General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsDo you think bankruptcies are the point if republican health care policy?
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To make the trough deeper, destroy the middle class by cleaving it, so the educated will be so terrified of not being rich that more start to vote Republican? Like Mexico.
House of Roberts
(5,122 posts)The wealthy, oppressor class live for those opportunities.
VarryOn
(2,343 posts)mopinko
(69,806 posts)fescuerescue
(4,448 posts)mopinko
(69,806 posts)instead of what's left on your loan.
i've bought a couple properties out of bankruptcy. it's a thing.
fescuerescue
(4,448 posts)Yes they foreclose. Yes they put them upforsale with a minimum bid of what's owe.
That's usually below fair market value.
However the building is bid up to fair market value (given its condition) and any excess over the loan goes to the owners, or to their other debtors with liens (usually the tax man).
But the house sells for fair market value.
Yes this amount is almost always lower than retail. Why? #1 No real estate agent middle man. That's 7%. Far less legal fees for the buyer (the bank pays though). But mostly because the house isn't prepped for a retail sale.
The house looks like crap. It needs paint, carpet, cleaning, repairs. Stuff that cost $X, but when done return $X times $y value.
No. Banks are not secretly in the real estate foreclosure businesses. Foreclosures are an expense. One foreclosure wipes out the profit on 20 successful mortgages. If a bank thinks they have have to foreclose on you anytime in the next 30 years, they WONT WRITE THE LOAN.
mopinko
(69,806 posts)also- they do use realtors who do get commissions.
you are forgetting that most loans, at least at first, have mortgage insurance.
the thing about the condition is true. i bought 1 that was a completely wreck, and cost me more to rehab than i spent on it. the other wasnt bad, tho. ot went for the going rate. it is incumbent on the owners to not leave it a shambles. because you are correct that the owner gets anything over the loan amount.
the part that is NOT legal is the way a lot of insiders get their hands on properties.
i also lost a house i bid on cuz the bidder that had it greased knew when it would hit the market, who would list it, and for how much. he had a bid in by the end of day.
then he stiff armed my higher bid, by insisting we had to use a different form. there was no reason for this, except to make sure the right person getting the property.
thing is, it was an fha loan, and by law was required to keep bidding open for 2 weeks, and to take the highest bid. his bid was excepted by the time we re-wrote our offer on their form. less than 1 wk.
there is a lot more of that than you think.
fescuerescue
(4,448 posts)This isn't a law book writing contest.
And yes there is corruption in the process.
But the big banks didn't get that way by loaning out billions, and hoping that sometime in the next 30 years they will get millions back through foreclosure.
mopinko
(69,806 posts)i think they're happy enough after half the term. they're making money.
applegrove
(118,022 posts)health bills or fancy health insurance or no insurance at all if they are rich enough to pay any medical costs outright - so they are not affected by crummy healthcare, then the middle class have less power. Plus regression analysis proves that people who are in financial anxiety, they think emotionally, think less rationally and then they vote for QANON or Trump and the like. It is all about power and weakening the weak and teaching the educated to hate the poor (When the middle class is gone) because they see an abyss they might fall into if they don't keep hoarding money and voting republican so they can hoard more money.
Kittycatkat
(1,356 posts)Delphinus
(11,808 posts)health insurance companies. Years ago I could have health insurance or I could go see a doctor - I couldn't do both.
former9thward
(31,805 posts)Medical bankruptcies in Canada are the most common among senior citizens.
While about 4.6% of Americans filed for personal bankruptcy in 2007, in Canada the percentage was higher at 5.3%. A share of those insolvencies was caused by outstanding medical bills or other medical reasons. Fraser Institute concluded that senior Canadians of at least 55 years struggle with medical indebtedness the most. Namely, 15% named medical reasons as the primary cause of insolvency.
Medical bankruptcy exists in the United Kingdom, even with the single-payer system.
Even though the United States leads in medical bankruptcies around the world, other countries have them too. Medical bills bankruptcy statistics from 2005 show that 8.2% of those that went bankrupt in the UK listed illness or a disability as the reason. An article by the National Center for Public Policy Research further shows that medical-related bankruptcy doesnt always happen due to medical bills serious medical conditions often affect peoples ability to work and generate income.
https://balancingeverything.com/medical-bankruptcies-statistics/
applegrove
(118,022 posts)coverage and if they don't have a private plan for meds, it can hurt, even though our meds are less expensive.
