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Pricepoint is gone :-(
On Monday, September 12, 2016 at 1:37:16 PM UTC-7, Radey Shouman wrote:
Joerg writes: On 2016-09-12 09:00, jbeattie wrote: On Monday, September 12, 2016 at 7:49:55 AM UTC-7, Joerg wrote: On 2016-09-11 14:57, jbeattie wrote: On Sunday, September 11, 2016 at 7:23:50 AM UTC-7, Joerg wrote: snip How can you use a house owned by a 3rd party as collateral for a loan made to you. Have you never understood that collateral transfers _at_ the moment of finacial transaction? _At_ _that_ moment the XYZ Company no longer owns the property and neither does the buyer. The bank does and that bank can transfer factual ownership to some other institution if they need to borrow the money from there. Have you never understood secured transactions? The bank doesn't own your home unless you default and it forecloses. Your home is just security for repayment of a loan. And what exactly do you think security means? Exactly what I said. More specifically, in Oregon for example, ORS 86.010 provides in part: "A mortgage of real property is not a conveyance so as to enable the owner of the mortgage to recover possession of the property without a foreclosure and sale. . ." That is de facto ownership to the extent of the outstanding mortgage balance. No payment - bank or whoever the mortgage got sold to later _will_ foreclose and _will_ sell. In that case your local government has de facto ownership. Don't pay your property tax - lose your property. After the 2008 fiasco many banks dragged their feet for years before trying to foreclose, even on abandoned properties. Partly due to MERSification of America, and partly because they didn't want to write down the value of their loans. As a result, properties that might have been salable turned to **** that could only be torn down. Hey, would you foreclose on a Superfund site? Not me. Banks are not owners, and they don't have to foreclose if they don't want to. You could also make the same argument with property tax liens or judgment liens or whatever other lien is attached to the property. All of those creditors should step in and restore the grandeur of that POS goat shed in a swamp! And let's not forget about the headache of evicting the goats. -- Jay Beattie. |
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