Thursday, August 12, 2010

Homeowners Refuse To Pay It Back: Home Equity Loans

PHOENIX — During the great housing boom, homeowners nationwide borrowed a trillion dollars from banks, using the soaring value of their houses as security. Now the money has been spent and struggling borrowers are unable or unwilling to pay it back.

The delinquency rate on home equity loans is higher than all other types of consumer loans, including auto loans, boat loans, personal loans and even bank cards like Visa and MasterCard, according to the American Bankers Association.
Lenders say they are trying to recover some of that money but their success has been limited, in part because so many borrowers threaten bankruptcy and because the value of the homes, the collateral backing the loans, has often disappeared.
The result is one of the paradoxes of the recession: the more money you borrowed, the less likely you will have to pay up. 
(snippet)
“I am not going to be a slave to the bank,” said Shawn Schlegel, a real estate agent who is in default on a $94,873 home equity loan. His lender obtained a court order garnishing his wages, but that was 18 months ago. Mr. Schlegel, 38, has not heard from the lender since. “The case is sitting stagnant,” he said. “Maybe it will just go away.”
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Youth Unemployment Hits Record High 
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37 comments:

  1. Are they going to give back all the toys they foolishly bought? I am sick of slackers pointing to the greedy backs as an excuse to forgo personal debt. They enjoyed the money, had the vacations, drank it, smoked it...now they want everyone else to pick up the tab.

    The system is broken and we the people are the reason.

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  2. 2:17..and the bankers didn't do that? Its OK for them to do it.. God forbid..THE PUBLIC? get back to work and pay that DEBT off so the bankers can do it again. Whats good for the goose is good for the GANDER. Dumb Sheeple by the thousands here..

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  3. Yes, all are criminals, that makes its right huh 2:22. When you want to be successful emulate criminals.

    What you don't realize is honest hard working people have to pay for your lazy fat ass because you walk away from your debts. You filled your out of shape lard butt with food and drugs. You went on vacations and bought new pick up trucks. You had no problem spending the money.

    Dumb sheeple is right, they keep voting in ass clowns that support your ignorant lifestyle and cover your stupid choices.

    What's good for the goose is good for the gander = you are a tax eating low life. Nobody owes you a living and god help us if you reproduce and spread your ignorant DNA.

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  4. People do not realize
    the harder you work
    the more that you save
    the more you are screwed.

    The Banksters turn your good morals upside down.

    The people that work hard are now
    beginning to wake up and realize it
    was all for nothing. They are living
    in the Banksters bad dream.

    I am not saying that good morals are
    worthless just that they have been
    hijacked and used against us.

    Think about it the Banksters print
    money out of thin air. You are sweating
    and working hard for something they print
    for nothing. Are you MAD YET !!!

    We do not have to fight

    We just have to walk away

    The only power they have is the power that
    we give to them.

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  5. For 30 or 40 years the Gov. paid the underclass to breed. And they did a great "job." A society that punishes the productive members by inflicting heavy taxes and rewards the unproductive by giving them free money is the ultimate Ponzi scheme. It’s only a matter of time before the ratio between the producers of wealth and the useless takers of wealth is so skewed that it collapses.

    What grinds my ass is the fact that the takers, the users, the worthless who live on my tax money hate me. They hate me and resent the fact that they aren’t getting more. I long for the day when all those imbeciles are sitting in their own filth, starving, completely helpless, wondering what happened and who’s going to feed, nurse, house and entertain them now.

    Have a nice day because it's all coming to an end. Soon.

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  6. 2:33 you're so stupid you don't understand that voting is rigged... The dollar is fake money created by the Federal Reserve for pennies and given to idiots like you to pay interest on. The media has spun your stupid mind into believing that its not a real ponzi scheme. and you should pay this fee back to the Elite bankers like a debt slave that YOU ARE.. You are one IGNORANT sheeple and your poisoned DNA has spread throughout the masses. VERY SAD.

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  7. For some of the people who just don't get it, the cost of making a $100 Dollar Bill:
    ..and you pay how much interest?

    The highest circulated denomination in the U.S., the $100 bill will soon see a change to its look, quite possibly after the introduction of the new five-dollar bill in 2008.

    Cost to Produce: 6.5 cents per note.
    Number Produced: 669 million
    Composition: 75% cotton and 25% linen

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  8. 2:47 - sitting in the library using free internet or mooching off your parents? If not how do you pay? If you pay then me your banking information and I'll take all your worthless fake money off your hands.

