On Feb 12, 2:27=A0am, no-s...@[EMAIL PROTECTED]
(Fake ID) wrote:
> In article <0lt1r3t7b2f0a81***rpaiqndkh1kug...@[EMAIL PROTECTED]
>,
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> PaPaPeng =A0<PaPaP...@[EMAIL PROTECTED]
> wrote:
> >On Mon, 11 Feb 2008 10:24:46 -0800 (PST), Foobar
> ><bamberb...@[EMAIL PROTECTED]
> wrote:
>
> >>On Feb 7, 1:22=A0pm, 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?
=A0
>
> >>> This sounds good. =A0The 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. =A0Whichever new company that takes over
th=
e
> >>> 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. =A0There 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. =A0So 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. =A0
>
> >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) =A0that had lent to the secondary party who held the
> >bundled mortages to the original mortgage. =A0And this can cascade into
> >the fourth or fifth tier. =A0If you can't follow the connections so far
> >neither can the banks and the financial institutions. =A0 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/71=
1150413
> At least there's one judge who stood up to financial institutions to
> make them follow the law. =A0Until 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- Hide quoted text -
>
> - Show quoted text -
Ah, yup, ok. But you still don't own the property and you'll still
have to walk away from it.
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