paperwork for foreclosures

[deejeff442]

i dont get it.the lenders are being investigated for wrongly throwing out deadbeats because of paperwork?
the government is acting like the banks are throwing out paying people?
why would a lender want to foreclose on a paying borrowerer?
i would assume the banks dont want to foreclose and sell a home at auction for less than its worth.i dont get this .are people just mad because they think obama was going to be making their house payment?so now they dont have to and reality is they are months behind and think they can live for free .

 

[smartorl]

Pretty stupid if you ask me. I have a ex-driver that was a lazy SOB, refused work all the time to play softball that hasn't made a house payment in three years and is still living in his home. No one in the house works by choice and they receive government assistance in the form of child care (why if no one works), food stamps, and monthly checks.
I work 16-20 hours a day, am a single mom with three children and because I actually file my taxes and owe the government because I am a small business owner. I worry that I could lose my home. Ironically, I will probably lose mine long before he loses his!

 

[flower]

The reality is people are losing their homes and they hope if they can forestall it as long as possible somehow, some way they will be able to find a means to keep it.
Obama offers a kind of false hope, he arranged for some people who have been in their homes for a certain amount of time to pay 1% interest, this lowers the mortgage considerably and hopefully allow a person time to fix the financial problems…I heard it is only for a year and then it all reverts to the regular payment. If a person filed bankruptcy and kept the house, now they are stuck with a house they can’t pay for. This is only one scenario I have come across, the reasons are varied and personal.
It’s a mess, people are out of work, these are not dead beats who want to squat and not pay…they had been paying, but now times have changed and they can’t make that payment. If they can hold out…MAYBE they can find a job and pick themselves up….so they hold on, even if it is just a paper work mistake..it's a reason to keep hanging on a little bit longer.
Show a little compassion, some of these folks have lived in their homes for 30 years.
My mother was one. My Father had died and she hung onto a house big enough for a family of 8 with a mortgage of $240.000.00 that was worth on the new market…$175.000.00 It was like pulling teeth to get her to foreclose and give up. She listens to everything that comes on the news for folks to keep their homes. Nobody is in her house yet..it has been over a year and she still wants to go “home” its heart breaking but I can’t even help her afford that place.
The mortgage is so huge because it had burned down and they rebuilt it better than it was originally, the property was worth it then..it had appraised for over $300.000.00 it is only worth half that now, and still it won't sell...it is just sitting empty.

 

[smartorl]

For every person who legitamately in their homes, there are 2 that are in a home they could never afford in the first place. I was told I could "afford" a larger mortgage, guess what, I knew I couldn't afford to pay for it long term.
Alot of people are in homes with 30 year mortgages when they can't afford the first year, and that is without the balloon payments coming due. Alot of these people couldn't even get mortgages in prior years, did nothing to improve their credit, had no more of a down payment, yet were handed a home they couldn't afford. Suddenly, they were thinking they were big rollers, instant credit, let's open tons of lines of credit based on that credit.
Come on, I know when my tv goes out what my budget is. I don't buy what I can't afford.
People pulled out equity that wasn't really there and all signs were pointing toward a fallout. Now, they don't want to be face why houses are worth so much less. In alot of cases, they were never worth that much and people just didn't use common sense.
If you buy a house for $100,000, get a mortgage and refinance and pull out equity either in the form of improving the property or actual money in a relatively short period of time and the equity is based on inflation not on actual value, you kind of have to expect that it was too good to be true. Things that appear to be too good to be true, usually are.

 

[deejeff442]

compassion for people that lost jobs then the house.well i am one of them.i lost my $265,000 home 2 years ago next month.i had it for 4 years.i still go over to my ex neighbor friends for weekend parties.i have to drive right by it and see the new owners and all the work i did to the place.my income dropped a ton 3 years ago and could not afford it.the messed up deal is i could pay for it now no problem but too late.i have one more year leasing then i will qualify for fha.so i buy what ever i want as long as my business stays steady like now.actually our lease is up next month here and we found a sweet lease purchase home we are looking at tomorrow.3300 sq ft on 4 acres.
i didnt try to squat in the house i saw reality and figured the longer i keep trying to save it the longer it would take to recover.problem is most of these people feel too good to downgrade.all some paperwork is doing is prolonging the suffering.that obama thing was a political bs move just like the moritorium lifting on the oil rigs now.