    Shouting little parrot. A total ass clown.

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  9. 2:54 your fake money will be worthless very soon along with your senseless DNA. What cloud have you been sitting on the past few years? ALL CURRENCIES will collapse. Please keep your ignorant DNA and spread it through your dumb cousins. There's my "6.5 cents worth".

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  10. Great loud mouth, now is the time to get out of your fake money. Send it to me, I'll buy all you got. Since its worthless, I'm sure you are willing to part with it cheap, so say 25,000 FRNs per Troy OZ of 24 kt gold.

    Put up or shut up.

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  11. Everyone is it not amazing how easy it is for the Elite to get us fighting with each other?

    Imagine what people will be doing when hyperinflation hits Zimbabwe style and they cannot buy food or anything else.

    In Zimbabwe - they were digging all day long for enough gold to buy food. Do an Internet search if you do not believe me.

    Many countries are trying to get out of Federal Reserve Notes ... why is the Federal Reserve is buying up US Treasury's now and even publically announcing it on Main Stream News.

    Jim Sinclair said we would have new money by June 2012 and maybe we will not get that far if public perception around the world collapses the US Dollar (FRN).

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  12. 3:34 I'll buy all the GOLD --Silver you currently have on hand today, for the going rate. Stupid mongoloid, any bets you have ZERO? Get back on your cousin where it feels good.. mouthpiece.

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  13. Stupid sheeple. The banks and the elite drove up the prices, they all walk away from THEIR homes and call it "strategic foreclosure."

    Heaven forbid some of the middle class finally get some fucking brains and start playing the business game.

    The entire thing needs to topple. For too long the Jews, and yes, it's the Jews, succeeded by using business tactics. Now the rest have finally caught on. I applaud this.

    Fix the system so nobody can benefit off of "credit" and this other fake smoke and mirrors. Let's move things back to when hard work was the only thing that mattered. No more lending, credit, "stocks" or any of this other crap.

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  14. 3:24 doesn't get it. He thinks that 6.5 cent $100 bill is worth that, plus interest. Must be an employee of the Feds or has "media induced coma" disease.

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  15. Jim Sinclair’s Commentary

    Bloomberg announced the Fed is buying Treasuries on the open market today.

    The process of a central bank buying the debt of the nation it represents is called "Debt Monetization."

    The following is a reasonable review of what the process is and the results thereof. This time the form of the result will be "Currency Induced Cost Push Inflation."

    Gold will trade at $1650 and above.
    -----------------------------------

    The US Dollar (FRN - Federal Reserve Note) can go to ZERO or close to it. If it was not a reserve currency it probably would already have dropped massively.

    Other countries like China, Japan, etc... know that the Fed is buying Treasuries on the open market today. What do you think they are going to do?

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  16. All you mouth breathers have no guts to bet on the future. The offer was to buy your FRNs today. If you are so sure of yourselves what's your problem with trading now at the future rate you dream of?

    My offer stands. That's $79/ troy oz by your very own expert conversion Mr. 4:08. Heck I'll pay you 150% just in case you are off some and to cover shipping.

    You all spout off about finances and money matters like you actually know something. Fact is you could not pour piss out of a boot with the instructions on the bottom. Put up or shut up chickenshits.

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  17. This is why history becomes so relevant. Most will not study our predecessors and their corresponding civilizations or in some cases individual countries that stood by themselves.

    Over time they all collapsed; and in almost all of the modern day empires,dynasties,countries etc. it all started with a common theme; get the lower and middle classes hooked on the teat
    of the heirarchy; numb them with free everything from cradle to grave they owe you & will continue to honor you like the god you think you have become.

    We are losing our morality in this country. It pains me when so many post on this blog in obvious contempt of God. They had better start reading history or they will soon be covered up by it.

    The founding fathers of the USA were without question 1,000 years ahead of their time. How is this possible? And yet the very same thing that they fought so hard to protect; we now; willingly tear down.

    My grandfather once washed my mouth out with soap for stating that our neighbor lady had nice tits.

    Now we brazingly embrace homosexuality, so many drug cultures I cannot even keep up; 50% of the poulation thinks it's ok to sign your name to a deal and then just walk away; 70% of the adults drink and then drink some more. We have entire states think it's not so bad to have your people hooked on Pot and wander around 3/4 of the time in a smoke induced fog somewhere between there and beyond.

    All the while, little by little; the common man forgets how to lay brick; frame a wall; drive a truck; run a shovel; shingle a house, grow a garden, process his own food for his family.

