PHILADELPHIA SUSPENDS SALES OF FORECLOSED HOMES
http://www.reuters.com/article/gc03/idUSN2830318520080328?pageNumber=1&virtualBrandChannel=0
By Jon Hurdle
Unbelievable! The socialists never give up! What’s next, will the government just seize all private property so that they can control every aspect of every business?
Mike
I’m all for helping the needy and poor in our society but this just looks stupid. So who’s going to pay the banks?
So who's going to pay the banks?
YOU ARE!!!
Questions…
When business takes a hit how do they make it up?
When Government bails out someone whos money are they using?
To answer both propertymanager and MichaelQuarles:
I, you, we will pay for it when the government uses our tax dollars for bailouts. Same thing happened after 9/11 to the airline bailouts. I could have sworn I knew of another example a bit before that, but can’t recall the details. There have been bailouts like this going on over and over ever since each and every one of us was born.
The whole point of this country is capitalism. People and business’ that make stupid decisions go the way of the dodo and smarter decision makers step in to take their place. If the gov’t would just get out of the way and let capitalism take care of itself, it would.
Dean
I don’t even think it’s your tax dollars that are paying the tab. The taxpayers can not possibly pay this huge tab (for our national debt, all these bailouts, and all the unfunded entitlements). We are all paying for it through the hidden tax of inflation. And if you believe the government numbers on inflation, I’ve got a large orange bridge to sell you!!!
Mike
Just what we need when the dollar is already weak.
I agree 100% with you on this Mike. This ridiculous, and the example they give, if that lady would just clean a few houses, work a second job, etc… she could get the $300/month she needs, and then be better off for it in the end.
But this has been going on ever since this country was created. The dollar will be worth 5 cents if this keeps happening.
I would love to see how we fix this.
Jay
This is all so odd. The cornerstone of our capitalist system is “property rights.” Technically, the banks/investors own the property until it is paid for by the mortgagee. As an owner/landlord, I’d hate to see a Sherrif refuse to evict a bad or non-paying tenant from one of my properties. This makes me nervous as heck.
According to the article, the city council’s action is non-binding. I am not a lawyer but I wonder with what basis Sheriff John Green can take it upon himself to suspend foreclosure sales.
Do any of these idiots understand that if they start pulling this crap, there will not be a bank in the world that will lend money to anyone in Philadelphia? I suppose that’s one way to end foreclosures.
What’s stupid about this whole idea of giving the people in foreclosure extra time is WHAT BANK/LENDER IS ACTUALLY GOING TO LEND THEM MONEY TO RESOLVE THEIR FORECLOSURE AND GIVE THEM A NEW MORTGAGE?
Answer: NONE!
I said this before when the government was proposing the 30 day extension period, and now this?
Wow. Have they even through this? How many people are really going to be able to work something out?
What a joke.
Deal Hunter,
Please do not cut and paste copyright material into a thread…a link is fine but including the entire article violates copyright laws.
Thanx,
Keith
Moderator
Maybe they think that if they stall long enough, the govt. will come to the rescue. Or maybe they think that people will be out in droves to purchase their property in this buyers market.! That should save them!! :rolleyes
Or at least give credit to the author / scource
And KD…
REAL happiness is Hillary's face on a milk carton... I still hate Commies - even after they changed their name to "Liberals"
Lovin it! :bobble
Should we all stop paying our motgages? Maybe the government will step in and pick up the tab. I have been struggling to pay my mortgage for the last 13 years, but I made the payment every month and never late. In 2 years I will own my home. Why cant people just buy what they can afford? Why does everyone have to look like they are rich, when in reality they are are at best a couple of paychecks away from being homeless. I would rather live in a modest house that I can afford, than stress myself out to impress people. It does not look to impressive when the bank is selling your house.
[quote author=Foreclosure Negotiator link=topic=35611.msg170085#msg170085 date=1207149097]
Or at least give credit to the author / scource
Nope…the site Administrator has asked that cut and paste not be used and that a link is the acceptable alternative. (Deal Hunter did give credit to the author).
Keith
What a bunch of horse poop! :banghead
So if my business is on the brink of losing money, will you all please chip in money to give me more time? And will you also chip in money so that my customers do not have to pay for the products they purchased?
Thank you so much. this is such a great group of people. Love to all of you.