Zombie foreclosures:

[Baja28 (Premo)]

Originally Posted by abcxyz

All of these situations are a product of people living beyond their means. When people borrow too much money, this is the result.

Not necessarily. There are many other situations that can cause a person to default completely out of their control.

[Dakota (Premo)]

Originally Posted by Baja28

Not necessarily. There are many other situations that can cause a person to default completely out of their control.

There are some out there that were not responsible in borrowing... some who trusted banks too much thinking they wouldn't lend them what they couldn't afford and others who couldn't sell because of the overall economy & need out from under it. Just so many variables. It is what it is but we all pay the consequences here. When the government doesn't collect property tax revenue from these big bad banks that wouldn't work with the people in the houses to begin with.... it means they are going to tax elsewhere to get it back. What hurts us all in some way is that Maryland is a recourse state, which means they can basically come after you for the difference. If your house sold at auction or through a short sale for less than the amount owed to the lender - they can chase the home owners down for the deficiency. I think this doesn't give any incentive for the banks to work with the owners.

[RPMDAD]

Originally Posted by Baja28

Not necessarily. There are many other situations that can cause a person to default completely out of their control.

I agree, Bad things do happen to good people. Happened to some friends of mine all started out when his wife was diagnosed with the big C.

[abcxyz]

Originally Posted by Moved_south

How nice for you that you will never have any unforseen events befall your happy little world. You must be truly blessed.

I have the morals to fulfill my obligations.

What is unforseen? Not having a job? Then you didn't do all you could do to make yourself employable. Death of a spouse? Then it sounds like you under-insured. The key word in all of that is "you", not someone else but "you". Typical "it is always someone elses fault" attitude. You are accountable for your own actions.

[RPMDAD]

Originally Posted by abcxyz

I have the morals to fulfill my obligations.

What is unforseen? Not having a job? Then you didn't do all you could do to make yourself employable. Death of a spouse? Then it sounds like you under-insured. The key word in all of that is "you", not someone else but "you". Typical "it is always someone elses fault" attitude. You are accountable for your own actions.

Dude or Dudester, i am glad you are so well organized, and i pray nothing bad ever happens to you or your family. I recognize a lot of people who had loans way over their heads should have never gotten them, and for that i blame the skeezy banks for giving them the loans in the first place and i recognize that a lot of those people and a lot of those loans were just scams, however that was not the case for my friensd and his wife. Total score for him one dead wife, hopelessly in debt and lost their dream house. Death +1, Bank +1 husband and home owner -2. PS, my friend has morals.

[Dakota (Premo)]

Originally Posted by RPMDAD

Dude or Dudester, i am glad you are so well organized, and i pray nothing bad ever happens to you or your family. I recognize a lot of people who had loans way over their heads should have never gotten them, and for that i blame the skeezy banks for giving them the loans in the first place and i recognize that a lot of those people and a lot of those loans were just scams, however that was not the case for my friensd and his wife. Total score for him one dead wife, hopelessly in debt and lost their dream house. Death +1, Bank +1 husband and home owner -2. PS, my friend has morals.

And had the banks not lent in the fashion they did for all those years, I believe that homeowners would have been able to put their houses up for sale and have them sold. The thing is they cannot these days. House values have dropped far below where they were 10 years ago. Many foreclosures are sitting and not even up for sale. We *all* pay the price. Even the one who bought what they could afford is still staring down the blade of a knife that is going to include tax increases to make up for what they've lost in tax revenue on all these homes.

One of the girls we've known for a long time blurted out yesterday at a party (after another couple was talking about how they want a bigger house and are too upside down to do so) how she filed bankruptcy more than 3 years ago after being served a notice of foreclosure. But Bank of America hasn't taken possession of the house. She gets statements every month and escrow is in the negative amount as the bank continues to pay the taxes and insurance on the home each time it is due. She says she has called the bank time and time again saying they need to take possession of the house but they haven't. Her situation was a terrible divorce that was no fault of hers. We watched her now, ex-husband, go crazy, combo of mental illness and drugs. Very sad story actually.

[abcxyz]

Originally Posted by RPMDAD

Dude or Dudester, i am glad you are so well organized, and i pray nothing bad ever happens to you or your family. I recognize a lot of people who had loans way over their heads should have never gotten them, and for that i blame the skeezy banks for giving them the loans in the first place and i recognize that a lot of those people and a lot of those loans were just scams, however that was not the case for my friensd and his wife. Total score for him one dead wife, hopelessly in debt and lost their dream house. Death +1, Bank +1 husband and home owner -2. PS, my friend has morals.

I still blame the people. Banks loan money, it is what they do. The government had a hand in who got loans as well.

PSA: Cancer Insurance | Aflac

I've seen this policy in action and know first hand that is works as designed, very well.

My angle is always "Don't make your problem, my problem" so I do what I can to make my problems just that, my problems; not someone elses. I have compassion for your friend and what they went through, however why should I be involved in their problem. I have compassion for a lot of people, that doesn't mean I want to go to work every day to support them.

[GURPS (Premo)]

Originally Posted by abcxyz

My angle is always "Don't make your problem, my problem" so I do what I can to make my problems just that, my problems; not someone elses. I have compassion for your friend and what they went through, however why should I be involved in their problem. I have compassion for a lot of people, that doesn't mean I want to go to work every day to support them.

Ditto - but today's Higher Taxes so the Gov can give my money to some undeserving 3rd Generation Welfare Leech ..... better when handouts came exclusively from charitable organizations .....

[Larry Gude (Premo)]

Originally Posted by abcxyz

I still blame the people. .

Of course but, why do people advertise?

Because it works.

"Get a home equity mortgage! Cheap! Take a trip! New car! College!"

"Get cheap money for super expensive school! You owe yourself the chance of not sucking by having a degree! Even if it's a sucky degree!"

"You're old house sucks! You need a new, bigger, better, sexier, hotter, bad ass big MF'er of a house with an awesome garage AND in home theater in the basement! Buy now and keep up with the Jones or your a LOSER!!!"

At the end of the day, we elect people to go make decisions for us who rely on experts and, ideally, act in the interest of the people they serve, us, in making zoning laws, bank regulations, building codes, demographics, infrastructure, monetary policy, tax policy, all the things that affect and influence our personal economic decisions, what to borrow, when, why, what is the likely outcome, etc.

It is on us but, we really don't know what the hell is going on and, because the OTHER guy sucks worse, we keep sending our guy back.

Mess.

[Dakota (Premo)]

Originally Posted by abcxyz

My angle is always "Don't make your problem, my problem" so I do what I can to make my problems just that, my problems; not someone elses. I have compassion for your friend and what they went through, however why should I be involved in their problem. I have compassion for a lot of people, that doesn't mean I want to go to work every day to support them.

If you currently own a home and work, guess what? It is now *your* problem just like it is *my* problem. The government is not going to cut to make up for the lost revenue - oh hell no - they are going to tax us more to make up the difference. You do understand that right?