 

[smartorl]

People who lost their jobs or had to absorb pay decrease, benefit loss, and shortened hours are a different story to me. If anyone deserved a break, it was them. I am peeved at those that were in homes they couldn't afford in the first place. Those seem to be the ones that are finding all the loopholes to stay.
I am not without compassion for those who got handed a bad hand as many of us have in one way or another. My best friend is losing her home. Her husband's company went under because it was construction based, they had no insurance, and then the husband had a stroke, they have a handicapped child to boot. It's tragic. For whatever reason, it seems that those in genuine honest need are not the ones receiving any kind of relief, only those who were working the system to begin with.
I am not sure if the issue of people being sold homes that they couldn't afford was felt everywhere as hard as it was here. No one making $40,000 a year, combined income for two people, can possibly think they can afford a home worth a quarter of a million or in some cases more. Then borrow against the equity to come up with the money to pay for the payements. I don't understand how they then cry "foul".

 

[deejeff442]

if life was easy everyone would be good at it.but its not medical issues are the number one cause of homelessness.i am saying i sucked it up.hell i will probably top a hundred grand this year but still miss my old home.cant say i live crappy now cause i dont .except for not living in my old neighborhood its pretty sweet where i am now.we only moved 6 country miles from the hood.these people trying to play the system are just on borrowed time.hell i put 10% down on that house and lost it.but thats life.i recovered ,got my credit back to the mid 600 and got another year to bump that up.

 

[reefraff]

The one size fits all approach the Democrats pushed was BS. People who didn't suffer a loss of income were helped as well. If you took out an 5 year interest only loan or some crazy low interest rate you were either too STUPID or greedy to deserve a penny of my money but that is exactly how a lot of these people got under water. The help should have been reserved for those who deserved it. Maybe then they could have done something to allow people enough time to get back on their feet. As it stands now most of those who got the help are still likely going to loose their house.

 

[smartorl]

Exactly!

 

[deejeff442]

well come next year i look foward to buying a house like i had for 50% off and half the interest rate.at least i have that to look foward to.my friend is a police officer and he said they get a list of foreclosures at the station .i guess they get first crack at the half price sale.he said he was going to grab me the list next time it comes out.

 

[reefraff]

I've seen the greedy sense of entitlement up close and personal.
My kid and his wife had a shot at a house. They could get low interest rates and zero down. Rather than buy something they could afford on his 10.00 an hour salary and I assume the same they paid her working for her parents log home business they decided to build a house, 2000 square feet. My kid has zero labor skills so all he was able to do was what her dad told him. I tried to tell them they were biting off more than they could chew, their was no way the amount of their construction loan would cover materials and subs even with her parents paying my son to work on his own house. Her parents had their own business to run so there was no way they could build the house on the loan time line. Of course we didn't know what we are talking about, her parents (now bankrupt) being in the business and all. They just about had the exterior finished when they ran out of time on the construction loan which they had maxed out.
I offered to buy the house for what they were into it, finish it and sell it giving them the profit minus expenses and what would have been 3 or 4 hundred bucks in interest it would have cost me taking the money out of the bank. My kid had landed another 10.00 an hour job and joined the Army Reserves, there was no way in hell they ever could have qualified for a loan. Seeing as how we were told we didn't know what the hell we were talking about I thought it was a pretty generous offer. I figured it would have saved their credit and left them with enough profit for a down on a place they could afford.
But NOOOOOOOOOOOOOOOOOOO!!!!!!!! While my son was at boot camp the DIL and her mom come up to our house and her mom proceeds to pitch up on a plan were we make the kids a loan and place a lien on the house so if they don't pay us back we could evict them and sell the house. Pretty funny stuff. She asked if I didn't want my kids to do better than I had to which I answered of course but I want them to earn it.
So about 2 months later, after the subject of the house not being brought up again the wife got a out of state job offer. When I told my son we were moving to Colorado he says "what about the house?" I say "we'll sell it" and he says "No, my house, you were going to finish it". GOOD GOD!!! We made the offer before Thanksgiving and they don't mention it again until after New Years when I announce we are moving. Sorry but that ship sailed the minute we decided to move. I later found our her parents were on the title. The DIL and her mom suffer from the same problem, not particularly bright but think they are the smartest people in the room.
I could go on about those two for pages.

