Foreclosure in court

Maryland's highest court will convene today for a hearing on changes to foreclosure rules that would conform with new legislation that gives homeowners more notification and a longer waiting period before their ...

[James]

How long can a person not paying his mortgage can live rent free in the 'banks' owned home? 3-5 months?

I want to live rent free for 3 months in my apartment, if I ever decide to stp paying rent!

[Private School Parent]

James wrote:

How long can a person not paying his mortgage can live rent free in the 'banks' owned home? 3-5 months?
I want to live rent free for 3 months in my apartment, if I ever decide to stp paying rent!

If you decied to stop paying rent in baltimore city, you could live rent free for two maybe three months. under the old system it took longer to evict a renter then it did to foreclosure on a house.

[Frank]

STOP FORECLOSURES!

Make your payments!

[James]

i do and if some one do not pay rent they get sued, fortit securiety etc. but these sub prime 'owners' never pay for occuping the homes afet they stop paying. the law should allow for motgage to be converted to rent .

READ THIS- I PAY RENT ON TIME FOR THE 38 YEARS IN MD! I DON'T GET A FREEBE, NOT ON SECTION 8! I PAY IN TAXES FOR SECTION 8 NEIGHBORS ON SECTION 8 WHO PAY 1/4 OF WHAT I DO.

A CONTRACT IS A CONTRACT READ THE PRINT!

[James]

Private School Parent wrote:

<quoted text>
If you decied to stop paying rent in baltimore city, you could live rent free for two maybe three months. under the old system it took longer to evict a renter then it did to foreclosure on a house.

LOL NJ a bit out of your wat to make connents, btw i have relatives in NJ who paid off their homes on time.

[James]

Frank wrote:

STOP FORECLOSURES!
Make your payments!

YOU MUST BE A COMMUSIST- I rent in Rosedale i pay my rent- when can I move in with your rent free??rent.

[African American Woman]

How much is this going to cost the people who make good financial decisions? I am not willing to pay more taxes or fees because someone got a mortgage they knew they couldn’t afford when they signed the loan papers.

[Dumb Hummer]

It's funny how everyone assumes that people bought homes they couldn't afford all within the last 2 years or so...as if it hasn't been happening forever. The thing is that inflation has caused people who were paying just fine, but living paycheck to paycheck to go under as suddenly and as quickly as inflation has risen in the last year.

Sub prime mortgages basically add a higher level of interest to the loan. I'll venture to say that if most of those sub prime mortgages were provided at decent rates, we wouldn't have the amount of foreclosures that you see now. With the housing market going bust in many jurisdictions, some of those sub prime homeowners who would have been able to refinance can't because their home value didn't grow or actually declined. Those who had adjustable rate mortgages got stuck in the house before they could refinance into a flat rate. This is not a new game or a game for the "stupid". Very many smart homebuyers on their 2nd or 3rd home have upgraded by playing the same game. What's different this time is that the housing market went bust and there was no real way to predict that would occur or when it could occur.

What's worse is that some of us act really ugly about the fact that someone is getting something "free" and we aren't.

How petty can we be? What kind of idiot would prefer to get 2 or 3 months of stress filled mortgage free months and then be cast into the streets over being able to pay your mortgage every month on time?

[Debbie]

The home buyers are not making the bad decisions on their own. Many were duped into buying houses they really could not afford, especially with an adjustable rate mortgage. Think about it, have you ever used a credit card with a low interest rate and then all of sudden had the rate jump? Same thing. One house in my area was foreclosed on last year, not because the home owner could not afford to pay the mortgage but she got sick and lost her job. The result, she moved out, the house was sold and my propeorty value sank. Ask a banker what these forclosures are doing to your property value? If you think bailing some, not all, out by restructuring the loans is going to cost you? Think what a bunch of foreclosed homes eventually selling at way below their value is going to do to the value of your home. Ph, but that wouldn't bother most of you, you rent. Oh yea, and when there is a glut of renters in the market and not enough rental units, guess what? Up goes the rent. So it will cost you also.

[Jack Klugman]

"This is not a new game or a game for the "stupid". Very many smart homebuyers on their 2nd or 3rd home have upgraded by playing the same game. What's different this time is that the housing market went bust and there was no real way to predict that would occur or when it could occur."

You're right, it's not a new game in that sense. But the "loan products" are. No income documentation, 100-percent finance loans are a recent "innovation" of the finance industry. And a lot of people--not economists or financial professionals but regular people DID predict that these loans would lead to collapse, because they encouraged fraud on their face. Back in 2004 people in neighborhoods all over Baltimore were decrying the run-up in property values. They knew what the experts did not: that housing values reflect the mean area percapita income, and cannot indefinitely rise faster. House-flipping was a game for the greedy, many of whom are also stupid, and most of us would like to see the greediest and stupidest among them suffer. But our lawmakers don't seem to know they exist.

[cant change the facts]

I'm not buying any of it! Use what ever excuse you want, but the fact of the matter is Any one of the people who were saving for a home, and were priced out of the market could have bought a home on an a.r.m. but did not because they where responsible enough not to. Now those same people will have a harder time buying a home because of the idiots who did buy a home they knew they could not afford just because they wanted what they wanted right now. And who's gonna pay for it in the long run? the responsible people that's who. Put what ever spin you want on it, it's not gonna change the facts.