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Foreclosure, Do Not Walk Away, Investors do not want it.

mynonprofitwebsite.com — You just might still be able to get your house back.

Who dugg this? Made popular May 29, 2008

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127 Comments

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  • wwjbaby, on 05/28/2008, -8/+178Just in case:http://www.picsyard.info/static/_Foreclosure_Do_No ...
  • mimigins, on 05/29/2008, -2/+78Was it supposed to be funny or informative? I was waiting for the funny...
  • inactive, on 05/28/2008, -9/+49In any case, it is the cities and towns that will hurt the most. Property values plummet, which in turn reduces the tax base to the point of no return. Municipal bonds end up being worthless. What the banks and investment houses did was armed robbery.
  • NSResponder, on 05/29/2008, -1/+37I'll give it a shot, sure.

    When you buy a house, you usually borrow money to pay the seller. The lender gives you that money according to the terms of a contract, which is the mortgage. The mortgage contract says how much and how often you will pay money to the lender over the period of the loan.

    If you don't make those payments on time, you're in default: you've failed to meet your part of the contract. When you're in default, the lender has to decide whether they believe you'll make good on your debt or not. If they don't think you can do it, they'll go to court to foreclose. The mortgage contract says they can take the house from you and sell it to get their money back.

    Before they do that, you have the right to pay up and get current, and continue the mortgage contract. That's your "right of redemption". When they go to court to foreclose, they're asking the court to end your right to keep the house by getting current on your payments.

    -jcr
  • klitscher, on 05/29/2008, -1/+31I wouldn't necessarily take financial advice from digg...
  • Y0tsuya, on 05/29/2008, -2/+30Maybe municipalities shouldn't budget their spending based on short-term bubble-derived income. But that's too much to ask for.
  • suprxtragrav, on 12/09/2008, -0/+24Wikipedia: Foreclosure is the legal proceeding in which a mortgagee, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the owner the right of redemption if the borrower repays the debt. When this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption.


    WTF. can someone explain this to me in stupid terms?
  • tault, on 05/29/2008, -1/+24His credit wont be *****. It takes 3 years to get a new house. It stays on your record for 7 years. HOWEVER. Have him go out and get as many credit cards as he can. Also have him make sure if he has other loans he does now go out and pay them off but drag them out.

    Then do this. Have him buy at least 20 dollars of items on each credit card. If done correctly he can easily increase his credit score to only 100 points under what he could of have. In a nutshell he can have around a 650 credit score in as little as a year or 2. That wont get you the best house around but if its done right banks will be fine with giving you a house in just 3 years and you will be fine for credit wise on everything else.

    Also you can be annoyingly sneaky and every 30 days apply for a credit card and have them request the foreclosure document from the company or companies that did the foreclosure. If lucks on your side eventually they will forget to send out the paper for a foreclosure in the required 14 days if i recall correctly and that foreclosure can be taken off your credit history permanently.

    Behold the power of manipulating the system.
  • smartcause, on 05/28/2008, -0/+20And here I am living in a shipping container! Off to search the suburbs for a foreclosed house to squat in...
  • jamesov89, on 05/29/2008, -0/+18What does emo have to do with that?
  • Newedge14, on 05/29/2008, -1/+17The Digg Effect is more powerful than the force
  • porplem, on 05/29/2008, -0/+13Good call. Made popular two minutes ago and it's down.
  • BeeArePro, on 05/28/2008, -1/+14Same thing happened to my brother. He's now living rent free till someone buys his house..but his credit will be ***** once this is over..
  • dvsbastard, on 05/29/2008, -2/+14Don't bother with a mirror... the error page is much more entertaining than the comic...
  • fac3less, on 05/29/2008, -3/+15Holy horrible ads batman.
    http://www.fusednetwork.com/mirror/emo-comic-2-box ...

    There, straight to the image. Burn some bandwidth kids! :)
  • wes00mertes, on 05/29/2008, -1/+13Generic witty jab at your generic comment.
  • WNW3, on 05/29/2008, -1/+12Would taking your advice to not take financial advice from digg classify as taking financial advice from digg? *****, I confused myself. *****!
  • Synchro, on 05/29/2008, -0/+11If it is on the Internet, it must be true!
  • FishHammer, on 05/29/2008, -0/+10wow 503 after 10 minutes
  • willrs, on 05/29/2008, -0/+10yea well you already have to have your money approved before you can go into an auction, how can somebody who cant pay their mortgage get their non existent money approved???
  • ericmerrill, on 05/29/2008, -0/+9That's the spirit!
  • Calcularius, on 05/29/2008, -1/+9Can happen, but RARE.
  • blackgt93, on 05/29/2008, -1/+9www.mynonworkingwebsite.com
  • Borramakot, on 05/29/2008, -0/+8What the banks did was mandated by the law. See the Credit Recovery Act, which stipulated that loans should be given to the euphemistically named "Subprime" borrower. The inflationary system is also designed to encourage investors to put their money in bad investments, because as long as the value lost isn't higher than inflation, its better than keeping cash. Therefore, mortgage companies cannot simply have cash, they need to give it to people who can't afford it, whether they can be paid back or not.
  • life38, on 05/28/2008, -1/+8seven years is all it takes to clear it out. Just think he will have the company of thousand of wall street types with bad credit.
  • ChileanGoD, on 05/29/2008, -0/+7Generic combo breaker?...
  • altosaxon, on 05/29/2008, -0/+7The bank foreclosed on the server...
  • ligyron, on 05/29/2008, -6/+12Generic comment
  • Y0tsuya, on 05/29/2008, -0/+6You must not be familiar with budgeting, California-style. State and local governments spend every cent they get, and then some. They don't really save up for a rainy day. If tax revenue increases, spending increases to match. When tax revenue decreases, they borrow money to plug budget holes because folks receiving government money howl and scream at any hint of a cut.
  • zspeed78, on 05/29/2008, -0/+6Keep dreaming..
  • alukima, on 05/29/2008, -0/+5If someone didnt have the cash to pay their monthly mortgage they probably wont have enough to buy their house outright in an auction.

