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08sosoDec 22, 2010
Eventually, these "isolated" incidents will finally be recognized for what they were: systematic failures of the foreclosure system which have ruined the lives of thousands. Will it be too late?
kingpDec 22, 2010
I almost went through a foreclosure with Chase. Those bastards did everything they could, to keep me from being able to sell the home we were in.
We were finally able to sell it (short) and get out from under it, but they (Chase) didn't want us to.
JustSayNoPartyDec 22, 2010
I'm looking at buying a Short Sale. Lord, I hope not to get jerked around. Any advice?
kingpDec 22, 2010
Buying a short sale probably won't be a huge headache. However, make sure to have your funding ready. If the bank you deal with is anything like Chase, they will make it difficult, if you don't. The banks get more from declaring a home a total loss (i.e. foreclosure), than by short selling it...just keep that in mind.
JustSayNoPartyDec 22, 2010
Wow, thanks. I didn't know they got more from a foreclosure. I am at least working with a good mortgage broker. So, finances are ready.
cosmicsurferDec 24, 2010
Kingp - Not sure where you are getting that information. You went through foreclosure, fine, sorry that happened, but banks don't get more from foreclosure than a short sale.
Your statement is absolutely untrue
BANKS get paid up to 80% of value REGARDLESS of the method of liquidation.
Short Sale can save them between $50,000 and $60,000 in costs for foreclosure that cannot be recouped through insurance and can only be written off...once FC'd they now have to market and pay a Realtor out of those funds. It actually behooves them to do a short sale since they have too many homes on their books.
The cheapest method for them is short sale as long as they meet or beat that insurance pay out,.
They won't do it for less than the insurable value but they will if they get their needs met and your negotiator knows what they are doing.
I have been doing short sales for nearly 25 years. From KS and MO to CA and CO. Banks used to be more amenable until January 2010 because insurance stopped paying in 2008 with the bubble burst and there was a run on claims. Those insurers got bailed out and started paying again as of January of this year,.
Now all deals must give the bank or investor 85 to 90% of the BPO value to get them through - Chase is one of the more disorganized but I have been able to get 5 of the last 30 deals I have done cleared and closed and even got them to write off over $1 million in a state that allows suit for deficiency.
cosmicsurferDec 24, 2010
To clarify the 5 in 30 statement - 5 of my last 30 closed were Chase held 1st mortgages - either owned or serviced by Chase.
I have closed 30 deals in the last 5 months in a pipeline that is perpetually filled with 50 to 60 short sales in process. I have an 85% success rate - 95% for approval but the success rate drops as buyers fall out due to inability to fund or get a loan or their frustration with a process they don't understand so they set unreasonable;e expectations on it
grillp0c4lyp5eDec 22, 2010
expatriate yourself.
JustSayNoPartyDec 22, 2010
England? :)
andrewgaleDec 23, 2010
Foster I work with a agent in florida that can help you find a short sale, can I refer you?
gngo07Dec 22, 2010
wow just straight up cleaning people out. taking the her husband's ashes too? they probably didn't know, but damnnn
ascguyDec 22, 2010
I'm really only outraged by the instances where people who were current or had paid off their loan were illegally forclosed upon. People who were behind on payments, I don't really care about because we're doing way too much to help them out at the expense of people who have been financially prudent.
linuxpersonDec 22, 2010
"People who were behind on payments, I don't really care about because we're doing way too much to help them out at the expense of people who have been financially prudent."
We didn't really help the people who bought houses they couldn't afford, we helped the banks by bailing out their s**tty investments.
JustSayNoPartyDec 22, 2010
That's exactly right. Which means, this will all happen again.
linuxpersonDec 22, 2010
But of course, why else would the banks who were so heavily invested in subprime be allowed to continue doing business?
JustSayNoPartyDec 22, 2010
The answer is to end 'To Big to Fail'. Would you support government intervention that stops banks from consolidating to the point that if they fail, we're all screwed? Or, are there other answers? AIG deserved to fail along with Charles Schwabb, BOFA, and others.
