Like the illusion of Wall Street, with its vast and powerful investment banks, now shuttered, China too is an illusion perpetuated by the Globalists that gave us the 15,000 mile Caesar salad, poisoned cat food and lead based paint on babies' pacifiers. Like the illusion that money would come from thin air to always push housing prices higher, China has spent a generation pursuing its illusion. Pursuing an unattainable dream to be like the West, while 6000 years of its carefully shepherded top soil blows into the sea.
Posted: Sun Jul 13, 2008 10:36 am Post subject: So who collects my mortgage payment if big lenders die?
The government? I'm assuming that if Fannie and Freddie go under we'll be in a depression. How does the government explain to people it has to put them out of their homes if government is there to help? You think the politicians would be so brave?
Posted: Sun Jul 13, 2008 10:41 am Post subject: Re: So who collects my mortgage payment if big lenders die?
Here to help? Greed, grift and incompetence are the name of the game in Washington. Their only care has been for their own enrichment. The two scariest lines you will ever hear are...
"We're from the government, and we're here to help"
RUN!
-G _________________ I Have and will continue to vote against ANY politician who supports the various bailouts. Curse you for selling out our future for status quo now!
Joined: Sep 29, 2004 Posts: 2330 Location: Pennsylvania, USA
Posted: Sun Jul 13, 2008 11:12 am Post subject: Re: So who collects my mortgage payment if big lenders die?
You will receive a notice in the mail of where to send your new payment in the event your mortgage is transfered through sale or acquisition by other means.
Don't worry about your lender, believe me, regardless of who ends up owning your mortgage in the future,one thing is certain; they will demand to receive their payment every month! _________________ "That's the problem with mercy, kid... It just ain't professional" - Fast Eddie, The Color of Money
Posted: Sun Jul 13, 2008 4:10 pm Post subject: Re: So who collects my mortgage payment if big lenders die?
Kingcoal wrote:
Don't worry about your lender, believe me, regardless of who ends up owning your mortgage in the future,one thing is certain; they will demand to receive their payment every month!
I was reading Dmitri Orlov's essay about the collapse of the USSR and one of the advantages the Communists had was that ALL housing was publicly owned so nobody got evicted. When the entire system crashed so did modern conveniences like indoor plumbing, so it was common for people to carry buckets of water in and buckets of "waste" out of their rooms. Sounds nasty but at least you always had a roof over your head. Furthermore most housing was accessible via public transit.
America may not have a "free market" economy but we definitely have a "capitalistic" system so debt collectors expect to be paid.
Posted: Sun Jul 13, 2008 4:54 pm Post subject: Re: So who collects my mortgage payment if big lenders die?
What happened during the last great depression was a massive transfer of wealth from the poor and middle class up to the wealthy.
What happens is the banks collapse taking the the rest of the economy down the drain with them. You then have mass unemployment and people defaulting on loans. The bank's creditors will then repossess the houses and other assets of the loan defaulters.
At the end of it the wealthy will control or own everything of value in society and the average Joe will be left with nothing.
Posted: Sun Jul 13, 2008 5:29 pm Post subject: Re: So who collects my mortgage payment if big lenders die?
Commanding_Heights wrote:
The government? I'm assuming that if Fannie and Freddie go under we'll be in a depression. How does the government explain to people it has to put them out of their homes if government is there to help? You think the politicians would be so brave?
And if they don't go under, because the govt bails them out by taking on their debt, by printing vast amounts of debt, you'll be in a stagflationary depression. It's people holding certificates of deposit who will get creamed, in the event the twin institutions are allowed to fail. And that's a whole lot of people, a whole sh**load of pensioners, as they were considered failsafe and secure investments.
Posted: Sun Jul 13, 2008 6:25 pm Post subject: Re: So who collects my mortgage payment if big lenders die?
Commanding_Heights wrote:
The government? I'm assuming that if Fannie and Freddie go under we'll be in a depression. How does the government explain to people it has to put them out of their homes if government is there to help? You think the politicians would be so brave?
Payments will be directed towards the government/fed/irs or a foreigner. _________________ Just look at us. Everything is backwards; everything is upside down. Doctors destory health, lawyers destroy justice, universities destroy knowledge, governments destroy freedom, the major media destroy information and religions destroy spirituality.
Joined: Sep 29, 2004 Posts: 2330 Location: Pennsylvania, USA
Posted: Mon Jul 14, 2008 8:13 am Post subject: Re: So who collects my mortgage payment if big lenders die?
Since those payments coming in are counted as assets, whatever happens, those payments will be billed. If a bank comes under government control or some other trustee, the prime mission of that trustee is to keep collecting those payments. Like I said, don't worry about the bank "forgetting" to collect your payment - that is on their list of top priorities.
As I've posted in other forums, if you can't pay your mortgage, I mean if you've tried everything else and still find that you can't live and pay your mortgage, then move out, leave the house clean and empty, then put your keys in an envelope and mail them to your bank. Other than destroy your credit history, which is probably already destroyed anyway, the only thing the bank can do if you don't pay is foreclose and repossess the property. Since you've already moved out and sent them the keys, you're set. Don't try to "steal" the house from the bank. It doesn't work that way, no matter what happens. There have been cases where the mortgage holder couldn't produce all the paperwork for a foreclosure so they lost in court. You might think that you'd walk away after that, but there is the taxmen to consider. Since you just inherited a house, you might owe taxes on the transfer of wealth and those taxes will probably be substantial. Also, no matter what happens, the property taxes need to be paid, otherwise the county will take the house. _________________ "That's the problem with mercy, kid... It just ain't professional" - Fast Eddie, The Color of Money
Posted: Mon Jul 14, 2008 8:51 am Post subject: Re: So who collects my mortgage payment if big lenders die?
“This is unbelievable,” Mr. Mozilo (Countrywide's CEO) said in his message. “Most of these letters now have the same wording. Obviously they are being counseled by some other person or by the Internet. Disgusting.”
Quote:
Getting through to someone at the company was almost impossible, she said; calling the toll-free number it provided meant “being bounced around the Countrywide black hole.”
“They would transfer me to their Hope department, then they would send you to customer service, then to loan retention,” she added. “I would send stuff to them certified mail and get back the forms saying they had received it. But they would tell me they didn’t get it.”
WHEN she finally got through to a person at the company, she was told that, under company rules, Countrywide couldn’t do anything until the Mateoses were at least three months behind. “Then I find out you don’t have to be three months behind; you just have to have a hardship,” she says. “I was showing I had a hardship; I just wanted them to help me get back on track.”
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