Tag Archives: mortgage

Thieves who cheat the mortgage banks

Two thieves and their dog

If you sign a document saying that you agree to pay a debt, and the bank agrees to give you the money in order to pay that debt while using your home as collateral, and then you suddenly walk away from that obligation and refuse to pay, who is in the wrong?

Well, according to the people profiled in this article, the bank is in the wrong.  Why?  Well because people have a right to eat out, gamble, and take their boat out for a spin.

Posted in Citizenship | Tagged | 24 Comments

Who's to blame?

The Pham family

The Pham family

Man, talk about the mortgage crisis affecting families.  In the NY Times today, they profiled several families and individuals who have lost massive deposits on real estate purchases in the New York area: Up in Smoke.  The Pham family above, for example, put down a deposit of $93,199 for a $956,990 2 bedroom apartment in Hoboken, NJ.  They signed the agreement in 2005, but when their closing date came around this past September, they no longer qualified for a mortgage without putting more money down.  Since they don’t have the additional funds, they are going to lose their entire $93,199.  Even for rich folk, that’s a lot of money.  Toll Brothers, the builder, is refusing to give them any of their deposit back.

Posted in News | Tagged , , | 4 Comments