DC Council Bill on foreclosures

[Anonymous]

http://voices.washingtonpost.com/local-breaking-news/dc/the-dc-council-passed-an.html

I don't understand it. If someone fails to pay their obligation. They void their legal contract that they signed to pay a stipulated monthly amount, why can't the bank foreclose on them? Nanny state run amok.

[Anonymous]

90 day mediation. Doesn't sound particularly onerous to me. Especially given that MD just passed a similar bill.

[Anonymous]

What kid of mediation. The person can't pay their bill. Mediation wont solve their inability to come up with the funds. No one put a gun to their head and told them to buy. Rent. Rent. Rent.

Also I don't care about Maryland their failed policies. They have their own problems and I don;t want any of it.

[Anonymous]

So - let the banks do what they like and offer no protection the homebuyer? Please. Haven't you been paying attention to the news lately? The robosigner foreclosure scandal?

[Anonymous]

Anonymous wrote:What kid of mediation. The person can't pay their bill. Mediation wont solve their inability to come up with the funds. No one put a gun to their head and told them to buy. Rent. Rent. Rent.

Also I don't care about Maryland their failed policies. They have their own problems and I don;t want any of it.

Pretty funny. It's clear you have no clue what you're talking about, but just enjoy pounding on the table with your shoe.

There are plenty of reasons why someone might get behind in their mortgage payments; and there are often any number of ways that that debt can be restructured to the benefit of the homeowner, the larger community, and yes, even the lender.

But pound away, little man! Bang! Bang! ARRRGGHH!

[Anonymous]

Anonymous wrote:

Anonymous wrote:What kid of mediation. The person can't pay their bill. Mediation wont solve their inability to come up with the funds. No one put a gun to their head and told them to buy. Rent. Rent. Rent.

Also I don't care about Maryland their failed policies. They have their own problems and I don;t want any of it.

Pretty funny. It's clear you have no clue what you're talking about, but just enjoy pounding on the table with your shoe.

There are plenty of reasons why someone might get behind in their mortgage payments; and there are often any number of ways that that debt can be restructured to the benefit of the homeowner, the larger community, and yes, even the lender.

But pound away, little man! Bang! Bang! ARRRGGHH!

I see you have soo much insight. Yes you wise one. You know everything. Idiot. The banks want to get the most out of the deal. Ideal situation person stays in home for30yrs and pays off the interest bank makes the most amount of money. Least ideal is bank having to play real estate agent. However in this market if the bank knows you have an inability to pay instead of just pretending like you might pay someday (which you probably won't) they'll rather take the loss. Pay your goddamn bills and stop asking taxpayers to foot your bills. How's that for shoe on the table Mr Khrushchev?

[Anonymous]

Anonymous wrote:I see you have soo much insight. Yes you wise one. You know everything. Idiot. The banks want to get the most out of the deal. Ideal situation person stays in home for30yrs and pays off the interest bank makes the most amount of money. Least ideal is bank having to play real estate agent. However in this market if the bank knows you have an inability to pay instead of just pretending like you might pay someday (which you probably won't) they'll rather take the loss. Pay your goddamn bills and stop asking taxpayers to foot your bills. How's that for shoe on the table Mr Khrushchev?

I'm not the one you are arguing with, but even though I am an atheist I find myself hoping that God will be able to forgive your unforgiving soul!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What kid of mediation. The person can't pay their bill. Mediation wont solve their inability to come up with the funds. No one put a gun to their head and told them to buy. Rent. Rent. Rent.

Also I don't care about Maryland their failed policies. They have their own problems and I don;t want any of it.

Pretty funny. It's clear you have no clue what you're talking about, but just enjoy pounding on the table with your shoe.

There are plenty of reasons why someone might get behind in their mortgage payments; and there are often any number of ways that that debt can be restructured to the benefit of the homeowner, the larger community, and yes, even the lender.

But pound away, little man! Bang! Bang! ARRRGGHH!

I see you have soo much insight. Yes you wise one. You know everything. Idiot. The banks want to get the most out of the deal. Ideal situation person stays in home for30yrs and pays off the interest bank makes the most amount of money. Least ideal is bank having to play real estate agent. However in this market if the bank knows you have an inability to pay instead of just pretending like you might pay someday (which you probably won't) they'll rather take the loss. Pay your goddamn bills and stop asking taxpayers to foot your bills. How's that for shoe on the table Mr Khrushchev?

New poster. I don't see why you think it's so idiotic. This isn't binding arbitration. If the bank thinks they can get more out of foreclosure than loan modification, they are free to foreclose. The bill would only require them to meet with the borrower to see whether an acceptable modification is possible. At worst, it's a bit of extra red tape on the way to foreclosure. And sometimes loan modifications are cash-flow positive for the banks. The net receipts from foreclosure are not generally attractive, even compared to the current market value of the property. Foreclosure properties don't get a good price, and there is a lot of expense that goes into the foreclosure process.

[Anonymous]

If it comes down to a tie between idiotic/deadbeat homeowner and criminal bank, the homeowner will win in my book.

[Anonymous]

Anonymous wrote:If it comes down to a tie between idiotic/deadbeat homeowner and criminal bank, the homeowner will win in my book.

There are a lot of intelligent, earnest people in this economy who have lost jobs and fallen behind on their mortgages.