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Five-Year Eviction

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  • Description

    Tanya Marchiol of Team Investments discusses a D.C. couple that failed to pay their mortgage for five years.

  • Duration 3:30
  • Date

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Maryland game is the system.

They did in the house for five years without have paying a diamond mortgage or rent.

It is just impossible to evict some people in some states joining us now is -- -- you know who knows a fatal to about this Tony welcome programming.

You go to business essentially you buy property as people rental people in that then you solemnly enough for making a profit that's your business is that's okay.

These people it seemed to me this couple in Maryland five years -- a million dollar home.

-- -- -- And any this -- appear crime these people should be in jail this is not what you do with the real estate.

They work the system every possible way that they cut they filed bankruptcy I think it's had three or four times.

They said that they were part of the -- citing -- This was ridiculous this makes me so angry because I do this every day and I teach people how to do this and how to do this correct.

It's happened today how to -- -- -- and make a profit down amid.

Not how to buy property never -- a -- to anybody in no way the system by this that's what you -- yet.

Yes this makes me angry because I sit here and try to find -- solution for what's going on because the housing problem is ridiculous -- In some states the law is on the side but people want -- they gained that they didn't do anything illegal.

This is entirely legal what it may be immoral and unethical but what they did was entirely legal.

He can do that America but unfortunately they knew how to work the system and I say unfortunately because again.

They should be in jail this is the problem we cannot reward people that are missing -- payments with principal reduction.

I wrote a big piece on principal reduction this is exactly why you can't do it once they've missed their -- I think that there's good people that have missed their payments.

And maybe we should look at that individual by individual case but we need to help people that are making their payments so that they don't -- strategically this is ridiculous.

You know you've raised a good issue here because banks are being pressured to cut the amount booed by some people on that mortgage for the customer that this couple.

They couldn't call upon.

May they may be I don't I don't know for a fact it is possible to people in that situation.

Good -- the bank say you don't know 100000 longer you'll -- only 50000.

People want that could have benefited.

Now that creates moral has it.

What about everybody -- -- and -- to make the payments they get no help whatsoever but these people gaming the system walk away -- that's possible -- -- And it that the part that it.

Just infuriates me is that they said that they had a business flipping houses up to really woman -- your primary responsibility and stop -- houses and pay your mortgage.

It's but the law says you can do this is that's the problem little game the system and that's the problem with all the lot -- experience time is this a situation where it's one bad apple here because I am actually very much -- Paper principal reduction I think help people get equity -- -- their homes I think it's a viable option for.

Where we are in the housing market that it does this just ruin it for the people who really could use a little more equity in their homes right now.

I wrote a big piece from -- production the only way that principal reduction -- that the banks choose to do not the taxpayers that's the only way that it works however.

This is the problem right here because you're gonna have people -- gaming the system.

If you say we're only gonna help people that missed their payments what's the first thing they're gonna -- This that I.

-- -- we see that you want outraged sensibly and the great smallest -- marketplace affect on that and I'm not juggernaut that that's a very good point to -- we appreciate it I think.

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