"Zombie debt" a growing concern for homeowners
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- เผยแพร่เมื่อ 15 ต.ค. 2024
- So called "zombie debt" has become a concern for some homeowners. Mortgages they thought were paid off long ago - are coming back to haunt them - putting some at risk of ending up on the street. Ash-har Quraishi reports.
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I worked in mortgage industry for over 30 years, this is the first ive ever heard of a lender not sending notification of payments due. Something definitely fishy. He will win in court
He is supposed to get monthly statements and legal notices. How did they even get a judgement without notification to be in court? That loan is no good since they didn't service it properly. They cannot foreclose.
So he thought the second loan was free?? He will probably lose in court as it isn't.
@TheInflationGuy Take your meds.
@@lulajohns1883 They were probably sent. He actually thought they included in original loan. I feel for the guy but he took but he owes. Dead issue
@@MiteshDamania lol. he was evicted. they definitely can foreclose. its one sided story that he "never got notice". As the guy in mortgage industry said, lenders don't forget to send you notices. My own mortgages have been resold multiple times and I've always been mailed notices. It is highly unlikely that this guy is telling the whole truth. For one thing, him saying "I thought its all rolled into one loan" is complete BS given that his monthly payments for his first loan probably did not change whatsoever.
How could they evict home owners and not squatters 😳
@@billmM3605right because squatters own the homes they’re in
@@billmM3605 sure, but you’re reply is still irrelevant. The comment was highlighting the absurdity of all the squatters who have been destroying people’s lives while having the backing of the law. All your nonsense about see what happens if you do t pay your taxes” is irrelevant. Which itself is fraud, reason being if that if the local municipality is going to foreclose based on back taxes they should take what was owed once the property is sold and return the rest of the money to the taxpayers. Instead just they’ll just foreclose on 400k in asset over 1k of property tax. That’s fraud but people like you govt boot lickers will say that justified.
Should be a law against resurrecting a dead loan and charging the full amount plus interest all at once. It's up to the loan company to send statements for collection. If they don't send any notices, that's on them and should not be able to charge late fees.
@TheInflationGuy What's the responsibility of the lender? You seem ignorant on that. They are required BY LAW to update the the person with the loan MONTHLY on current status.
So if "Lender A" stops sending billing statements then many YEARS later a vulture company buys up old debt and want's to reactivate a loan, they should NOT be able to add late charges and interest as if they were the original debt owners trying to collect for all that time.
But you sound like you're on the side of corporate vultures- keep kissing those corporate boots as that trample on consumer rights.
@TheInflationGuy Take your meds.
“If you have a credit card and you never get a bill, you don’t owe anything” how does that make sense???? Didn’t he wonder what happened to the 65k he owed?
Wait, you took out a second mortgage. You got the funds but never saw a bill, and you just ignore it or assume it roll into the existing mortgage? He can't see the numbers on the statement? That doesn't make any sense.
he never called to wonder what happened to the $65k
its the well the home was worthless years ago and now its not. 2nds are not the 1st in court. when marets dropped 2nds figured nothing left for them. Now the wheel has turned and they want their monies. i dont feel bad homes ae way up in values. dont companies deserve to be paid back?
It's just logic... he just thought he can get away with it that's all
After not receiving a separate bill he thought it was going to be attached to the original.
@@kathe9662but his original mortgage never went up. Nothing is free in life 😂😂
@@elhugeo Yup.. that's what attached is.
Did he not review the loan documents before he signed? The new loan amount and new monthly payment are front and center and something he should have paid closer attention to, so this story doesn't make sense.
Useless story! The moral of the story is "Borrow $65k" Pay the bill, bills NEVER go away!
Bills must be resolved. It doesn’t disappear.
@TheInflationGuy Meds
so he thought 65k was a free gift???
You mean like student loans?
Something isn’t adding up regarding “not knowing”. What about the posts at the home, the certified mail and regular mail posted at the home when a notice of default is filed?
He thought the paperwork fell through the cracks like a teenager thinks traffic tickets just go away...then they find out all those tickets are alive and healthy and they all have bench warrants attached to them. Then you go through 3 days of lockup and extradition to every municipality and county that has a piece of you.
I clicked off the video after they said he pulled out another loan to make ends meet 😂😂
😂😅 IKR!
How do you borrow money and think you don’t need to pay it. If you don’t get the bill, CALL THE BANK.
Blame no one but him taking money out and not expecting to pay it back. Pay attention to your financials better buddy.
You mean like student loans??
