the next round. Believe me they have their "use" to. Its a good igniter for any fuel they throw in. Its all so sweet. They look on with a childs innocence. We are for instance "All Americans" "nationlism". If we have a problem tommorow we can use that and political division.

Well thanks for the ROBO, hand out of course. How about trying the word "usury" for a change. Which I have clearly demonstrated. So I am adding in the goverment here basically "sold" as an entity of trust. They aren't helping anyone by serving in collusion with the "rackets" or "lenders" which they continually do of course. Usury is seen in many places as a criminal activity. Buy here, pay here. Title pawn etc. Takes 3 months to build 30 years to pay for if that ain't fucking usury. I don't know what is. Deal is buy here, pay here. Dosen't print cash.

So I am going to have to go with BG in this respect. Basically and of course my assertations are much more damning and I really mean them to. BG is just being polite about it. Everyday people that are mostly, victims of a criminal network. That includes stealing, murder for hire, usury and swindeling, coercion, drug dealing, kidnapping, false imprisonment, fake taxation, impersonating a government (not kidding see fake taxation). What I am asserting again. I am being very serious about.

I'll also say that crazy is right. Because. Well ignorance isn't bliss. You can work a really really long time in exchange for making a really ignorant deal. Trying to correct what you "let" get stolen from you in your ignorance. When christ sakes all it takes is a fucking calculator. Because both BG and crazy took a "lot" of time looking through all the "crap" to get to whats real. To me a lot of it boils down to NOT trusting anyone including that fast talking "government".

So the "real" question is. What else can we do? Bottom line. A. Don't turn on the fucking television to get the answer from the people that ripped you off in the first place. Because they will continue to rip you off. Its what they like doing. So stick around I ain't fucking finished with all of this.

Why does confusion in this matter have to be cleared up? Its the information that you do not have. You may not percieve it they work really, really hard at their "bullshit".

Jeff Beck great tune. Some booger man lyrics in there. I really, really don't believe this "bullshit" either I know of course who pays for it. It is a great tune however in a Instrumentation way . To me this is one of the ultimate mine fields of bullshit. It requires some depth of information to "get it". Watch out for the "Halloween fangs".

Pay attention to the guy that lives in a coffin. Robbed when not lookin of everything hes got. Probably because he took this horseshit seriously.

Artimus 6:10 Don't wait for Apocolypse. He may not show up today.

37   APOCALYPSEFUCKisShostikovitch     2012 Mar 11, 9:24am  ↑ like   ↓ dislike   quote    

The CRA thing was just pure fantasy but the blame the borrower meme I found really disgusting and of no entertainment value. The FBI found like 30 percent of the fraudulently informed mortgage applications were completed by applicants who'd been schooled on the art by the fucking originator. Professionals have obligations. A dentist can't fill every tooth with gold every time you show up at the dentist just because he makes more money doing it. A pharmacist can't sell you a truck load of dilaudid because you paid a crooked doctor for the script. A doctor can't remove your appendix when you report a gas attack and he thinks he can get you to believe you need surgery. Professionals have an explicit of obligation to refuse to participate in fraud. The thing that lit the wick in the propertipocalypse is the underwriting criteria of a lot of the mortgage instrumentation. If you have even one instrument of lower underwriting quality, I think you can argue it can move a market over time by obligating subsequently written higher quality mortgages in the same market space to be written based on flawed or bogus assumptions that were validated by the loosey goosely loans. And let's face it. All these exotic notes were developed specifically to accelerate the rise of valuations, anyway and to create tiers in the credit market so they could batter the credit poor with onerous fees and obscene interest rates.

bgamall4 says

Remember, without the loans, without the easy money, no bubble could have been formed. Instead of churning their own contracts they had the people churn mortgages, but otherwise it was a classic financial system bubble.

38   APOCALYPSEFUCKisShostikovitch     2012 Mar 11, 1:52pm  ↑ like (1)   ↓ dislike   quote    

Sell the risk to the next biggest asshole.

bgamall4 says

CrazyMan says

So, it's the banks responsibility to tell you what you can afford? Really? You're serious?

