Standing on moving ground; get out of debt

Kelphi · 10-13-2008, 05:21 AM

If the financial institutes are going away who will own our house notes? Who do we pay?

10-13-2008, 05:31 AM

Quote:

Originally Posted by Kelphi

If the financial institutes are going away who will own our house notes? Who do we pay?

In the short term your notes will be bundled up and sold/
merged acquired.

There is an opportunity here should they move to foreclose. You may demand that they prove that they
own the note. You may demand that they produce the original note in court. If they cannot, you are free.

10-13-2008, 05:45 AM

Excellent post. In Canada you are not allowed to claim student loans in a bankruptcy until 10 years after you've been out of school. Different countries have different rules. I also know our debt to the penny. It's important for me to know our financial situation and not hide my head in the clouds. I've discussed money quite a bit with my parents and one thing that was concluded was that it was very different back in the 1940's when my parent's built their house. For one, you were allowed to build one room at a time and live in the house until it was finished. Now, you must have a home inspected and it must me almost entirely complete before you can move in. I also learned about the prices. If you looked at an average income of say, $200/month the property was only about $2000 and food was grown in your yard and groceries were not that expensive. Now, an average income could be anywhere from $
2-4000/month, more or less, but a lot is anywhere from $50-150 000 and houses are beyond reasonable. It takes at least 25 years to pay a mortgage off and you pay the banks a mint in interest. Everything is bought on credit because saving for a car or a home could take a lifetime. We are constantly seeing images of everything we could buy - just use that credit card. It's scary that "credit" is pushed on society as a good thing. We tried living without a credit card for a year. It was nearly impossible. It seemed like everyone wanted a credit card - we couldn't even book a hotel room without one. It really opened my eyes. It will be interesting to see how things might change in "this era" for us and what it will be like for future generations.

10-13-2008, 05:21 AM	#1
Kelphi Avalon Senior Member Join Date: Sep 2008 Posts: 107	Re: Standing on moving ground; get out of debt If the financial institutes are going away who will own our house notes? Who do we pay?

10-13-2008, 05:45 AM	#3
NatureGirl Guest Posts: n/a	Re: Standing on moving ground; get out of debt Excellent post. In Canada you are not allowed to claim student loans in a bankruptcy until 10 years after you've been out of school. Different countries have different rules. I also know our debt to the penny. It's important for me to know our financial situation and not hide my head in the clouds. I've discussed money quite a bit with my parents and one thing that was concluded was that it was very different back in the 1940's when my parent's built their house. For one, you were allowed to build one room at a time and live in the house until it was finished. Now, you must have a home inspected and it must me almost entirely complete before you can move in. I also learned about the prices. If you looked at an average income of say, $200/month the property was only about $2000 and food was grown in your yard and groceries were not that expensive. Now, an average income could be anywhere from $ 2-4000/month, more or less, but a lot is anywhere from $50-150 000 and houses are beyond reasonable. It takes at least 25 years to pay a mortgage off and you pay the banks a mint in interest. Everything is bought on credit because saving for a car or a home could take a lifetime. We are constantly seeing images of everything we could buy - just use that credit card. It's scary that "credit" is pushed on society as a good thing. We tried living without a credit card for a year. It was nearly impossible. It seemed like everyone wanted a credit card - we couldn't even book a hotel room without one. It really opened my eyes. It will be interesting to see how things might change in "this era" for us and what it will be like for future generations.