Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-01-2015, 07:53 AM
 
Location: Las Vegas
930 posts, read 1,814,452 times
Reputation: 702

Advertisements

I just read this article in the paper this morning about rising home repossessions in Vegas and about halfway into the article I read this:

"Hawks said he knows a woman who owns a roughly 4,000-square-foot house in the upscale Henderson foothills community of MacDonald Highlands who hasn’t made a mortgage payment in more than 4 1/2 years. She is, however, renting out the house for nearly $4,000 per month..."

also this..."Hawks said he recently met a man in his office who hadn’t made a mortgage payment in seven years..."

Some may say these people are just "gaming the system" but isn't it just outright theft? I don't know the laws, but cant these people be prosecuted for some version of mortgage fraud?? shouldn't the mortgage holder at least be able to sue for those rental proceeds in the first case mentioned?



full article link:


Home repossessions are rising as banks start to clear out foreclosure backlog - VEGAS INC
Reply With Quote Quick reply to this message

 
Old 07-01-2015, 08:09 AM
 
Location: Sunrise
10,865 posts, read 16,961,414 times
Reputation: 9084
People were bragging about this on C-D during the recession -- "I strategically defaulted and haven't made a mortgage payment in two years. I've been living for free in the house!"

Stories like that were commonplace, with people bragging about how they were beating the system. None of them are around today to let us know how it eventually worked out for them.
Reply With Quote Quick reply to this message
 
Old 07-01-2015, 08:50 AM
 
Location: Salt Lake City/Las Vegas
1,596 posts, read 2,804,089 times
Reputation: 1902
Yeah, they can only beat the system for so long before it catches up with them. There was an article in the RJ recently detailing how the banks are catching up on the foreclosure process.

Foreclosure starts dip, but more owners losing their homes | Las Vegas Review-Journal

“Lenders and courts are pushing through stubborn foreclosure cases that have been languishing in foreclosure limbo for years as options to prevent foreclosure are exhausted or left untapped.”

Bill

Last edited by UTES; 07-01-2015 at 08:58 AM..
Reply With Quote Quick reply to this message
 
Old 07-01-2015, 09:54 AM
 
3 posts, read 2,404 times
Reputation: 13
Quote:
Originally Posted by gvc8 View Post
I just read this article in the paper this morning about rising home repossessions in Vegas and about halfway into the article I read this:

"Hawks said he knows a woman who owns a roughly 4,000-square-foot house in the upscale Henderson foothills community of MacDonald Highlands who hasn’t made a mortgage payment in more than 4 1/2 years. She is, however, renting out the house for nearly $4,000 per month..."

also this..."Hawks said he recently met a man in his office who hadn’t made a mortgage payment in seven years..."

Some may say these people are just "gaming the system" but isn't it just outright theft? I don't know the laws, but cant these people be prosecuted for some version of mortgage fraud?? shouldn't the mortgage holder at least be able to sue for those rental proceeds in the first case mentioned?



full article link:


[URL="http://vegasinc.com/business/real-estate/2015/jun/26/rising-home-repossessions-are-more-about-backlog"]Home repossessions are rising as banks start to clear out foreclosure backlog - VEGAS INC[/URL]
The problem is that housing recovery is s lie, bogus, illusion. Banks purposely haven't been foreclosing on biger more expensive homes and have allowed those people to live payment free for years.
If you look at Core Logic for example, their data shows that delinquencies have fallen from 2010’s high of 8.6% to 3.9%. Sounds good, right? Except the largest banks report completely different figures. Wells Fargo reports a delinquency rate of 13.8%. JP Morgan reports 13.3%. Bank of America reports 12.9%. Those are a lot bigger than 3.9%

So what is a deal here?
Well, Core Logic is reporting the number of delinquencies. The banks are reporting their total outstanding balances. They’re completely different figures! They’re ignoring the fact that those “numbers” include jumbo loans on homes that are $400,000 to 500,000 or higher. When you add them up, that’s millions and millions of dollars on their balances.

What sounds worse? A handful of delinquent homeowners, or millions of dollars outstanding? Core Logic’s just focusing on the one that sounds better! This is why the “housing recovery” is a big fat lie…

Fuzzy Math is Behind the Housing Boom...
To prop up the sector, the banks stopped foreclosing on larger loans in 2010 and they targeted the smaller fish instead. Almost all of these smaller mortgage loans are bought and guaranteed by government-sponsored agencies like Fannie Mae and Freddie Mac. So they take the losses, not the banks. The average mortgage at Fannie Mae is around $159,000. Those are the loans the banks targeted for foreclosure… not the big ones. After all, better to foreclose on the easier-to-sell homes than the ones that could never possibly sell.

So while Core Logic touts a 3.9% delinquency rate, deeper look into numbers show it’s more like 17% to 19% nationwide on the larger jumbo loans. And that’s just nationwide. When you isolate the larger, more bubbly markets where most of those delinquencies on jumbo loans occur, you see results like this:

The delinquency rate of the New York City metro area is 39.06%.
The Miami/Ft. Lauderdale area: 37.59%.
Tampa/St. Petersburg— 36.81%.
Las Vegas: 29.74%.


Do you understand how misleading 3.9% is now? There are 19 million people in the NYC metro area alone. And nearly 40% of its homeowners who have jumbo loans are delinquent! In Las Vegas 30% homeowners who have jumbo loans are delinquent.