 

[flower]

Quote:
Originally Posted by reefraff http:///forum/thread/381158/paperwork-for-foreclosures#post_3318901
I've seen the greedy sense of entitlement up close and personal.
My kid and his wife had a shot at a house. They could get low interest rates and zero down. Rather than buy something they could afford on his 10.00 an hour salary and I assume the same they paid her working for her parents log home business they decided to build a house, 2000 square feet. My kid has zero labor skills so all he was able to do was what her dad told him. I tried to tell them they were biting off more than they could chew, their was no way the amount of their construction loan would cover materials and subs even with her parents paying my son to work on his own house. Her parents had their own business to run so there was no way they could build the house on the loan time line. Of course we didn't know what we are talking about, her parents (now bankrupt) being in the business and all. They just about had the exterior finished when they ran out of time on the construction loan which they had maxed out.
I offered to buy the house for what they were into it, finish it and sell it giving them the profit minus expenses and what would have been 3 or 4 hundred bucks in interest it would have cost me taking the money out of the bank. My kid had landed another 10.00 an hour job and joined the Army Reserves, there was no way in hell they ever could have qualified for a loan. Seeing as how we were told we didn't know what the hell we were talking about I thought it was a pretty generous offer. I figured it would have saved their credit and left them with enough profit for a down on a place they could afford.
But NOOOOOOOOOOOOOOOOOOO!!!!!!!! While my son was at boot camp the DIL and her mom come up to our house and her mom proceeds to pitch up on a plan were we make the kids a loan and place a lien on the house so if they don't pay us back we could evict them and sell the house. Pretty funny stuff. She asked if I didn't want my kids to do better than I had to which I answered of course but I want them to earn it.
So about 2 months later, after the subject of the house not being brought up again the wife got a out of state job offer. When I told my son we were moving to Colorado he says "what about the house?" I say "we'll sell it" and he says "No, my house, you were going to finish it". GOOD GOD!!! We made the offer before Thanksgiving and they don't mention it again until after New Years when I announce we are moving. Sorry but that ship sailed the minute we decided to move. I later found our her parents were on the title. The DIL and her mom suffer from the same problem, not particularly bright but think they are the smartest people in the room.
I could go on about those two for pages.

Oh the joy of grown children and the inlaws...the wifes side always wins, didn't you know that? Don't forget your the jerk for not bailing them out..that's what parents are for...didn't you know. How dare you and your wife take care of yourselves before the kids...moving away and leaving them like that.
You guessed it, I too have three grown married children..I will stop right there, and just say I understand..

 

[smartorl]

I am very proud of my daughter. She is a RN, she makes a respectible living working in an OB/GYN practice.
She decided to buy her first place and even though she qualified for a larger house, she chose instead to buy a small but adorable, one bedroom condo, well under her budget. Although her hours were initially cut, she was ok because she was able to save each month.
My oldest son.......that's another story. He wants the best of everything......now. Him, I worry about!

 

[slice]

IMHO:
In a nutshell (simplified)
Barney Frank, Chris Dodd and their ilk, decided that everyone who wants a home should have one (a scheme to make themselves a hero and furthering dependency on Big Government).
They change the rules through Fannie Mae and Freddy Mac and tell mortgage lenders that unqualified borrowers can and should now be given mortgages. Lenders were told the rules now allows the government to back the loans and hold harmless the lender. Now go and make loans!! Power to the people!!
So, mortgage lenders played by the new rules. They saw a means to increase volume without risk. They issued mortgages that would have never passed the smell test if good business practice had been in effect, but with the government guaranteeing the loans, why not?
Demand (and as a result, prices) for houses skyrocketed with millions of new homeowners.
But is was all a house of cards. These folks could never really afford the mortgages, and when the economy began to stall, the scheme was exposed. Lenders looked to the government to back the loans as they promised. Of course, the lenders are vilified for predatory lending when all they did was play by the rules the government set up.
A flood of mortgages defaulted, pouring millions of homes back on the market. Demand plummeted, driving home values downward. Now even healthy mortgages find themselves "upside down".
Fannie Mae and Freddy Mac should have never existed. They should be dismantled immediately. If there is a single worst contributor to all of this, it is Barney Frank, Chris Dodd, Fanne Mae, Freddy Mac and all those who choose to believe the government can trump market forces, good business practices and basic common sense.
/rant

 

[fishtaco]

