Warning to all UPSers watch 👀 out for zombie mortgages.

[Over70irregs]

These loans from early-mid 2000 are being resurrected. Know your rights please.

Homeowner faces losing house over ‘Zombie mortgage’ that came back to haunt them

A COUPLE fear losing their home of 18 years despite having paid their mortgage on time. Sophiea and Andre Lipford from Alexandria, Virginia fell foul of what is known as a “zombie mortgage.&#…

www.the-sun.com

 

[catstalking]

These loans from early-mid 2000 are being resurrected. Know your rights please.

Homeowner faces losing house over ‘Zombie mortgage’ that came back to haunt them

A COUPLE fear losing their home of 18 years despite having paid their mortgage on time. Sophiea and Andre Lipford from Alexandria, Virginia fell foul of what is known as a “zombie mortgage.&#…

www.the-sun.com

private equity being parasites again

 

[Over70irregs]

private equity being parasites again

Never stops

 

[Babagounj]

What I enjoy is getting letters in the mail from some insurance company saying that mortgage home insurance is about to expire.
I know they are full of it because they use the name of the first bank who issued my mortgage.
That bank sold my mortgage to another bank a decade ago.
And I have paid that one off, 4 years ago.

 

[oldngray]

What I enjoy is getting letters in the mail from some insurance company saying that mortgage home insurance is about to expire.
I know they are full of it because they use the name of the first bank who issued my mortgage.
That bank sold my mortgage to another bank a decade ago.
And I have paid that one off, 4 years ago.

When I bought my house I financed through a local bank that resold the mortgage before I made my first payment. It ended up getting resold about 3 more times. I still get refinancing letters in the mail though I paid off the loan almost 20 years ago.

 

[Babagounj]

I'm able to see thru the county website if any changes have been made to my deed.
I'm on the email list to notify if anything does change.
I still check it myself , several time a month.

 

[Brownwind]

What these poor people borrowed money, spent it and now are being forced to pay it back or lose their collateral. That’s horrible that the money wasn’t free and they own assets that went up in value.

 

[oldngray]

What these poor people borrowed money, spent it and now are being forced to pay it back or lose their collateral. That’s horrible that the money wasn’t free and they own assets that went up in value.

They should have paid off their houses with school loans.

 

[catstalking]

What these poor people borrowed money, spent it and now are being forced to pay it back or lose their collateral. That’s horrible that the money wasn’t free and they own assets that went up in value.

yeah they should know only bankers are allowed to get away with not paying their debts

 

[rod]

What's a mortgage?

 

[Box Ox]

What's a mortgage?

What'd you pay for your house?

 

[rod]

What'd you pay for your house?

which one?
First one $28,000 --sold for $36,000 5 years later (2 bedroom on a major lake)
Second one $33,000--sold for $165,000 --(country home with 20 acres close to town)
Last one -- built for $165,000--assessed for $554,000 as of this year. (365 feet of Mississippi shore line with 5 acres. 2,400 square feet with full basement- 3 bath 4 bedrooms. With 36 X28 (guessing) heated out building workshop with its own bathroom. It WILL be my LAST house.

 

[Brownwind]

yeah they should know only bankers are allowed to get away with not paying their debts

It’s a sad reality.

 

[Brownwind]

which one?
First one $28,000 --sold for $36,000 5 years later (2 bedroom on a major lake)
Second one $33,000--sold for $165,000 --(country home with 20 acres close to town)
Last one -- built for $165,000--assessed for $554,000 as of this year. (365 feet of Mississippi shore line with 5 acres. 2,400 square feet with full basement- 3 bath 4 bedrooms. With 36 X28 (guessing) heated out building workshop with its own bathroom. It WILL be my LAST house.

Heck yeah. Hunting fishing and loving every day.

 

[upschuck]

which one?
First one $28,000 --sold for $36,000 5 years later (2 bedroom on a major lake)
Second one $33,000--sold for $165,000 --(country home with 20 acres close to town)
Last one -- built for $165,000--assessed for $554,000 as of this year. (365 feet of Mississippi shore line with 5 acres. 2,400 square feet with full basement- 3 bath 4 bedrooms. With 36 X28 (guessing) heated out building workshop with its own bathroom. It WILL be my LAST house.

You're not in Minnesota anymore?

 

[pkgdriver]

You're not in Minnesota anymore?

@rod will never leave Minnesota.

 

[oldngray]

You're not in Minnesota anymore?

North Somalia

 

[DriverNerd]

You're not in Minnesota anymore?

Mississippi river shore line is probably what he means.

 

[upschuck]

Mississippi river shore line is probably what he means.

That makes sense.

I didn't have my old fogie filter activated.

 

[Babagounj]

The correct response to a zombie mortgage being called in is "you can't do that because I'm a Democrat."