Sep092014

Delinquent mortgage squatters receive both praise and blame

People who live in houses they don’t pay for are viewed as folk heroes by some and contemptible deadbeats by others.

Have you noticed that most of the human interest stories from the housing bubble have no heroes? The housing bust has brought out the worst in mankind. Every party involved seeks to avoid any financial responsibility while simultaneously looking for ways to game the system to their advantage. The cast of characters includes lenders, realtors, delinquent mortgage squatters, holdover tenants, mortgage brokers, basically anyone involved with real estate.mortgage_squatter

Are delinquent mortgage squatters heroes fighting the system or deadbeats gaming the system? These people quit paying their mortgages, many quit paying several years ago, and banks are either unwilling or unable to force them out and resell the property to someone who will pay for it. While the rest of us continue paying rent or mortgages to remain in our properties, delinquent mortgage squatters pay nothing. Is that right or wrong or something in between?

The comments the came with today’s featured article illustrates how twisted people can become when they are wrong, greedy and stupid.

Foreclosures prompt lawsuits against debt collectors in N.J.

August 31, 2014, By RICHARD NEWMAN

…In West Milford, homeowner Paul Onder has been in a stand-off with the Utah-based debt collector Select Portfolio Services for four years over the same question: Who owns the mortgage? He said he hasn’t made a payment on his $450,000 debt consolidation loan since 2010.”They want me to pay money? Where is that money going?” he said Wednesday in an interview.

Meanwhile, Onder remains in his West Milford home while his standoff with Select Portfolio Services grinds on.”They are paying my taxes, and they are paying my insurance,” he said. “All they are doing is threatening because they have no leg to stand on.”

Now that’s a truly free ride!

Paul-Onder

The comments

So what does Mr. Onder’s New Jersey neighbors think about him?

D R · Works at Real Estate Mortgage Network
If someone is not sure where or who to pay, then set up an escrow account with your attorney and pay the mortgage every month. The attorney holds it in escrow until the correct party is identified Otherwise you are a deadbeat who is using the problem as an excuse not to pay.

Anyone with an ounce of objectivity sees right through Mr. Onder’s ruse; he’s using a feeble excuse and some legal maneuvering to stop paying a mortgage he knows full well he is supposed to be paying. Does he believe the lender would have given him $450,000 if they didn’t think he would repay? Is it rational for him to believe his repayment was optional? Does he really believe he was wronged, particularly considering he’s lived payment-free in his home for over four years?fuck_you

D B · Winthrop, Maine
to your deadbeat post, f-u, …

She gets right to the point.

D R · Works at Real Estate Mortgage Network
simple if you paid off the mortgage by refinancing you no longer pay the old one you make payments on the new one. So I ask one question have you been paying on the new one?

I think we all know the answer to that one.

It goes downhill from here

One of the greatest assets of this blog is the astute observations of the intelligent and thoughtful people who take the time to comment here. Some times I take this for granted, but reading the ignorant and thoughtless comments from the New Jersey newspaper made me realize just how great the posters on this blog are.

J B · New Jersey Institute of Technology
calling somebody a deadbeat cause they are struggling and wish to save their homes is real Christian of you

This comment is ignorant on so many levels. First, perhaps the person she’s chastising isn’t a Christian won’t care. Second, who is she to define what being Christian means? Third, while Jesus Christ may have had issues with money-changers, I hardly think he would have condoned theft through deception by promising to repay a debt and failing to do so. Fourth, is it really a sign of superior compassion to provide people emotional justification for committing a sinful act?

W F · Edgewater, New Jersey
They have not paid the mortgage in 4 years. Should they live in their homes for free forever? That would be Christian? Are these people saving the money till they are sure who they are supposed to pay.

Absolutely-Fabulous-HELOC_approvalThe people who support this man’s behavior do believe he should live free forever in recompense for some unseen wrong he endured at the hands of the evil bankers.

Probably smoking and drinking, not working.

Though the post provides no direct evidence of smoking, drinking, and sloth, the innuendo is consistent with others in his circumstances.

