FORECLOSURES
( Inspired by Prairie Dog Bob and from a news article by Amy Goodman: “Don’t give up your home without a fight, Ohio congresswomen advises”)
When the bank sends you an buy generic cialis online eviction notice ask the bank to show you the “paper”. “Her advice to ‘squat’ cleverly exploits a legal technicality within the subprime-mortgage crisis. These mortgages were made, then bundled into securities and sold and resold repeatedly ………The banks foreclosing on families very often can’t locate the actual loan note that binds the homeowner to the bad loan.” The sound advice: Sit
tight, ask to see the loan note, seek legal advice from Legal Aid Society. But, ‘if it’s a sheriff’s eviction, if it’s reached that point, that is almost impossible’.
I cant really understand why banks want empty houses anyway………really.
February 6th, 2009 at 11:40 am
PDB told me so they can show them as an ASS-et and a liability at the same time…. Talk about confusing bank inspectors….. I wonder just how many different sets of financial books a bank really have?….. PDB said he has burrowed really deep into this and still can’t find any kind of a bottom line, other than being a banker is a Win-Win-Win – Money in MY pocket occupation, no matter what the economic situation is……
February 6th, 2009 at 7:18 pm
MR, don’t confuse the word “banker”, with “bank executive”. In the old days, anyone who worked at a bank was called a “banker”. Bank executive may have surpassed lawyer on the don’t trust ’em list.
And yes, banks can write off the empty house to a bad debt, which reduces their tax liability (as if they need another deduction, or are held liable for their taxes in the first place).
February 7th, 2009 at 12:31 am
Then the government buys the bad debt, unsold homes glut the market, houses are empty and fall apart destroying property values, and families are evicted. Why not let the families stay in their homes and pay what they can while this mess is figured out.
February 7th, 2009 at 10:49 am
This is right up my alley. Mrs. J.J. and I Went thru this 5 years ago, Back before it became the latest Fad. We tried a lot of those ideas and got no help. so we lost it to sherriffs sale.
February 8th, 2009 at 3:26 pm
I think we all agree that the whole system is really screwed-up, and, with the present horde of “elected officials” (how they got elected, I don’t know) that we have in Washington, I am really afraid it’s gone Humpty Dumpty and can’t put back together again……
I firmly believe those WT’s (Washington Termites) live in an entirely different world than us honest taxpaying citizens, who are just trying to keep our heads above water….. They are overpaid, irresponsible, and not held accountable for anything they do…… None of this current economic crisis affects them personally in any way – except how much of the pie they can stick in their own stomach…….
I wish we had some way to return everyone of them to their own planet…… They probably wouldn’t take ’em back though – I suspect they were kicked off the planet for the same reasons we don’t want them either…..
February 8th, 2009 at 4:00 pm
I like to see “accountability” in our government….a great concept.
February 20th, 2009 at 3:07 pm
Let Me elaborate on what happened to us a few years ago. We refinanced our home that had been in my family since ’67, because of bad financial/legal advice. We were going along pretty good until I lost my job in ’02, Mrs J.J. Quit her job to help with my aged mother. So we got behind in the mortgage. The mortgage company who was underwritten by GMAC would not work with us to restructure the payments, or adjust the interest. While this was going on the mortgage company restructured themselves. GMAC starts pressuring us for the payments in arrears. They would not roll the payments over to the end of the loan. So we take out a second, to bring us back into good standing. We file Ch.13 Bankruptcy and get straightened out. along comes May 05, 2003 and an f5 Tornado. That puts us out of work for 7 weeks, we cannot make the bankruptcy payments so it is dismissed and we go into foreclosure. Lose the house to sheriffs sale, and have been renting ever since. So the moral of the story is the lending instituitions do not care how many forclosed propertys they have on their hands the just want their money period. and would rather have a percentage of the net worth of the property from a sale than the whole amount Not on their time frame.
February 20th, 2009 at 4:58 pm
So the lender sits on a house that is not likely to sell……derivatives, sub primes, economies, neighborhoods, jobs, etc. Nothing from nothing. I don’t get but, maybe it’s me. I was never very good at the “dismal science”.