The Zombie Mortgage Coming Back to Haunt You

Рет қаралды 1,286

Ай бұрын

Lately something new has been haunting homeowners. It's called the 'Zombie Mortgage.' These are debts that you thought were long-gone, but in reality were never satisfied. And unfortunately, most who fall victim to this housing market horror only find out once a foreclosure notice gets stamped to their front door.

Пікірлер: 11

@AMan7595 Ай бұрын

If only I could buy out my mortgage for pennies on the dollar and forgive myself.

@elikantor Ай бұрын

If only!

@zinaidapostolov2779 Ай бұрын

Nice to know! It was very informative.

@elikantor Ай бұрын

1:19: I misspoke; Mortgage insurance is required when less than 20% is put down on the property

@PoliSciGuy Ай бұрын

Noticed, but no big deal. Knew what you meant.

@tj9959 Ай бұрын

Amazing video, thank you for teaching me this. I’ll try to take advantage of this someday if another housing crash happens lol

@elikantor Ай бұрын

Appreciate it!

@choncha23 Ай бұрын

Its smart for the banks or companies that bought the 2nd mortgages to sit on the side lines for years. Does it suck for the people? Yes, but they made their own decisions and knew the risk. Lots of people are doing that today. I see in my own circle of friends and family. They made the choices, they pay the piper

@elikantor Ай бұрын

Sure, but taking part in riskier lending practices, both as a borrower and a lender, was common practice back then. Where it becomes unethical is when the lender told the borrower point blank that they were forgiven of the debt, when in reality they had sold it to someone else. Also, rather than telling the debtor immediately, the new creditors waited until home values got to where they are today.