Mortgage loans.., I'd like to keep my house

[dj123 0]

So here's the deal:
I've been paying for 18 years now but finally I can't come up with the payment.Couple months behind.

I was reading "on line" and can't believe this is really true, can anyone research and tell me?

You see, I've always thought that when I borrowed the money to buy my house some MR. BIG put up the cash to float my note.

What I'm reading on line is that there is no "MR. BIG" but instead, when I signed the dotted line the money for that *loan* was created out of thin air.

Could that be true????

I'm desperate here!!!

Of course if Mr. Big did put out the cash I'd want to do right by him but..,
If the money to cover my mortgage was created out of thin air, well then ....., thin air should cover my payments.


Anyone know if this thin air thing is true?


Thanks,
DJ

[billvon 3,120]

>You see, I've always thought that when I borrowed the money to buy my
>house some MR. BIG put up the cash to float my note. What I'm reading
>on line is that there is no "MR. BIG" but instead, when I signed the
>dotted line the money for that *loan* was created out of thin air.

Well, there is a MR. BIG - but he's you. When you get interest on your bank account, that interest is coming from someone else's loan interest (from among other places.) The money you got to buy your house came from money someone else deposited in a savings account at that bank.

>If the money to cover my mortgage was created out of thin air, well then
>....., thin air should cover my payments.

As long as you are OK with the bank turning your bank account (or college fund, or 401k) into thin air as well, that philosophy might work out.

[shropshire 0]

Quote

As long as you are OK with the bank turning your bank account (or college fund, or 401k) into thin air as well, that philosophy might work out.

Seems to me, that's EXACTLY what they have been doing over the past couple of years in particular ....
Stale air and champagne (for them selves, mind you, not us)

(.)Y(.)
Chivalry is not dead; it only sleeps for want of work to do. - Jerome K Jerome

[jakee 1,596]

Quote

Of course if Mr. Big did put out the cash I'd want to do right by him but..,
If the money to cover my mortgage was created out of thin air, well then ....., thin air should cover my payments.

Yeah? Even if you were technically correct... tell it to the Repo Man and see how far it gets you.

It's basically like explaining to the TSA guy how your water bottle couldn't possibly contain explosives. Sure, you might be technically correct, but to the TSA guy all you're doing is saying 'bomb' in an airport.

Do you want to have an ideagasm?

[MakeItHappen 15]

Quote

So here's the deal:
I've been paying for 18 years now but finally I can't come up with the payment.Couple months behind.

I was reading "on line" and can't believe this is really true, can anyone research and tell me?

You see, I've always thought that when I borrowed the money to buy my house some MR. BIG put up the cash to float my note.

What I'm reading on line is that there is no "MR. BIG" but instead, when I signed the dotted line the money for that *loan* was created out of thin air.

Could that be true????

I'm desperate here!!!

Of course if Mr. Big did put out the cash I'd want to do right by him but..,
If the money to cover my mortgage was created out of thin air, well then ....., thin air should cover my payments.


Anyone know if this thin air thing is true?


Thanks,
DJ

It is created out of thin air, but by the banks and the Federal reserve.
http://www.youtube.com/watch?v=pC8I3J-1GSM
http://www.youtube.com/watch?v=u1STWYCn-hc
Read more on fractional banking and the federal reserve.

.

.
Make It Happen
Parachute History
DiveMaker

[billvon 3,120]

>Seems to me, that's EXACTLY what they have been doing over the
>past couple of years in particular . . .

Well, substitute "we" for "they" and you'd be correct. That's what caused this whole thing in the first place.

Guy A gets a house he can't afford; a bank gives him a mortgage. Bank "sells" the mortgage to a trading company (i.e. they give the bank more $$ than they gave the guy, and in return they now own a mortgage that will bring in $2000 a month.) Guy B deposits his money in a 401k at that brokerage house, based partly on the value of mortgages.

Now Guy A decides he doesn't want to pay. Brokerage company does not get $2000 a month from mortgage any more. Guy B wants his profits from his high risk account, but the value of that mortgage (and all mortgages, if lots of people are like guy A) has declined. He's out a lot of money.

In that case guy A wins by screwing guy B. Or, you could cause guy B to do better by immediately repossessing guy A's house, selling it on the market and using that money to cover the losses. In that case guy B wins by screwing guy A.

Or everyone could meet their financial obligations in which case they both win. (I know, how likely is that?)

[loumeinhart 0]

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So here's the deal:
I've been paying for 18 years now but finally I can't come up with the payment.

Hate to be the asshole here but dig out your papers..

[airdvr 210]

http://www.youtube.com/watch?v=_Er69b4HMl8

This explains it fairly well.

Please don't dent the planet.

Destinations by Roxanne

[loumeinhart 0]

Hat to say it (a poor shmuck like me) but the bank ownes your house until you have paid them in full.

[jakee 1,596]

Quote

http://www.youtube.com/watch?v=_Er69b4HMl8

This explains it fairly well.

Subprime mortgages explained.

Do you want to have an ideagasm?

[ManagingPrime 0]

The big proponents of don't pay your mortgage because it was created out of thin air (fractional reserve banking) are in prison.... Good arguments are present, but the fact of the matter is you can go to prison if you follow the advice of many proponents.

Have you contacted your servicer to discuss a loan modification or a short sale?

[champu 1]

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Have you contacted your servicer to discuss a loan modification or a short sale?

I don't know the terms of the mortgage in question or the location of the property, but if he bought the place 18 years ago and has been making payments for 18 years, I would hope it's not a short sale at this point.

I suppose if he went interest only after a bidding war on a swamp...

[ManagingPrime 0]

I'm not an expert at short sales, but I don't think the mortgage needs to be purchase money to qualify.

[champu 1]

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I'm not an expert at short sales, but I don't think the mortgage needs to be purchase money to qualify.

It doesn't. Again, I don't know the details here, but it sounded like he was talking about a purchase mortgage. If that's the case, I can't imagine how you can end up upside down 18 years into a mortgage. There wasn't a hugely inflated housing market in 1992 that I'm aware of.

[skyrider 0]

I'd get my ass to the bank, and TALK to them, They don't want your house, they want thier money..

You'd be amazed how much they will work with you, but "You" must take the initiative to show them you are not a dead beat, and want to work with them!

You may be in for a surprise, the banker isn't evil!

[loumeinhart 0]

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the banker isn't evil!

lol, everyone knows bankers are evil!!

I once heard something called a forebearance agreement? I think it's when they take your arrearages and spread it out over several months..but they are in addition to your regular monthly payment.

I thnk the mortgage instrument doesn't alow the bank to "re-age" your balance, so you are "delinquent" until you catch up in full.

I seen investors purchase property from a foreclosing bank then rent/lease option the property back to the original homeowner. This is pretty tough because the homeowner's credit is usually damaged.

Skyrider is right, the bank wants their money plus interest.