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Author Topic: Homes are being abandoned.  (Read 1360 times)

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Offline Viva Cristo Rey

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Homes are being abandoned.
« on: April 27, 2024, 03:53:28 PM »
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    May God bless you and keep you

    Offline Nadir

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    Re: Homes are being abandoned.
    « Reply #1 on: April 27, 2024, 07:58:40 PM »
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    • Yeh! But 53 minutes? Isn’t there a shortcut? How about a precis?
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    Offline SimpleMan

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    Re: Homes are being abandoned.
    « Reply #2 on: April 27, 2024, 08:42:05 PM »
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    • If someone simply cannot make their mortgage payments, sometimes it makes the most sense just to walk away and abandon the property.  A certain percentage of defaults are figured into the whole mortgage equation, and besides, the home is not really "yours" until you've paid off the mortgage --- before that, it's just collateral.  I can't find the quote, but I think it was Fr Peter Scott (SSPX) who said that default on a mortgage, at least as part of a bankruptcy, doesn't fall under the moral obligation to pay one's debts in case of default or bankruptcy, for the reason I cited above.

    Mortgages are a necessary evil for the vast majority of people to own homes (or at least to have a chance at it), but speaking from experience, I can tell you, owning a home free and clear should be one of your top priorities in any financial plan.  Again, until you pay it off, the house really isn't "yours".
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    Offline Michelle

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    Re: Homes are being abandoned.
    « Reply #3 on: April 27, 2024, 09:32:49 PM »
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    • Quote from: SimpleMan on April 27, 2024, 08:42:05 PM
    If someone simply cannot make their mortgage payments, sometimes it makes the most sense just to walk away and abandon the property.  A certain percentage of defaults are figured into the whole mortgage equation, and besides, the home is not really "yours" until you've paid off the mortgage --- before that, it's just collateral.  I can't find the quote, but I think it was Fr Peter Scott (SSPX) who said that default on a mortgage, at least as part of a bankruptcy, doesn't fall under the moral obligation to pay one's debts in case of default or bankruptcy, for the reason I cited above.

    Mortgages are a necessary evil for the vast majority of people to own homes (or at least to have a chance at it), but speaking from experience, I can tell you, owning a home free and clear should be one of your top priorities in any financial plan.  Again, until you pay it off, the house really isn't "yours".
    I'm no financial guru or anything but from what I understand, the banks are allowed to lend money that they don't physically possess in the first place.  It's called quantitative easing.  They just pluck money out of thin air and put it on a screen.  So the borrower works for 30 years to pay the bank almost three time the original amount that the bank never really lent. Win win for the banksters.  
    My house is almost paid off but the taxes keep going up.  So we'll never really own the property, because the government needs there cut.
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    Offline SimpleMan

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    Re: Homes are being abandoned.
    « Reply #4 on: April 27, 2024, 09:49:08 PM »
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    • Quote from: Michelle on April 27, 2024, 09:32:49 PM
    I'm no financial guru or anything but from what I understand, the banks are allowed to lend money that they don't physically possess in the first place.  It's called quantitative easing.  They just pluck money out of thin air and put it on a screen.  So the borrower works for 30 years to pay the bank almost three time the original amount that the bank never really lent. Win win for the banksters. 
    My house is almost paid off but the taxes keep going up.  So we'll never really own the property, because the government needs there cut.

    It's all on balance sheets and in general ledgers, constantly being shifted back and forth.  The whole banking system is based upon a complicated system of borrowing and lending, with promises to pay back loans with, as you note, a massive amount of interest when seen over the entire term of the mortgage.  And even though it doesn't relate to banking and loans per se, yes, there are taxes to pay too.  Fail to pay your taxes, you lose your home, and the government is far more aggressive in collecting its taxes, than mortgage lenders are in getting delinquent borrowers to make their loan payments.  A highly disproportionate amount of effort, labor, and man-hours goes into chasing down that 3 to 4 percent of borrowers who don't pay, or who pay late.  Borrowers who pay on time, every time, require almost no effort, the servicing fee recouped from each month's payment is basically a predictable cash cow for the bank, "like shooting fish in a barrel", the easiest money that bank will make.

