โApr-29-2017 01:52 AM
โApr-30-2017 06:48 PM
WTP-GC wrote:
The title and loan process are tied together. They have to be. You don't get the title until you satisfy the debt. The lender holds the title until that time. So who has the title??????
โApr-30-2017 06:41 PM
mt1729 wrote:
They are tied together. You have to have proof what you are buying does in fact exist or the bank won't make the loan. The paper work goes to the bank to have a lien added to it & then is sent off to be titled. After the title work is done & you receive it, you will see where a lien holder has been added to the title. Of course if you go through a loan shark they don't care about a title. They just break your legs if you miss a payment:).
โApr-30-2017 06:26 PM
โApr-30-2017 05:57 PM
โApr-30-2017 05:48 PM
WTP-GC wrote:Here in Missouri it used to be that the lending company held the title until the loan was paid, then you got the title. Now you get the title with the name of the lien holder, if there is one, on it. You can't transfer the title until the lien is taken care of.
The title and loan process are tied together. They have to be. You don't get the title until you satisfy the debt. The lender holds the title until that time. So who has the title??????
โApr-30-2017 05:03 PM
โApr-30-2017 04:52 PM
โApr-30-2017 03:39 PM
WTP-GC wrote:
Since when is the loan process separate from the title process? When have you ever bought a house, auto, etc. with a loan where the title wasn't part of the process?
โApr-30-2017 03:32 PM
WTP-GC wrote:toedtoes wrote:
What would you have them do at that point? The loan process is separate from title process. If they stop paying on their loans, they are in default and their credit rating is ruined. The bank isn't going to care that they don't have the titles, all they care about is getting the money back on the loans.
Since when is the loan process separate from the title process? When have you ever bought a house, auto, etc. with a loan where the title wasn't part of the process? The title is the legal respresentation that what you're buying does in fact exist. These types of purchaes are secured loans, whereby the purchased item is the collateral. The only way this scenario is plausible is if the buyers used some other form of collateral (like personal cash or property) or if they simply took out a personal loan based on credit or income...and if that's the case, then they are partly to blame for their foolishness.
This isn't too unlike the housing bubble that burst several years ago. Did the homebuyers with $60K a year jobs bear any of the blame for buying $400K houses, or was this only the bank's fault.
I'd tell the lending agency to show me the title and then I'll make payments. Otherwise bug off. Credit isn't ruined forever, and if these people were all elderly (as the article states), then good credit does them little good in the long run anyway.
โApr-30-2017 03:22 PM
toedtoes wrote:
What would you have them do at that point? The loan process is separate from title process. If they stop paying on their loans, they are in default and their credit rating is ruined. The bank isn't going to care that they don't have the titles, all they care about is getting the money back on the loans.
โApr-30-2017 10:06 AM
โApr-30-2017 09:39 AM
โApr-30-2017 09:11 AM
fulltimedaniel wrote:winnietrey wrote:fulltimedaniel wrote:
My sympathy for the victims ends where their gullibility, stupidity and credulousness begins.
If even ONE of them had done the simple straight forward due diligence this kind of transaction deserves probably none of this would have happened.
I am sorry but I think the so-called "victims" are mostly victims of self inflicted harm.
The sentence is just as crazy. 7 years in jail. No way to pay back the money. And the court does have the ability to force him to pay. But the real way to get him to pay is bring a CIVIL case against him and take his house and car, 401k, insurance holdings etc. It can be done with the right lawyer.
I would not agree. One line from the story jumped out at me. "they had established a relationship with him and trusted him". Which is why he was able to keep it up for so long.
FTD you were in business a long time, as I have been. A lot of the stuff we know, we forgot even where and how we learned it. We just sort of know it inherently.
I would guess many of these folks have little if any business experience.
Red Flags that they ignored, we would be all over in a heartbeat. But remember that is because we have been there done that.
You and me, we get a BS excuse ( which we know from experience) we are all over it. Relationship or not Other folks not so much.
And even you, and I or any person, with lengthy experience, we are not invulnerable. If the shark is big enough, and clever enough, both of us still can be eaten.
I agree with much of what you say and you make some good points. But the idea that you can suspend your good judgement in a business transaction just because you know and "trust" someone is just naive on their part. That is why in my list of things I included "credulousness"
I think the point you stop being a victim is when you are paying on two RV's at the same time and have paperwork on neither.
I think the cult of victimhood has been stretched a bit too far in this case.
โApr-30-2017 08:32 AM
winnietrey wrote:fulltimedaniel wrote:
My sympathy for the victims ends where their gullibility, stupidity and credulousness begins.
If even ONE of them had done the simple straight forward due diligence this kind of transaction deserves probably none of this would have happened.
I am sorry but I think the so-called "victims" are mostly victims of self inflicted harm.
The sentence is just as crazy. 7 years in jail. No way to pay back the money. And the court does have the ability to force him to pay. But the real way to get him to pay is bring a CIVIL case against him and take his house and car, 401k, insurance holdings etc. It can be done with the right lawyer.
I would not agree. One line from the story jumped out at me. "they had established a relationship with him and trusted him". Which is why he was able to keep it up for so long.
FTD you were in business a long time, as I have been. A lot of the stuff we know, we forgot even where and how we learned it. We just sort of know it inherently.
I would guess many of these folks have little if any business experience.
Red Flags that they ignored, we would be all over in a heartbeat. But remember that is because we have been there done that.
You and me, we get a BS excuse ( which we know from experience) we are all over it. Relationship or not Other folks not so much.
And even you, and I or any person, with lengthy experience, we are not invulnerable. If the shark is big enough, and clever enough, both of us still can be eaten.