Originally Posted by TheDoc (Post 17948956)

Screw that, if I've paid off half my house, I'm taking the entire top floor with me! :thumbsup

Originally Posted by xenigo (Post 17948999)

This one was one of the less damaged foreclosures, certainly. It wasn't missing anything... one of the reasons it was purchased.

Anyway, it will still need to be repaired... gotta brush up on my sheet rock patching skills. :)

Originally Posted by beerptrol (Post 17949085)

I would pig out at taco bell, then spray the walls and ceiling with shit and the doors too, and maybe the windows.

Originally Posted by will76 (Post 17949211)

blah blah blah blah.... there is no "other side". People need to take responsibility for their own actions. (the problem with this country.)

- The bank didn't force you to buy a house you couldn't afford.
- The bank didn't cause you to lose your job or whatever made you not be able to make payments.
- The bank didn't make the market crash making your house worth less than you paid.

The only thing (some) banks did in the past was allow these morons to buy a house they couldn't afford. These people should be kissing the bank's ass for allowing them to get into a house that they should have never been able to get into. The bank took a gamble letting questionable people buy more houses then they should have with little to no money down. The person has no one to blame but themselves.

And just because all of that happened it is no justification to fuck up a place on purpose or steal shit from it.

At the end of the day it's the bank's problem. They rolled the dice and lost. Something most people forget, you only see the person who lost money on the deal. The banks lose a lot of money on most of these deals too and the last thing that the want is a house back, much less a fucked up one. What is the bank's problem is a buyer's opportunity. Usually the "fucked up" houses aren't that hard to fix up if you do that type of work and typically you can get better deals on those because most people are lazy only want to buy the ones in good condition, because the bad ones force them to cry on GFY.

Also, stupid home owners don't realize, when the house is fucked up it will sell for less at the foreclosure sale. Not sure if this is state law or for all states but if the foreclosure sale is for less than they people owe the bank could still come after them for the difference. So when they fuck up the house and make it sell for less at the foreclosure its actually hurting their chances of just being able to walk away without having to owe money too. Not to mention kills their credit.

Originally Posted by xenigo (Post 17948974)

Here's the sheet rock damage created by the morons who originally owned our foreclosure...

Thank god this was not a horrible situation, but still a PITA none the less.

http://www.serialmedia.com/sanpablo_11s.jpg

http://www.serialmedia.com/sanpablo_13s.jpg

Originally Posted by BJ (Post 17948903)

cash is king

Originally Posted by will76 (Post 17952122)

The difference is if you and me fell of the face of the earth no one would miss us. If the banks folded the entire US economy would collapse. Besides the fact of how banks are used to cash checks, back credit cards, and allow people to make payments easily. In the case of mortgages they allow people to own homes. Without banks, 99% of the country would be renters. Home owners and everything that goes along with it is vital to our economy.

Therefore you asked, why is there a double standard? Out of necessity. Banks (at least the bigger ones who represent the majority of home loans) can not be allowed to fail. Do I think it sucks that me as a tax payer has to bail them out. Sure. My gripe isn't that the "big bad bank" was bailed out, I understand the importance of banks and that we need them. I just wish the assholes in charge that got us in trouble were held responsible and charged criminally. The bank, as an institution is not bad, just some of the people running them were.

And "banks" do lose. It's not uncommon for smaller banks to close down. Banks also lose in most cases with foreclosures. But at the end of the day, you right the big ones that are important will be bailed out for the mistakes of the people who were running them.

Now that is a gripe for you and me to be mad about, we played by the rules and still had to pay for everyone else fucking up. Banks getting bailed out is not justification for someone that got more house then they could afford and in over their head, lost the house and got mad and gutted it because they were blaming the bank for their problems. The buck stops with them.

Originally Posted by will76 (Post 17952222)

Dude you serious or just foreign. I thought this stuff would have been learned in high school.

You want to buy a house from me. I am selling my house for 300K. You go to the bank and say, hey I don't have the money but I still want to buy it, can I borrow the money from you?

Bank says "ok" (if this was done in the early 2000's they should have probably told you to fuck off, but they loan you the money anyway.)

You tell bank, hey I will put up 5K, can you put up 295K for me. Bank again says ok. The bank gives you 295K and you give it to me plus your 5K. Depending on the state the deed / promissory note is handled differently so I wont even go there.

Let's check the score card:
Bank is out: 295K
You are out: 5K
I got my 300K and sold my house.

You then make 25K of payments (again lets leave out interest, at this point it seems like a foreign concept to most people here).

SO you paid 30K (initial 5K plus 25K)
Bank is still out 270K

You stop making payments... You get foreclosed on. How does the bank lose? They get the house back....

