Most banks will not foreclose due to appraisal, but they do have the right to do so!!!! Period. End of Story.
No, this is not true. Not on a residential mortgage. This is simply a matter of contracts. There is no provision in any residential loan that contains a term such as this. Period. OldTrader
That has nothing to do with whether you own the house or not. It is an obligation as owner you must meet or you no longer have the right to be an owner. Just because ownership comes with responsibilities and obligations does not mean you are not a true owner.
Nope, they don't have the right. One way you can prove this to yourself is just go read a standard FNMA mortgage. You will discover no such term in the mortgage. Here's one place you can read the mortgage: http://secure.uslegalforms.com/cgi-bin/forms/query.pl?S-C-B-B-mortgage~documents~mortgages OldTrader
I don't have time as I am trying to trade. As it turns out it varies by state. Any state that only allows judicial foreclosure will not allow a foreclosure I am talking about. States that use "the right of foreclosure" can, and do have the provisions I am speaking about.
You know, over the decades, things have really been misunderstood when it comes to the "benefits" of home ownership via a mortgage, and vs renting. Often, you can rent the same house for half what your mortgage would be. And, that "write off" for interest and taxes of 20-30 and the "wasting" of rent money. Well, IMO, interest is wasted as well. And, of course there's "appreciation" or "depreciation" as we've seen over the last couple of years...so we have two completely different sets of decisions. Do you want to gamble on the RE market, hoping appreciation will more than make up for your doubling monthly payments (minus 20-30% tax "deduciton" - but only for some, many of us can't itemize anyway, LOL). Or do you want to live in twice as nice a house for the same payment? Or do you want to live in the same house and keep the other half of the money? As always..."timing is everything" My 2 cents... Don
Do your homework. All IRS has to do is claim you did not pay your taxes, whether it's true or not. They will seize your assets immediately. It has happened, continues to happen and will continue happening a lot more. All the EPA has to do is claim there is an endangered species on your property and out you go. FEMA has unrestricted rights to go anywhere and claim stake, so does Homeland Security. As I said, do your homework. Port Authority also can condemn areas and use eminent domain. It has been done, although they choose to proceed with diplomacy. Some people just do not want to face the fact that in this country, your individual rights (such as property rights) are at the bottom of the ladder. As for renters not having the same or even more rights, yeah, maybe where you live. Personally, I would love to grab onto one of the rent-controlled leases, because you actually get more power than the landlord, if you are smart and do your homework. The residential mortgage being called on, you're right, I was recalling on much older events. I'm not 100% sure what the rules are on banks calling in loans at will. But to be realistic, the banks would have no problem changing the legislature to do it, if they wanted. They pretty much do that at will nowdays.