Comments on: Buy and Bail – Mortgage Fraud?

By: TigerTom@Mortgage Quotes UK

TigerTom@Mortgage Quotes UK — Thu, 01 Oct 2009 18:57:33 +0000

The main things to watch out for when getting a loan, apart from the interest rate, are any fees or pre-payment penalties. These can be the ’sting in the tail’.

By: Oliver

Oliver — Sun, 27 Sep 2009 05:14:59 +0000

The buy and bail phenomenon has been becoming more prevalent. The market has been seeing a lot more strategic defaults too!

By: Bill@Uptown Real Estate

Bill@Uptown Real Estate — Mon, 31 Aug 2009 18:01:17 +0000

Very right article! It was needed, and the lady above me will share some of my concerns, as she said that Banks has lied to the people. Very true! I’ve saying about the total problem it has caused to the economy! All businesses run on loans these days and if you over-value the loan, it will bring more markup and same has happened. The house prices were over-priced and the owner had to pay much more than the house was worth it hence now they find that their house prices are lower. It’s a cycle that I think not only caused Banks trouble but everyone.

By: Alicia

Alicia — Tue, 16 Jun 2009 15:07:58 +0000

My husband andI purchased a home in AZ due to my husbands company moving us due to job related reasons. We purchased a very nice home and had the money to afford it. My husband and I have excellent creidt and have always paid our bills on time. When we learned that ourhome is 170,00 less than what we bought it for we called the banks about a loan modification. My husband was laid of in January and started a new job in March. My husband is the bread winner and affords our motgage . I called the bank asking them about a loan modification and the person on the line told me that they are not doing anything with the money. I asked her to repeat herself becasue I was completely shocked. I then asked what they were doing to help those people that are underwater and here the bank was given all of this money . She told me that they are not doing anything and the CEO’s were having a great time at the golf courses. It was just a bad investment part on your choice is what she told me the bank would tell me.

Okay yes we urchased our home and yes we could afford our home and can still. However my home is not worth 3what I paid for it and I understand that. Yes people are losing their homes for different reasons. But, why are the banks being given all of this money and not helping those that need it. The banks are the reason we are in this mess no I am not passing the blame on them becasue I want it off of the American people. Each and every American wants to live that American dream and be able to provide for their family. When a bank tells borrows that they can buy X amount for a house knowing that the borrower could not afford that (what consequenses are the banks paying for) NOTHING, they are being given money and not helping those that needed and YET again we the people are going to continue to pay for thier mistyakes. Just look at our economy and the loss of home and jobs. WHY are the lenders not being put in jail for fraud lying to us the tax pays. The money they were given in the bail out is our money yet I find it interesting they are not giving us our money. So why is it wrong that people are buying and bailing? The banks gave people false hope on the American dream and those people are homeless and doing whatever they hqave left to support their families. They have no credit, so our economy is going to get better with all of these people with poor credit. THE BANKS SHOULD BE PUNISHED FOR LYING TO PEOPLE TO START WITH. The FBI should look at the banks and the borrows income and see which ones were put into homes they couldn’t afford to begin with. I was raised to take care of my responsibilities but when my home has lost so much value becasue teh baqnks lied to the borrowers around me why should I have to PAY for the banks continous mistyakes and WHY should you. The loan modification is merely qa fix for the next five years if you can e4ven get one and when five years rollls around we are going to have a much bigger problem on our hands because those that got the loan modification are going to have problems paying their mortgage. If a bank can steal and lie and have no consequenses why are Americans who entrusted in them being held accountable?

By: Walt@Tax Lien

Walt@Tax Lien — Thu, 05 Mar 2009 07:59:01 +0000

It’s easy to blame the banks, the government and the state for ones own misery when you are in danger of losing your home. However, I tend to agree with what somebody else already said above.

People ought to take responsibility for their own actions. This means if you can’t afford to buy a home, then don’t go over your head and buy it anyway. Unfortunately too many home owners have done exactly that. They borrow way above their comfort zone and now they find themselves in a massive mess.

Sorry guys, but it IS ALL about budgeting your finances.

By: Dave

Dave — Tue, 03 Feb 2009 11:42:23 +0000

This is somehow risky, because you are digging just another hole if you are not shopping around for the best rate there is. Also consider how much is your real asset’s worth.

By: Ken@Local phone service.

Ken@Local phone service. — Sat, 10 Jan 2009 16:24:23 +0000

The banks have to be looking at the new mortages more and more. I find it hard to believe that they would not realize what the people are doing. If they look at existing home and see people under water how could they ever give them new loan or want to. I am sure people try it and some have done it and yes they should get in trouble for it. Ken’s last blog post..georgia local phone service provider

By: Alex @ Short Sale Options

Alex @ Short Sale Options — Mon, 15 Dec 2008 18:16:46 +0000

I would say that a short sale can still have a really big negative effect on your credit so don’t assume that your credit will be OK. Many times it will require that a borrower be delinquent before the bank considers a short sale. In the long run you will likely not have as much damage but it’s going to effect your credit either way.

By: faye

faye — Sun, 14 Dec 2008 06:45:19 +0000

A short sale would cause you to lose some financially, but it saves you your credibility.

By: Foreclosure NJ Real Estate

Foreclosure NJ Real Estate — Mon, 24 Nov 2008 01:31:03 +0000

Yes buy and bail is reprehensible, but how could the banks have fallen for it. The banks I have delt with have always refused to count rental income on a property until there has been a 12 month history of it. Foreclosure NJ Real Estate’s last blog post..Buying New Jersey Foreclosure Real Estate