The bank is not a real estate company therefore they do not want house back nor do they want to own a bunch of rental property. They want their money back. So they sell the house at an auction. Ut Oh, the house sells for a lot less, how did this happen? It could have been because you over paid for it in the first place, or the real-estate values went down, or you trashed the house making it worth less, or you gutted it on your way out, or all of the above. Let's say it sells for 200K...

Bank put out 270K and got back 200K plus a TON of money in legal fees to go through the foreclosure process. So they lost 70K+

You lost 30K. The bank lost 70K+ Now lets add this to the equation, did you really lose 30K? No, you gutted the place on your way out and likely sold some of that shit on craigslist. You also didn't make any payments the last 6 months (living somewhere rent free???) If you were paying rent during that time you would have been out of pocket 6-12K. Then you also got to live someone where for the year that you were paying on it, which if you weren't living there you would have been paying probably the same amount as your mortgage (or close to it) in rent some where else.

So how much do you really lose, how much did the bank lose ?

Originally Posted by BittieBucks Eric (Post 17952582)

Although this is true in many cases...but what would happen if you showed up with a sportsbag filled with 150k to buy a house?

Originally Posted by BJ (Post 17952875)

I have, and alot more than that. Its the way business gets done. Its the simpletons that believe otherwise.

Originally Posted by fuzebox (Post 17952513)

Will76 speaks the truth :thumbsup :thumbsup

The fucking sense of entitlement among the degenerates on this board pisses me off :2 cents:

Originally Posted by SmokeyTheBear (Post 17952862)

The bank is not giving you a loan of 300k on a house worth 200k. You also forgot the bank doesn't actually have 300k to lend , they are simply borrowing the 300k at a lower interest rate than you :)

Originally Posted by SmokeyTheBear (Post 17952862)

If the bank sells the house for 400k do you think they give the 30k back ? So if the house sells for the same or more then you lost 30k and the bank made money.

Originally Posted by BlackCrayon (Post 17952660)

the big banks knew exactly what was going on and knew it was very risky but like all investors, when you make a bad investment, you take a loss, well not when you get government to bail you out. basically they have a golden ticket to invest as recklessly as they please because they won't be allowed to fail.

people are stupid! individual morons being allowed to determine if they can afford a mortgage or not is crazy! banks should be protecting their assets. not giving them out like candy "assuming" the buyer is responsible and knows what he's doing. the whole housing crisis was like a huge pump and dump stock scam, at least to my simple mind. of course people are going to lose their homes when their payments double due to the whole subprime scam which should of never been legal in the first place, a lot of people didn't even understand the concept.

Originally Posted by will76 (Post 17953402)

The entitlement mentality is why the country (and probably the world) is going to shit. That and the fact that politicians pander to these types of people.

That and the anti capitalism vibe. The "jealous" hate for companies that profit "too" much or make too much money in the broke dick public's opinion. The "fuck the rich" mentality, lets make the rich pay un-proportionality more in taxes then everyone else because they already have a lot of money so make them pay for it. The rewarding of laziness and failure. The dumming down of America and our education system that is ranked 30th in the world.

Originally Posted by xenigo (Post 17948974)

http://www.serialmedia.com/sanpablo_11s.jpg

http://www.serialmedia.com/sanpablo_13s.jpg

Originally Posted by will76 (Post 17949124)

If this does not affect you in the least, why do you care what these people do. It's the bank's problem and not yours.

Originally Posted by Bryan G (Post 17955293)

How ironic is that statement coming from you.

Originally Posted by xenigo (Post 17948974)

Here's the sheet rock damage created by the morons who originally owned our foreclosure...

Thank god this was not a horrible situation, but still a PITA none the less.

http://www.serialmedia.com/sanpablo_11s.jpg

http://www.serialmedia.com/sanpablo_13s.jpg

Originally Posted by Agent 488 (Post 17955498)

hate to see you when real tragedy strikes.

Originally Posted by will76 (Post 17949718)

you obviously have no clue. It doesn't matter if the fridge or washer / dryer was purchased with the house by the previous owner or not. They are not fixtures. ALSO you have no way of knowing if the original owner purchased that seperatly or bought it with the house. Since it is not a FIXTURE to the house.


Come on be honest, how many of these have you done before, 1, 0? or do you have a friend that does them. You have no idea what you are talking about and it is apparent from this thread.

banks don't give mortgages to finance refigerators. You wont find individual items like that listed on the deed/mortgage. Only the land/buildings and its *fixtures*will be mentioned. You might want to learn that word and what is a fixture or not. Because they wont spell out what every fixture is, at most it will just say "fixtures".

