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I had a mortgage with GMAC. I had problems with the house, and owed more than it was worth. I tried to work with the company through a short sale, but GMAC insisted on the amount I owed as a list price, which was about half of the value.
However, a lady put in a very good offer (for them) at 10k less than the list. GMAC denied the offer, and stated they would take nothing less than what I owed.
So, I walked away from the house, and the house sold at auction for 75% less than the previous offer. One of the best financial decisions I have made.
I am no fan of Obama and his anti-capitalist policies, but he did the right thing by vetoing this bill. If a bank is going to foreclose on your home, the least they could do is sign the papers in person and have it properly notarized. With that said, I do NOT believe that this latest so called crisis is going to amount to anything. Bank Of America has stated that they believe review will show that they acted correctly in a vast majority of foreclosures, and that the inproper paperwork will affect only a very small number of cases. Unfortunatley, this "issue" has been siezed upon by a sensationalist media and a few desperate politicians in a vain attempt to make banks into the popular scapegoat yet again in an effort to avoid getting swept out of office in November. It is my humble opinion that this "issue" will quickly dive under the radar and disappear after the Nov election.
I hate to say "I told you so, but.....". Is there still a problem to be dealt with, yes, but nowhere near the magnitude of what has been reported. I am convinced this whole thing was blown waaaay out of proportion by the lawyers, politicians, and the media. Hope you bought into the banks the last few days!
I had a mortgage with GMAC. I had problems with the house, and owed more than it was worth. I tried to work with the company through a short sale, but GMAC insisted on the amount I owed as a list price, which was about half of the value.
However, a lady put in a very good offer (for them) at 10k less than the list. GMAC denied the offer, and stated they would take nothing less than what I owed.
So, I walked away from the house, and the house sold at auction for 75% less than the previous offer. One of the best financial decisions I have made.
I had a mortgage with GMAC. I had problems with the house, and owed more than it was worth. I tried to work with the company through a short sale, but GMAC insisted on the amount I owed as a list price, which was about half of the value.
However, a lady put in a very good offer (for them) at 10k less than the list. GMAC denied the offer, and stated they would take nothing less than what I owed.
So, I walked away from the house, and the house sold at auction for 75% less than the previous offer. One of the best financial decisions I have made.
I hope for your sake that the state where the property is located has an anti-deficiency statute that prevents the noteholder from suing you for the balance of the note after the foreclosure auction sale price is deducted. Most of the post-foreclosure notes are sold for pennies on the dollar to vulture capitalists, who turn them into quick judgments.
And unless your mortgage was one of the rare ones with no mortgage insurance, GMAC had little or no interest in sharing the pain of the house's decreased value, as the mortgage insurance policy paid them the principal balance on the mortgage, even if the house wasn't worth that much.
Location: Georgia, on the Florida line, right above Tallahassee
10,471 posts, read 15,833,234 times
Reputation: 6438
Quote:
Originally Posted by treasurekidd
I hate to say "I told you so, but.....". Is there still a problem to be dealt with, yes, but nowhere near the magnitude of what has been reported. I am convinced this whole thing was blown waaaay out of proportion by the lawyers, politicians, and the media. Hope you bought into the banks the last few days!
I hope for your sake that the state where the property is located has an anti-deficiency statute that prevents the noteholder from suing you for the balance of the note after the foreclosure auction sale price is deducted. Most of the post-foreclosure notes are sold for pennies on the dollar to vulture capitalists, who turn them into quick judgments.
And unless your mortgage was one of the rare ones with no mortgage insurance, GMAC had little or no interest in sharing the pain of the house's decreased value, as the mortgage insurance policy paid them the principal balance on the mortgage, even if the house wasn't worth that much.
Location: Georgia, on the Florida line, right above Tallahassee
10,471 posts, read 15,833,234 times
Reputation: 6438
Quote:
Originally Posted by HappyTexan
Well..HR3808 will save their butts.
Allows states to recognize notarizations from other states via electronic means.
Bill passed both House and Senate with NO debate and is sitting on Obama's desk.
These banks will not get in trouble and will be able to continue to foreclose on homes they don't own. Just wait and see. WE, the people, do not run the government.
"To leave no doubt that the bill is being vetoed," said Obama in a statement, "in addition to withholding my signature, I am returning H.R. 3808 to the Clerk of the House of Representatives, along with this Memorandum of Disapproval."
Location: Georgia, on the Florida line, right above Tallahassee
10,471 posts, read 15,833,234 times
Reputation: 6438
Yeah, like the healthcare stuff and biggest financial reform since the Great Depression. Swept that right under the rug for the next President to handle.
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