Quote:
Originally Posted by Ghostdog
Justme, You must not understand that laws work on different government
levels, due to the fact that laws are made into laws on all levels.
You keep talking about lenders.. " Fuck the lenders ". THey have control
over the persons account that they issued the loan ( Meaning IF a
person is having a hardtime meeting the payment schedule the lender is
the one to call) the lender is the one who can say okay there will be a
late charge OR can say we don't accept late fees.
At that point its not about blaming a person, but its about making some
kind of payment arrangements, and that lady who had the boyfriend if
she knew in enough time she could have made some kind of arrangements.
Regardless to if its local or not foreclosurers is happening in many cities
of the United States, and I will place the blame where ever the blame
needs to be placed.
So you are telling me justme that mortgage companies isn't suppose to
show NO GRACE PEROID for longtime customers? When a person is having
a hardtime meeting a payment schedule. They should always contact
the company first, secondly have documents to back up the hardship
claim, and give the company a copy (plus keep a copy for self).
There is a law that protact people from debt collectors which is called
the Fair Debt Law. Anyone can research this law by doing a search
The Fair Debt Law, and the most important thing is to know your rights
and law.
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Just going by your statement that it was a "...City/County law..." Sorry, the misunderstanding is on your part. You wrote it, so what part of City/County law do you not understand?
As for the rest of it. Ideally, if someone is going to have trouble making a mortgage payment, they should contact the lender and try to work something out. Some will, some won't. Unfortunately, they have a CONTRACT calling for payments. They have the legal right to expect the contract to be fulfilled.
I don't know what you expect. I've already said there were some shady lenders...already said its sad for anyone to lose their home. But not all lenders are fly-by night outfits.
The woman whose boyfriend ran off with her money...you think its fair the mortgage company be penalized for her boyfriends behavior? Wheres her accountability for her choices?
Fact of the world...hardly anyone loans money for the purpose of not getting paid back. With interest. Sad but true.
This is just the kind of crap I was talking about when I said the homeless problem won't be addressed as long as someone is looking for a single boogey-man. Forcing mortgage companies to accept rules imposed by govt will result in FEWER mortgages being available. No company hoping to stay in business is going to roll over and accept losing terms being dictated.
You ask in another post what I think caused the current economic situation...many factors. There isn't just one thing you can point to.
In the housing market...it was a cumulative effect. Simple answer is greed...on the part of lenders and HOMEOWNERS looking for the quick buck. This helped to cause unrealistic jumps in the cost of homes.
I still stand by the need for a basic economic education for would-be homeowners. So they can know what they can afford and not depend on some agent or broker that is trying to make a living on them. Education so they understand what they are committing themselves to.
You cut out those that should have known better and stop trying to get everyone off the hook, then you have manageable numbers that a local govt agency can help.