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Old 07-31-2011, 08:27 PM
 
89 posts, read 94,381 times
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Bank makes foreclosure offer she can't refuse | HeraldTribune.com
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Old 08-01-2011, 06:55 AM
 
Location: englewood
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Quote:
Originally Posted by dorothyfromKansas View Post
and your point is?
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Old 08-01-2011, 07:42 AM
 
Location: Punta Gorda and Maryland
6,103 posts, read 14,089,875 times
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Quote:
Originally Posted by dorothyfromKansas View Post
I'll bet a lot of banks have all reached a similar conclusion, and are holding a ton of properties back with a paper trail that just doesn't hold up. With all the sales of these floundering banks, the MER mess and general lack of professional over-sight, the proper paperwork is probabaly in a warehouse somewhere and no one can find it - or it is screwed up by one of a thousand other ways.

Resale of the property is going to get the current defaulted owner out, get fresh paperwork all signed-up, and likely end 99.9% of the issues going forward by doing so. It cleans up the banks books (which they really need - holding and tracking that boondoggle is a nightmare), and they end up with about what they would in a foreclosure sale anyway, and they push it off on the (now) seller (who is motivated) to do it.
After all, Fannie Mae or Freddie Mac are gonna take the real hit - who cares about them - right? As long as Chase and the other banks spin it like they are doing a great do-gooder thing, and put a positive spin on it.

I know, I know - it needs to happen anyway - but there are other things to consider - the banks aren't just being nice guys and victims here - just keeping it real.
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Old 08-01-2011, 10:42 AM
 
89 posts, read 94,381 times
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Quote:
Originally Posted by Big House View Post
I'll bet a lot of banks have all reached a similar conclusion, and are holding a ton of properties back with a paper trail that just doesn't hold up. With all the sales of these floundering banks, the MER mess and general lack of professional over-sight, the proper paperwork is probabaly in a warehouse somewhere and no one can find it - or it is screwed up by one of a thousand other ways.

Resale of the property is going to get the current defaulted owner out, get fresh paperwork all signed-up, and likely end 99.9% of the issues going forward by doing so. It cleans up the banks books (which they really need - holding and tracking that boondoggle is a nightmare), and they end up with about what they would in a foreclosure sale anyway, and they push it off on the (now) seller (who is motivated) to do it.
After all, Fannie Mae or Freddie Mac are gonna take the real hit - who cares about them - right? As long as Chase and the other banks spin it like they are doing a great do-gooder thing, and put a positive spin on it.

I know, I know - it needs to happen anyway - but there are other things to consider - the banks aren't just being nice guys and victims here - just keeping it real.
That almost seemed to good to be true. I think if the people that get these offers with the help of real estate agents can line up buyers it is a win win.
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Old 08-01-2011, 11:29 AM
 
Location: Punta Gorda and Maryland
6,103 posts, read 14,089,875 times
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Quote:
Originally Posted by dorothyfromKansas View Post
That almost seemed to good to be true. I think if the people that get these offers with the help of real estate agents can line up buyers it is a win win.
I was talking to a friend of mine that just went through a short sale. He said that they BoA did the exact same thing with him. Wouldn't let him buy the house either or refinance it. They dictated what he was to sell the house for including the listing amount, and gave him $3000.00 at closing. He said they also cleared the blemish on his credit as well. So it seems like the amount of cash at closing is the only variance with what the banks are doing now. They will pay more to those that have really messed up paper work. Maybe that should be a clue that she might prevail in staying in the house longer - if they can't provide the proper paperwork maybe she could stay there scott-free for a long long time.
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Old 08-01-2011, 01:14 PM
 
Location: Englewood, FL
1,464 posts, read 1,678,958 times
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Seems pretty unfair when you have people killing themselves to pay their mortgage on time, working 3 jobs, living on mac and cheese. Kudos to the character of these people and their values, because otherwise, what's the incentive not to just walk?
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Old 08-01-2011, 02:54 PM
 
89 posts, read 94,381 times
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Originally Posted by kiggy View Post
Seems pretty unfair when you have people killing themselves to pay their mortgage on time, working 3 jobs, living on mac and cheese. Kudos to the character of these people and their values, because otherwise, what's the incentive not to just walk?
I agree with you fully.

I have an issue with some of the mortgage bankers that let people get in those situations and do like the idea of getting them out of it without harming a neighborhood if possible.
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Old 08-01-2011, 03:19 PM
 
Location: englewood
1,580 posts, read 2,923,295 times
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Quote:
Originally Posted by kiggy View Post
Seems pretty unfair when you have people killing themselves to pay their mortgage on time, working 3 jobs, living on mac and cheese. Kudos to the character of these people and their values, because otherwise, what's the incentive not to just walk?
there are alot of people that bust their ass to get ahead and can never manage while next door they are getting all the hand outs and sleep till noon. that is the spread the wealth philosophy. everyone thinks that it is someone elses money that is supporting them and taking care of their mortgage. not fare at all.
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Old 08-01-2011, 05:34 PM
 
89 posts, read 94,381 times
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Quote:
Originally Posted by gettinoutofjersey View Post
there are alot of people that bust their ass to get ahead and can never manage while next door they are getting all the hand outs and sleep till noon. that is the spread the wealth philosophy. everyone thinks that it is someone elses money that is supporting them and taking care of their mortgage. not fare at all.
Agree, so how can it be stopped once and for all?

That easy mortgage money cycle we went thu is still killing the economy. If you could sign your name you were approved for 110% loans
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Old 08-02-2011, 06:51 AM
 
Location: englewood
1,580 posts, read 2,923,295 times
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Quote:
Originally Posted by dorothyfromKansas View Post
Agree, so how can it be stopped once and for all?

That easy mortgage money cycle we went thu is still killing the economy. If you could sign your name you were approved for 110% loans
i could explain it to you but that would mean bashing frank and dodd to name a few. this would go political and violate the terms and conditions of the board and have liberal, progressives in tears.
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