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Old 10-14-2010, 07:34 AM
 
570 posts, read 994,501 times
Reputation: 345

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Quote:
Originally Posted by Parrotrosie View Post
Oh yeah...they are in big time trouble out there...here in an article to scratch the surface of the explaination for ya!

Banks' Foreclosure 'Robo-Signers' Were Hair Stylists, Teens, Walmart Workers: Lawsuit

It ain't even close to over yet...and yet...the Government wants to 'fix' it.. keep everyone in their houses...while at the same time they give money to the banks to try and steal them...go figure!!! Your tax dollars at work!!
The government and the banks are on the same team...

People still have no idea what's going on...
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Old 10-14-2010, 09:47 AM
 
Location: Orlando, Florida
43,858 posts, read 44,487,202 times
Reputation: 58618
Quote:
Originally Posted by Parrotrosie View Post
Oh yeah...they are in big time trouble out there...here in an article to scratch the surface of the explaination for ya!

Banks' Foreclosure 'Robo-Signers' Were Hair Stylists, Teens, Walmart Workers: Lawsuit

It ain't even close to over yet...and yet...the Government wants to 'fix' it.. keep everyone in their houses...while at the same time they give money to the banks to try and steal them...go figure!!! Your tax dollars at work!!
That was an INCREDIBLE article! Thanks for posting it.
I think the only thing that will ever fix the problem is companies and people laying down their greed.....but I don't see that happening.... ever. We are a product of our own foolishness.
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Old 10-15-2010, 02:36 PM
 
Location: Oviedo, Fl formerly from the Philly Burbs!
1,012 posts, read 2,405,007 times
Reputation: 372
Here are some questions I have been pondering since reading that article....what happens to a home after this sort of scenario...

Homeowner A falls behind in payments...
Bank begins foreclosure procedures...and takes back the home by foreclosure.
Homeowner B purchases said home in a foreclosure deal.

We find out later ... that the bank is criminally liable as to be fraudulent in their dealings with Homeowner A with regards to the process (as laid out in some of the scenarios in that linked article). Where does that leave this whole process? Is Homeowner A entitled to their home back? Where does that leave Homeowner B? Will the bank simply owe moentary damages to Homeowner A? Would that not leave a clean title? This is serious messy stuff in my opinion....
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Old 10-15-2010, 03:27 PM
 
570 posts, read 994,501 times
Reputation: 345
Quote:
Originally Posted by Parrotrosie View Post
Here are some questions I have been pondering since reading that article....what happens to a home after this sort of scenario...

Homeowner A falls behind in payments...
Bank begins foreclosure procedures...and takes back the home by foreclosure.
Homeowner B purchases said home in a foreclosure deal.

We find out later ... that the bank is criminally liable as to be fraudulent in their dealings with Homeowner A with regards to the process (as laid out in some of the scenarios in that linked article). Where does that leave this whole process? Is Homeowner A entitled to their home back? Where does that leave Homeowner B? Will the bank simply owe moentary damages to Homeowner A? Would that not leave a clean title? This is serious messy stuff in my opinion....
Let me answer this question for you.

The homeowner a will not get their home back because it was exactly what the bank intended when they gave homes to people with no money, which historically represents people who're irresponsible with money and/or those who lack education.

Homeowner B is chillin sayin I got this house for a killing.

The bank will not owe anything to the Homeowner A, because the bank will never be prosecuted because the people prosecuting the banks are under bank payroll. They may pinpoint a goat and crucify him for the mass with a 10 year stint in federal prison, and all the dumb ones will be applauding this decision and saying finally they got those bank thieves, but the real orchestra will be smiling with the billions they made off with and nothing will have changed in the end.
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Old 10-17-2010, 02:53 AM
 
Location: Orange County, Florida
385 posts, read 1,262,520 times
Reputation: 197
Quote:
Originally Posted by Parrotrosie View Post
Here are some questions I have been pondering since reading that article....what happens to a home after this sort of scenario...

Homeowner A falls behind in payments...
Bank begins foreclosure procedures...and takes back the home by foreclosure.
Homeowner B purchases said home in a foreclosure deal.

We find out later ... that the bank is criminally liable as to be fraudulent in their dealings with Homeowner A with regards to the process (as laid out in some of the scenarios in that linked article). Where does that leave this whole process? Is Homeowner A entitled to their home back? Where does that leave Homeowner B? Will the bank simply owe moentary damages to Homeowner A? Would that not leave a clean title? This is serious messy stuff in my opinion....
If a foreclosure is overturned, Homeowner A gets the home back. If homeowner B has title insurance they can collect. The bank may also be liable to homeowner B and the title insurance company. This is nothing new, it's the way it's always been done. What's new is the number of foreclosures that may have problems holding up in court.

-Harry
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Old 10-17-2010, 11:06 AM
 
Location: Oviedo, Fl formerly from the Philly Burbs!
1,012 posts, read 2,405,007 times
Reputation: 372
Quote:
Originally Posted by hgebel View Post
If a foreclosure is overturned, Homeowner A gets the home back. If homeowner B has title insurance they can collect. The bank may also be liable to homeowner B and the title insurance company. This is nothing new, it's the way it's always been done. What's new is the number of foreclosures that may have problems holding up in court.

-Harry
Thanks Harry....if this debacle plays out the way it looks like it might...I suppose we should expect the added cost of title insurance to go waaaay up in the future...great!
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Old 10-17-2010, 12:57 PM
 
21,082 posts, read 30,119,082 times
Reputation: 19434
Quote:
Originally Posted by GregTraub View Post
BOA, Chase, EMC, GMAC, and likely soon Fannie Mae may be as well. PNC and Litton Loan Servicing also have been halting some but not all of their foreclosures. This started with just 28 states that did Judicial Foreclosures, only recently did BOA announce they'd just halt everything in all states.

All of those lenders/servicers combined equal the lions share of all mortgages out there.
Actually it excludes the giant Wells Fargo/Wachovia partnership, the worst of the bunch in terms of working with their customers.
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Old 10-18-2010, 08:01 AM
 
Location: Orlando FL
1,065 posts, read 3,734,939 times
Reputation: 424
Quote:
Originally Posted by kyle19125 View Post
Actually it excludes the giant Wells Fargo/Wachovia partnership, the worst of the bunch in terms of working with their customers.
Wells has stated they have found no errors in their process thusfar, and they never stopped any of their foreclosures for paperwork issues. And actually in my experience on the short sale, and REO end of working with Wells, They are by far better than BOA or Chase. They work quicker, more efficiently, mostly logically, and in most cases release liability on the homeowners when other banks would not. Not saying they are perfect, not even close, but compared to where BOA and Chase have put the bar......
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