Originally Posted by NemesisEnforcer (Post 17949998)

You can read more about it: Foreclosure and Short Sale Taxes - Home Sellers Might Owe the IRS

Originally Posted by BlackCrayon (Post 17950015)

if its worth it, file suits against the people who do this. can't be hard to find out who they are.

Originally Posted by webseth (Post 17950149)

wow, you think they're just trying to profit from their own foreclosure by gutting it? more like they're trying to spite the bank as well as those that are trying to profit on their misery. they dont NEED to make a profit on the fixtures and baseboards if they can make life just a little bit harder and/or more expensive for the bank and vultures.

Originally Posted by PStarks (Post 17952020)

While I would normally agree 110% with everything you just said... The real issue is the banks NEVER lose. If they gambled on a bum mortgage and lost the Fed just bails them out. The problem is they have stacked the deck to the point where even if they lose they can either get the debt washed or just borrow more from the fed at 0%. At the end of the day... FUCK THEM :)

If you or I run business into the ground we need to suck it up and move on... if you are a bank you get a do over... so much for personally responsibility right? I do not see why a person is expected to be a perfect little bitch while the bank is pissing in their face and calling it rain. Sure there are websites for that sort of shit and few awesome affil programs, but double standards are bullshit and you know it.

Originally Posted by will76 (Post 17952122)

The difference is if you and me fell of the face of the earth no one would miss us. If the banks folded the entire US economy would collapse. Besides the fact of how banks are used to cash checks, back credit cards, and allow people to make payments easily. In the case of mortgages they allow people to own homes. Without banks, 99% of the country would be renters. Home owners and everything that goes along with it is vital to our economy.

Therefore you asked, why is there a double standard? Out of necessity. Banks (at least the bigger ones who represent the majority of home loans) can not be allowed to fail. Do I think it sucks that me as a tax payer has to bail them out. Sure. My gripe isn't that the "big bad bank" was bailed out, I understand the importance of banks and that we need them. I just wish the assholes in charge that got us in trouble were held responsible and charged criminally. The bank, as an institution is not bad, just some of the people running them were.

And "banks" do lose. It's not uncommon for smaller banks to close down. Banks also lose in most cases with foreclosures. But at the end of the day, you right the big ones that are important will be bailed out for the mistakes of the people who were running them.

Now that is a gripe for you and me to be mad about, we played by the rules and still had to pay for everyone else fucking up. Banks getting bailed out is not justification for someone that got more house then they could afford and in over their head, lost the house and got mad and gutted it because they were blaming the bank for their problems. The buck stops with them.

Originally Posted by BittieBucks Eric (Post 17952582)

Although this is true in many cases...but what would happen if you showed up with a sportsbag filled with 150k to buy a house?

Originally Posted by BlackCrayon (Post 17952660)

the big banks knew exactly what was going on and knew it was very risky but like all investors, when you make a bad investment, you take a loss, well not when you get government to bail you out. basically they have a golden ticket to invest as recklessly as they please because they won't be allowed to fail.

people are stupid! individual morons being allowed to determine if they can afford a mortgage or not is crazy! banks should be protecting their assets. not giving them out like candy "assuming" the buyer is responsible and knows what he's doing. the whole housing crisis was like a huge pump and dump stock scam, at least to my simple mind. of course people are going to lose their homes when their payments double due to the whole subprime scam which should of never been legal in the first place, a lot of people didn't even understand the concept.

Originally Posted by will76 (Post 17953464)

You get way to detailed for most GFY'ers to follow, most banks flipped it to fanny mae, freddie mac who serviced the loans and took the debt. Regardless of the exact details, at the end of the day the bank is taking the loss if the house sold for less than purchase price minus money collected from the idiot bought it..

Originally Posted by SmokeyTheBear (Post 17952862)

The bank is not giving you a loan of 300k on a house worth 200k. You also forgot the bank doesn't actually have 300k to lend , they are simply borrowing the 300k at a lower interest rate than you :)

If the bank sells the house for 400k do you think they give the 30k back ? So if the house sells for the same or more then you lost 30k and the bank made money.

Let's not use completely unrealistic examples.

Lets stick with your example except with a realistic re-sale value on the house.

Lets say i bought the house for rental income and the renters lost their job, they default to me , i default to the bank , the bank defaults to the government.

I shouldn't have relied on the renters to pay , the bank shouldn't have relied on me to pay and the gov shouldn't have relied on the bank to pay :)

everyone fucked up , but the renter didn't really lose shit, the bank didn't really lose shit , infact they made money , and i am the only one who lost a shitload of money , ya can't throw me a fucking fridge and some new drywall ? :1orglaugh