tag:blogger.com,1999:blog-6492542366661862113.post8074969037528441905..comments2023-10-31T01:32:09.169-07:00Comments on The Housing Time Bomb: Why are prices not dropping? Buyers remorseJeffhttp://www.blogger.com/profile/04450070920047311928noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-6492542366661862113.post-50934786346244286402008-03-06T07:05:00.000-08:002008-03-06T07:05:00.000-08:00avl I agree there was a pool of 15 mortgages in O...avl<BR/><BR/> I agree there was a pool of 15 mortgages in Ohio that was having the same issue. <BR/><BR/> Because all of these mortgages were chopped up and placed into several diferent pools of AAA paper many judges will not believe that the originator still owns the mortgage.<BR/><BR/> As the housing market continues to deteriorate many will try to squat in their house and make the lender prove they own the loan.Jeffhttps://www.blogger.com/profile/04450070920047311928noreply@blogger.comtag:blogger.com,1999:blog-6492542366661862113.post-14444719434614732552008-03-06T06:26:00.000-08:002008-03-06T06:26:00.000-08:00The above two comments accurate describe scenarios...The above two comments accurate describe scenarios that, unfortunately, are state-specific only, and then court/judge/case specific only. Many homeowners upside-down will be as lucky and many won't. Why? 1) state laws dictate foreclosure and eviction timelines/processes, not feds, and thus timelines vary significantly state-to-state; 2) judges are playing a big role in deciding what satisfies "proof" of ownership of the loan, and these judge/court decisions vary quite a bit, judge-to-judge.<BR/>So some folks will luck out on both above, some on only one, and some on neither. Luck of the draw.Avl Guyhttps://www.blogger.com/profile/12298355297869341807noreply@blogger.comtag:blogger.com,1999:blog-6492542366661862113.post-44388795647990317102008-03-05T21:20:00.000-08:002008-03-05T21:20:00.000-08:00Anon There is a guy in NJ that is doing that. He...Anon<BR/><BR/> There is a guy in NJ that is doing that. He has been in his house and not made a payment since 2002. When the lender takes him to court to get him out he tells the bank to prove that they own the loan. <BR/><BR/> Since the lender sold the loan off and it got sliced into different securities the lender can't prove they own it. Rent free for 6 years and going strong!Jeffhttps://www.blogger.com/profile/04450070920047311928noreply@blogger.comtag:blogger.com,1999:blog-6492542366661862113.post-35541090113621769992008-03-05T21:08:00.000-08:002008-03-05T21:08:00.000-08:00Dang, I have way too much equity in my house to ri...Dang, I have way too much equity in my house to risk losing it. However, if I was upside down, why would I walk away? My strategy would simply be to stop making full payments and stay in the house until the sheriff moved me out. Given the way things are going, that could be a couple of years of free rent. Plus I would probably skimp on upkeep, so I would really save a lot of money. <BR/><BR/>Thus, those of us that either have equity in our homes or are renters are going to end up paying for the housing mess. Wonderful.Anonymousnoreply@blogger.com