Sunday, March 4, 2012
Five Years, No Mortgage Payments
Prepare to be gobsmacked folks. This couple dwells in a million dollar Maryland mansion without having paid a single payment on their mortgage. Notice my use of possessive pronouns in the previous statement. The home is not theirs. The mortgage is. That the two of them refer to this dwelling with possessive pronouns throughout the article shows how ridiculous the system is.
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5 comments:
SHAME! on a legal system and the fools that the foolish American people elected to establish and implement these laws and rules that have allowed people of little or no conscience to manipulate the system we have put in place.
Nice to know Mr. Ritter doesn't believe in 'living for free.'
And as a consequence those who are looking to buy a house, especially first time buyers, will be left out in the cold.
When we got our mortgage back in the spring, the process reminded me of being investigated by the Army for a TS clearance. Even with a good credit score they ask me to document this and prove that. I finally got pissed and told the guy I wasn't interested in a mortgage from them if I had to go through all this, and he said ok. Two days later he calls and asked for more stuff.
Same experience as Hammer. Went to re-fi a loan used to build pool (no 1st mortgage) in 2010 and while I had 15 years of history with the bank, and they held my current note, they were asking for all kinds of crazy details.
These two are like blackjack dealers who lost at the high-stakes poker table. They were living in, and milking, an industry with laughably low barriers to entry. At times of boom, a blind dog with a note in his mouth can get rich. Absent a bubble market or fraud, these two can't afford this place on their income. Most people can't.
Shame they are abusing the law. I don't approve of the "rocket docket" and the "autopen" and the "signature factories" that banks are using to foreclose, but these guys are on the opposite end of the spectrum.
Throw them out. I don't see any grounds for them to remain. No fraud. Just in over their head, and will always be in that place. No lower rate or principal forgiveness will make it affordable.
I would bet $10,000 that Mr. Ritter's 2004 Income Tax Returns are suspect.
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