The Needs of the Many Outweigh the Needs of the Few

[FerrelGeek]

Obama attacked the secured creditors in typical 'teh rich are teh evilz' style and it turns out that he's screwing the very people he claims to be fighting for and chipping away, even more, at the fundamental underpinnings of our country. This is just plain sad. I will never buy a GM or Chrysler product.

 

[MotF Bane]

Originally posted by: FerrelGeek
Obama attacked the secured creditors in typical 'teh rich are teh evilz' style and it turns out that he's screwing the very people he claims to be fighting for and chipping away, even more, at the fundamental underpinnings of our country. This is just plain sad. I will never buy a GM or Chrysler product.

You already have. It's just not in your driveway.

 

[bbdub333]

Originally posted by: smack Down

Originally posted by: halik

Originally posted by: waggy

Originally posted by: smack Down

Originally posted by: bbdub333

Originally posted by: smack Down

I think I see why you are confused. There is no restructuring, just liquidation.

So if you go into bankruptcy, and your home is foreclosed by the bank, who has the right to sell the house? Who determines its value?

The government sells the house at auction. If the bank doesn't like the price they are free to enter a higher bid.

wow. wrong.

He's riding the lollercoaster...

Wow you guys are a bunch of idiots.
http://en.wikipedia.org/wiki/F...re#Foreclosure_auction

When the entity (in the US, typically a county sheriff or designee) auctions a foreclosed property...

Why don't you read more than the first half sentence of your link.

When the entity (in the US, typically a county sheriff or designee) auctions a foreclosed property the noteholder may set the starting price as the remaining balance on the mortgage loan. However, there are a number of issues that affect how pricing for properties is considered, including bankruptcy rulings. In a weak market the foreclosing party may set the starting price at a lower amount if it believes the real estate securing the loan is worth less than the remaining principal of the loan.

In the case where the remaining mortgage balance is higher than the actual home value the foreclosing party is unlikely to attract auction bids at this price level. A house that went through a foreclosure auction and failed to attract any acceptable bids may remain the property of the owner of the mortgage. That inventory is called REO (real estate owned). In these situations the owner/servicer will try to sell it through standard real estate channels.

Replace all the bolded phrases with bank or secured bond holder and you will see how completely clueless you are. The phrase you quoted is merely an example of who the bank may have aution the property for them, because they are usually the ones that have the authority to foreclose. It changes nothing with regard to who owns the property, or who retains rights to it if it doesn't sell.

You are clueless. You have no idea what you are talking about. Just stop.

 

[waggy]

Originally posted by: smack Down

Originally posted by: halik

Originally posted by: waggy

Originally posted by: smack Down

Originally posted by: bbdub333

Originally posted by: smack Down

I think I see why you are confused. There is no restructuring, just liquidation.

So if you go into bankruptcy, and your home is foreclosed by the bank, who has the right to sell the house? Who determines its value?

The government sells the house at auction. If the bank doesn't like the price they are free to enter a higher bid.

wow. wrong.

He's riding the lollercoaster...

Wow you guys are a bunch of idiots.
http://en.wikipedia.org/wiki/F...re#Foreclosure_auction

When the entity (in the US, typically a county sheriff or designee) auctions a foreclosed property...

i really don't think you understand what that means.

 

[FerrelGeek]

Originally posted by: MotF Bane

Originally posted by: FerrelGeek
Obama attacked the secured creditors in typical 'teh rich are teh evilz' style and it turns out that he's screwing the very people he claims to be fighting for and chipping away, even more, at the fundamental underpinnings of our country. This is just plain sad. I will never buy a GM or Chrysler product.

You already have. It's just not in your driveway.

Touche! :laugh: And when Chrysler and GM become the world-dominating automotive force, raking in the cash, will we get dividend checks? j/k

 

[Nemesis 1]

I for one agree that the needs of many out weigh the needs of the few. The problem with this enlightened trueth is who decides what those needs are. I serve NO KING!

 

[brandonbull]

Originally posted by: smack Down

Originally posted by: bbdub333

Originally posted by: smack Down

I think I see why you are confused. There is no restructuring, just liquidation.

So if you go into bankruptcy, and your home is foreclosed by the bank, who has the right to sell the house? Who determines its value?

The government sells the house at auction. If the bank doesn't like the price they are free to enter a higher bid.

The bank owns the house and not the government. Bidding on your own assets would net you a degree from Moron U. I take it you graduated magna cum laude.

 

[Thump553]

Originally posted by: brandonbull

Originally posted by: smack Down

Originally posted by: bbdub333

Originally posted by: smack Down

I think I see why you are confused. There is no restructuring, just liquidation.

