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Message
re: Borrowers stopped paying mortgage in June '07. Bank didn't foreclose until May '23
Posted on 10/5/23 at 10:58 am to stout
Posted on 10/5/23 at 10:58 am to stout
quote:
Borrowers stopped paying mortgage in June '07. Bank didn't foreclose until May '23
The son and DIL of my next-door neighbor in Asheville played that game for about five years, but I guess those are rookie numbers compared to these people.
0
Posted on 10/5/23 at 11:05 am to stout
My family is from a small town in deep south texas and there is 1 house in town left still owned by a family member. When they were cleaning it out a couple years ago they said they would put stuff out on the curb and it was gone within minutes. Every time. And mind you this is like a town of 4,000 people.
At one point they put a dresser on a towel to protect it from the grass and the MFs took the towel too
At one point they put a dresser on a towel to protect it from the grass and the MFs took the towel too
Posted on 10/5/23 at 11:22 am to stout
Guy in 04..06 time frame bought 6 rental houses made the first two mortgage payments then stopped. Took 5 years to foreclose on them all. But was collecting 2k a month rent on them for that time and had his primary mortgage paid off
Posted on 10/5/23 at 11:37 am to stout
If that had been me, the bank would have been on me before 60 days was up. I don’t have their kind of luck.
Posted on 10/5/23 at 11:57 am to stout
Hard to feel sorry for
Especially when their dumb asses ignored the issue for 16 years.
quote:
JPMorgan Chase
Especially when their dumb asses ignored the issue for 16 years.
Posted on 10/5/23 at 4:46 pm to stout
If I tried this I would get fricked harder then a altar boy after mass. What too soon.
Posted on 10/5/23 at 4:58 pm to stout
So, I could buy a home in Louisiana for say, $350,000 and pay $35,000 down, then not make payments for 7 years, collect $2500 a month in rents for a total of $210,000 less $35,000 in taxes and insurance, so walk away with a net of $140k?
What a deal!
What a deal!
Posted on 10/5/23 at 6:11 pm to stout
That is just impressive.
16 years with no mortgage is a feat.
Not gonna lie, that’s pretty well done
16 years with no mortgage is a feat.
Not gonna lie, that’s pretty well done
Posted on 10/5/23 at 6:51 pm to stout
Damn...if they had just put half their monthly payment into an S&P index fund until the foreclosure, they could have paid it off with coin to spare.
Posted on 10/5/23 at 7:36 pm to stout
At that point couldn't they claim adverse possession if they paid the property taxes?
Posted on 10/5/23 at 8:03 pm to Dawgfanman
The bank probably force-placed insurance (added it to the mortgage payments) and they didn’t pay that either.
Posted on 10/5/23 at 8:14 pm to stout
16+ years living free and saving up to only having 100 points deducted from your credit score. Sign me up.
Posted on 10/5/23 at 8:52 pm to FLObserver
quote:
Can only imagine how fat my bank account would be if i didnt have a mortgage to pay for 16 years.
Yes, but I bet they didn’t save any of that money ?
Now that I think about this…if they HAD put the money aside, invested it responsibly since 2007, they may very well have enough to pay the mortgage off, even with interest and penalties included.
This post was edited on 10/5/23 at 8:58 pm
Posted on 10/5/23 at 9:09 pm to stout
Interesting.
In Texas you I have heard and read that you cannot lose your primary home thru bankruptcy. Pretty amazing if true.
In Texas you I have heard and read that you cannot lose your primary home thru bankruptcy. Pretty amazing if true.
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