Intersting site:
http://bailout.propublica.org/list
Closed AccountDec 22, 2010
Because our entire financial system depends on "growth" and the underlying value, which is DEBT. If there was no debt, there would be no value to our MONEY!
cosmicsurferDec 24, 2010
The people underwater were not just "who bought houses they couldn't afford". MOST, not all, were people manipulated into bad loans, lost their income, death, illness, lost job, cut in salary or work hours, loss of a significant other or illness in the family or loss of one wage earner in a two wage earner family.
A minority of those people in trouble gamed the system but the majority are average working schmucks trying to get the "American Dream" and were promised that they could by con men and idiots who set out to gouge them or didn't know what the f**k they were doing.
Look around you...There is not a home in America worth what it was even a year ago.
Show me a house in the US and I will show you a box that has dropped anywhere between 10%^ and 99% of it's value since 2008.
Now - if you are current on your payment but get transferred to another state? Try selling it.
You are upside down in most cases and saddled with something that cannot sell quickly and certainly not for what you paid if purchased in the last 5 years. Some places even in the last 15 years.
THOSE are the ones in troubled now...It isn't just those who couldn't pay...those that cannot be sold are going FC as well.
JustSayNoPartyDec 22, 2010
I generally agree with your sentiment. Of course, I'm still also more interested in case by case decisions. It may be in all our best interest to help modify loans to keep more people in homes. But, that has it's downside as well.
somedummyDec 22, 2010
These articles always say something like "Susan has been trying to contact the bank to modify the loan". They leave out the important stuff. Has she been paying the full amount on time? Why did they leave that part out? Pretty slanted reporting.
cyberopticDec 22, 2010
If she makes the full payment, on time, you get a s**tty fannie mae loan, which literally QUADRUPALED my payments for 3 months. ... If im having a problem paying lets say $1000 a month, what makes you think i can pay $4,000 for 3?
Now if you are behind on your mortgage, you can get the "making homes affordable" loan modification, which, as soon as you request it. STOPS the forclosure process. thats why its a big deal BOA would not honor the making homes affordable act that was REQUIRED as a stipulation for receiving govt bailout money.
somedummyDec 23, 2010
I understand there are reasons to only pay part of the mortgage, or none of it. My only issue is with news articles that don't mention anything about it. There was some article about a guy that had his house forclosed by the bank. Somehow the sad story neglected to mention that he hasn't paid the bank a cent for 24 months.
ascguyDec 22, 2010
I'm really only outraged by the instances where people who were current or had paid off their loan were illegally forclosed upon. People who were behind on payments, I don't really care about because we're doing way too much to help them out at the expense of people who have been financially prudent.Comment is buried, click here to see the rest.
yaosioDec 22, 2010
I never knew you could break into a house and steal everything if you've given the owner a loan, I need to start making some loans.
codingDec 22, 2010
this pretty much tops my list when I hear the excuse "people make mistakes"
rudegarDec 22, 2010
you break into a bank and you're going to prison or shot
bank breaks into your home and they're just doing their job?
njdoo7Dec 22, 2010
This is really just a symptom of the mortgage fraud, not a 'mistake' by banks as they like to claim. These banks sold securities backed by these mortgages to multiple parties, resulting in multiple parties thinking they own the home.
The banks don't even know who actually owns the mortgages on the majority of homes in america, since they engaged in fraud and illegal practices when selling and transferring the rights to them. This is just scratching the surface when it comes to the fraud that banks engaged in relating to mortgages. As well as the business model of fraud that is banking today.
This mortgage fraud is the BIGGEST fraud in history, but the people responsible have yet to see any significant fall-back from it, legally or financially.
This is interesting, since I saw a quote from Eric Holder yesterday:
“"The ability to go into your basement, turn on your computer, find a site that has this kind of hatred spewed ... they have an ability to take somebody who is perhaps just interested, perhaps just on the edge, and take them over to the other side," he said.”
http://www.zerohedge.com/article/mike-krieger-intensifying-police-state-measures-and-internet-demonization
Good thing the attorney general is concerned about the evils of free information and free speech instead...you know..doing his job...which I would think includes investigating and prosecuting banks for the biggest fraud ever committed. This we have yet to see him take meaningful action on.
