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Dan’s Foreclosure Story
25 Responses to Dan’s Foreclosure Story
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How are realtor involve, and plus when buying a house looking over all the documents slowly and in detail and question as much question, if the mortgage broker seems not there, you as a American have the obligation to find another lender before you sign.
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didn’t you read what you signed? you’re supposed to go through the agreement to the biggest purchase of your life with a fine toothed comb…if you don’t understand the language you are supposed to get an attorney to explain it to you. This is COMMON SENSE!
You have nobody but yourself to blame for your situation. Quit blaming other people! Personal responsibility for your own screw up!
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Wait a minute! I wanna tell you people my story,then you decide for yourself. I bought my house from my dad using subprime loan( I assume that’s what the guy in the video used).I am not a US born so bare with me.I can’t read that well but before I signed the paper I knew exactly what I was signing without any help from anyone.Everything was written in PLAIN ENGLISH even if there were gazillion pages.one of those pages shows a chart of all payments. I knew after 12 months my payments’d be double.
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Why do we blame the bank ? people that deserve blaming are the buyers themselves.people that use subprime loan know what they get themselves into.
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Don’t tell congressmen a damn thing, forget petitions, voting etc. The American dream is a complete sham. It’s a system purposely designed to make sure homeowners never really own their homes. Freedom, voting, choice and home ownership in the US are an illusion. Banks expect you to follow the contract 100%, but the government never lives up the their contract called the constitution. Hopefully the US will sink like the Titanic soon and you can re-finance in a hopefully improved nation.
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you know i feel for this guy and people who have been put in positions like this i think its terrible. truthfully it tells us to read the fine print in everything we sign though. however the person who posted this seems to be a supporter of obama so my question is what has obama done so far to acctually help anyone but his own agenda. he supported all these bailouts. and he plans to give out more. and in the end they will control everything and people will no longer be free in this country
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The problem in my eyes lies with the structure of our economy. Too many people were making money off the sale and resale of Dan’s house to even see it as Dan’s house or even Dan’s mortgage. It didn’t have to be repaid because they got paid on the sale or the mortgage or the appraisal. The Mortgage people knew they were just going to bundle and sell the mortgages anyway, so the bulk of the burden wouldn’t be on their company in any event. What happened to being a carpenter or making something?
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are you human?
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I think it’s the structure of the economy too but I think it’s a little more elemental then that. I mean, it’s just a basic truth that whenever you have a lack of laws- innocent people are going to be hurt because there will always be someone smart enough and ruthless enough to find a way to exploit that lack to their own benefit. And, just because it’s someone’s financial security instead of their physical safety is going to change that fact. There’s always a bully somewhere.
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$2500+ for a place to live is TOO MUCH in the first place. Its suppose to be $800 monthly!!!!!!!! I pay $307 monthly for my space rent for my mobile home. IM HUMBLE enough for a trailer.
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And? Do you have a point? Also get a clue. Too late.
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The moral of this story is that, we have to read everything before signing, Never trust the word of a salesman.
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To many people are living beyond there means , alot of people are 3 or 4 paychecks from living on the street. Everyone wants to keep up with the JonesI make 55grand a year and my townhouse cost 89 grand when I bought it in 93. My mortgage is 550 a month and its almost paid off
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In Cali thats how much the houses cost you cant get one for 800. You cant even get a trailer for 800 there.
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WELL ITS TRUE!!!!!!!!
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7dastrocks-First off, too bad your observation get thumbs down-I disagree. There are many people who, for whatever reason, signed up for something without doing their homework. This goes for loans, mortgages, or presidents. We have yet to see the fine print on the White House…and who knows what happened to Dan?
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what ever happenes in the white house,, obama is 10x’s the president bush could ever be…………………
bush and all his supporters are piles of dog sh1t
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still affecting us till this day, and obama get blamed for it, talk about irony, the guy who wanted to help us got blamed for bush’s fault
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Come visit my neighborhood in Californa where every other home has a bank owned foreclosure notice plastered on the windows. Me and a few other neigbors are lucky for now, and while were still working! Adjustable rates and predatary lending is not the only factor leading to foreclosure. Job loss is what bailed out half my neighbors as the plant they worked so hard at for all these years tapped on their shoulder one cold..Monday morning and showed them the door.
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You should show this video to the salesmen before signing those documents and ask them in front of the video camera if they are also hiding killer provisions that would bankrupt them… and get those Motherf***kers to say on camera that they have explained the whole documentation honestly and without hiding anything. if they refuse, then no sale will be done.
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i work with a girl, who made all her mortgage payments. gmac sent a foreclosure notice. even though she had proof of payments, canceled checks et al, she and her husband had to declare bankruptcy, just so they could keep their home. these banks are crazy, and yes there are people who bit off more than they could chew, but a lot of people were lied to. and now we are in a mess.
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He took the saleman’s word and that was a huge mistake. He should of took someone, maybe even a lawyer, with him to read over the contract and explain all the legal mumbo jumbo before he signed.
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It took 8 years to rob a country and 1 day to Change our minds. We all have to wake up.
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Hey, the next round of foreclosures are just beginning, and this lot is really going to hurt the banks. One guy I know asked his mortgage company to play ball, because his house is $250,000 under water. They said no. His mortgage is paid up to date, so he just turned the keys in to them, after moving all his stuff out to a newly rented house, which is bigger and costs him less. If these deals cost the banks $1 million for 4 houses, you can do the arithmetic, with another 170,000 waiting.
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get a motor cycle instead of an suv to go to work fool and a honda acoord for your family u fucking idiots are over spending..idiots u do it to yourself fucking idiot throw away that gas guzzling car you have fool.
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