Foreclosure consequences

[johnnycmajor]

Beer and Canadian Bacon, damn case of beer is 30 bucks now, Bacon is way up and gas $1.29 a liter for my skidoo , you banker bastards. Get O B O M B M A's impeachment papers together, put some kind of legal papers in order to END the FED or just march down and take it over burn it down. Eat some bacon and drinks some beer. One more thing Bush and Cheney do the right thing just turn yourself in for War crimes and have them throw away the key for you.

[powerstuffup]

** Its ridiculous Banks prefer loose so much, rather than a little with there good old customers.

Example: Say your paying 2,350 a month. Your balance is $400,000 -(wave) $50,000= (new balance) 350,000 x (interest) 4.? So if u payed 2,350 a month > now your new payment is around $1,575

* * * So don’t foreclosure, don’t shortsale, Save Your Home!

Lets unite and bug, bug, bug the banks (lenders) to help save your home!

Please help forward this maybe we can make a difference.

[gunnguy12]

Great I am now dumber for having heard these two stupid women talk... Hire a Tax lawyer... Seek legal counsel. HELLO STUPID!!! If they had that kind of money do you think they would have lost there homes. God people are stupid we should stop them from breeding. Our country is in the worste crisiss ever. Were turning our backs on our own. Foriegn money is taking over were being evicted from our own country by foriegn money. Throw them dam bankers in jail were they belong.

[dandm2003]

OMG this woman is an idiot. they can't collect on taxes thru 2012. also, if u can prove your liabilities were higher than assets at the time of foreclosure, tax law also will forgive the 1099. Nothing but scare tactics by the media who are on the same side as the banks....

[MiCasaMiDinero]

@dandm2003 I hope you are aware this video was posted before Emergency Economic Stabilization Act of 2008 H.R. 1424 was passed

see the attached link:

sccrealestateuncensored . com/2007/mortgage-forgiveness-­debt-relief-act-2007/

[troybrownrigg]

@MiCasaMiDinero Just thought of something if it only goes through 2012, people should walk away well before that date!

[67bandit67]

Roflmao at all you people. It's collection time and they are going to get it one way or another. HAVE you not noticed in your state the increase in jails? Just wait until June when gas hits $4.00 a gallon. It's going to get ugly real fast.

[luc649]

Fuck credit score ! that's what gets people in trouble in the first place, I always laugh when I hear people say "I'm a home owner...I own a car " no YOU DONT unlesse it's paid for and even then you still have to pay tax ( proprety , car insurance ) I always tell them " oh yeah...stop making your payment and you'll see who the owner is, the only thing you own is small stuff like clothes.furniture or that laptop you looking at...come back to reality people.

[ShowdownInAmerica]

Make sure the bank even owns your loan!  Ask them "Where's the note?" Free, online tool to contact your lender: h ttp://action.seiu.org/page/spe­­akout/wtnnpa

[Roadthales]

Tax Liability Try lender Fraud

[FreeBlago1]

@912jumper WARNING: Do not walk away from your mortgage if you lied on the application. It is bank fraud (mail/wire fraud). Defaults are investigated by FBI. They check your income against your 1040s and contact employees. My friend refinanced his 1.4 million house for a divorce. He exxagerated income,then walked away. Bank lost about 850,000, and FBI came knocking. He got 36 months and 1.2mil in restitution/fines.

[RayAir1]

@FreeBlago1

Shut up stupid.

[monkeyman1140]

Just walk away. You will lose much more money paying the outrageous mortgage.

Corporations walk away from unprofitable property without feeling bad, there is nothing immoral about leaving a bad deal. These banks and lenders want you to stay and pay the mortgage as long as possible until the economy recovers and they can get their profits off you, and they will still foreclose on you the moment you miss a payment anyway, so why bother staying.

[tehuan1]

save yourself, kill a banker !

[dreamofgiving]

NO JOB IN FORECLOSURE DONT WANT TO LOOSE YOUR HOME! THERE IS AN OPTION NOT A MOD OR A REFINANCE! MESSAGE ME SO I CAN TELL YOU WHAT THE BANKS DONT WANT YOU TO KNOW! GET A FRESH START NOW! THERE ARE OPTIONS AND THIS IS ONE I AM USING! DONT DELAY ITS YOUR HOME KEEP IT

[dreamofgiving]

Loan mods do not work! new program NOT A MOD! UMR ULTIMATE MORTGAGE RELIEF PROGRAM! TRUE PRINCIPAL REDUCTION ! BAD CREDIT UPSIDE DOWN ALLOWED! IF YOU WANT MORE FREE INFO MESSAGE ME AND i WILL FWD LINK! IN 12-18 MTHS YOUR CREDIT SCORES WILL BE GOOD AGAIN.

i HAVE BEEN DOING MODS FOR 3 YRS FOR PEOPLE

[shortsale1000]

August 1 ,2010 Foreclosure consequences

STOP FORECLOSURE FIGHT THE BANK

1-800-270-2928

[jarredsutherland]

You know what is ironic is that in order to have good credit you need to show you have to borrow to pay for things, rather than saving and paying with cash and being responsible with your money and buying on what you can afford. Then the banks come and preach to you about how terrible you were with handling your money, etc.

Just really ironic.

[prkoqui]

Find some homes at

forecloseddealz.cogia.net

[prkoqui]

And then they end up in pages like this one

forecloseddealz.cogia. net/

[tbursee]

That is just the tip of the iceberg. When the commercial properties start to default is when the foreclosures will really hurt the banks.

[nbesser08]

I had a similar problem. My videos show how I solved it:

watch?v=tH5xgC8RyTk

watch?v=6XOVIhC8YWI

watch?v=_XxzRgFhxdo

I am still in my home! Call me crazy! I agree - I am as crazy as a fox!

