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AZ New Law, You must pay bank difference if you foreclose

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posted on Jul, 28 2009 @ 10:52 PM
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reply to post by questioningall
 


I thought of that at first. Problem this time around, we will have hyperinflation, with no rise in wages.

Everything else goes up, and what we have is worth less and not keeping up with inflation. Puts a lot of people in a world of hurt, and the reason I think this is not the bottom. I think it is going to get a lot worse.

Someone has to pay back all that bail out money. Prices are already on the rise, so are taxes. More and more job loss, and that means lower wages not higher, when you have 500 people wanting one job, the cheapest wins!




posted on Jul, 28 2009 @ 11:14 PM
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Originally posted by SPC_D
reply to post by The_Seeker
 


WOW you are cold blooded to the max, let’s say you have this job and it pays great and you decided to get a house that is well with in your means.
Than one day you get downsized from your job due to the sinking economy and now you’re unemployed and struggling to make ends meet, now you have to decided ether to get food or pay bills. And threw no fault of your own you default on your loan now you get kicked out of your house and than you have to pay the difference on the loan and hell, if you could not afford it than and your still in the same situation no job and no steady income what makes you think that a person would deserve this?
So now the family has to pay rent and bills and on top of it are still paying on a loan for a house they don’t own any more….Sad simply sad.

On a side not I would look in to squatter rights if AZ has any that is, you would be amazed as to what you can do with them. It’s how I got my first house got to love Oregon and Washington for there laws!

and now I sold that home and am in the army..... What was I thinking?



[edit on 28-7-2009 by SPC_D]


Yadda yadda yadda...

Yes I am most cold hearted, evil and all else that you can think of, and could really care less whether you think that or not...

And quite frankly I am not going to repeat myself. Go read all of the posts that I have put on this thread..... before you call me cold blooded.....



posted on Jul, 28 2009 @ 11:17 PM
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I think everyone missed the small print that says if you live in the house for house for at least 6 months and have a C of O, then you are exempt from this new law. They are going after the out of state developers looking for quick money at low risk.



posted on Jul, 28 2009 @ 11:37 PM
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reply to post by WEOPPOSEDECEPTION
 


Yeah I pointed this out earlier.

I guess it does not matter
.



posted on Jul, 28 2009 @ 11:50 PM
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We did see that but you guys missed the part, about a lot of people that rent out the home trying not to default, then the renter stops paying.
These are not investors and it does happen a lot out here. I have a family member that even happened too. We are not talking one or two people and the banks know it.



posted on Jul, 28 2009 @ 11:58 PM
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reply to post by amatrine
 


This really pisses me off, because I live in Arizona, and my house is now worth more than $40,000 LESS than what I paid for it 3 years ago.

The only reason they passed this is because Arizona has been the hardest hit of all the states in this financial crisis, and they want to protect....the banks. Right. Who cares about the citizens who are losing tons of money because the housing market has collapsed....save the banks.



posted on Jul, 29 2009 @ 11:07 AM
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reply to post by nikiano
 


No one cares about us obviously. I hope this stops people from walking away from their loans because that is what is killing the pricing down here.



posted on Jul, 29 2009 @ 11:30 AM
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reply to post by nikiano
 


I feel your pain , mine is worth half what I paid a year and a half ago!



posted on Jul, 29 2009 @ 11:36 AM
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I'm sorry, I have to ask this, Just how cheap is land in AZ right now? I am not an investor, but I been looking for cheap land to buy so I can start a farm. Then have my own stand(produce and herbs) So I guess in a way I would be investing in something, but I'd also live there. Anyway how is growing in that area? Is it conducive(the land) for vegtables and such?



posted on Jul, 29 2009 @ 11:46 AM
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As an Arizona resident, I would encourage anyone who is looking to get out from under a huge debt on their home to research the "short pay" option.

Basically, if you are current on your mortgage and not in arrears, plus you have a valid reason for needing to move home (job loss, illness, relocation, high crime area etc etc etc) you can sell the home for whatever you can get, and walk away from the remaining debt with NO damage to your credit.

