[John_Auberry]

I lost almost 100 grand on my house, I sucked it up and paid the loan off because I made an agreement with the bank to do so. Where I come from a man word is everything. I dont think victim is the right word. I made poor choices.

 

[John_Auberry]

Well, when you're dealing with a lender, you're dealing with an apparatus, not a man. Multi-national corporation, even foreign investors. I kept my end of the bargain in spite of that fact, and bought wisely as well. But I don't think the person-to-person handshake honor quite applies here, so much as you want it to apply at your end. Huge corporations take calculated risks, losses, write-offs, and so on.

Your word is you word. When you **** over a company you are ****ing over investors. Same thing. You are either trust worthy of you are not.

 

[John_Auberry]

This is a mindset I see form a lot of people with good intentions, but they are all wrong.

You did NOT agree to pay off that house under any/all circumstances. You agreed to make payments on the mortgage, or to give the bank the house (including all your equity, either positive or negative) and move out...exactly the agreement you signed when you got the mortgage. That's why mortgages are called "secured loans", and is why the interest rates are so low. That's why they make you put 20% down, or pay thousands of dollars for mortgage insurance if you put less than 20% down.

Banks don't want houses they want you to pay off the loan. When you walked into the bank they loaned money to you because they thought you were an honorable man that would keep his word and make payments. But hey whatever you need to say to help you sleep at night. Your word is either worth something or its not.

 

[John_Auberry]

Well, when you're dealing with a lender, you're dealing with an apparatus, not a man. Huge corporations take calculated risks, losses, write-offs, and so on.

So is it ok to steal as long as it is from big companies? Screw the 1000s of people that invest their retirements into that company. Screw the employees who may or may not get fired when the cant get their quarterly reports in line.

 

[John_Auberry]

By the way, Im checking just to make sure that AFTER your house was sold at the auction that the difference between what it was sold for and what you owed was 100k...because if it was less than that, your mortgage company owes you a refund....

House didn't go to auction. I placed it for sell when I fell and broke my back. Sold it. Still had to pull money out of savings to pay the difference.

 

[John_Auberry]

I bought the smallest house in my neighborhood.

 

[John_Auberry]

No, banks want assets. A house is an asset, and that's precisely why it can be used to secure a mortgage loan. They did not make that loan based on honor...they made it based on your credit score, your down payment, and the mortgage insurance you took out on the loan.

When a bank makes a mortgage loan, they knowingly agree to 2 possible outcomes:

1. The borrower pays off the loan, either over time or in a lump sum when they sell or refinance.

2. The borrower forfeits all equity in the home, and bank takes over ownership of the home so they can sell it.

Credit score is like small town worthiness. If you borrow from Jim Bob and **** him over. Then shake hands and go back on you word to BillyJoe then every one in that town will agree that you are a piece of ****. And since you are a piece of **** and your handshake means nothing then everyone else stops loaning to you. A bad credit score is like your home town saying don't loan to this guy his is a piece of ****.