ST Alpha - "Seriously? They can call a loan due even if you've never missed a payment based on an assessed value or something? -- nm" (Reading a Post)

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Seriously? They can call a loan due even if you've never missed a payment based on an assessed value or something? -- nm

Posted by Subversive (aka Subversive) Feb 20 '09, 13:43

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Responses:

[deleted] 28
- If you continue to make $1,000 payments, they don't care. If you try to refinance, and they do an appraisal which shows the value as $1 now, - JaxSean Feb 20, 13:51 6
  - (out of the blue.) -- nm - JaxSean Feb 20, 13:51 5
    - [deleted] 4
      - Are we talking about Fixed loans or ARMs? - JaxSean Feb 20, 13:54 2
        
        [deleted] 1
        
        They are completely unrelated. - pmb Feb 20, 14:00
      - So you're saying there is margin call language written into most residential mortgage contracts? -- nm - Subversive Feb 20, 13:54
- It depends on what the document says. There is no general right in law to do that. - pmb Feb 20, 13:50 1
  - [deleted]
- If you keep paying the mortgage every month, I would think they have no right to do anything until the term is up. - Subversive Feb 20, 13:48
- So long as you continue to pay your loan they don't give a crap. - Ender Feb 20, 13:48 13
  - if you were a back, would it make sense to have a $100,000 loan outstanding when the collateral is only worth $1? -- nm - znufrii, unpatriotic Feb 20, 13:52 11
    - When they're still making payments it makes a lot more sense than it does to erase the loan and take the dollar. - Ender Feb 20, 14:02
    - As long as they're making payments, yes. -- nm - JaxSean Feb 20, 13:53 8
      - Here's a dollar, can I borrow $100k? -- nm - znufrii, unpatriotic Feb 20, 13:54 7
        
        That's different, becuase we'd be signing into a contract with those values. - JaxSean Feb 20, 13:56 6
        
        it's not really different at all. The underlying asset is the same. - znufrii, unpatriotic Feb 20, 14:01 1
        
        You are massively confusing making a loan in the first place and what happens after a loan has been made. - Ender Feb 20, 14:06
        
        [deleted] 3
        
        That only matters if you're selling. Nobody is doing those calculations on their home unless they're selling. -- nm - pmb Feb 20, 14:08
        
        who in the world makes that calculation on their residence? I don't care what my home is worth. I'm not selling it, I'm making payments I can afford - oblique Feb 20, 14:03 1
        
        [deleted]
    - back-bank -- nm - znufrii, unpatriotic Feb 20, 13:52
  - [deleted]
- Glad we were talking about an actual situation that likely happened or could happen to nubby -- nm - oblique Feb 20, 13:46 3
  - [deleted] 1
    - I understand the concept. As znu said, I have never heard of it being applied to the housing market -- nm - oblique Feb 20, 13:49
  - *cancels the bulldozer reservation* -- nm - nubby Feb 20, 13:47

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