I feel all banks breached these original contracts when they stop lending to people.
The banks are NOT obligated under ANY state or federal law to lend money to people. It is done only as a money making tool. However, HOW and what TYPES of lending IS covered under state and federal law.
They put many people in homes they could not afford to repair. But they said things like, don't worry, do the work (out of your own pocket) and the value will go up and you can refinance. Then you can roll that cost in to the new loan and you can get a lower rate.
It's funny to see people blame ONLY the banks. What about blaming the real estate agent, and most importantly yourself? I'm pretty sure neither the bank or the RE agent held a gun to your head to sign ALL the documents. If they did, why didn't you call the police? Didn't the terms of the ARM signal a red flag, or didn't your read or question when they asked if you had any questions or needed clarification? Did you really think that skyrocketing house prices would continue, or didn't you read the articles noting the danger and pending collapse?
WELL PEOPLE. (mostly you people whom think you know everything) THAT DAY NEVER CAME.
Of course not. YOU were betting on that day and lost severely. The bank was only speculating on that day, and it never came. How is that the bank's fault? Again, they never held a gun to your head.
But since those words were only said, not written. I can't sue them for my loses.
Deal with it. Maybe next time you'll do more homework.
Note to future home purchasers: visit home the day before you close to check it out 1 more time. I didn't and when I closed and went there, all the copper pipes were missing.
When my sister closed and went to her house, all the light fixtures we gone.
This is the ONLY part I sympathize with you. The RE agent should have gone to the home on the day of closing and warned of this. Maybe they did, it would be their commission on the line?
Wow, I can tell you have no legal knowledge or a law degree.
I have a legal obligation and they have their's. These are 2 separate issues and are in no way connected.
You are correct.
My obligation is to collect their rent, pay the expenses and put the rest in an escrow account for the current owners. I am fulfilling my obligation under the law
I am supporting them now. They are required to pay their rent or be evicted. Under a new law enacted in May of this year, the tenant can stay for 90 days but must pay their rent. Also, I can't just change the rental agreement I have with them.
You can negotiate a NEW lease and have them sign it. I can guarantee they will sign in a heart beat if you did this.
Let's continue with your so called logic If I won the lottery, and now have so much money, they should feel they don't need to pay rent any more. After all, I am rich!
Which do you this one better:
I bought a home at a high price because the market was good, and now that the market collapsed its ALL the banks fault! They should have looked in the future and told me it would collapse!
