ryoder 1,590 #1 February 18, 2009 http://www.google.com/hostednews/ap/article/ALeqM5hLOuvy9fguykC2NydTDrkqqyybvQD96DHN5G0"There are only three things of value: younger women, faster airplanes, and bigger crocodiles" - Arthur Jones. Quote Share this post Link to post Share on other sites
BillyVance 35 #2 February 18, 2009 Saw that earlier. They say it just buys you some time or delays the inevitable. You may have a better chance of succeeding if your mortgage has been bought/sold a bunch of times."Mediocre people don't like high achievers, and high achievers don't like mediocre people." - SIX TIME National Champion coach Nick Saban Quote Share this post Link to post Share on other sites
CSpenceFLY 1 #3 February 18, 2009 QuoteTom Deutsch, deputy executive director of the American Securitization Forum, a group that represents banks, law firms and investors, dismissed the strategy as merely a stalling tactic, saying homeowners are "making lawyers jump through procedural hoops to delay what's likely to be inevitable." That is the funniest part to me. I thought that was what lawyers did for a living. Quote Share this post Link to post Share on other sites
ryoder 1,590 #4 February 18, 2009 QuoteSaw that earlier. They say it just buys you some time or delays the inevitable. You may have a better chance of succeeding if your mortgage has been bought/sold a bunch of times. I just thought it was funny that not only were a lot of these loans sloppily originated, they were also sloppy about maintaining the records. And I got this mental image of Cuba Gooding Jr leading Tom Cruise in a chant of: "SHOW...ME...THE...MORTGAGE!!!""There are only three things of value: younger women, faster airplanes, and bigger crocodiles" - Arthur Jones. Quote Share this post Link to post Share on other sites
tigra 0 #5 February 18, 2009 It is just one of many stall tactics used- it can take several months to a year or more to foreclose on a residential property. In this market especially, most lenders would rather be paid than take over the property. If stalling can help a homeowner get their **** together and come up with the money to pay the loan current or pay it off, the lender wins too. More often than not, the homeowners just stay in the property for as long as they possibly can without paying a dime. Quote Share this post Link to post Share on other sites
