The 25-Year 'Foreclosure From Hell'

[B96brig4CC]

I am so torn over this. On one hand she knows she owes the debt, she should pay it. On the other hand, those danged banks don't exactly try to work with us little folks.

Can you imagine the interest that has accrued on that note over the years though!

Seems to me even if she has a problem with the way the bank foreclosed she should be making a good faith effort to take care of what she knows she is responsible for.

I dunno ... maybe I am just weird that way.

It said she owed like 64K on the note and 148K in interest!! That shows how bad mortgage lenders bend folks over to own a home!!

 

[BadgeBunny]

It said she owed like 64K on the note and 148K in interest!! That shows how bad mortgage lenders bend folks over to own a home!!

Whoa ... I missed that part ... Evelyn Woods did me no favors apparently ...

I agree about the final amount usually paid but she signed on the dotted line. Everytime I looked at my amorization table that came with my loan it just motivated me to stay with the "principal only" payments. Personal responsibility ... Besides if I hadn't gotten the loan in the first place I would have never been able to afford my own home. So ... like I said, I am a bit torn.

At the risk of sounding trite, life has taught me it is just easier to do the right thing and get it over with, regardless of what everybody else is doing. No matter how distasteful it may be at the time.

 

[Old Fart]

At the risk of sounding trite, life has taught me it is just easier to do the right thing and get it over with, regardless of what everybody else is doing. No matter how distasteful it may be at the time.

Nothing trite about that. Just good sound advice. Or like Larry the Cable Guy would say "Get er done."

 

[tntrex]

Just cause you can, don't make it right.

 

[striker754]

Good for her. If banks can't do things correctly, then they get what they deserve.

Contrary to popular belief, paying debt does not involve morals. It is purely a contract between two parties. Too many people associate morality with it.

 

[JRSherman]

Good for her. If banks can't do things correctly, then they get what they deserve.

Contrary to popular belief, paying debt does not involve morals. It is purely a contract between two parties. Too many people associate morality with it.

By that logic, you would say morality would not be involved in someone racking up a few 100k in debt after someone co-signed for them, bailing on it and leaving it on the co-signer?

After 10 years of being financially irresponsible, I'm finally starting to change my ways since I have no choice, but I am guilty of not paying off my own debts. I feel, morally, wrong about my wife having paid it off several times. I wasn't always like this, I let myself become this way, and I acknowledge it to be my own fault and errors.

I'm pretty sure that morality should be involved in paying off debt. Look at this countries debt and say otherwise. Morality not being involved in your debt sounds like a pretty socialist view of passing the buck.

 

[RWS]

It is purely a contract between two parties. Too many people associate morality with it.

thats the bank's point of veiw.

 

[striker754]

By that logic, you would say morality would not be involved in someone racking up a few 100k in debt after someone co-signed for them, bailing on it and leaving it on the co-signer?

After 10 years of being financially irresponsible, I'm finally starting to change my ways since I have no choice, but I am guilty of not paying off my own debts. I feel, morally, wrong about my wife having paid it off several times. I wasn't always like this, I let myself become this way, and I acknowledge it to be my own fault and errors.

I'm pretty sure that morality should be involved in paying off debt. Look at this countries debt and say otherwise. Morality not being involved in your debt sounds like a pretty socialist view of passing the buck.

If you want to call it that, sure. But what matters is the law and the law does not bring morality into the situation because morals are subjective. Contracts spell out exactly what is to happen if someone does not pay or what happens in the event of any other situation. As a co-signer you know what you are getting into. Maybe the co-signer needs to do some DD. Underwriting is a key part of making loans. It takes two to tango.

To say that morality not being involved in debt is socialism is outrageous. On a mortgage or any other secured loan, if you don't pay, the bank takes the property back. The contract stipulates that the lender is made whole by seizing of the collateral. On unsecured debt, the higher interest rate compensates for no collateral. This is standard contract law and one of the basics of a free market lending system.

If the bank can't keep their paperwork and note assignments up to date and in order, then tough **** for the bank. The law is supposed to work both ways. This lady is using the courts to ensure she is justly treated. Obviously the lenders do not have their stuff together in the eyes of the courts.

Morality is a BS argument used by lenders to squeeze the last dollar out of people when in fact people should be either walking away or taking other action.

 

[pokefun]

Good for her. If banks can't do things correctly, then they get what they deserve.

Contrary to popular belief, paying debt does not involve morals. It is purely a contract between two parties. Too many people associate morality with it.

The philosopher Immanuel Kant said that lying was always morally wrong. Not paying something that you promised to pay would be a lie in my books.

 

[DirtyDawg]

Wow, judging by many of the comments, I guess our society no longer cares about broken promises or lost integrity. I'll be sure to refer other forum members to this thread when deals in the classified section fall through.

Just remember, when you sign a contract you are promising to abide by the terms and conditions. Nothing in life is free. A deal is a deal. When you borrow money to buy a car, house, motorcycle, etc, just remember, nobody forced you to borrow the money. You willingly chose to go into debt to make an unnecessary purchase. If you don't have the money, or don't intend to pay it back, why do you deserve to keep it?

If you don't like the amount of interest a bank or creditor charges over the life of a loan, then don't borrow money. That's the problem with our country....entitlement. Everyone is not entitled to a home, car, motorcycle, big screen, and/or an I-pod. If you saddle yourself with debt, you will forever be a slave to the system.