    No lender wants to foreclose.  In actual practice, they will work with you, and will exercise the utmost patience, exhausting every avenue to get things to a point where you have a loan that you can repay.  They do not want that house.  The taxing authority, OTOH, doesn't mind putting your home into a tax sale, they have no "skin in the game", no asset on which they've loaned money.
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    Offline Nadir

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    Re: Homes are being abandoned.
    « Reply #5 on: April 28, 2024, 02:53:39 AM »
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    • Just guessing because I didn’t watch it, except for a couple of minutes poorly presented.....
    it could be subject to a disputed will.
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    Offline Mark 79

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    Re: Homes are being abandoned.
    « Reply #6 on: April 28, 2024, 03:52:51 AM »
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    • Quote from: SimpleMan on April 27, 2024, 09:49:08 PM
    …

    No lender wants to foreclose.  …They do not want that house.  …

    Then why are (((BlackRock))), (((State Street))), and (((Vanguard))) buying blocks of houses?

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    Offline richard

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    Re: Homes are being abandoned.
    « Reply #7 on: April 28, 2024, 05:40:28 AM »
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    • Quote from: SimpleMan on April 27, 2024, 08:42:05 PM
    If someone simply cannot make their mortgage payments, sometimes it makes the most sense just to walk away and abandon the property.  A certain percentage of defaults are figured into the whole mortgage equation, and besides, the home is not really "yours" until you've paid off the mortgage --- before that, it's just collateral.  I can't find the quote, but I think it was Fr Peter Scott (SSPX) who said that default on a mortgage, at least as part of a bankruptcy, doesn't fall under the moral obligation to pay one's debts in case of default or bankruptcy, for the reason I cited above.

    Mortgages are a necessary evil for the vast majority of people to own homes (or at least to have a chance at it), but speaking from experience, I can tell you, owning a home free and clear should be one of your top priorities in any financial plan.  Again, until you pay it off, the house really isn't "yours".
    My home is paid for but it still isn't mine, if I don't pay the property taxes then the government takes the house. Home ownership is a fantasy.
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    Offline SimpleMan

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    Re: Homes are being abandoned.
    « Reply #8 on: April 28, 2024, 09:24:53 AM »
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    • Quote from: Mark 79 on April 28, 2024, 03:52:51 AM
    Then why are (((BlackRock))), (((State Street))), and (((Vanguard))) buying blocks of houses?
    Some financial institutions (so far as I'm aware, BlackRock isn't a mortgage lender) might do that as an investment strategy, for resale or managed rentals, but it would not be typical of banks or mortgage firms.  It's just not what they do.

    It's a variation on the theme of "if you owe the bank $2000 and can't pay it back, you have a problem, but if you owe the bank $200 million and can't pay it back, the bank has a problem".  Nobody makes any money off of a foreclosure or bankruptcy, the only one who comes out a winner is whoever buys the house on the cheap.  The home serves as security because something has to.  (Mortgage lenders don't take into consideration other types of collateral, nor is it part of the mortgage, only the property itself.)
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    Offline SimpleMan

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    Re: Homes are being abandoned.
    « Reply #9 on: April 28, 2024, 09:28:48 AM »
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    • Quote from: richard on April 28, 2024, 05:40:28 AM
    My home is paid for but it still isn't mine, if I don't pay the property taxes then the government takes the house. Home ownership is a fantasy.

    Yes, that's just the fact of the matter, but if you own the home free and clear, nobody except the government can take it from you.

    Keeping insurance on the home is another thing.  No, if you don't have a loan on the home, you don't have to have insurance, but it's pretty foolish not to, because if the house burns to the ground, all you have is a plot of land (not to mention the cost of having someone to come and haul away what used to be your home).

