In article <0lt1r3t7b2f0a81***rpaiqndkh1kugick@[EMAIL PROTECTED]
>,
PaPaPeng <PaPaPeng@[EMAIL PROTECTED]
> wrote:
>On Mon, 11 Feb 2008 10:24:46 -0800 (PST), Foobar
><bamberbert@[EMAIL PROTECTED]
> wrote:
>
>>On Feb 7, 1:22 pm, PaPaPeng <PaPaP...@[EMAIL PROTECTED]
> wrote:
>>> On Wed, 06 Feb 2008 19:29:18 -0600, Snowbound
>>>
>>> <loosebow...@[EMAIL PROTECTED]
> wrote:
>>> >Just don't declare bankruptcy, like someone in real financial trouble
>>> >might consider. If you declare bankruptcy, like some joker who lost
>>> >everything to unforseen disaster or illness, you are putting yourself
at
>>> >the mercy of courts and banks (who make today's bankruptcy laws). If
you
>>> >just walk away from a massivemortgageYOU freely chose, you get off
>>> >scott free, without any substantial penalty! After all, what
>>> >asset-draining cancer or chronic workplace injury could POSSIBLY be
>>> >worse than losing a home you couldn't afford in the first place?
>>>
>>> This sounds good. The most logical part is the lender who made that
>>> unjustifiably risky loan to Mr. J Doe will lilkely disappear as a
>>> cor****ate entity before they catch up with Mr. Doe who walked away
>>> from his foreclosed house. Whichever new company that takes over the
>>> property will likely find it impossible or just too costly to clear
>>> the paperwork necessary to track down John Doe the walker and make him
>>> pay. There will be a few millions of such foreclosures that
>willtrashany industrywide attempt to clean them up.
>>
>>Which is a good thing?
>
>
>In normal situations there is enough of a paper trail to track you
>down anywhere in the country. So you have to declare bankruptcy (the
>new rules I don't know about but its no longer easy to declare it) and
>your credit rating goes to hell.
>
>But in this subprime crisis the banking system isn't sure who actually
>holds the original mortgage, who holds the invertment to a bundle of
>these original mortages, who is the third party (bank or financial
>institution) that had lent to the secondary party who held the
>bundled mortages to the original mortgage. And this can cascade into
>the fourth or fifth tier. If you can't follow the connections so far
>neither can the banks and the financial institutions. The original
>one million dollar bundle of mortages may have generated another four
>to five millions if not more in secondary market..
A small ray of hope.
http://www1.pressdemocrat.com/article/20071115/WIRE/711150413
At least there's one judge who stood up to financial institutions to
make them follow the law. Until this article I hadn't been aware that
it was customary for courts to let foreclosing entities foreclose
without providing proof of owner****p as required by law.
m
|