So if you go into bankruptcy, and your home is foreclosed by the bank, who has the right to sell the house? Who determines its value?

The government sells the house at auction. If the bank doesn't like the price they are free to enter a higher bid.

The bank owns the house and not the government. Bidding on your own assets would net you a degree from Moron U. I take it you graduated magna cum laude.

Totally wrong. Your answer displays not a scintilla of understanding of secured asset, foreclosure OR bankruptcy law. Better go back to your U.

 

[bbdub333]

Originally posted by: Thump553

Originally posted by: brandonbull

Originally posted by: smack Down

Originally posted by: bbdub333

Originally posted by: smack Down

I think I see why you are confused. There is no restructuring, just liquidation.

So if you go into bankruptcy, and your home is foreclosed by the bank, who has the right to sell the house? Who determines its value?

The government sells the house at auction. If the bank doesn't like the price they are free to enter a higher bid.

The bank owns the house and not the government. Bidding on your own assets would net you a degree from Moron U. I take it you graduated magna cum laude.

Totally wrong. Your answer displays not a scintilla of understanding of secured asset, foreclosure OR bankruptcy law. Better go back to your U.

So the bank buys me a house (mortgage). I live there and pay the bank. One day I can't pay anymore, and my house is foreclosed. According to you, the house is forfeited to the government, and the bank, which bought the house in the first place, can choose to bid on it?

Are you on drugs?

 

[waggy]

Originally posted by: Thump553

Originally posted by: brandonbull

Originally posted by: smack Down

Originally posted by: bbdub333

Originally posted by: smack Down

I think I see why you are confused. There is no restructuring, just liquidation.

So if you go into bankruptcy, and your home is foreclosed by the bank, who has the right to sell the house? Who determines its value?

The government sells the house at auction. If the bank doesn't like the price they are free to enter a higher bid.

The bank owns the house and not the government. Bidding on your own assets would net you a degree from Moron U. I take it you graduated magna cum laude.

Totally wrong. Your answer displays not a scintilla of understanding of secured asset, foreclosure OR bankruptcy law. Better go back to your U.

so you are saying the bank does not own the house and the government does?

 

[brandonbull]

Originally posted by: waggy

Originally posted by: Thump553

Originally posted by: brandonbull

Originally posted by: smack Down

Originally posted by: bbdub333

Originally posted by: smack Down

I think I see why you are confused. There is no restructuring, just liquidation.

So if you go into bankruptcy, and your home is foreclosed by the bank, who has the right to sell the house? Who determines its value?

The government sells the house at auction. If the bank doesn't like the price they are free to enter a higher bid.

The bank owns the house and not the government. Bidding on your own assets would net you a degree from Moron U. I take it you graduated magna cum laude.

Totally wrong. Your answer displays not a scintilla of understanding of secured asset, foreclosure OR bankruptcy law. Better go back to your U.

so you are saying the bank does not own the house and the government does?

That's right comrade. A rep from the state housing union will be by to collect the keys.

 

[brandonbull]

Originally posted by: Thump553

Originally posted by: brandonbull

Originally posted by: smack Down

Originally posted by: bbdub333

Originally posted by: smack Down

I think I see why you are confused. There is no restructuring, just liquidation.

So if you go into bankruptcy, and your home is foreclosed by the bank, who has the right to sell the house? Who determines its value?

The government sells the house at auction. If the bank doesn't like the price they are free to enter a higher bid.

The bank owns the house and not the government. Bidding on your own assets would net you a degree from Moron U. I take it you graduated magna cum laude.

Totally wrong. Your answer displays not a scintilla of understanding of secured asset, foreclosure OR bankruptcy law. Better go back to your U.

Do you know what you are talking about or did 100 monkeys random type your reply?

 

[Caecus Veritas]

Originally posted by: Thump553

Originally posted by: brandonbull

Originally posted by: smack Down

The government sells the house at auction. If the bank doesn't like the price they are free to enter a higher bid.

The bank owns the house and not the government. Bidding on your own assets would net you a degree from Moron U. I take it you graduated magna cum laude.

Totally wrong. Your answer displays not a scintilla of understanding of secured asset, foreclosure OR bankruptcy law. Better go back to your U.

Dear Confused & Moron U Graduate,

Please lend me $100k and you can hold my car as collateral. Upon immediate default on your loan, you can be reassured that the government will step in and take ownership of the car. Since the car is not really worth $100,000, you can buy it back from the government at $150,000 during the auction so that you can say the car is worth $150,000! Instant profit!

I can accept paypal.

Thank you.

 

[Apathetic]

Either did I.

Dave

Originally posted by: UberNeuman
I didn't know Charles Dickens wrote for Star Trek....