Yawn, here comes the second wave of people to the thread who don't bother to read what has already been written and just show up to astonish us with their amazing insights...
Even funnier. The government can make a law - anyone called "Hydroblunt" on Elitetrader.com is subject to summary execution, and it will be legal and will happen. If you think the letter of the law is a protection, you are technically correct but meaningfully utterly wrong. Seriously dude you need to get a grip. No rights are absolute, they are de facto. Lender rights are far more precarious than owner rights. Renters even have pretty good rights. The mortgage holder is by far the weakest party in any property transaction. If you start talking about the risk of a government voiding property rights, you have much more to worry about than your mortgage.
Try reading my whole post and noticing that I did admit that you are right about the mortgages being called nowdays. I assume you are correct on it, a bank can't just call the mortgage without a reason. The current regulations on residential mortgages prevent it However, the tactic of extending loans & mortgages and then calling them at will to accomplish certain goals has occurred throughout history and in the past century. If you think it can't happen again, you're just being ignorant. Where you are wrong is the notion that the government has little or no power to just take your land. The legislation since 2000, says otherwise. EPA has long had that power, so has Port Authority (which is actually a quasi government & private entity). It's ok, I know you are a big proponent of owning real estate and think it's infallible. You feel that renting & leasing is always wrong, only buying (through whatever means) is the 100% correct answer.
Read and learn. This is the difference between someone with real lengthy experience of a business, who has a pretty good understanding of the operational facts, and an internet message board blowhard who thinks he knows everything. When it comes to legalities, rights, possession and so on - I take the opinion of a multi-decade landlord over a young prop trader any day.
When you actually take the time to read the legislation, such as Patriot Act I & II, Homeland Security Act, Military Commissions Act, then, maybe I can take your insults more seriously. But then, how many people actually take the time to read the fine print, instead of just letting mass media giving them the Cliff Notes version. When Port Authority built the tunnels, you think they took a vote among the stakeholders?
Nope - not in some states - a mortgage actually conveys the legal title to the lender. Usually somebody asks 'well then what does a mortgage give the lender in the rest of the states?' The answer is the equitable title is conveyed. At that point we are so far over even Einstein's genius, it's better to just pay the fken lawyer.
You never "Own" your home. That is the American Dream turned to Nightmare. If you can't pay your property taxes, they take it away. Owning a home is nothing more than Smoke Screen. Owning Land is a little diffrent however, they can take your land away if you can't pay your taxes. These are facts not rummors. Sometimes you have to wake up , out of the matrix. However, America has some of the best "Ownership" protection laws" unless you can't pay the taxes. Wake Up
Actually, I retract my statement, and in fact, you are not correct. Thanks to your nuthugger Cutten insulting me, I took the time to "do my homework". Only FHA, Fannie Mae, Freddie Mac and VA mortgages have strict guidelines about mortgage not being callable unless there is default. All other mortgages, particularly subprime can be, depending on the fine print. Lenders can, have and are trying to call loans based on changing LTVs & FMVs, as they were able to hide it away in the fine print. My guess is that you think that the noble & honorable mortgage industry would not put in demand features like this. It's not like an en masse call in of loans & mortgages has happened in the past 100 years.
Are you for real? Owning home itâs illusion, miss some payments and the owner will take it .Even after mortgage is paid off âmiss some tax payments and the owner will show up, you donât even own your self⦠http://video.google.com/videoplay?docid=7071159661604320560