Man the amount of ppl commenting hate on this guy when you all didn’t pay attention to the details of the story. Comprehension is key here, they literally said the 2nd mortgage was sold to another lender and they never contacted him while he made his regular payments to the original lender hence why he said he had thought it was all rolled together. Maybe stay in or go back to school ppl🙄
Debt free here 🤡
No school necessary
Thanks Lord for your salvation
@@Shaolin91z your comment had zero bearing on mine, but thnx for the engagement 😜
I think what people are saying is if he knew he had a second loan, why not go and check on it? That's all people are saying.
@Westcoastguy exactly. Apparently he's the one need to go back to school? Lol
@@Westcoastguy yeah they really aren’t. But bless you for looking for the best in ppl
fool should have never taken out a 2nd mortgage loan.
That situation leads to more questions. Did he borrow $65K but think his regular payment didn't go up? How?
No sympathy for law enforcement getting evicted. He should check his bills.
If I took out a second mortgage, and my payment is still the same, I would call the bank/company even after the 1st month. Where is the accountability here for one’s neglect?
lol that little pop up appearance by the dog
So, even though his monthly payment and loan balance didn't go up, he nevertheless assumed the 65k had been rolled into the 1st mortgage?
😂😂😂
this exactly happened to me, I lost my home after 20 years, pls I would like to know more information.
THAT is on that person on not taking care of his business.
Greedy guy bought too much house for his income and now can't pay for it. Same story as early 2000's repeated over and over again. Just sign on the dotted line and worry about rates or how to pay it back "tomorrow".
Well, the tomorrow is here now.
Federal law requires the mortgage companies to send bills. Issue should be over.
Here's one place where there should be heavy handed federal enforcement of lending transparency laws, forcing lenders to send monthly statements. In these cases the lenders are clearly using trickery to enrich themselves. Still, I'd immediately realize there was something wrong if a single month went by without receiving a statement.
So peoples thiught loans were not their debt that they owed?
Should always fight this in court.
I like how the interviewer holds him to no account for any of this…
Thanks Lord for your peace
Thanks Lord for your salvation
What about personal responsibility? Everyone is a victim. Sickening the way people think these days.
This sounds criminal.
When I don't receive my monthly report from the credit card company, I call them right away.
Nothing zombie about it, they took out a loan, stopped paying, and the money is still owed
Sounds about right for someone claiming to own a fully paid for house in Calif*. It's all about the 2nd mortgage to make ends meet.
That's like not paying the IRS and thinking they're not going to come looking for you.
The IRS is NOT a lender and doesn't have to follow TRUTH IN LENDING laws!!
How could it possibly be rolled into the original mortgage when the original mortgage payment never went up?? 😅😅😅
Wait a minute, I'm sure he got some form of payment agreement when signing. Im confused
Umm never seen this happen banks do send notice to the home. Even court documents comes to the home. Lesson here is debts dont disappear...
That’s why you should never get a second mortgage people are always looking for a way to rip you off
He did not understand the paperwork.
He did not ask anyone, just signed.
He did not check his credit report, now easier than ever and for free.
However, the loan servicer is using dishonest practices, they should get to eat the entire debt and all expenses.
We're all going to be living in campers and tents
I Say; Walfare and Homeless Nation is coing over us 😢
No some will have read their loans and know what going on.
The camper/tent technology is advancing quickly in recent years. Wonder why
Where is the protection from our government ??
So he borrowed money? Never paid it back…. Highly doubt Banks “never” reached out to him… and he’s MAD, Why?
This guy must have been a lame PO.
Karma coming for him.
He borrowed the money. How is this zombie debt?
well your home is way up in value. you borrowed monies that well its your debt. Its actually really funny..
oh these second debts are still coming back to haunt people huh
i thought they outlawed this BS finally?
Assume....
Vote for Kamala and dept forgiveness ,
Predator mortgage companies
probation officer 😆
my greatest fear
This is criminal
This guy didn't bother checking to see why he wasn't getting billed for 2 loans? Banks aren't charities. He should've checked to see what was up especially since it dealt with you primary residence.
Dude....pay your bill...😂😂
Sue
wth!?!
Check your credit report
Everything in our country is bad ☹ Please stop voting for people with a failed track record. The only time that my husband and I had more money and a hope for our future when Trump was President. We voted for Obama twice and he did nothing to help the country. When Trump got in we did so much better...these past 3.5 years have been brutal. Please vote for Trump. I know lots of people don't like his personality but we got of all wars, made other countries pay their far share of NATO, taxes were lower, gas was lower, unemployment was down, the border was better secured, etc. Please vote for him 😔
IMMIGRANT...ILLEGAL
That’s wrong! He should sue the mortgage company.
What is wrong? Apparently you didn't watch the story nor you have had a mortgage or loan. He never wonder and just assume maybe hoping it will go away?
democrat state .