Hoyt
(54,770 posts)Hoyt
(54,770 posts)Response to Hoyt (Reply #8)
applegrove This message was self-deleted by its author.
Hoyt
(54,770 posts)to the hospital, docs, and other providers. Plus, a person that cant cover their medical bills, likely ends up on Medicaid or subsidized ACA.
applegrove
(118,022 posts)some when the people's house is sold. Plus the people are then a bad bet so no longer are in the insurance buying market which is great for medical insurance market.
Hoyt
(54,770 posts)But US health insurance companies dont. The health insurer pays what they have to under the policy. Medicaid might go after the beneficiarys house, assuming they have any money left.
Insurers rates are based primarily on the losses they pay out.
applegrove
(118,022 posts)in detail. Just noticed the GOP were desperate to repeal the ACA a few years ago and there has to be a reason why they would see destroying part of the middle class every year a good thing. In Canada we fight against privatizing any part of medical services as that could lead to the "gated community" ization of healthcare where the rich can afford to go with private healthcare providers and then would not give a shit about universal healthcare and become more callous about it. You know like it is in the US for those educated who vote Republican.
Hoyt
(54,770 posts)more like Canada in a lot of ways.
Our system definitely sucks. Dont understand why GOPers are opposed to universal healthcare. Im sure its racism for many.
applegrove
(118,022 posts)real and people grateful for Government stepping in where the market fails. Before universal healthcare you were left at the mercy of others in Canada. My grandfather and grandmother ran a country practice in Nova Scotia where she ran a small farm and they could afford to not charge the poor a cent. The farmers could pay with a chicken or haying the small field if they could. Only the well off paid money. My grandfather was a bachelor for a long while and fought off the advances of fancy women who wanted to be a doctor's wife in favour of my grandmother with a nursing degree and a father who was a hard rock miner who had retired to a farm. Grandad first asked her when she was 25 and he was in his early 40s. She said no she was too humble to be a doctor's wife. He persisted and 5 years later she agreed with the understanding she would go to 'the Boston States' to do an advanced degree in nursing and get some worldliness. She did. Then they immediately eloped. My other grandfather was on the board of an organization that put in and then funded the first hospitals in Labrador, a huge area thousands of miles big and not part of canada .... in the early to mid 1900s too. Charitable healthcare is hit and miss. Universal single payer is more efficient than private health care and fairer.
fescuerescue
(4,448 posts)Patients don't become indebted to insurers.
applegrove
(118,022 posts)fescuerescue
(4,448 posts)It's not the hospitals insurer. It's the patient.
Bottom line is that no one wins in bankruptcy.
applegrove
(118,022 posts)Celerity
(42,669 posts)bones clean from the bankrupted parties.
The American for-profit healthcare system is the single biggest wealth transfer scam on the planet.
Hoyt
(54,770 posts)They are stuck with unpaid bills. Most medical bankruptcies are uninsured patients.
No one wins. With that said, Im for universal coverage.
Celerity
(42,669 posts)The monies not paid pale in comparison. The billings all come from hyper-inflated rates from the start.
US for-profit healthcare is the world's largest wealth transfer scam. The ACA is extremely poor (except for the pre existing conditions clause, that is great) compared to any other advanced nation's healthcare system. It only looks better compared to the even worse non ACA previous alternative. I am gobsmacked at the premium prices paid, and the high deductible rates most Americans pay.
Scam scam scam.
Pay more, get less.
Trained to think that it's the best system in the world.
The American way.
Hoyt
(54,770 posts)dont qualify for Medicaid. Premiums copays, etc., are subsidized.
Agree the system sucks, but doubt any of our politicians have the guts to tell doctors, nurses, techs, etc., they are going to have to take less. Expect the slow boil of providers seeing less and less patients covered by commercial, better paying insurance, as more patient are insured by Medicaid, Medicaid, ACA, and maybe a Public Option.
dawg
(10,610 posts)And secondly, the threat of medical bankruptcy helps keep their serva.. oops, I mean "employees" in line.
If you have good employer health coverage, it's pretty scary to think about losing it. People get locked into dead-end jobs.
sakabatou
(42,083 posts)iemanja
(53,003 posts)for the medical industry: insurance, biotech, etc. Bankruptcy is a side effect, or even a feature, of those profits.
lagomorph777
(30,613 posts)They are trying to reduce the proles to a state of abject misery and fear, and reduce our numbers so we are easier to subdue.