A buddy of mine is in mid-process right now, it works.



posted on Jul, 29 2009 @ 02:10 PM
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Originally posted by Retseh
As an Arizona resident, I would encourage anyone who is looking to get out from under a huge debt on their home to research the "short pay" option.

Basically, if you are current on your mortgage and not in arrears, plus you have a valid reason for needing to move home (job loss, illness, relocation, high crime area etc etc etc) you can sell the home for whatever you can get, and walk away from the remaining debt with NO damage to your credit.

A buddy of mine is in mid-process right now, it works.


I have thought of this, but I am not too sure the bank would let you short sale w/o extenuating circumstances. Relocation and high crime area would not qualify, I think. If they do, then I need to look into it because I live in Laveen and HATE it!!

Please send me a U2U with the info on how your friend got this started. Thanks


[edit on 29-7-2009 by MarshMallow_Snake]



posted on Jul, 29 2009 @ 02:41 PM
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U2U sent - and although I spelled it incorrectly, he is also in Laveen and is using high crime as the supporting reason for the sale. He mentioned something about 2 murders within a mile of him.

Good luck.



posted on Jul, 29 2009 @ 03:42 PM
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reply to post by ldyserenity
 


I live out near Casa Grande. The land is good to farm here. Surrounded by them.

You can get a house with 7,500 sq foot lot starting at 25k here now, no joke!


[edit on 29-7-2009 by amatrine]



posted on Jul, 29 2009 @ 03:45 PM
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Yeah Laveen is scary. It is here too. Had a guy shot , was naked and trying to get unto my house the second month we lived here. Blood all over my porch and it was marked off a crime scene.

Turns out it is just bad neighbors though. There has been a rise in break ins around here though. Mostly kids when they catch them .



posted on Jul, 29 2009 @ 04:04 PM
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This whole area is for the birds! I did not realize it was as bad as it is before we moved here. Now I wish we did a little more research.



posted on Jul, 29 2009 @ 04:18 PM
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Update

Just found this on AZCentral.



posted on Jul, 29 2009 @ 11:13 PM
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Originally posted by SPC_D
reply to post by The_Seeker
 



On a side not I would look in to squatter rights if AZ has any that is, you would be amazed as to what you can do with them. It’s how I got my first house got to love Oregon and Washington for there laws!
[edit on 28-7-2009 by SPC_D]


Can you explain to me how you did this? I want to check out the laws on this in Florida, as there are a number of abandoned homes here now. What does this entail. If you don't want to post, you can U2U me, Really this would be valuable information to me right now. Especially if I can better my living quarters.



posted on Jul, 29 2009 @ 11:16 PM
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Originally posted by amatrine
reply to post by ldyserenity
 


I live out near Casa Grande. The land is good to farm here. Surrounded by them.

You can get a house with 7,500 sq foot lot starting at 25k here now, no joke!


[edit on 29-7-2009 by amatrine]


Thanks for the response. That would be great now if I could get daddy to lend me 25K then I would be set!!! Screw the banks like I'm going to put myself in debt to them, at least my dad would be less likely to throw me out on my can!



posted on Jul, 30 2009 @ 01:03 AM
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if you could not afford a home, you shouldnt have purchased it in the first place. It is that reason alone that the housing market is in the situation it is in. many streets in America have a huge amount of homes for sale on them due to this reason alone. They should have to pay the difference, it IS THEIR MORTGAGE



posted on Jul, 30 2009 @ 02:34 AM
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reply to post by The_Seeker
 


I had my reply to you almost finished last night and my pc went bonkers, lost it all. So now it's a much shorter reply.

You admitted twice that it's a two way street . All i'm saying is that it can't just be the homeowners that suffer all the losses, especially since the banks and investors played such an intricate role in all of this.

Besides i see that my respected friend Latent Element has once again provided a much better explanation than i could have



reply to post by LatentElement
 


I don't know if this is the one you were refering to....






And here's an article about the same thing in Indiana, the article has a video of it also....

www.wthr.com...

[edit on 7/30/2009 by chise61]



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