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Old 09-15-2008, 06:57 PM
 
Location: Broward County
2,518 posts, read 9,700,322 times
Reputation: 1333

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interesting. I will pass on the info.
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Old 09-15-2008, 07:40 PM
 
1,989 posts, read 3,845,405 times
Reputation: 1379
I'm chiming in late, but I think the OP has pointed out a really interesting problem.

There have already been news stories about how short selling and/or foreclosing is too complex since there is no longer a single "bank" that owns the home. The question with mortgages sold in SIV's is "who owns it"? No one seems to know.

Lehman's employees and their knowledge are walking out with their offices packed into boxes and duffle bags. If it was complicated to sell these homes when someone was home at Lehman, how the heck are they going to go about selling them now?

Who's in charge of selling all the REO's when the banks and investment houses liquidate?
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Old 09-15-2008, 08:19 PM
 
Location: near Portland, Oregon
472 posts, read 1,525,497 times
Reputation: 304
Quote:
Originally Posted by cohdane View Post
Who's in charge of selling all the REO's when the banks and investment houses liquidate?
This sort of thing has been going through the courts. In fact, some foreclosure proceedings have been dismissed because the bank could not produce the paper to prove they owned the whole enchilada-- the mortgage had been pieced out to several different financial instruments.

By the time all the bad money washes out of the system, we will have generated a whole new body of real estate law and regulation. FUBAR doesn't even begin to cover it.
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Old 09-16-2008, 03:55 AM
 
3,283 posts, read 4,564,514 times
Reputation: 748
Quote:
Originally Posted by irish setter girl View Post
I have a client who defaulted on an Aurora Loan. She lived in the home for 10 months (no payments), house went to auction in early August and she is still in the house. Lender attorney told her she could stay (and maintain the house) through Oct. 31st. I had three offers on the house prior to the auction and the bank was SOOOOO slow that none of them were reviewed in time. House went back to the bank and she is still living rent free. The bank told her she MAY be able to stay longer because of all that is going on and they are having a slow time getting homes re-listed as REO. They'd rather have someone living in them than having them sit vacant. Amazing.
if the banks weren't getting federal assistance these homes would have to go to absolute auction. that means that the house would go to the highest bidder regardless of how low the price. imo that is the only way to get fence sitters off the fence and the only way to clear up the inventory and it's what should be happening. the fact that banks are getting a helping hand means that properties can sit and rot. obviously the implications are huge. property prices would crash and the negative equity means that every bank WOULD go bust and the fed would have to stump up some huge numbers on federally insured bank accounts. as far as i'm concerned it's money better spent than continue to prop up the current house of cards.
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Old 09-16-2008, 12:04 PM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,148,090 times
Reputation: 5685
Quote:
Originally Posted by LynnKK View Post
Well said....let's walk a mile in someone else's shoes for a change.
Walk a mile in someone's shoes and you will be a mile ahead of them and have their shoes.
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Old 09-24-2008, 01:51 PM
 
3,301 posts, read 4,428,383 times
Reputation: 1519
Quote:
Originally Posted by tamitrail View Post
And the people who work hard to pay should be proud of themselves and happy with their good credit and the life they made for themselves. I take pride in the life I have created for ME, not the demise of others. People living for free doesn't change that.

There are a lot of injustices in the world..........I can think of a lot more serious things to get upset about than someone living for free for a while longer.
Your friend is one of the many people that just stole money out of my pocket. Technically, I am one of the many owners of her house. Please tell me where she lives so I can appraise it myself and perhaps buy it outright and kick her free-loading arse to the curb.
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Old 09-24-2008, 01:58 PM
 
1,824 posts, read 5,147,839 times
Reputation: 927
Quote:
Originally Posted by theroc5156 View Post
Your friend is one of the many people that just stole money out of my pocket. Technically, I am one of the many owners of her house. Please tell me where she lives so I can appraise it myself and perhaps buy it outright and kick her free-loading arse to the curb.

Huh? Why are you quoting me? It's not my friend and I'm not the OP of this thread.

BTW..I disagree with you anyway.
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Old 01-24-2009, 05:55 PM
 
1 posts, read 1,523 times
Reputation: 10
Quote:
Originally Posted by theroc5156 View Post
Your friend is one of the many people that just stole money out of my pocket. Technically, I am one of the many owners of her house. Please tell me where she lives so I can appraise it myself and perhaps buy it outright and kick her free-loading arse to the curb.
You are a F%$ken jerk. you made a bad investment, next time do a little research into what you invest in and dont blame the one that is really in trouble. I am defaulting on an aurora and I welcome you to come to my house any day of the week. just respond to this and i will give you my address.
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