central - east central Minnesota - | D6Joe - 4/4/2011 07:42 Everyone needs to remember something here. I feel the underling point is that these mortgages went bad. people did not make thier payments like they agreed to. Bank took house back. I wonder if a person that is a year or two behind could ever catch up on the payments? I think some are looking to get their house back on a technicality (yes, fraud happened, but was it against the homeowner? or against whoever bought the mortgage on the secondary market?), but they would still have to face the fact they did not pay the monthly bill. Then the other thing is that most of the banks required mortgage insurance - not 100% shure how this works, but doesn't the bank get a pile of money if the loan goes bad and they cannot get the value of the house back? And then for those who bought one of these houses that has "bad papers", alot of banks require you to buy "title insurance" so you can get your money back if the ownership paper work is ever in question? I know enough to be wrong. but I think the only people to get anything out of this will be lawyers!
There are people who are makeing their payments and current . . . . problem is, they have variable rate mortages (with and without balloons pymts) and it's time for refinanceing. The home doesn't have the value as when first financed . . . . . the bank can't make a loan on a home for more then it's worth. And they are ten's of thousands apart of what it is worth (in the Las Vegas area - hundreds of thousands apart) for what is owed for new financaing . . . .
Edited by iseedit 4/4/2011 09:00
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Did anyone see the 60 Minutes tonight
