California puts 90-day hold on foreclosures

This should be pinned

This is good news for many

this is just another stupid attempt to of governments intervening in a problem they themselves were partly responsible for. it's just going to delay the inevitable which is home prices have to come down further to liquidate the excess inventories.

AMEN bro but not all deserve it---some got suckered in by the loan guy saying, sing here, you QUALIFY
I know some people who qualified but ran when they saw
what the payments were gonna be. geez,poor loan broker

California property went to the moon-now its back to reality.
Hopefully this will help stabilize values and give some people time to figure out there next move

what it will do is provide the markets with a record drop in foreclosures next time around. As far as I am conserned this is the end of the beginning. 90 days from now, there will be a record spike in foreclosures. Could just be the straw that breaks the camels back.

That sounds about right to me.

too little too late

what about all the poor suckers who already got foreclosed on...WTF...do they get their houses back?

Fuck this bullshit. Foreclose already. Maybe it will drive some of the stupid out of Cali and they will move to Nevada or Arizona or back to Mexico.

no you needed to hang on for a little while longer

shittiest Christmas ever... coming up.

I'm in the beginning stage of an modification. I have 1 co-worker and 2 neighbors that it's to late for. Anyway, I was tipped of this story by a foreclosure specialist LOL. He's a good guy and making a killing on all these foreclosures.
I'm making money off him for computer repair. The wheel goes round and round.

This is good that they stop throwing people to the curb. What good does it do anyone?

Laws, on top of laws, on top of laws. Time to get human again(.)

Do not buy a house you cannot afford.

Just because you lose your employment..doesn't mean you couldn't afford your abode while you were working.

Agree totally Winning. Started to post the same thing.

Shit stirrer, eh? Haven't you got some serious wanking to do elsewhere on the net?

a better plan the mothing

the people losing their homes are not comected like those that will not

the gov has one jon- stay in power- keep peace

if you stand in the way of those two then you are eliminated

This will encourage a lot of people to NOT make mortgage payments. These people will spend this money on other stuff. At the end of the 90 days these deadbeats will be crying that they're even further behind. The situation will be worse than if this law hadn't been passed.

mortagage is a ripp off

pay us pay us and if you miss a couple we keep all your money we took and the house- can't lose

it is the banks that should suffer - not the people

If I Lived in Ca I would stop paying my mortgage and live in my house for free. Why the fuck not!!!

Correct. It also doesn't mean that property taxes may not have risen to a point where you can no longer afford the house.

The beginning payment is never what you wind up with in the end.

My house payment DOUBLED because of property taxes.

You can dispute - but there's no guarantee you will prevail.

Especially with the state needing to support illegals.

"My house payment DOUBLED because of property taxes"


lol. yes, paid off the house- no rent - and - about 1400 a month to keep it up.

read somewhere a theory that as they fire people- the upper level folk stay and get added work- and being incompetant at that level will stress out and do a bad job.

(these are the peop;le that made the descicions that landed then in trouble in the first place.....

more accidents- worse work, and a worsening of the problem.

Just because you lose your employment..doesn't mean you couldn't afford your abode while you were working.

Yes it does

- Did you have a proper emercency fund set up for 6-12 months in case you lost income

- Did you buy a house that if you lost a job you would still be able to find some type of work to pay the mortgage.

A big problem to all these home issues is what Americans think they can afford. Just because you can make a payment when times are good does not mean you can afford it.

I hate slimey banks as much as anyone but a banker did not make you sign the mortgage. As a consumer it is up to you and YOU alone to understand what you sign, the product you are getting, and what you can afford.

the sooner they egt out of the house the sooner it will be for them to rebuild the fico score and buy at the nw prices

I AM SO OPPOSED TO paying off someones mortgage who can not afford it. Howevere if bush or obama really cared why did they give all that money to the banks. If they had bad mortgages on their books why give them money and the people still have to pay loans. they get double. why not take those billions give it to all those who had trouble paying mortgage. Bank gets it, people(after all it is our money) get it. I have a loan and i have not been delinguent so I do not appreciate others getting money but i do not understand a bank getting it and my neighbor still foreclosing and lowering my neighborhood value. also I tried to refinance(for lower rate) under Obamas plan but since I did not go with fannie may or freddie mac I am not eligible. Oh surprize surprize who got the most money from these 2 Dodd and Obama. Again money going to instition that got us in this mess, not the people

Well as far as i know the bail-out money to banks is a loan-is it not? Ti be paud back.
It would not be fair that some home owners cant pay up and then gets bailed out either-(according to your ideology) if its a free ride in the end.

even if you did everything right and had the good luck to never have any typical disasters in life. you are all topped off on your credit scores and owe nothing or very little too anyone. you are going right down the shitter too LOL. size matters and the number of financially fucked people grows by the hour.

but have fun being smug about being succesful in the fiat currency jungle while you can. when the chenga tower of doom comes down , you can die with a smug grin on your face.
somehow i see the self righteous asshats , clutching their gold squealing mine mine mine right before they croak ).

I bet Barney Frank is spreading his hairy ass cheeks in celebration over this.

Since when does the State have the authority AT LAW to interfere with third party CONTRACTS? HUH???????

THINK people.

This is getting better by the day. They'll stop at NOTHING to try and save the system.

A last ditch desperate attempt. It will not resolve the issue. These people are hopelessly upside down on these loans.

End game.