Closed AccountDec 22, 2010
Why would he (Attorney General) investigate the very people that put Obama in office and by extension, gave him the job?! Besides, he has Wikileaks to focus on!
njdoo7Dec 22, 2010
Oh yea, I almost forget that it always goes back to the government being owned by banks and corporations!
crispytownDec 22, 2010
I got a nice laugh about this ....
"Many of the incidents that have become public appear to have been caused by confusion over whether a house is abandoned, in which case a bank may have the right to break in and make sure the property is secure."
If they have to break in doesn't that mean the house was secured!?!?
rezzedoutDec 22, 2010
It isn't secured until it is secured by the bank! LMAO!
banderwockyDec 22, 2010
So disgusting. I'm glade we regulate our banks in Canada at least to the degree our economic system didn't collapse.
gsteinmonDec 22, 2010
not a surprise... sadly
frayedknotjeffDec 22, 2010
It's just our Overlords testing their powers.
rezzedoutDec 22, 2010
Damn Banks. They're a corporation and only think about yesterday's dime, today's paper, and tomorrow's foreclosures. Consumers aren't their bottom line. They don't have souls and their own moral obligation is to their board of directors and the investors they represent.
ryanpqDec 22, 2010
With these same banks so insistent on the "rights" of corporate person-hood it is odd that nobody seems to think that personhood also has responsibilities. Breaking into a home and destroying property are criminal offenses. A burglar who claimed he "thought" the homeowner owed them money would be locked up just the same. Where is the district attorney willing to prosecute corporate burglary and vandalism. We live in a society of double standards where corporations ask for the rights of individuals but expect to shoulder none of the responsibilities that come with them. Perhaps I should incorporate and start raiding my neighbors homes knowing that as an agent of a corporation the only repercussions I faced were civil. Those responsible for this criminal negligence should be jailed.
bridgeburnerDec 22, 2010
I knew Bank of America would eventually enter the picture in this article. They can't go 5 minutes without f**king something up.
nil17Dec 22, 2010
My brother & his wife put their mortgage into forbearance when their 1st child was born early so my SIL had to quit working early. She has started a business & is now working again but is making less money. Though she has made smaller payments through the forbearance (which the mortgage company agreed to beforehand) & is working toward modification; she continues to get letters saying she is in default & the bank will be looking at foreclosing on the property. Meanwhile her loan councilor doesn't return phone calls, she talks to a different person every time she calls to get the constant letters & collection calls stopped. It's insanity that they can't (WON'T) update their system & finish the modification that has now stretched out for nearly 7 months.
jeffg1Dec 23, 2010
Given the corruption and fraud inherent in the modern central banking system, is it really any surprise that those who survive off of it, commit more and more immoral acts as their time ends? They did try to preserve their system by killing their neighbors and blaming it on cave-dwelling simple people.
Choose less, don't use credit. You'll thank yourself. :)
kip9999Dec 23, 2010
Criminals
cuishi14Dec 23, 2010
I could shoot those guys if they broke into my house, I live in az :D
spoulsonDec 23, 2010
I work in the banking industry and as far as my company goes, the mortgage process is thorough and calculated. There really is no excuse for "Oops, we foreclosed on the wrong house and ransacked your home. See, we do so many of these that we can't keep track anymore!!"
gkiltzDec 23, 2010
It only takes A VERY FEW people getting their houses returned to them by the courts and it will be a deterrent.
Many of these cases are good enough to be heard. Get enough cases heard, and some will win.
qcle87Dec 23, 2010
wow just straight up cleaning people out.
antdudeDec 23, 2010
LOL @ the sign! I prefer Banksta spelling like in http://www.sinfest.net/archive_page.php?comicID=2952 comic strip. :)