    The better idea is to buy a house you can afford to begin with. I was approved for three times the cost of the house I bought . I.E. Approved for $150,000 and ended up buying a $50,000 house. When I got divorced I could still afford it without starving.
  • lukas88, on 05/29/2008, -0/+5If it is foreclosed, you will forfeit all legal ownership of the home as well as the money you already invested in it. So when someone buys it, they won't be buying it from you.
  • lagannt, on 05/29/2008, -0/+5Getting that many credit cards, then closing their accounts will probably bring your score right down again...
  • ObiWanCalobi, on 05/29/2008, -0/+5What's with all the Digg effects going on all of a sudden. I remember when at least some site managed to stay up once they made front-page.
  • edstate, on 05/29/2008, -2/+7Can we please not help these idiots that bought way more house than they could afford?
  • zspeed78, on 05/29/2008, -0/+5Not to mention every foreclosed home Ive ever seen has a bank turn off the electricity, but a lock on the door, and have a few realtors walk through it to take pictures and so forth. No one is going to let you live in it. Buy it back at auction, maybe.. but with what credit?
  • SteveIsTheDude, on 05/29/2008, -0/+4Generic anger about this thread of comments unrelated to this story, note: "This is not funny anymore, I am really mad now".
  • gator2000, on 05/29/2008, -1/+5Property values plummeting have nothing to do with a tax base. Municipal taxes are calculated based on a projected budget. That budget is then spread out among the homeowners and businesses. The portion of the budget each homeowner is responsible for is weighted to them based on the relative value of each individual home. When all of the values go down by the same percentage, there is no effect on anyones taxes.
  • jeffiek, on 05/29/2008, -0/+4"armed robbery"

    Call me old fashioned, but shouldn't that involve some sort of weapon? A gun, a knife, maybe even a purse full of quarters?

    There are enough problems in the world without distorting reality.
  • chuckDontSurf, on 05/29/2008, -0/+4The shipping container apparently gets great wifi reception.
  • wes00mertes, on 05/29/2008, -0/+4There is a mirror in like the 4th comment...
  • mcquitty, on 05/29/2008, -1/+5You are correct. In my house, it is the assessed value times a multiple to calculate your taxes. As the value of your house increases, so does your tax rate.
  • lukas88, on 05/29/2008, -0/+4A lot of complicated explanations. Simply it is this:

    If you can pay back the loan, you cannot legally be stripped of your house.
    Foreclosure is the legal process that shows that you cannot pay back the loan (probably through a history of nonpayment), thereby allowing the bank to take ownership.
  • inactive, on 05/29/2008, -0/+4I don't know, the Hot or Not was most definitely hot
  • suprxtragrav, on 12/09/2008, -0/+4ah ok that makes sense. thanks guys.

    so what this comic is trying to say is that, if you get foreclosed, you are still authorized to keep your home until it gets sold by the original owner/lender right?
  • thcobbs, on 05/29/2008, -0/+4Generic jokes about geriatric moms are just wrong though.
  • tHePeOPle, on 05/29/2008, -0/+3Generic joke about your generic mom.
  • NelsonR, on 05/29/2008, -2/+5Japan's housing market tanked for over 10 years and they were not in the financial dilemma the U.S. now faces. Give the home back unless you think your devaluing house will again rise. Hopefully then you are young and can await this long term downturn to invert. Who will you hurt, mainly foreign investors who failed to learn from our Enron and the five percent elite acquiring most of the available money now in circulation. Soon rather then purchasing TP paper at exorbitant prices it would be cheaper to use one dollar bills.
    Isn't Bernanke, Paulson and that great economist Greenspan who started this mess grand? Hopefully I will meet them while they panhandle on a street corner. Now we all know better since it will be us on that corner while they bask in the sun of some Caribbean Island. Oh, you have to love our upper crust and those crooks and speculators on Wall Street and the Commodities Market.
  • ren1999, on 05/29/2008, -0/+3I also worked with Foreclosures as an IT person and basically the bank takes a big hit when they have to sell a home. They don't want to do it. They suffer a big loss. The bank is not the enemy. The people trying to pay for their homes are not lazy. The problem is low wages and jobs lost overseas. The problem is basically, 1.) short term stock investment shareholder decisions that disregard the lives and earnings of people 2.) Executive officers who tank companies while paying themselves a lot of money. 3.) Outsourcing jobs to slave laborers overseas. 4.) And a corrupt government that allows these things.
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