Douglas Rotella · Top Commenter · Works at Real Estate Mortgage Network
Thou shall not steal and living in a housed for 4 years without paying is stealing

Yes, it is.

Oshlahun Enterprise
LOL, People who don’t know things need to realize and admit they don’t know something and therefore need to shut their Mouth N stop with the assumptions, cause in Law when You assume You killed Yourself.

So far, I’m with this poster…ignorant

Thanks Jean for letting these idiots know they need to shut Up. The Reality is that those People are not stealing,

Okay, he’s losing me.

The banks or other entities pretending to Be a Bank are stealing.

WTF? Now, I’m curious to see how warped and twisted this person’s reasoning becomes to rectify this ridiculous assertion with the reality of life.

If I supposedly own someone something I would like to pay that someone that something not someone pretending to be that someone I owe. In most of these allege foreclosure issue, MOST, most of them are not Foreclosure Because a Foreclosure can only Be done by a Creditor and no one can Be a Creditor to You unless they gave You something.

Didn’t the creditor give this man $450,000?

Look on Your Original Note N deed of trust for who the Lender is which is your Creditor by the way and tell yourself if that’s the same entity asking You to send them some payments every Month, if its not them then stop sending Your hard earned money to someone whom You have no obligation to send Your money to, they are stealing from You.

OMG! That is one of the most delusional diatribes I’ve read in months.loser

Selling the right to receive payments from a loan is a common practice. It doesn’t matter who originally made the loan, it only matters who the loan must now be repaid to. For this guy to twist that around to say that paying anyone other than the originating lender is theft is laughably stupid.

They are What the FDCPA call a Debt Collector You owe them only one thing, suing them for their violations of the Consumer protection law in your State and Federal laws.

Go ahead and bring suit. The judge will get a big laugh just before he throws it out.

The FDCPA found in 15 USC 1692 is 10 pages long, read it. You are Consumer they are either going to Be a Creditor or a Debt Collector. I will not pay anyone who I don’t owe something to, are You going to do that?? Plus what happens when You paid the wrong entity, can they really give You a Satisfaction, NO, what happens when the real Creditor shows up asking You to pay then what, LOL. This is not about Your taught Ideology folks, this is about the Law and what the Law that applies says. PERIOD DONE, WE DON’T NEED TO TALK ABOUT ANYTHING ELSE. Also read the FCRA cause Am sure they reporting on your Credit Report too, Unlawfully. Peace

I wouldn’t go to that poster for legal advice, would you?magic_mortgage

B E
If the banks are violating the law and screwing the homeowners in the process, shame on the banks and they shouldn’t get a dime. Mortgage lending is a total fraud.

Without what he calls a fraud, most people wouldn’t get their names on title and move into houses as owners.

Anyone whoever took money and banking courses in college knows that banks are defrauding homeowners through what is called “Multiple Deposit CREATION”.

WTF?

Your signature on a mortgage loan guarantees the bank or lending institution 10 or more other mortgages. Multiple Depost Creation is making money out of thin air–which if you or I were to do it, we’d be in jail for theft, money laundering, etc.robo-signer_lost_home_no_mortgage

If the banks sold off the mortgages to other lending institutions or “servicers” as evidenced here, then the original mortgage lending institution no longer holds the mortgage. Since you made a contract with that lending institution, if they sell off to another entity without notifying you, or without re-writing the mortgage loan under the new entity, they’ve breached the contract, and you’re no longer obligated to pay the terms of said contract. It’s simple contract law.

If they improperly transfered the debt, then the originating entity still owns the debt, and they must be repaid. Failure to properly execute a transfer doesn’t erase the debt. Why would it?

This is such a shockingly stupid idea that nobody would possibly believe it unless believing it allowed them to further believe they didn’t owe someone $450,000. Greed has a powerfully stupefying effect when stupidity is profitable.

The banks breached the contract. You’re no longer obligated to the contract.

Wow! Just wow!

