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I'm on the side of the people and not the fat cat corporate vampires. The sheeple don't know how the banks are stepping all over basic property laws. To them if you don't pay the mortgage you're the criminal. One day they'll see the light, I just hope by then it's not too late.
It's not that those who don't pay the mortgage are criminals, it's just that those who don't pay the mortgage have to give up the property they put up as security on that mortgage. It's really pretty simple.
Agreed. But before throwing someone out of the house, the judge should make sure that the laws are followed when doing so. This is not happening in a majority of foreclosures. Times that by a couple of million.
Quote:
Originally Posted by Bill Keegan
It's not that those who don't pay the mortgage are criminals, it's just that those who don't pay the mortgage have to give up the property they put up as security on that mortgage. It's really pretty simple.
After a tax deed auction, one would have to quiet the title before it is perfectly clear but according to Florida law any liens except for governmental liens, are no longer valid. The tax collector notifies all lienholders of the auction and if no one steps forward to pay the taxes, then they no longer have a claim. Period. The judge awards immediate possession. Not even the property owner can redeem it. It is different for mortgage foreclosure auctions, of course. Any owner would still have to settle with the lender after they win the bid to remove the lien. But in Florida, the owner has a right to redeem anyway, so why not use that card instead? Regardless, it's a good idea to bid against, it might provide leverage for the owner if the lender doesn't have a valid claim anyway. Like if they foreclosed without the note or with one of those robo-signers affidavits and the judge was slack in enforcing the correct laws, which we see a LOT here in Florida. I'm on the side of the people and not the fat cat corporate vampires. The sheeple don't know how the banks are stepping all over basic property laws. To them if you don't pay the mortgage you're the criminal. One day they'll see the light, I just hope by then it's not too late.
A "good idea"? On what planet! As I clearly stated SHOW ME EVIDENCE OF THIS HAPPENING ALL THE TIME OR CONSIDER YOUR PREVIOUS STATEMENT A GRIEVOUS FALSEHOOD THAT IS TERRIBLE ADVICE FOR ANYONE UNFORTUNATE ENOUGH TO BE IN THIS SITUATION.
IF the homeowner were to show up and bid at ANY AUCTION they would have to provide proof of funds. If the lender is there those funds will be subject to prior claim of the lender. You call that a GOOD IDEA?
Entering into legally binding contract and then not living up to the terms of that agreement is, by any definition, a breach of the contract and subject to all legal means available.
Please do not make up things that will hurt "little guys" who are reading this forum and leave them wide open to "fat cats" seeking the legal remedies that will wreck their lives!
I have no problem with borrowers renegotiating their loans, I can even understand them scrambling around for some legal technicality to stave off the ruinous effects of foreclosure and eviscition. The courts in many places are crowded with such efforts. I have little faith these efforts will result in some miraculous salavation for folks that have no ability to afford the places they signed up for, but that is far differnent than the certainty that I know will result from folks attempting to "redeem" their own properties. They will not be able to make that work...
I've reviewed this further. While there is nothing in NJ (I called the Sheriff's foreclosure department) to legally prevent a homeowner from bidding and winning the foreclosure auction on his own home, it seems a foolhardy thing to do. The foreclosing bank is represented at the auction, and will bid on the property until it gets up to a price they are willing to take. Once the price gets up to a satisfactory level, and you add in the costs & commission to the Sheriff, in most cases it would be cheaper, and less of a hassle, to simply pay the mortgage. Especially since buying it at auction means you have to come up with cash for the full purchase price within 30 days.
This is what I think too. If you are defaulting and losing the house in the first place how do you have the money to buy it back?
Agreed. But before throwing someone out of the house, the judge should make sure that the laws are followed when doing so. This is not happening in a majority of foreclosures. Times that by a couple of million.
I think you are on here making unfounded statements. There have been some mistakes made with foreclosures. The volume is so much that human error can't be avoided I'm sure, but the majority were done legally and correctly.
My posts are not legal advice. Of course if property owners do not have the means to redeem their property then they should not participate in bidding activity. Where did I suggest that? The law allows people to redeem their property, I do not need to prove that is so, it's on the law books. If someone does not know enough about the law to navigate for themselves then they should consult with an attorney. I am only suggesting certain strategies if the person has to ability to go that route. And in regards to the idea that I'm making unfounded statements and there have only been "mistakes" made with foreclosures, go to FORECLOSURE FRAUD | by DinSFLA and see what's really happening. Main stream media does not report this stuff. Only Dylan Ratigan talks about it.
My posts are not legal advice. Of course if property owners do not have the means to redeem their property then they should not participate in bidding activity. Where did I suggest that? The law allows people to redeem their property, I do not need to prove that is so, it's on the law books. If someone does not know enough about the law to navigate for themselves then they should consult with an attorney. I am only suggesting certain strategies if the person has to ability to go that route. And in regards to the idea that I'm making unfounded statements and there have only been "mistakes" made with foreclosures, go to FORECLOSURE FRAUD | by DinSFLA and see what's really happening. Main stream media does not report this stuff. Only Dylan Ratigan talks about it.
Folks...us 'little guys' have learned alot more about the 'fat cats' than most of you realize. Screw me once...shame on you and I bet you know the rest of that little diddly. How much do you think we're going to take before finding our way around all the loop holes and nonsense tossed at us via Banks, Real Estate Agents/Brokers and the like? We're going to figure a way around all of it, one way or another and don't think we haven't. If buying back our property at a foreclosure is possible we'll find a way to do it. Ga-Ga is spot on w/her analogies..all of them. This Real Estate market is a shameful mess. How do they afford to buy homes back at auction...they've been allowed to save some cash by not paying mortgages for a year or longer. Wish I'd had a little forethought before getting done-in by my Real Estate Agent and my bank. Guess who's in charge now...you guessed it...
us 'little guys'.
Folks...us 'little guys' have learned alot more about the 'fat cats' than most of you realize. Screw me once...shame on you and I bet you know the rest of that little diddly. How much do you think we're going to take before finding our way around all the loop holes and nonsense tossed at us via Banks, Real Estate Agents/Brokers and the like? We're going to figure a way around all of it, one way or another and don't think we haven't. If buying back our property at a foreclosure is possible we'll find a way to do it. Ga-Ga is spot on w/her analogies..all of them. This Real Estate market is a shameful mess. How do they afford to buy homes back at auction...they've been allowed to save some cash by not paying mortgages for a year or longer. Wish I'd had a little forethought before getting done-in by my Real Estate Agent and my bank. Guess who's in charge now...you guessed it...
us 'little guys'.
And exactly how was it that you got "done in" by your real estate agent and bank?
Folks...us 'little guys' have learned alot more about the 'fat cats' than most of you realize. Screw me once...shame on you and I bet you know the rest of that little diddly. How much do you think we're going to take before finding our way around all the loop holes and nonsense tossed at us via Banks, Real Estate Agents/Brokers and the like? We're going to figure a way around all of it, one way or another and don't think we haven't. If buying back our property at a foreclosure is possible we'll find a way to do it. Ga-Ga is spot on w/her analogies..all of them. This Real Estate market is a shameful mess. How do they afford to buy homes back at auction...they've been allowed to save some cash by not paying mortgages for a year or longer. Wish I'd had a little forethought before getting done-in by my Real Estate Agent and my bank. Guess who's in charge now...you guessed it...
us 'little guys'.
OK so, Just to show them I guess, someone should not pay their mortgage and then attempt to buy it back at auction, instead of paying it and just keeping their house? Do you realize how dumb that sounds?
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Wrong on all counts!
You know...
