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Old 01-15-2013, 09:35 PM
 
6,473 posts, read 10,991,037 times
Reputation: 6373

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I posted this in the Economics section as well, but I believe since the housing crisis literally began in California first, you guys should read this very, very important article.

If you know of anyone who had their property foreclosed on by the bank and were forced to move, then they might not know if the bank took the house out of foreclosure, because they didn't want to deal with the pain of selling it. What happens to the people in the article is a real horror story.

Special Report: The latest foreclosure horror: the zombie title | Reuters

Quote:
Special Report: The latest foreclosure horror: the zombie title

(Reuters) - [b]Joseph Keller doesn't expect he'll live to see the end of 2013. He blames the house at 190 Avondale Avenue.

Five years ago, Keller, 10 months behind on his mortgage payments, received notice of a foreclosure judgment from JP Morgan Chase. In a few weeks, the bank said, his three-story house with gray vinyl siding in Columbus, Ohio, would be put up for auction at a sheriff's sale.

The 58-year-old former social worker and his wife, Jennifer, packed up their home of 13 years and moved in with their daughter. Joseph thought he would never have anything to do with the house again. And for about a year, he didn't.

MOD CUT
Please read the rest of the article at the link below. It's quite long:
Special Report: The latest foreclosure horror: the zombie title | Reuters

Last edited by NewToCA; 01-16-2013 at 11:55 AM.. Reason: copyright violation
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Old 01-16-2013, 04:09 AM
 
Location: Everywhere and Nowhere
14,131 posts, read 28,444,051 times
Reputation: 6846
Lesson learned - don't buy real estate in declining flyover places like Ohio.
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Old 01-16-2013, 08:14 AM
 
6,473 posts, read 10,991,037 times
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Quote:
Originally Posted by CAVA1990 View Post
Lesson learned - don't buy real estate in declining flyover places like Ohio.
No, not just Ohio, but EVERYWHERE in the country.

Banks are pulling this scam all over the country and there are no regulations to stop it. All of these people left once they got the foreclosure notices before being evicted by the Marshall. The bank held onto the property for a little while, then took it out of foreclosure AND LEAVING THE ORIGINAL OWNER'S NAME ON THE PROPERTY.

The bank still made a profit, got a tax write off, sold the debt to a collector and BASICALLY GOT OFF SCOT FREE. The banks NEVER notify the original owners that the foreclosure has been cancelled. By the time they find out it's months later with taxes and debt up the wazoo. Also, the house is raided by squatters and is branded unliveable at this point.

The house really is a shell of its former self that continues to keep the original debt holder hostage. The BANKS need to be held responsible for this, because if they would have notified the owner way ahead of time, he and his family could have moved back in and/or rented the space out until things got better.
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Old 01-16-2013, 11:33 AM
 
Location: Quimper Peninsula
1,981 posts, read 2,709,702 times
Reputation: 1758
Quote:
Originally Posted by marilyn220 View Post
No, not just Ohio, but EVERYWHERE in the country.

Banks are pulling this scam all over the country and there are no regulations to stop it. All of these people left once they got the foreclosure notices before being evicted by the Marshall. The bank held onto the property for a little while, then took it out of foreclosure AND LEAVING THE ORIGINAL OWNER'S NAME ON THE PROPERTY.

The bank still made a profit, got a tax write off, sold the debt to a collector and BASICALLY GOT OFF SCOT FREE. The banks NEVER notify the original owners that the foreclosure has been cancelled. By the time they find out it's months later with taxes and debt up the wazoo. Also, the house is raided by squatters and is branded unliveable at this point.

The house really is a shell of its former self that continues to keep the original debt holder hostage. The BANKS need to be held responsible for this, because if they would have notified the owner way ahead of time, he and his family could have moved back in and/or rented the space out until things got better.


Yep,
Banksters...
Criminals with suites.. People need to wake up to this.... The bank can not pick and choose when their responsibility begins and ends.... They made the bet and bought the crappy loan... They can not just walk away and leave the municipality hanging with the bill.
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Old 01-16-2013, 11:34 AM
 
25,627 posts, read 32,703,961 times
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Its not a scam. From the banks point of view if the property isnt worth the trouble and legally they are not responsible to forclose and can walk away like the home owner why not?

Good for the goose.

Lesson dont ever leave your house unless your kicked out by the law, they come take the keys and have a copy of the legal order to do so.
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Old 01-16-2013, 11:52 AM
 
6,473 posts, read 10,991,037 times
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Quote:
Originally Posted by Bulldogdad View Post
Its not a scam. From the banks point of view if the property isnt worth the trouble and legally they are not responsible to forclose and can walk away like the home owner why not?
There is NOTHING wrong with this, but they should be LEGALLY REQUIRED to let the owner know this. The banks have been getting reamed by city agencies for not keeping the homes up, so they all figured out a loophole to not only still make a profit, but get off unscathed by still holding the original owners liable.