[dave4tampabay]

let me get this you gave the lender your ss number signed the contract. your screwed banks will slap you with a judgement thay dont need to do it today in 10 years they will take it out of your pay like child support it you think you can just go bankrupt you are a fool. there is one way around this you can sell apples for cash so your ss number does not report income 912 jumper deadbeat

[ghostlaw1980]

R we only capable of passing greed laws at this point. I want a mortgage that is adjustable. Adjustable to fair market value. My grandfather took out a loan 50 years ago to start a business. They gave him ten years to repay it. He repaid it in one year. The next year he bought a house free and clear. To all the BMW driving pinto owners, your getting what you bought. Insecurity. I want what I pay for.

[tacoma203]

what happens to the 2nd mortgage once i foreclose? anyone know?

[careymahoney1974]

@tacoma203

second mortgage goes as unsecured debt, so its like a credit card debt.

You might want to look into BK 7, especially if you have lots of credit card debt. You will have to qualify for a 7, which impacts credit for 10 years (income test determines if you qualify). If you make too much, then you can do a 13 (repay you debt over time 3-5 years), effects credit for 7 years.

Know you rights! Don't get screwed. File if you have to. Its your right!

[farmboycarl]

Great, let's tax the victims of bank fraud! For the Obama administration to continue ignoring this crisis is a national disgrace. I can hardly wait to undo my vote for him in the next election.

[912jumper]

Walk away and file bankruptcy. The bank will not get shit!

[MiCasaMiDinero]

Do you know how the bankruptcy law works in the US with regards to mortgages? Your comment is far from accurate

[912jumper]

@MiCasaMiDinero

I know several people who have done it. So I am accurate. Walk away and let them have it. Then file bankruptcy. Fuck the banks.

[MiCasaMiDinero]

912jumper,

Knowing several people who have filed for bk does not make your first comment true. I suggest you google bk law or even use wikipedia so you can understand it better and you will see how inaccurate your comment is.

[912jumper]

@MiCasaMiDinero

It doesn't matter what you think. I am going to fuck this house up and walk away and file bankruptcy so they cannot collect. They wont get shit from me hahahahah

[MiCasaMiDinero]

912jumper,

Yeahh....ok. Smart choice!

[careymahoney1974]

@912jumper

Bingo!

You are absolutely correct. If you are going to have the banks on your back for a large amount of money because of a foreclosure, then you are dumb to NOT file for a 7.

If you want to keep the home, a 13 will get rid of the second mortgage (if you are underwater), and keep you from foreclosure.

7 years is not a long time. These 2 are such losers. LOL. Fake, corporate shills. but, i'd bang the both of them easy.

[banjojambo]

when the soviet union collapsed people where not displaced

[banjojambo]

DO NOT LEAVE YOU HOMES!

[Komelotstar]

Good interview but not enough information.

[PreCurSeD]

just lost our house

[careymahoney1974]

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.

[antiforeclosurearmy]

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!

[careymahoney1974]

Gerri is such a shill for corporate banks.

She has no crediability with me.

[UVpirate]

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.

[desertr0se2007]

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.

[MiCasaMiDinero]

That is not true in all cases for primary homes. Go to:

SCCRealEstateUncensored(.)com and search for the H.R. 3648 Mortgage Forgiveness Debt Relief Act.

There you will see that even if it is a primary home, you may still end up paying taxes.

[desertr0se2007]

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

[MiCasaMiDinero]

It is not as simple as that. You have to work on paying everything else on time, pay off your debts so that you can minimize the negative effect the BK had on your FICO score. Also the interest rate you will get will be very high

[misterwipedown]

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

[sandroeleven]

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

[hotftuna]

are you sure about the taxes?

[MiCasaMiDinero]

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

[LeesSummitRealtor]

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

[dudeulartv]

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.

[1234stock]

mitchfoster43, it's much more complicated then that.

[mitchfoster43]

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.

[z28com]

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.

[athfcoz]

From what I see it's just the people in the rich neighborhoods getting forclosed. I know this sounds cold, and I'm probably gonna get blasted for saying, but foe once, I'm actually thankfull I live in crime infested trailer park.

[666XZ]

Amen

[JonahTorn]

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.

[athfcoz]

I live in florida, not Colorado.

[JonahTorn]

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

[JonahTorn]

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.

[athfcoz]

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

[JonahTorn]

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.

[moniequa]

Ha Ha ha

[jyatlantic]

Prime example of why fixed rate mortgages are essential.

On another note, buy low and sell high. If you have the means, these foreclosures present an ideal time to buy. Make sure to sell during the next housing boom!

[Anothercoilgun]

Credit is a joke and robs people of free will and the right to pursuit happiness. Given I have no reason to have a bunch of stupid open credit accounts, my decision to not create accounts will cause me to pay more for the exact same items than others would. Beyond all logic and reason stupid as hell.

Don't have so many. Don't have so few. Don't have them empty. Don't have them near full. Don't inquire on your credit. The list of childish disgrace goes on and on.

[YouChooseASide]

Just tell the lender that IF they make you pay the taxes on it you will just destroy the property before you leave. If he gives you a letter that lets you of the tax part you will leave the house in good condition, if not tell them good luck in trying to resell the house

[arbuge]

Threatening criminal action will get you in even bigger trouble. That's really bad advice.

Figuring out your a way - any way - to meet your obligations is what you should do. Work three jobs if you have to.

[YouChooseASide]

ya the fact is its still your house untill they take it from you. So you can do what you what with your property. By the way that wasnt advise. it was merly a thought. you know freedom of thinking. think about it

[desertr0se2007]

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.