Foreclosure consequences

Amen

Adams County Colorado has a high rate of forclosures with bankruptcy and some of those homes are one to three bedrooms. One or tow bedroom houses are bought with these flexible rate mortages because that is all some can be approved for, so they do not have to be rich to get the loan, but they need to be rich to keep it.

I live in florida, not Colorado.

I was just using Adams County Colorado as a example of things that happen aroound the Country with loans like adjustable rate mortages.

I meant to type the word around not “aroound”.

In another post I meant oto type “One or two”

not “One or tow”.

I will try not to make so many spelling mistakes in the future and I am very sorry
for the typos I have already made.

It’s ok. And don’t worry about any typos. We all make mistakes.

This just so important. Usery is a crime that can only be committed by the one lending. The borrower may not be wise, but
usery is a moral issue in many societies
and the Bible for all the Christians out there. The Bankruptcy laws changed what was affordable for people with credit cards who had what the could afford before changes were made in how payments are handled with interest & plus prime insted of a set amount like 2% of the total debt. They can change the rules to ruin a budget.

Nigga please! I am not rich and I have trailers next to me and I am foreclosing. Get your head out of the clouds. Not everyone who forecloses a house is rich.

These people are getting foreclosed on a house they should have never been approved for in the first place. That’s what happens when a bank lends money to a person with a room temperature credit score and stated income.

mitchfoster43, it’s much more complicated then that.

Oh and don’t forget you have to work 3 or 4 times as hard for the same money that was worth a few more bucks just a few years back. This is shit.

I disagree about them having to pay taxes on it. Check out the law George Bush put in place in Dec 07. K Good.

are you sure about the taxes?

Although it’s true that GWB passed HR3648 to reduce tax consequences in a forgiven mortgage debt, this new law is not inclusive. It has various exclusions.
However, this law will definitely help reduce the tax consequences for many. My video explaining about HR3648 is titled “New Tax Rules for ShortSales”. You can also read about it at SCCRealEstateUNCENSORED com and search for HR 3648. A similar law which helps with state taxes in California is SB1055 also find it at the same website

the interviewer is exactly why people hate the mainstream media. Just trying to sell the story, but no real info.

true…i couldnt get more info b/c she kept interrupting.

My stepson declared bankruptsy and within 3 years he was able to buy a home.

If it’s your primary home, my CPA said there is nothing the bank can do and you will not have to pay taxes on it either.

My lawyer said you better leave the property in good condition and take nothing out of the home. They can come after you for distroying something that doesn’t belong to you. If you owe money on the home, you do not own it, the bank owns it.

Gerri is such a shill for corporate banks.

She has no crediability with me.

Stop paying your mortgage altogether! All people have to do is form groups and run on the banks if threatened with foreclosure! Watch my video!

Same here. She’s a book of misinformation. She is still at it Dont watch CNN or CNBC or any mainstream media for that matter.

Foreclosure makes sense sometimes.

I would only stay in the home if you like the home, like the neighborhood, it is still cheaper than renting, and you plan to stay in that area for a long time.

Banks are fucked themselves, because they can’t make money without lending, and with many people foreclosed, they will have to give them another chance.

Never chase good money after bad, and don’t be a slave to the bank.

Go away Gerri, and your guest, both corporate shills and nonsense.

just lost our house

Good interview but not enough information.