Friday, March 19, 2010

Money Rant Vol. 3 - Foreclosures

Continuing my griping about people who have the ability to own a home that shouldn't while I cannot.

Today's subspecies of money abusers who confoundingly come out unscathed are Mortgage Foreclosers.

Losing your home has to be a humiliating experience.  So I'd like to compare situations.  I rent a home.  I pay rent the first of the month, I get to live there that month.  Assuming the status quo doesn't change, you live there as long as your lease term and possibly longer if all parties agree.  You own a home.  You pay your mortgage you get to live there.  You keep paying your mortgage you get to keep living there until you pay the whole thing off.
Here is where reality differs for these two scenarios.  I don't pay my rent, I have to move out before the end of the month.  You don't pay your mortgage, you get to live there for an additional 6 months before they threaten to foreclose on your loan, thus taking your home and thus making you move out by YEAR'S end. 

My old boss moved to town and foreclosed on his old home because he hadn't paid his mortgage for 6 months supposedly because he was moving here on a relo package.  He arrives and purchases a new home here.  He blames our company for messing up his relo package and therefore we are the reason for the foreclosure.  New home now though and guess what?  He didn't pay his mortgage for over 6 months before they threatened foreclosure.  He moved out to a rental before they reported anything.  He kept the home and was fighting the foreclosure for 6 more months.  A realtor comes along who says he can sell the home.  The bank says OK.  He has yet to pay his mortgage in a year.  He now doesn't have to pay his mortgage because they are possibly going to recoup their losses if it sells. 

Off specific topic, but still proving how the system works for these types of low lifes:  He paid his first month's rent, but the guy who owned the home lived in a different state.  He suspected the guy was being foreclosed on, so he stopped paying rent.  He began doing some unethical crap to get out of the unmanaged lease without paying more than his deposit and initial month's rent. 

So if you're following this chain of events, this jerk lived in three different mini-mansions for 24 months and only paid for 3 months.  The next place he moved into he did a real number on that would be a whole blog of it's own.

So guess what.  Two official foreclosures are on his report and he has a bankruptcy in his past.  This vile being has excellent credit right now.  According to him there are new laws in place that foreclosures cannot be deemed negative after 2 years.  First foreclosure is over that time frame.  He's looking for a new home to purchase because his wife doesn't want to rent any longer.  Sellers are desperate enough to overlook the "trouble" he recently had and are going to sell to him again because their combined salaries are five times what mine is.  For the love of all things holy, what Twilight Zone episode is this?

How can you screw over so many people and have them falling over themselves to have you screw them over again?  Statistically he will not screw them over because he knows he'll never get another chance.  Yet, because I'm unknown to them, they aren't willing to risk it at all.  The probability of me foreclosing is greater because I've never done it before.  You have got to be joking.  I hate scam artists.  They keep getting what they want and the rest of us get punished because of it.

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