| Want to understand about the house mortgage mess |
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alb
Member
Cash: $ 4.10
Posts: 19
Joined: 10 Aug 2007
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| Want to understand about the house mortgage mess |
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I have seen the mess between borrowers (homeowners) and predatory lenders. This subject is still not clear hoping someone will explain.
Suppose I buy house for 100,000 for simplicity'sake on mortgage. The lender then gives the cash to homebuilder. Now I make monthly mortgage payments on teaser rate to the lender for two years. after two years it is reset to higher rate; becomes unafforable. Now I decide to move out and lose the house by selling it to someone else (new borrower) at a lower price say 80,000 and move to rent an apartment.
Now the borrower makes the remaining monthly payments on teaser rate to the same lender. I understand my loss is 20,000 unless it is the lender's (bank) loss of the amount 20,000. in this case, I understandy why they are predatory. I dont blame them.
My question: Do I have to still pay the remaining 20.000 to the bank or the bank would hound me and grab my collaterals or they assume the responsibility for the loss. I ask this question because now the bank has two borrowers.
I may understand the real mess they are in because it takes time maybe few years to pay back the bank that remaining 20,000.
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Wed Dec 19, 2007 12:43 am |
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moolha
New Member
Cash: $ 1.45
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Joined: 24 Dec 2007
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alb, the $20,000 are due when you sell the house, you need to bring a check for this amount to closing...
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Thu Dec 27, 2007 1:02 am |
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kristiegarza
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It would be nice if we could just say these guys batter sand, but I am acquainted that this would could cause above difficulties for borrowers have to not be overextended, but to allure donors to acknowledge to some of the albatross here, and I do not anticipate forclosure abuse is a criminal.
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Thu Apr 28, 2011 1:36 pm |
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harrywinston
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Cash: $ 2.00
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Joined: 24 May 2011
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Stockton and half-it is now the default given mortgage or in foreclosure, subprime loans, most had something called the first class quality means less. Borrowers are usually sketched a mortgage credit, financial, strapped or standard had to qualify for did not have enough income to.
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Tue May 24, 2011 2:06 pm |
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