Comments on: A Simple Tactic To Delay Bank Foreclosure

By: Kevin Jones

Kevin Jones — Mon, 04 Jul 2011 10:57:59 +0000

Yes indeed it becomes a nightmare. I am sorry to hear your story Karla.

By: Money Hacks Carnival #55 – Thank You Edition

Money Hacks Carnival #55 – Thank You Edition — Mon, 21 Jun 2010 05:55:24 +0000

[...] Happy Rock presents A Simple Tactic To Delay Bank Foreclosure posted at The Happy [...]

By: Weekly Roundup: Inaugural Edition | Frugal Real Estate

Weekly Roundup: Inaugural Edition | Frugal Real Estate — Thu, 16 Apr 2009 10:01:53 +0000

[...] A Simple Tactic To Delay Bank Foreclosure. This probably falls under the last-ditch effort category for saving your home from foreclosure. However, if it is between you and the street, I’d say give this technique a shot. (@The Happy Rock) [...]

By: Weekly Roundup - Nice Stock Market Rally | PF Credit Cards

Weekly Roundup - Nice Stock Market Rally | PF Credit Cards — Sat, 14 Mar 2009 13:01:41 +0000

[...] A Simple Tactic to Delay Bank Foreclosure – The Happy Rock [...]

By: Karla (threadbndr)

Karla (threadbndr) — Thu, 12 Mar 2009 19:55:02 +0000

There’s another issue here – is the company that is involved even the one that actually HOLDS your note? My late husband and I had a mortgage when the LAST housing/bank melt down occured (anybody here old enough to remember the Savings and Loan debacle in the 1980s?)

Our mortgage was sold 8 times in 12 months. I kid you not, there was one time that we got notifications from two DIFFERENT banks in one billing cycle. It was a nightmare. We were never in arrears on the mortgage, but I spent a ton of time on the phone and had to do a couple of stop pays / reissue (with the resulting fees on checks).

It’s never a bad thing to have all your legal ducks in a row.

By: Money Hacks Carnival #55 at MoneyNing | Money Hackers Network

Money Hacks Carnival #55 at MoneyNing | Money Hackers Network — Thu, 12 Mar 2009 03:16:08 +0000

[...] A Simple Tactic To Delay Bank Foreclosure posted at The Happy Rock [...]

By: The Happy Rock

The Happy Rock — Wed, 04 Mar 2009 19:57:33 +0000

@ed – Obviously I don’t think we agree or I wouldn’t have posted the article.

First, you can’t get out of paying your debt and keep the house. You don’t own the house. If you don’t pay the owner gets to take it back, hence foreclosure.

The other area that we don’t agree is that people are using the tactic to abuse the system. Sure, people will abuse it just like anything else, but that doesn’t mean the strategy is evil. People aren’t saying that they don’t want to pay, people have already showed they can’t afford to pay. If they could pay, they wouldn’t be in foreclosure. How they got in the mess, doesn’t matter too much whether it was greed, mistake, lack of knowledge, predatory lending, etc. The point is that both parties are willing conspirators and are going to get hurt. This method is helpful to help people get back to paying after say a job loss or to encourage the bank to work out a deal so that they can afford the house. If it wasn’t worth the banks time and money they wouldn’t work deals. If they think foreclosure is a better option they will prove that they own the property and have the right to foreclose and you lose the house and have a huge black mark on your financial record.

Also I don’t see any lying going on. These are all legal documents and requests, so lying would be a big no no. Most people’s mortgages are also passed around from company to company like candy, so lots of mistakes do happen. There are stories of people be foreclosed on twice by two different companies, etc. Estimates put the missing or bad paperwork around 50% on loans done in the last few years.

Final point. You don’t “save’ for a big screen TV, you put it on credit cards, silly!

By: ed

ed — Wed, 04 Mar 2009 19:31:59 +0000

I think this is morally wrong. These people know that they took out a loan and that they owe the bank. The one lady was an accountant for pete sake! They are just trying to create an obstruction to avoid paying they debtors. In short, they are lying. Shameful, shame on them.

Please do not emulate them. Pay your debts and avoid more debt.

By: ed

ed — Wed, 04 Mar 2009 19:13:05 +0000

I don’t know, man. This seems kind of slimey. “If they can’t show proof that I owe them, then I’m not paying”.

Perhaps, I ought to try that even though I’m not in loan default…that would give me more time to save for that big screen TV I’ve been wanting.