there is a story doing the rounds in the MSM about some 28 y.o. skank ho single mommy who sold all her crap on fleabay to raise a £5k deposit for a new home for her and mini skank womb-turd.
This was something she wanted to do, because renting was costing her £900 and month and her mortgage would be half that…. eg i.r.o. £450 pcm
This “story” has much in common with how most people view contracts, such as credit card contracts, loan contracts, overdraft contracts and mortgage contracts, all the really important information has been simply ignored.
It doesn’t take a genius to work out that;
- anything with 2 or more bedrooms available on a 5k deposit is going to be a new build estate
- anything on a new build estate is going to be a shoe box with every corner possible cut
- anything with a 5k deposit and 450 pcm repayment is interest only, variable rate.
What nobody seems aware of, and I am completely fucked to understand how this can be so, is that every single type of borrowed money the guy or gal in the street can get access to, secured or unsecured, mortgage / loan / overdraft / plastic, all, without exception, have two clauses in common.
- The “person” you borrowed the money from can, at any time, whether you like it or not, sell your debt to someone else, at which point whatever contractual agreements you had with that person end.
- The “person” you borrowed the money from, can, IN PRACTICE, basically turn around at any point, even if you are making all your payments, and say pay me back in full, now…
So the bimbo above pays 5k deposit and 95k loan for a pokey 2 bedroom flat somewhere you couldn’t swing a cat in, and 450 a month interest only at a few % APR, never repaying the capital.
Here is what can do wrong;
- The instant she signs, she owes the FULL amount of capital + interest + fees, no negotiation, no link to anything, least of all current market value of the dump.
- The instant she signs, the “person” she borrowed the money from can sell the debt to another “person”, who is not bound by any such agreement… not that the agreement is worth much from her POV
- The instant she signs, BY FUCKING DEFINITION, with capital price PLUS interest, she is in negative equity.
- Sure, her RENT now is 900 a month, but her LIABILITY is zero, sure, her OUTGOINGS will drop from 900 to 450, initially at least, but her LIABILITY went instantly from ZERO to EEK, where EEK is more than she can repay.
- Interest rates, even if she stays with the same lender, can change RAPIDLY, not merely by a percentage point or two, they can and have in the recent past in my lifetime gone up 20% in a single year, so suddenly even an interest only mortgage where you were paying 450 a month at 5%, if it goes up to 25% you are paying 2,250 a month, interest only…
- Market value can plummet, even apart from the fact the bitch is in negative equity the instant she signs (and this is the very DEFINITION of a loan, unless of course the loan is at 5% to buy something that is only half market value, and good luck with that…) she could in theory get some other asshole to buy at a similar price, as long as the market value doesn’t tank, if it does, which it will, especially when interest rates go up, then there is no minimum value that your property can go down to, and at that point you can NEVER SELL…
- The UK is not the USA (and the USA won’t be the USA for long), you can’t simply walk away from a house and throw the keys at the lender and say there is your secured asset back.
- The current holder of her debt, which may not be the same “person” she signed up with, yes boys and girls, “The Prosperous and Friendly Mortgage Company” is not the same legal entity as “The Prosperous and Friendly Mortgage and Savings Company“, even though both may use the same address and have the same directors etc, may just decide to demand full re-payment now, or within 30 days, which is the same thing, and if you can’t pay vacant possession, eviction, property sold at auction for £10 and by the way bitch, you STILL OWE US THE FUCKING MONEY.
- Currently, such debt is a CIVIL LAW matter and not a CRIMINAL LAW matter, which means you don’t get jailed for not paying it, currently, that may change boys and girls, the golden rule, those who you owe the gold to make the rules, but everything else is fair game, like any assets you have (car, savings accounts, inheritance, annuity) and any income you have can get imputed at source.
If this is sounding a bit like the divorced dead beat dad who no longer has cupcake or the rugrats or the house or car, but still has to pay for them, well what you just got was a penny dropping, it is just the sound didn’t reach you, do you don’t recognise it as a penny dropping…. yet…
And like the script of some bad B movie where some jerk-off does a deal with the devil, and then one day the devil comes a collecting, and the jerk-off wails and pleads, and the devil shows the jerk-off their own fucking signature….
Which makes it all nice and legal.
No SANE human being would take and therefore be bound by the oath of allegiance for joining the military, or the cops, not for less than a squillion bucks, up front, because if you actually fucking read it, it boils down to “YOU ARE PROPERTY, GAME OVER.”, that’s what it actually SAYS, but assholes are all yeah I know it says that but they don’t really mean that because that is only for emergencies and it won’t ever actually apply to me.. the recruiter said so….(but not in writing)
Social security numbers and passport numbers and citizen numbers and bank numbers, they all serve only one purpose, identity, because a contact can only be made with someone with an identity.
But an individual personal identity, and a business/corporate/state identity, are two different things, when these two types of identity enter into ANY kind of legal contract, the individual already got screwed… and brother, legally, EVERYTHING you put your fucking name to, OR DO IN YOUR FUCKING NAME, is a legal contract.
it’s all there, in the small print.