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FORT MYERS, Fla. -- Hoping to save her house, Saundra Hill Scott arrived at the county courthouse clutching dog-eared mortgage bills and letters from her lender. Foreclosure Court in Fort Myers
See photos and hear audio clips from the Lee County Courthouse and Ms. Hill Scott's home.
She need not have bothered. The foreclosure hearing lasted less than 20 seconds, with Judge John Carlin asking her two questions: Are you current on your mortgage and are you living in the home? She answered no and yes and then offered to show him her paperwork.
"I don't need to see that. That's between you and the bank," he said as he gave Ms. Hill Scott, her husband and three grandchildren 60 days to work out a deal with their lender or vacate their three-bedroom house.
While the Obama administration prepares to unveil on Wednesday its plan to rescue the U.S. housing market, officials here in Lee County have come up with their own unique plan for dealing with the crisis. To clear a huge backlog of foreclosures, judges are hearing "rocket dockets" of nearly 1,000 cases a day and calling retired colleagues back to the bench to help ease the workload...... (article continued at A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases - WSJ.com )
I agree with Rick Santelli...let them foeclose and being bought by people who can afford the house and will pay...most of these people bought homes they nevr could afforded in the first place. I'm paying all my bills and so should they...because of many of these people my home(s) value have gone down, and I just as some others are still paying and shouldn't be punished for resposible behavior just because these people didn't think!!!
FORT MYERS, Fla. -- Hoping to save her house, Saundra Hill Scott arrived at the county courthouse clutching dog-eared mortgage bills and letters from her lender. Foreclosure Court in Fort Myers
See photos and hear audio clips from the Lee County Courthouse and Ms. Hill Scott's home.
She need not have bothered. The foreclosure hearing lasted less than 20 seconds, with Judge John Carlin asking her two questions: Are you current on your mortgage and are you living in the home? She answered no and yes and then offered to show him her paperwork.
"I don't need to see that. That's between you and the bank," he said as he gave Ms. Hill Scott, her husband and three grandchildren 60 days to work out a deal with their lender or vacate their three-bedroom house.
While the Obama administration prepares to unveil on Wednesday its plan to rescue the U.S. housing market, officials here in Lee County have come up with their own unique plan for dealing with the crisis. To clear a huge backlog of foreclosures, judges are hearing "rocket dockets" of nearly 1,000 cases a day and calling retired colleagues back to the bench to help ease the workload...... (article continued at A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases - WSJ.com )
i went through bankruptcy nearly 20 years ago. at the time it was pretty tough. i lost most of my worldly possessions but i was a bit reckless and a bit unfortunate. i sympathise with what many of these people are going through.
what annoys me is that the banks are being bailed out. these homes which are being foreclosed on should be making their way back onto the market without reserve (any institution with cash issues needs to liquidate assets in the absence of other forms of finance) this will lead to dramatic drops in real estate prices. this will ultimately lead to cheaper rent which is something those evictees need urgently
I agree with Rick Santelli...let them foeclose and being bought by people who can afford the house and will pay...most of these people bought homes they nevr could afforded in the first place. I'm paying all my bills and so should they...because of many of these people my home(s) value have gone down, and I just as some others are still paying and shouldn't be punished for resposible behavior just because these people didn't think!!!
These people could very well have afforded their home a few years ago. They could have been paying their mortgage just like you.
If you were fired from your job and were unable to find work how long would it be before you were in the same position?
The school teacher keeps saying she got with the wrong bank after her mortgage was sold. Did she have a 30-year fixed that turned into an adjustable rate mortage when it was sold? I doubt it.
The banks bloat the money supply driving up everything in price, putting people on the hook for the loan and then when it blows they are bailed out and then foreclose on the rest.
Yes there were people who could not afford some homes. However those who were solvent in 2007 and are not now do not exactly fit this profile. Its a bit like when the Soviets confiscated farms and exiled the ex-farmers to Siberia for stealing bread. That is how someone I know who's family was from Siberia ended up there.
I live in Fort Myers and during the housing boom I was watching home prices go up at unrealistic amounts. I often wondered why would anyone buy these over priced homes. I truly believe they should of all continued to rent instead of buy a home or at least know what they are signing and what they are getting into.
These people could very well have afforded their home a few years ago. They could have been paying their mortgage just like you.
If you were fired from your job and were unable to find work how long would it be before you were in the same position?
It will take very very long...I paid my cars CASH, I saved and bought my proeprties CASH....so unless I can't pay for the utilities...I will be fine....
I just waited to buy a small house until I could afford it and sold it with some profit and bought a bigger home which I owned for a couple of years...rented it out and rented a cheaper home myself and sold it when the market was up and made a huge profit (by the way the people who bought it are still having equity in that home since it is in a very desired location and hardly any house comes on the market there..., than we kept renting and when we had a chance to buy a nice deal we did and sold it with profit and did this many times...now we own several houses and live in one and renting out the others...and just had new renters who paid more than the previous tenants did...it is just about making smart deals and don't buy what you can't afford...by the way I always drive an average SUV and never bought a new car...
So I don't agree with you...if people would have bought homes with at least 20% down and 30 yrs fixed, this mess wouldn't have happened. It is all because of zero down and ARM'S...people gambled and banks gambled and they lost....
Of course there are cases where people have been unlucky, lost their jobs, had ill health, etc. etc.
But there are also plenty of cases where people bought home they could not afford, where they bought to speculate, where they refinanced and spent the money on cars and vacations, etc.
One size does not fit all. The bail-out is grossly unfair to those who were prudent and it is unfair to those cases of genuine hardship and bad luck.
bankruptcy and foreclosure while tough are not the end of the world. for 99.99999% being foreclosed on is not a death sentence. it is unfortunate but what's worse for these people is that the govt is not allowing prices to correct quickly enough. banks have been given enough money to hold onto vacant housing and this in turn is keeping the cost of rent high.
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