    No, now he has become entirely dependant on his own distortion of god; the one he willingly sold out to because it was the easy thing to do; not the right thing to do.

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  18. Haha so much whining from the sheeple!

    Morals don't exist. That's just crap that the elite made up to keep the sheeple in check. They themselves do not adhere to it, even though they invented it.

    I don't see how paying usury and letting yourself be defrauded is a "moral" or "good" thing. God says that you can't let yourself be taken advantage of, and also not to pay usury actually (which is what these loans are, and why traditionally only the Jews could be bankers, it was PROHIBITED in CHRISTIANITY and is in fact even prohibited in ISLAM but not Judaism).

    If you have an advantageous deal over the bank or a corporation they will renege on it. It is in the laws. The legal system wants to encourage "efficient breaches" because that is what the system is set up for. But apparently not for the general public, who have to continue to take it up the ass when things are bad, but don't get the benefit when things are good.

    Most of these loans also have a pre-payment penalty, so that you can't deprive these bankers of their usury.

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  19. 4:21 are you mentally retarded? I'll gladly trade my federal reserve fake money for your Gold at $79 federal reserve notes per troy oz of GOLD. What's your email mental midget?
    I'll even fly to your cardboard box in the street, lift your fat ugly cousin off, and make the deal.

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  20. 4:35 What are you trying to tell us ?

    That the bank walked up to all these people; put a gun in their mouths and said " here is a mortgage on that beautiful 1.5 million dollar house at 19% - sign here" Oh by the way - your making 50k a year and everybody on the planet including you knows this will fly when pigs do.

    Not to pay usury !

    Exactly !

    Save up what you can and pay cash !

    No bankers survive

    End of story

    But no - that would be way to easy and we the sheeple couldn't live 50 times beyond our means then could we?

    ReplyDelete
  21. Stop working, stop paying taxes
    Stop working, stop paying taxes
    All work and no play makes Jack a dull boy...
    Do not support Corporations! This means BOYCOTT
    How could anyone boycott a company like Walmert? Easy, make a intelligent effort to never shop there and remember the pain of supporting a corp. that hates your existence while they spend your money supporting politicians that... Hate your existince.
    But, you say I like sony they cant be that bad...
    Yes they are all bad for in the beginning they were chartered to "Serve the Public Interests" then they paid lobbyists to buy the politicians who then got rid of Chartered Corporations... Get It?
    Can your interests ever be weighed with the same importance as a Fictional Person known as a corporation? That is a rhetorical question as you all know that when you find yourself dealing in the legal system it deems to crush you but if a corporation pollutes the whole ocean well they donated to the "Kenyan Teleprumpt Actor" so thay have kid gloves back on!

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  22. hey dipshit, that would be you 4:37: I'm not going to do the Algebra for you...the offer was to buy 25,000 of his FRNs for one Troy OZ of 24 kt gold. I'll give you the discounted rate of $16,667 cause I feel sorry for you.

    ReplyDelete
  23. Illegal Alien- 7 bucks an hour. All off the books, of course. 1500x7= $10,000. Pops out ANCHOR baby and/or enters into a marriage of convenience. Collects food stamps, welfare, and Medicaid.
    A recent report concluded that in every state in the nation, welfare pays far more than a low-wage job. According to the report, "The value of the total package of benefits [received by AFDC recipients] relative to a job providing the same after-tax income ranges from a high of $36,400 in Hawaii to a low of $11,500 in Mississippi. In eight jurisdictions...welfare pays at least the equivalent of a $25,000 a year job. $10,000 + $25,000=

    ILLEGAL ALIEN'S REAL INCOME = $35,000.

    ---------------------------

    TTT grad earns $20 bucks hour in some shitlaw factory. $20x1500=$30,000. Shitlaw worker of course has to pay taxes, or he is hounded to the end of the earth by the IRS. $30,000-6,000=$24,000. Shitlaw TTT grad of course gets no health insurance and is "too rich" to be eligible for Medicaid. Food stamps are off the table if he/she was lucky enough to find a job. Sallie Mae of course comes along and gets her huge piece. $24,000-10,000=$14,000

    TTT GRAD'S REAL INCOME = $14,000.

    Do the math, learn spanish(as 97% of all illegals only speack) and pretend your an illegal ALIEN in yhour own country!

