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Young couple reinvent the Japanese Property Strategy; At 24.5 years of age they "own" 22 properties, 19 acquired this year!
Topic Started: 20 Sep 2015, 11:14 AM (15,171 Views)
The Whole Truth
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Shadow
22 Sep 2015, 02:13 PM
The Whole Truth
22 Sep 2015, 02:03 PM
Banks kick innocent families out of homes every day but you don't read about it because the 2 major corporations that control the media wouldn't dare run a story on the practice.
LOL, cool story. Yeah, Today Tonight and ACA hate sticking it to the banks. They'd never publish anything like that if it happened. :lol
Where are the stories about foreclosed homes shadow? That pile of crap links where some didn't even load contained not a one. Stick to the topic if you want to claim a victory. Post the stories about forclosure or crawl back into your hole.
Edited by The Whole Truth, 23 Sep 2015, 02:05 PM.
"Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works." John Stuart Mill
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Shadow
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The Whole Truth
23 Sep 2015, 02:04 PM
Where are the stories about foreclosed homes shadow? That pile of crap links where some didn't even load contained not a one. Stick to the topic if you want to claim a victory. Post the stories about forclosure or crawl back into your hole.
Here you go... https://www.google.com.au/?gws_rd=ssl#q=home+repossessions+australia+news

Hundreds of articles about Australian homes being repossessed. Enjoy. :bye:

And in all cases where homes got repossessed, it was because the homeowners failed to keep up with their home loan repayments.

What was it you said... oh yeah...

'Banks kick innocent families out of homes every day but you don't read about it because the 2 major corporations that control the media wouldn't dare run a story on the practice'

LOL. :lol
Edited by Shadow, 23 Sep 2015, 02:29 PM.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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Terry
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Battling a troll on this issue is not going to really work. Any reasonably headed suburbanite would realize that banks are highly unlikely to throw people on the streets because their customers are in a state of negative equity. From a financial and social contract, it doesn't make sense, even though the banks could likely worm their way out of either.
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The Whole Truth
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Thanks shadow. Your link was useless like they usually are. Try to get something that works on mobiles as well as laptops next time eh.
I did my own search and there are plenty of stories about the nasty business of foreclosure but not once did I see a bank named in respect to the foreclosure. So its like I said. The mass media will not run stories denigrating major banks.
"Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works." John Stuart Mill
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Ex BP Golly
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Mike
23 Sep 2015, 01:07 PM
So let me get this right.

You have now moved on from clauses in a contract, which you could not provide any proof of. To now it is in a information book let from CBA :wak:

Are you insane, it is just what it states it is. A information booklet. It is not a legally binding contract with all the clauses listed and signed by both parties.

I would certainly like to see you go to court and try and wriggle out of a binding contract as the information booklet provided was misinterpreted by yourself as evidence of a clause in a loan even though no such clause exists in the contract you signed.

So we are at the point as you cannot find one NCCP regulated contract that has the clause you state it does (no other bear coming to your rescue here) so you are desperate enough to try and palm and information booklet off as proof the clause exists in a contract despite not being able to produce one contract with the said clause.

Just produce one contract, your own contract for the house you live in will do. Copy it, black all the personal information and scan it. Only take 5 minutes.
What you call a 'information booklet' is actually called "Consumer Lending Products: Terms and Conditions".

I wonder what that could mean?

Australia's only "independent mortgage website"
Says at http://m.yourmortgage.com.au/article/understanding-your-loan-contract-79411.aspx

Understanding your loan contract

Many homebuyers pay little attention to their loan contracts once the mortgage has settled. But understanding the specifics will help you avoid unwanted surprises down the track. Here’s how to decipher the small print above the dotted line.....

Parts of the contract

Although all contracts will vary slightly across lenders and borrowers, the Terms and Conditions Booklet (first of two parts) will remain the same for all mortgage holders.

This part of the contract outlines all the terms and conditions in which you are agreeing to take on your mortgage. It explains all common clauses which may apply to your mortgage, your responsibilities to service the loan, the lender’s responsibilities to you as a borrower, and it even explains how interest in calculated on your loan amount.

After reading your Terms and Conditions Booklet you can move onto reading your ‘Letter of Offer’ with a fine-tooth comb.

Commonly known as the actual ‘contract’ itself, the Letter of Offer outlines your individual mortgage agreement. It should be read along side the Terms and Conditions Booklet in order to cross-reference definitions and make notes......"
Edited by Ex BP Golly, 23 Sep 2015, 04:32 PM.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Shadow
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The Whole Truth
23 Sep 2015, 02:49 PM
Thanks shadow. Your link was useless like they usually are. Try to get something that works on mobiles as well as laptops next time eh.
If your mobile can't open google links, it's probably time to upgrade.

Quote:
 
not once did I see a bank named in respect to the foreclosure
http://www.bfcsa.com.au/index.php/entry/banks-show-no-mercy-to-loan-battlers

THE big banks, which provide two-thirds of residential mortgages in Victoria, brought a third of repossession actions in the past 18 months. The remainder were driven by smaller lenders.

NAB was the most inclined to issue repossession writs. Despite providing only 10 per cent of mortgages in Victoria, NAB drove 60 per cent - or 305 - of the big bank repossession bids.

CBA was the least hostile, moving to reclaim only six properties since July last year, while ANZ and Westpac started 275 and 222 mortgage repossession actions.

The big four instigated 808 repossessions since June 2010, with smaller institutions forcing the rest, led by Secure Funding, Equity One, Perpetual, Bank of Queensland and Bank of WA.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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Shadow
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Evil Mouzealot Specufestor

Terry
23 Sep 2015, 02:41 PM
Battling a troll on this issue is not going to really work. Any reasonably headed suburbanite would realize that banks are highly unlikely to throw people on the streets because their customers are in a state of negative equity.
Agreed, but I think calling him a troll is a bit much. He has simply been misled by the information booklet - and he's not the first to make that mistake.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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Shadow
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Ex BP Golly
23 Sep 2015, 04:09 PM
It explains all common clauses which may apply to your mortgage...

After reading your Terms and Conditions Booklet you can move onto reading your ‘Letter of Offer’ with a fine-tooth comb.

Commonly known as the actual ‘contract’ itself, the Letter of Offer outlines your individual mortgage agreement
Now you're getting there. The info booklet contains lots of terms that may apply to various loans. The contract states the ones that actually apply in your specific case.

Think about it... if every term in the info booklet applied to every loan product, then there would be absolutely no difference between a regulated loan, unregulated loan, line of credit, equity unlock for seniors, MISA account etc etc (all the products covered in the booklet).

But these products are all different. What differentiates them is the contract.
Edited by Shadow, 23 Sep 2015, 04:49 PM.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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Terry
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Shadow
23 Sep 2015, 04:39 PM
Agreed, but I think calling him a troll is a bit much. He has simply been misled by the information booklet - and he's not the first to make that mistake.
Well you are a troll and you wear the cloak with pride. The whole idea of negative equity as a negative in this day and age is redundant unless the banks are dealing with some kind of liquidity crisis. In the event of that happening and the banks don't have the legal artillery to deal with it, the value of your property grail is likely to be toast anyway.
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Shadow
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Evil Mouzealot Specufestor

Terry
23 Sep 2015, 04:46 PM
Well you are a troll
Not very original, but thanks for that ad hominem anyway.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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