BiggerPockets

Did anyone else see this? You have got to be kidding me.

http://www.cnn.com/video/#/video/us/2009/01/30/griffin.mortgage.squatting.cnn

-Michael

MikeOH,

In Ohio do you have a six month right of Redemption like in Michigan?

Michael,

Somehow this fails to surprise me & that's not a good sign!

Best,

How about that superbowl?

Originally posted by Lee Common

MikeOH,


Somehow this fails to surprise me & that's not a good sign!

It doesn't really surprise me but the thing that bothers me the most is because it's a congresswoman making the statements. The really scary thing is she's from the branch of our government that makes the laws.

-Michael

Every time a politician opens their mouth, they should be required to say, "I am a non-attorney spokesman". Like that announcer does in those mesothelioma ads I see on TV.

We could name the law, the Joe Biden Act.

Oh and one more thing - homeownership and a lack of personal responsibility do not go hand in hand. They're doing a great job of creating a generation of tenants for those of us who can see the whole picture.

Man....and people wonder why there was Illuminati, Masons, etc....lol You kind of need that to keep the sheeple out of real business.

This is just the beginning . . .

Check out:
Illinois sheriff to stop sale of foreclosed homes

Stopping foreclosures and/or evictions of foreclosed people seems harmless to these idiot politicians - after all, it's just the big banks being hurt -- or is it? How about all the small investors out there who have sold properties on land contract or via owner financing. I wonder if these small investors can afford to have their buyers stop making payments and not be able to get their property back?

Mike

Hadn't thought about the land contract element of this.... That's a very scary thought especially considering how many realtors I've met who don't know the difference between a lease option and a land contract.

Originally posted by Kel S

Just another element that makes investing in this area I'm in (toledo, OH) a scarier prospect right now. That's the second time in a week that I've heard them say Toledo is in a depression not a recession.

It's just that the reporters in your area are brave enough to tell the truth. IMO the whole country has been in a depression for a year now. Our local mall is probably going to be looking at a 30%+ vacancy rate by June. Our strip malls are loosing the anchor stores and all the small spaces are vacant and have been for some time now.

-Michael

There is an excellent movie quote that describes the situation in the real world very succinctly (and bonus points if you can tell me what movie it is from). "What the American Public don't know is what makes them the American Public." Truer words were never spoken.

The American public as a whole is generally clueless and as others have said, things will get worse before they get better. As far as I am concerned, there is 80%+ that just go through life in a fog, can't think or make a logical conclusion with a road map and wonder why things are going badly for them. We as investors should be thankful we can think for ourselves and invest to have more control over our own future. The writing has been on the wall that the industrial age has been over or ending for a long time. It is just the same old story; People live in denial. Always have and unfortunately, always will.

I agree with the fact that the heart of the middle class is going to shrink significantly. The days of the uneducated, barely graduating high school then working in the mill or for an automaker making around six figures is over. And it has been pretty obvious to anyone willing to pay even the smallest amount of attention. The world will increasingly be separated into the haves and the have nots. As Tim suggests, this will create many future tenants for the landlords/buy and holders out there.

I may have to write to Ms. Kaptur about what a disgrace she is. If you are too lazy to read your own loan docs, I don't have much sympathy for you. Everyone is always advised to seek legal counsel. If they don't then that is there problem (and soon our problem). I find it very hard to believe you can go through a closing without knowing what your interest rate or terms are. How can an adult in this world say with a straight face they got a loan and didn't know they have a fixed or variable rate mortgage and if a variable rate on what schedule it adjusts. Would any investor you know put down 40k on a property and then not read the loan docs you are signing? How can a supposed adult do this? Personal responsibility is dead, plain and simple. As adults, the world should not have to protect one from themselves. That is what it means to be an adult.

I am not a lawyer but what about contract law? Going forward can we just decide, hey I didn't like my original terms, why don't you cut my interest rate and principal owed? Everyone else is. As far as I am concerned, Ms. Kaptur (is she a lawyer by profession?) has to be violating her oath to uphold the law. She has to have some civil or criminal liability by telling constituents it is ok to stay in your home, the contract you signed doesn't mean anything. If I held the mortgage of the lady in the story, they both would be neck deep in litigation (after I evicted her of course). Advising a constituent to ignore the contract and stay as long as you want seems like a poor policy to me.

It will be interesting to see what she says when I send Ms. Kaptur my 622 a month car payment and tell her to make my payments; I didn't understand the paperwork and make it policy that it can't be repossessed. It is a can of worms that will not get closed again. We as a country should be ashamed of ourselves. As MikeOH likes to say, welcome to our new socialist society.

As an investor, please take advantage of the great opportunities before you.

Mike C