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  24. NAFTA was a designed collapse of the economy, that is probably 'Ground Zero' for when high paying jobs in the US were instantly replaced with food service industry jobs, and other 'low rent' crap jobs illegals are brought in to help corporations remain profitable. We can talk about the now all we want but if we dont look back at the past it doesnt matter where we are at now.
    Lets just say 5 million homes into Forclosure (conservative estimate) at a regular rate of 4 people per home means in the very near future at least 20 Million new homeless are going to be finding any way they never thought of to survive, welcome to the new "liberal" society Obummer never told you he meant for his "hope and change" thingy...

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  25. 5:09 you're as dumb as your fat inbred cousin. I'll do the math for you. Take your stupid imbecile childish remarks and pay for a helmet. The wall is getting dents on it.

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  26. Califorikation is the example of dilution of the majority into a third world poverty system, while the guberment of the state of caliF says pay me more money b*tch'z
    O good work putting Swartz into a position of seeing the greatest state in the whole world come to be duped into a mass illegal immigration experiment regarding how you run the pure wealth of this country into the hands of the Chineses, well that is if the guberment is serious about paying off its debt with the chineses with 'Real Property' which any reasonable person could assume will first be in Cali. Move out Mexicans... here come the Chineses!

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  27. Califonia Gov. "greed Jobs" spokesman: Ok all you civilian inhabitants, legal and illegal... you may not walk into this 'wildlife area'...
    angry mob: Its Freakin DESERT!
    Calif Gov. "greed Jobs" spokesman: no its NOT, it is a fragile delicate environment that we must protect from human interaction at all costs...
    angry mob: Its a Freakin DESERT, cactus everywhere...STFU!
    Calif Gov. "green Jobs" spokesman: OK you got me there, will anyone at least buy a used car off me?(as he contemplates becoming a used car salesman instead)

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  28. “The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie.
    It thus becomes vitally important for the State to use all of it’s powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the TRUTH becomes the greatest enemy of the State.”
    ~ Dr. Joseph M. Goebbels

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  29. I have no pity for people that took equity loans. Time to end bankruptcy one and for all. Let these people work off their debt in the fields and put the illegals out of work at the same time.

    Problem solved.

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  30. 5:21, you ever have an original thought of your own? I guess not. Now go to bed little one, it's past your bedtime.

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  31. These comments represent what is really bringing about our doom.

    What's that Hopi Prophecy state? Oh, "The Earth shall rock to and fro..."

    That's similar to what's said in revelations about everyone becoming insane and turning against each other.

    Lau Tsu described somewhat what 4:28 did in the Tao Te Ching:

    Venerable Prince, the people in the age future Age of Confusion will procreate out without concern of morality. Many people will be born with illness and disorders. Even though the people will become intellectually developed the world will become increasingly unhappy.

    Violence, sickness, and misery will all increase until finally a big war will take place which many lives will be lost. It will be up to those born of heaven and with virtue to start a new world.

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  32. "To wear everyone out by dissensions, animosities, feuds, famine, inoculation of diseases, want, until the Gentiles sees no other way of escape except by appeal to our money and our power."

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  33. At least if hundreds of BILLIONS (actually Trillions now) is going to "go missing' then it will all just trickle down like Voodoo Economics 2010!

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  34. The preceeding comments have been brought to you by Moron-be-gone. If you don't want people like these infiltrating your daily on-line life, spray Moron-be-gone on your computer keyboard each day before you turn it on. Moron-be-gone. Sold at fine exterminators everywhere.

    For The Twilight Zone, I'm Rod Serling. Good night.

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  35. 8:51 if only Billy Mays was still alive to sell your product!

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  36. The next question that arises is that we are in a very different world then was just 10 years ago. Money has half or less of the value it did then, and they say the dollar is crashing. Inherently as an individual you can do nothing about the corruption that is seething into society at a very high level from the top down. Self sufficiency is where survival is heading.

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  37. I was always taught to be good and follow the rules. That nearly got me kicked out of my house and got all my utilitites shut off. I can't reach anyone on the phone at unemployment and can't file through the website. Nobody calls back on my job apps. So I have become a criminal. I should have been a criminal long ago, now I have lots of money and I can pay my bills. My life was a nightmare with bill collectors and unemployment until I took my moral compas and smashed it to a million pieces on the ground and started commiting crime. Take it from Charlie Hustle, Crime DOES pay.

    The power company will shut your power off if you can't pay your bill because you can't get work or unemployment.

    They won't turn it off if you pay the bill with dirty money. All lenders/utilitie companies are like that. That's the reality of it and that's all you need to know that crime will work if your other options won't even allow you to survive.

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Everyone is encouraged to participate with civilized comments.