This crisis is not behind us... and the housing market is not going into a recovery. Don’t buy into the bogus figures that say the housing market’s doing better, it’s not!
Reply With Quote Quick reply to this message
 
Old 07-01-2015, 10:01 AM
 
15,803 posts, read 14,417,439 times
Reputation: 11861
To the OP, no it isn't. Unless they can show the borrower got the loan under false pretenses, it isn't fraud.

The bank and the borrower have a contract. The borrower defaulted on the contract, and the contract specifies the remedies the bank has.

But wait. During the boom, the banks were playing so fast and loose with these loans that in many cases they have lost the paperwork and never properly recorded the loan. In point of fact, ownership of the note, and servicing rights have likely changed hands, maybe a few times, probably without keeping proper track of what records do exist. So now, when they want to repossess the house, they can't prove their lien. So while the borrower IS taking advantage of the situation, the bank created the problem for itself and whoever now owns the loan.
Reply With Quote Quick reply to this message
 
Old 07-01-2015, 03:50 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,933,848 times
Reputation: 5051
I wonder if the bank lost my paperwork.. sold 3 times... I still make the payment even though its now Nationstar.
Reply With Quote Quick reply to this message
 
Old 07-01-2015, 04:49 PM
 
Location: Las Vegas, NV
165 posts, read 208,867 times
Reputation: 153
I imagine from the bank's point of view it's better to have the house occupied than empty where it would be a target for squatters.
Reply With Quote Quick reply to this message
 
Old 07-01-2015, 05:57 PM
 
12,973 posts, read 15,764,307 times
Reputation: 5478
Quote:
Originally Posted by Aaron Q View Post
The problem is that housing recovery is s lie, bogus, illusion. Banks purposely haven't been foreclosing on biger more expensive homes and have allowed those people to live payment free for years.
If you look at Core Logic for example, their data shows that delinquencies have fallen from 2010’s high of 8.6% to 3.9%. Sounds good, right? Except the largest banks report completely different figures. Wells Fargo reports a delinquency rate of 13.8%. JP Morgan reports 13.3%. Bank of America reports 12.9%. Those are a lot bigger than 3.9%

So what is a deal here?
Well, Core Logic is reporting the number of delinquencies. The banks are reporting their total outstanding balances. They’re completely different figures! They’re ignoring the fact that those “numbers” include jumbo loans on homes that are $400,000 to 500,000 or higher. When you add them up, that’s millions and millions of dollars on their balances.

What sounds worse? A handful of delinquent homeowners, or millions of dollars outstanding? Core Logic’s just focusing on the one that sounds better! This is why the “housing recovery” is a big fat lie…

Fuzzy Math is Behind the Housing Boom...
To prop up the sector, the banks stopped foreclosing on larger loans in 2010 and they targeted the smaller fish instead. Almost all of these smaller mortgage loans are bought and guaranteed by government-sponsored agencies like Fannie Mae and Freddie Mac. So they take the losses, not the banks. The average mortgage at Fannie Mae is around $159,000. Those are the loans the banks targeted for foreclosure… not the big ones. After all, better to foreclose on the easier-to-sell homes than the ones that could never possibly sell.

So while Core Logic touts a 3.9% delinquency rate, deeper look into numbers show it’s more like 17% to 19% nationwide on the larger jumbo loans. And that’s just nationwide. When you isolate the larger, more bubbly markets where most of those delinquencies on jumbo loans occur, you see results like this:

The delinquency rate of the New York City metro area is 39.06%.
The Miami/Ft. Lauderdale area: 37.59%.
Tampa/St. Petersburg— 36.81%.
Las Vegas: 29.74%.


Do you understand how misleading 3.9% is now? There are 19 million people in the NYC metro area alone. And nearly 40% of its homeowners who have jumbo loans are delinquent! In Las Vegas 30% homeowners who have jumbo loans are delinquent.

This crisis is not behind us... and the housing market is not going into a recovery. Don’t buy into the bogus figures that say the housing market’s doing better, it’s not!
Where on earth are you getting your statistics. NYC and LV delinquencies are in the low teens. There are not enough foreclosures to have any substantial impact. If you dumped all the "zombie" homes at the same time you might get a hiccough but they would all be gone in weeks. They are generally cheap and flippable.
Reply With Quote Quick reply to this message
 
Old 07-01-2015, 06:13 PM
 
6,377 posts, read 11,845,195 times
Reputation: 6843
Quote:
Originally Posted by lvoc View Post
Where on earth are you getting your statistics. NYC and LV delinquencies are in the low teens. There are not enough foreclosures to have any substantial impact. If you dumped all the "zombie" homes at the same time you might get a hiccough but they would all be gone in weeks. They are generally cheap and flippable.
Dont respond to people with one post, they are the happy joyous wake the you know what up folks.
Reply With Quote Quick reply to this message
 
Old 07-01-2015, 07:14 PM
 
15,803 posts, read 14,417,439 times
Reputation: 11861
In 2009-10 yes. Now they'd probably be able to sell the house if they could get it back.

Quote:
Originally Posted by NDJeff View Post
I imagine from the bank's point of view it's better to have the house occupied than empty where it would be a target for squatters.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas

All times are GMT -6. The time now is 06:40 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top