It always has been. Before securitization of mortgages it was always the responsibility of the bank to protect the bank. Anyone with 1/2 of a brain knew that.

You could not get a loan that exceeded 28 percent of your take home income as just one guideline. Banks protected themselves until with securitization they could get rid of their mortgages. Then they just got rid of mortgages and found it easy to bend their own rules. You read this right?

www.businessinsider.com/smoking-gun-liar-loans-were-imported-from-the-united-kingdom-2012-1

Gary Anderson strategicdefaultbooks.com

39   ArtimusMaxtor     2012 Mar 11, 10:08pm  ↑ like   ↓ dislike   quote    

If I was in CA i'd form a hanging party to get the people that sold you those option arm mortgages. My friends started getting those I told them GTF away from me. Yea but why? You just don't do shit like that to people. Its really a really raw fucking thing to do. They were actually "Selling" those to investors. No kiddin'. It got strange. My friends were coming up to me and telling me about how great option arms were.

"Its about affording the largest dump you can find and taking a ride on the fucking scream machine." Then the credit is ruined.

People that pay on time got ROBOED. People with those arms got really screwed.

It's called due dilligence Toney. If a realtor ever tells you shes performing it just laugh.

40   CrazyMan     2012 Mar 11, 11:39pm  ↑ like (1)   ↓ dislike   quote    

bgamall4 says

It always has been.

Sigh; personal responsibility out the door. This country is turning into garbage.

Pro tip: it's not the bank's responsibility.

We agree that the banks were reckless in giving loans to people that couldn't afford it (it was a scam). At the same time, people making 50K shouldn't take out 400K loans. If they don't know that, well, that's their own stupidity. Ultimately it's still one's responsibility to know what they should be borrowing. Anyone who thinks otherwise is a fool.

Just because I hand you a gun doesn't mean you should shoot yourself in the head with it.

41   bubblesitter     2012 Mar 12, 12:18am  ↑ like   ↓ dislike   quote    

bgamall4 says

Most people had no idea that toxic loans were the equivalent of financial suicide because they were taught every day by David Lereah and NAR that real estate always goes up. I see you conveniently forgot that.

The persons signs the note is wholly responsible for his dire situation. Should I commit a crime just cuz I don't know the law and blame the lawmakers for it?

42   bubblesitter     2012 Mar 12, 12:26am  ↑ like   ↓ dislike   quote    

bgamall4 says

The issue with bankers is very different than the law.

Hell. All I know is the person who signs the note is responsible to pay! If want that to change that then law needs to be changed - like make it illegal to give anybody a loan over 3 times his income. You think that will happen?

43   freak80     2012 Mar 12, 1:08am  ↑ like (1)   ↓ dislike   quote    

bgamall4 says

As far as making it against the law to give a person a loan over 3 times income, it won't matter. In the UK the loan limit by law is 3.5 times. So the banks came up with the self certified loan, the precursor to our liar loans. In the UK the people self certified their income, and made it conform to the 3.5 times, even if it didn't!

Ah, gaming the system. Gotta love those bankers.

44   freak80     2012 Mar 12, 1:33am  ↑ like   ↓ dislike   quote    

bgamall4 says

This proves to me that the housing bubble was a preplanned scam. It was not an accident, a mistake, or anything of the sort. It was premeditated and was an attack on the citizens of the United States.

I've always subscribed to the theory that says, "never attribute to malice what can easily be explained by stupidity." Are we going to declare war on the UK? ;-)

45   CrazyMan     2012 Mar 12, 1:46am  ↑ like   ↓ dislike   quote    

bgamall4 says

CrazyMan says

Just because I hand you a gun doesn't mean you should shoot yourself in the head with it.

Most people had no idea that toxic loans were the equivalent of financial suicide because they were taught every day by David Lereah and NAR that real estate always goes up. I see you conveniently forgot that.

Gary Anderson strategicdefaultbooks.com

Your logic path is total fail tbh.

I've been hearing the same crap from the NAR and David Lereah for years but I didn't take out a loan I couldn't afford.

Please stop trying to defend stupid people.

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