Truth is, the vast majority of these foreclosures ARE for deadbeat borrowers. They’re just going to use this loophole to screw the banks, which is BS.
>>Truth is, the vast majority of these foreclosures ARE for deadbeat borrowers.<<
I don’t know of a single person who is up to date or one payment off their mortgage who has been foreclosed on. In fact, I know of a man who lost his home but has all the latest gadgets and toys. I-Pad the whole lot. All gotten since his home went into foreclosure.
I’m tired of paying for my mortgage and the mortgage of those who remodeled their kitchens and went on vacation. We’re eating hot dogs for heaven’s sake!
Truth is, the vast majority of these foreclosures ARE for deadbeat borrowers. They’re just going to use this loophole to screw the banks, which is BS.
Granted, but they need to abide by regulations just as those losing their home are expected to. They chose to give these loans (even deadbeats can’t hold a gun to a lender’s head and force them to give them a home loan). Cutting corners and shady practices got us into this mess and considering they “were to big to fail” and got a bailout courtesy of the US taxpayer, at the very least they should be dotting all the i’s and crossing the t’s. If they have too much work they should hire more people. Lord knows there’s plenty of people that could use the job.
Cindie
Chase Mortgage started foreclosure proceedings against us and that is not the case with me.
We have NEVER missed a payment to Chase Mortgage.... in over eight years. Never one payment!
We applied for loan modification last December. The process was supposed to take 90 days. Our payments were dropped during the trial period and we made every payment. Nine months later Chase was still telling us to "be patient" because of their backlog.
Last week we get certified letters that Chase is foreclosing on our house for non-payment. Chase is now claiming that loan modification payments do not count towards being a "current payment." And since we are "nine months behind" they are foreclosing.
Now they will not accept any payment from us because of the foreclosure proceeding.
They just want our house.
Who won't pay crooked bankers... who colluded with a crooked appraisal industry to inflate prices far above actual value.
I have been explaining what was coming to people since 2000. Now we are here. I didn't have prophetic powers - just honesty and integrety.
The banks had every means to know what was coming, and the securities packaging shows they planned for it in advance.
Most home owners? They believed what the banks and appraisers told them.
There is no way to squirm out of responsibility now for the banks.
They’re just going to use this loophole to screw the banks, which is BS.
Yes, any statements that the banks are the ones getting screwed is absolutely Barney Frank /Chris Dodd BS of the highest left wing order.
While I'm sure there are a handful of incidents of out and out foreclosure fraud, I have no doubt that in over 99% of these cases, the borrowers did indeed borrow the money, and have failed to make their agreed upon payments. They deserve to lose their homes, but may escape that fate due to shoddy record keeping and paperwork on the part of the banks.
The problem is that the lenders are having problems proving they own the mortgage and have the right to foreclose.
The banks have shot themselves in the foot (perhaps in the head) with their shoddy practices, but the deadbeat homeowners are the potential beneficiaries, rather than the “victims” of this idiocy.
I do not feel sorry for the banks, as they have created their own nightmare. I also do not think special legislation making it easier to foreclose with materially deficient documentation is appropriate, as this will facilitate real foreclosure fraud.
At the same time, I don't believe any government imposed moratoriums on foreclosures appropriate. Why should the banks with good documentation be forced to suffer for the foolishness of those without it? Each foreclosure should be handled on an individual basis. If the documents are there, it should go through, if not, the bank has a problem.
What about the rest of us? It follows logically that if the people forclosing on the home do not have clear title, then neither do the people being forclosed upon, AND neither does anyone else who purchased or refinanced a home since the creation of this system whereby the different pieces of a mortgage were split and sold off into tranches.
If people who never could own a home end up keeping theirs because the bankers goofed on the foreclosure papers what do you think all the people who keep paying for their homes will do? Say? Vote for? Vote against?
How do you know such a thing? What constitutes a “deadbeat borrower” in your eyes? There are millions of people out of work and looking for jobs in this economy. The jobs that they DO find pay a small fraction of the good-paying jobs they lost in this economic debacle. And don’t kid yourself that it’s all Obama’s fault - this collapse *started* when the Lehmann bit the dust and the Banksters held a gun to the country’s head and demanded a bailout.
Now it’s two years later, the banks are flush with cash and making record profits. But they refuse to loan to small businesses or to anyone with less than perfect credit. The swindling of the real estate market has caused a collapse in vales - one out of three homeowners is now underwater because of this. You can’t get any sort of equity loan for any reason, not even for repairs.
If you are trying to make us feel sorry for the *banks,* you are singing the wrong song. It will take a hell of a lot of screwing the banks before it even comes *closes to the tens of billions they screwed out of Americans. Between the housing values and the pension clean-outs, they stole the single largest source of wealth in the world - the sum total of the savings of the American middle class.
So you are ok with going to court and being prosecuted with false documents? In many of these cases the “lender†does not even own the mortgage. I understand for you things like the law are just inconvenient when you believe the other person is a “deadbeatâ€. Thank god we have laws to protect from people like you. Original documents and valid proof are NOT loopholes.
Are you calling those who lost their jobs and lost their homes as a result ‘deadbeats’?
I poured my retirement money into trying to keep my house.
Only when I was left without savings did I leave it for the bank? Is that a DEADBEAT?
There but for the grace of G*d go any one of youse.