Also, MILLIONS of americans tried to work with the banks to make lower payments and the banks refused. It wasn't like the owners didn't try to work with them.

Quote:
Lesson dont ever leave your house unless your kicked out by the law, they come take the keys and have a copy of the legal order to do so.
Are you crazy???

The sheriff only gives you 30 minutes to "grab what you can" and that's it.

So, what are they supposed to do with their furniture and clothes. Are you suggesting they rent an apartment somewhere else and only keep the bare minimum that they can grab from the house in case the sheriff comes??

BUT...will an official eviction STILL keep the original owner's name off the house if and when the bank decides to "unforeclose"?

I don't get why you don't see how dangerous this is.
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Old 01-16-2013, 12:29 PM
 
880 posts, read 1,234,846 times
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Quote:
Originally Posted by Bulldogdad View Post
Its not a scam. From the banks point of view if the property isnt worth the trouble and legally they are not responsible to forclose and can walk away like the home owner why not?

Good for the goose.

Lesson dont ever leave your house unless your kicked out by the law, they come take the keys and have a copy of the legal order to do so.
Lesson learned is, don't buy a home you can't afford.

If you lose your job, etc, then foreclosure may occur.

Then when foreclosure occurs have full documentation that you no longer own the house.

Walking away does open anyone up to problems.
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Old 01-16-2013, 01:42 PM
 
6,473 posts, read 10,991,037 times
Reputation: 6373
Quote:
Originally Posted by Leonard64 View Post
Lesson learned is, don't buy a home you can't afford.

If you lose your job, etc, then foreclosure may occur.

Then when foreclosure occurs have full documentation that you no longer own the house.

Walking away does open anyone up to problems.
After reading this article, I agree 1000%.

Here's an informative post from the Economics section someone posted:

Quote:
Originally Posted by Lacerta View Post
I did read the whole article. The person you posted about was the one I was addressing in my response, though. My office actually dealt with one of these about 2 years ago. I work the front desk in a real estate office, and about 2 years ago, my boss got a call from someone who had had exactly this same thing happen. They got notice that the house was foreclosing, so they packed up and moved to Florida. A year later, the bank started calling them. We helped them list and sell the house as a short sale. So I don't know what you think they need to get in compliance with first. You can do a short sale when you are behind on your payments. We've dealt with EXACTLY this situation, and helped the person move past it and move on with their lives. This person has made no effort to do that. I stand by my "head in the sand" statement. He is ignoring the problem, and expecting it to fix itself.

He did not need to leave the house until it was no longer his house. He chose to leave before knowing the fate of the foreclosure. They get postponed A LOT. Odds were extremely high that the foreclosure would not happen as scheduled. He should have consulted with an attorney before moving out to find out his rights and risks. He was under NO obligation to move out prior to the auction. He still owned the house. After the house foreclosed, THEN the bank gives you notice to vacate. That never happened, because the bank never foreclosed. Nowhere in the article did I see anything that said he received notice to vacate. He just received notice the house would be foreclosing and he chose to vacate early.
Most people don't know about the above and it's not publicized. It SHOULD BE, but I'm wondering why the mainstream media is staying quiet about it?

I feel it's important to spread the word to everyone you know that is going through foreclosure or vacated before getting a "notice to vacate" and even if they did get the notice, they should still check up to see if the house is still in their name regardless.

This is an absolute horrible, horrible situation for people to go through.
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Old 01-16-2013, 05:56 PM
 
25,627 posts, read 32,703,961 times
Reputation: 23165
Quote:
Originally Posted by Leonard64 View Post
Lesson learned is, don't buy a home you can't afford.

If you lose your job, etc, then foreclosure may occur.

Then when foreclosure occurs have full documentation that you no longer own the house.

Walking away does open anyone up to problems.

Well yes there is that as well.
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Old 01-16-2013, 06:12 PM
 
Location: Quimper Peninsula
1,981 posts, read 2,709,702 times
Reputation: 1758
Quote:
Originally Posted by Leonard64 View Post
Lesson learned is, don't buy a home you can't afford.

If you lose your job, etc, then foreclosure may occur.
I think we all agree on this one and will find ideological division on "Don't buy a home you can not afford"

Sure, I understand that I am the child of depression era parents.. However, the deregulation of the banks in the early 00's, the credit flowed too freely creating the bubble "upsets me" to say the least... I can not totally lay the responsibility on those who fell for the easy money...

IMO this is a very serious issue, something those idiot politicians in Washington should be talking about...

Again, IMO banks and stock market had a feast in the early 00's before the crash, know they are trying to weasel out of picking up the tab..
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