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Originally posted by SeekerofTruth101
reply to post by Armour For Victor
I am certainly not a fan of banks, more so after financial crisis and bailouts offered, but think, where does the money in the bank comes from?
It came from our savings and our parents hard earned monies. Destroying the bank or limited its earnings in this bulldozer manner is to hurt ourselves eventually in the end. If the banks declare bankrupcies, there goes the commone people's money.
No, there must be a better and peaceful alternate way to prevent their excesses and yet a win win situation for all, at least for the responsible public, and not the greed filled bank biz owners and its lap dog greedy rich customers.
Originally posted by Dynamitrios
This could backfire.
If the bank employs a devilish lawyer, they could argue that it was their house (the bank that is) all along since he hadnt paid it off, and by bulldozing it destroying their property.
He could be charged with malicious injury of property
Originally posted by Rockpuck
reply to post by rogerstigers
Wrong. The bank owns the home. There are laws in place that make the relationship of owner and occupier to benefit (for the most part) the mortgagee.
The BANK holds the Deed.
The BANK pays the taxes (you pay, but it's in escrow, if you didn't pay, the bank would still have to. The Bank employees people to pay taxes, managing the escrow accounts)
The BANK receives ALL funds from insurance. Even though you pay it, it's their house. When you have a disaster and an insurance claim is made, if over 10k dollars usually, the bank puts the funds in escrow. They will then send investigators at every step of repair to make sure the repairs are done to THEIR standards. I have seen homeowners very pleased with repairs to their homes, and expect the rest of the insurance funds to be released. Surprise. Bank says no, tear it all done and start a new.
The mortgagee is basically in a rent to own position .. it's very different from a traditional Lien position, like a Second mortgagee would be, or a contractor.
It wasn't his house to destroy. Simple as that.
When someone puts 3.5% down on a home, they don't own it. And the banks, I can tell you from personal experience, don't give a damn about you or your belief in "rights of ownership" until you are 50%+ better on LTV.
Originally posted by brainwrek
... I wasn't going to stand for that, so I took it down
Originally posted by MrXYZ
reply to post by Blaine91555
Learn how the mortgage system works, especially if you take a mortgage! It's not the bank's responsibility to educate the stupid.
Originally posted by LoneGunMan
The majority of homes that have been foreclosed are because of an adjustable rate mortgage. the people that bought them had some decent credit but also had some problems or were trying to avoid a relocation loan.
Originally posted by LoneGunMan
reply to post by MrXYZ
You seem like you may be one of the many ATS teens on this board, because you have not lived long enough to understand what a scam the banking system is.
It is called a fractional reserves system. If they have 10,000 dollars they can show electronically that they can loan another 90,000 that is not really there.
Only ten percent of the banks money is real.
Why in the world do you think they can take such losses when it comes to foreclosing?