The banks also violated federal laws, such as the Fair Debt Collection Practices Act (FDCPA), Truth In Lending Act (TILA), Fair Credit Reporting Act (FCRA), etc.

aww-did-you-lose-an-internet-argument-better-call-the-other-guy-stupidIs there a law against stupidity?

So, instead of making inane, slanderous, and libelous comments that this person is a “deadbeat” or that they are “probably smoking and drinking, not working”, maybe you should educate yourself on these issues first before looking stupid on social media.

That is sound advice, wouldn’t you say?

R M
Mmmmmmmm never heard of that must be nice to live for free for 4 years so I guess he dont pay for his water>Electricity>too or his cable huh got to try that!

entitled_to_keep_house

R R · Notre Dame des Missions
Sorry, dude! If they don’t own the loan, they can’t foreclose. Let me tell you about MY last mortgage payment in July of ’08. One foreclosure, two HAMPS (both breached by the servicer) yielded a RICO suit and about 5 years of litigation. Should I give them my house

squattingmy house? When did it become his house? When he got the loan from the bank? When he moved in? The only reason he got his name on title is because he signed papers to get a loan, and his position on title is contingent to him repaying the loan. It was never his house, and it won’t be until the loan is repaid in full.

because they have a COPY of a NOTE that THEY don’t OWN? Never endorsed? No equitable assignment of a mortgage is possible without transfer of the note, with chain of title, for consideration. They did this, not me. I just happened to figure it out. The other 10 million victims of fraudulent foreclosure who lost their homes weren’t so fortunate.

All he figured out was how to game the system. Nobody will be too upset when he finally gets booted out.

D W G Jr · The Ohio State University
See 12 USC 1913 L (1): Your promissory note is deposited as cash.” By law banks can’t lend their depositors money or the banks credit. Check out your closing documents TILA statement, the top 3 boxes: ” ANNUAL PERCENTAGE RATE (then in very tiny print: The cost of your credit in a yearly rate) Next box says: “FINANCE CHARGE” (In very tiny print: The dollar amount the credit will cost you) and the third box “Amount Financed” (under that in tiny print: “The amount of credit provided to you on your behalf.”) Your signature triggers the money to be printed. It was your credit. They NEVER lend you any of their money. You actually funded the loan and then they do fractional reserve banking getting 9 times the face value of the note from the FED and they then lend you back your own money!! At interest. Such a deal!! So, my question is “should the one who funded the loan be repaid?” YES!!!! (it was you who funded the loan!!)

squatting_until_foreclosureSo what he’s saying is that the borrower actually funded the loan through fractional reserve lending, so the borrower need only repay themselves; therefore, they don’t have to repay the bank. That is some really twisted and creative thinking to justify not paying the mortgage.

But this next one is even better….

S D · Tampa, Florida
For those talking about paying a loan of any kind. Could any of you photo copy your bank account where if you purchased a home or car and they gave you say… $350,000 for the home. I know no one here can and will EVER show you received $350,000. YOu did not receive JACK!!! WHat is there to pay back. Made up money you NEVER GOT. If that’s the case your parents gave you a place to live on average 20 years. HOW MUCH money you paid them. You didn’t cause they NEVER gave you none. Just like your so-called Lender!!!

If I follow this guy’s line of reasoning, he’s saying that $350,000 that went through an escrow account at closing wasn’t really there? And the seller got imaginary money? And since this was all imaginary money, you don’t need to pay it back? I may not have that quite right. I’m not intelligent enough to follow what he said.

R S · New York, New York
I wish i was so lucky not to pay rent for 4 years………but banks have an obligation to foreclose..and if they just dont want to then why not get freeee rent….you are keeping the property in good condition till you have to move……..maybe that’s what the banks really want.

There is some truth in that. Lenders allow delinquent mortgage squatting because empty houses deteriorate more quickly than occupied houses, even if the occupied houses are not well cared for.

Other notable squatters

Joseph_Lents_squatter

defaulters

Darrell Thomas

durkin

Keith_Janet_Ritter

Tell me, do you feel sorry for any of these people?

want_astute_observations

[listing mls=”PW14192216″]


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