    Here's a story of what happened, when someone who clearly could afford insurance, didn't bother with it:

    https://wchstv.com/news/local/powerball-winner-jack-whittakers-home-in-virginia-destroyed-by-fire
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    Offline josefamenendez

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    Re: Homes are being abandoned.
    « Reply #10 on: April 28, 2024, 06:05:42 PM »
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    • Blackrock via private home purchasing subcontractors are buying up single family homes, even before the postings show on Zillow or Realtor.com. In many cities large realtors like Keller Williams are already working with these companies up front. Many times these Blackrock companies will pay upwards of $30,000 over asking price so the deal is sealed within a day of the house going on the market.
    I had been trying to help a friend buy a house in a city in Georgia ( cash deal) and it took her 4 YEARS! She was constantly being outbid even if she offered full price or 10,000 more than asking. Most times the house was gone after the first day on Zillow. 
     She  finally purchased a suitable house  via for Sale by Owner. ( No realtor) She was looking at upper middle class homes in the 500,000 range so it's not like they were lower priced homes flying off the market.
    Now I hear that Blackrock purchased these homes to place the illegal immigrants in. I guess it's better than a $600 a night hotel in Manhattan.
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    Offline SimpleMan

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    Re: Homes are being abandoned.
    « Reply #11 on: April 28, 2024, 08:18:13 PM »
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    • Quote from: josefamenendez on April 28, 2024, 06:05:42 PM
    Blackrock via private home purchasing subcontractors are buying up single family homes, even before the postings show on Zillow or Realtor.com. In many cities large realtors like Keller Williams are already working with these companies up front. Many times these Blackrock companies will pay upwards of $30,000 over asking price so the deal is sealed within a day of the house going on the market.
    I had been trying to help a friend buy a house in a city in Georgia ( cash deal) and it took her 4 YEARS! She was constantly being outbid even if she offered full price or 10,000 more than asking. Most times the house was gone after the first day on Zillow.
     She  finally purchased a suitable house  via for Sale by Owner. ( No realtor) She was looking at upper middle class homes in the 500,000 range so it's not like they were lower priced homes flying off the market.
    Now I hear that Blackrock purchased these homes to place the illegal immigrants in. I guess it's better than a $600 a night hotel in Manhattan.

    Cui bono?  What's in it for BlackRock?

    And how is it good business to pay more than the asking price for a home?

    Who's making money off all this, aside from the sellers?

    I get these little cards in the mail all the time, offering to buy either of my homes.  They're not for sale.
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    Offline SimpleMan

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    Re: Homes are being abandoned.
    « Reply #12 on: April 29, 2024, 08:09:37 AM »
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    • And The Washington Post weighs in:

    https://www.washingtonpost.com/politics/2023/11/30/black-hole-robert-f-kennedy-jrs-housing-conspiracy-theory/

    For what it's worth.  Again, what's in it for a large company, to buy up homes at more than the asking price?
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    Offline josefamenendez

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    Re: Homes are being abandoned.
    « Reply #13 on: April 29, 2024, 08:34:36 AM »
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    • It depends on if your goal is to make money ( they don't need to make money- they create the mpney) or the takedown of the US which is needed to start the JWO.
    the middleclass Amelek must go and real estate is a big part of it.
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    Offline josefamenendez

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    Re: Homes are being abandoned.
    « Reply #14 on: April 29, 2024, 08:37:43 AM »
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    • Quote from: josefamenendez on April 29, 2024, 08:34:36 AM
    It depends on if your goal is to make money ( they don't need to make money- they create the mpney) or the takedown of the US which is needed to start the JWO.
    the middleclass Amelek must go and real estate is a big part of it.
    I'm not a Kennedy fan because of abortion and Rabbi Shmulley, but in most other instances he is telling the truth. The Washington Post is just a CIA/ MOSSAD information outlet. ( BTW the story about αѕнкenαzιs not being susceptible to spike protein in covid is true- just to prove a point)
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