Like I have mentioned before, my wife and I lived in a "poor" working class neighborhood for 14 years before we saved enough to buy a couple acres in the sticks and put a pretty modest 1400 sq ft home on it with a nice detached two car garage. In the meantime I watched several friends buy homes they could not really afford and then when the market value increased get a second mortgage and go out and buy huge T.V.s and brand new vehicles. Now those people are in trouble because I guess they where never taught basic economics.
So like the other posts, I do not have a lot of sympathy for anyone who over-bought to keep up with the Jones and if some of those people end up getting that property back because of a paper-work mistake I would consider it a real slap in the face to all of us who did not have to have a McMansion, stainless appliances and granite counter tops we could not afford.
Fishtaco

 

[stdreb27]

Quote:
Originally Posted by deejeff442 http:///forum/thread/381158/paperwork-for-foreclosures#post_3318842
i dont get it.the lenders are being investigated for wrongly throwing out deadbeats because of paperwork?
the government is acting like the banks are throwing out paying people?
why would a lender want to foreclose on a paying borrowerer?
i would assume the banks dont want to foreclose and sell a home at auction for less than its worth.i dont get this .are people just mad because they think obama was going to be making their house payment?so now they dont have to and reality is they are months behind and think they can live for free .
It is pretty funny isn't it. The govt strong armed them into making the loans. Implying the credit rating system was racist. Then offering to buy the loans. (fanny and freddy) then the government (fanny and freddy) cooks the books and spins them off as note. When the house of cards fall, they make the lenders stop foreclosures on a paperwork issue...

 

[flower]

Quote:
Originally Posted by Fishtaco http:///forum/thread/381158/paperwork-for-foreclosures#post_3318996
Like I have mentioned before, my wife and I lived in a "poor" working class neighborhood for 14 years before we saved enough to buy a couple acres in the sticks and put a pretty modest 1400 sq ft home on it with a nice detached two car garage. In the meantime I watched several friends buy homes they could not really afford and then when the market value increased get a second mortgage and go out and buy huge T.V.s and brand new vehicles. Now those people are in trouble because I guess they where never taught basic economics.
So like the other posts, I do not have a lot of sympathy for anyone who over-bought to keep up with the Jones and if some of those people end up getting that property back because of a paper-work mistake I would consider it a real slap in the face to all of us who did not have to have a McMansion, stainless appliances and granite counter tops we could not afford.
Fishtaco

I could afford my granite counter tops, my porcelain tiled floors and my 15 X 30 X 10 foot in ground pool. I could not afford when my now X husband decided drugs had more appeal…so I got a divorce and left him with the house. He lost the house without my income…he lost his job shortly after I left, but he did manage to keep the new car he took off with, Ford let him just pick up where he left off after a year of non payment like nothing was in arrears..

I don’t feel sorry for him…but dam, I wish I had kept the house now. I'm renting for Two hundred bucks less my original mortgage.

 

[reefraff]

Quote:
Originally Posted by Flower http:///forum/thread/381158/paperwork-for-foreclosures#post_3318955

Oh the joy of grown children and the inlaws...the wifes side always wins, didn't you know that? Don't forget your the jerk for not bailing them out..that's what parents are for...didn't you know. How dare you and your wife take care of yourselves before the kids...moving away and leaving them like that.
You guessed it, I too have three grown married children..I will stop right there, and just say I understand..
LOL! You hit the nail on the head. Just sent the 7 year old a Birthday present last week, Not a peep to say it got here, thank you, kiss my @** on nothing so I suppose there is no point in sending any further gifts. Feel bad for the wife but I am a cold blooded bass turd. You don't want to hang with me your loss, have a nice life.

 

[flower]

Quote:
Originally Posted by reefraff http:///forum/thread/381158/paperwork-for-foreclosures#post_3319051
LOL! You hit the nail on the head. Just sent the 7 year old a Birthday present last week, Not a peep to say it got here, thank you, kiss my @** on nothing so I suppose there is no point in sending any further gifts. Feel bad for the wife but I am a cold blooded bass turd. You don't want to hang with me your loss, have a nice life.

I'm a softie for the grandkids...They are not to blame for the parents.

 

[reefraff]

Oh I know but we suspect they aren't even told who send them the stuff anyway. Don't really know what they want and need so I figure I'll just throw a 100 buck a year per kid into an account and once they are old enough to appreciate it or their parents pull their heads out they'll have some spending money,
Quote:
Originally Posted by Flower http:///forum/thread/381158/paperwork-for-foreclosures#post_3319053

I'm a softie for the grandkids...They are not to blame for the parents.