Freddie Mac to rent foreclosed properties

[bknflorida]

http://news.yahoo.com/s/ap/mortgage_giants_renters

__________________________________________________ _________

Did anyone see this on Yahoo this morning:

http://news.yahoo.com/s/ap/mortgage_giants_renters

I'm still wondering why in North Florida the Trustee is telling people that are not reaffirming their homes that they have to be out within 30 days. If I can ever get my attorney on the phone, I plan to find out before I sign my new lease! I'm going to be very angry if I pay deposits & rent for a much smaller rental and then find out I could have stayed in my house for another 6 months or longer. You have to love attorneys who take your money & then tell you absolutely nothing & act like you're an annoyance if you dare to ask a question.

[keepmine]

I personally think the trustee in that district is overstepping their authority but, nobody seems to want to deal with the hassle of calling the bluff.
I'd hope a lawyer in that district would complain to the UST.

[bknflorida]

I hope so too, but it's obviously not going to be my attorney!

[jeb]

Interesting - why would the trustee have anything to do with when you leave the home?

That would be up to the lender to foreclose on and that takes time. - jb

[PoorGrammyinBK7]

Interesting - why would the trustee have anything to do with when you leave the home?

That would be up to the lender to foreclose on and that takes time. - jb

My thoughts exactly.

[catleg]

Yeah, it seems crazy to force people to vacate the homes. Empty homes typically become crack houses and shooting gallerys for drug addicts. Not to mention that most homeowners insurance companies won't cover a vacant home either. That trustee has a real problem, sounds like he thinks the idea of free housing will encourage debtors not to pay.

[AngelinaCatHub]

How does he know, and under what circumstances did he tell you this? You don't have to be out until the Sheriff puts you out. Until it is foreclosed, it is still legally your house. After foreclosure if you are not willing to leave, the bank must sue for eviction another month or so to live in it free. Don't take their Power Hungry incorrect information. 'Hub

[mintz]

Rep: Foreclosed owners should squat in their own homes

01/30/2009 @ 9:26 am

If you're poor and the bank is coming for your home, Congresswoman Marcy Kaptur has a plan for you.

Just squat, she says.

Yes, this Ohio Democrat is actually encouraging her financially distressed constituents whose homes have been foreclosed upon, to simply stay put.

In a Friday report, CNN's Drew Griffin explored the case of Ohioan Andrea Geiss, whose home was foreclosed upon in April.

"Behind in payments, out of work, a husband sick, she had nowhere to go," said Griffin. "So, she decided to follow the advice of her Congresswoman and go nowhere."

In Lucas County, Ohio, over 4,000 properties were foreclosed upon in 2008, reports CNN.

"So I say to the American people, you be squatters in your own homes," said Congresswoman Kaptur before the House of Representatives. "Don't you leave."

She's called on all of her foreclosed-upon constituents to stay in their homes and refuse to leave without "an attorney and a fight," said CNN.

"If they've had no legal representation of a high quality, I tell them stay in their homes," Kaptur told Griffin.

Kaptur is a high-profile advocate of an increasingly popular mode of fighting foreclosures best known for it's key phrase: "Produce the note."

By telling a bank to "produce the note," a homeowner can delay foreclosure by forcing the lender to prove the suing institution is actually the same which owns the debt.

"During the lending boom, most mortgages were flipped and sold to another lender or servicer or sliced up and sold to investors as securitized packages on Wall Street," explains the Consumer Warning Network. "In the rush to turn these over as fast as possible to make the most money, many of the new lenders did not get the proper paperwork to show they own the note and mortgage. This is the key to the produce the note strategy."

And Friday's segment on this growing foreclosure fighting "movement" was not the network's first. Earlier in January, CNN explored one person's strategy in demanding her bank "produce the note," only to find that the lender had "lost or destroyed" the evidence of debt ownership. Such a revelation can significantly strengthen a homeowner's position when asking to renegotiate a mortgage.

That these banks, many of which received billions of dollars in government bailout funds, continue to boot defaulted owners from their homes, makes them "vultures" says Kaptur.

"They prey on our property assets," she said. "I guess the reason I'm so adamant on this is because I know property law and its power to protect the individual homeowner. And I believe that 99.9 percent of our people have not had good legal representation in this."

Filed by David Edwards and Stephen C. Webster

http://rawstory.com/news/2008/Rep_Foreclosed_owners_should_squat_in_0130.html

I saw on CNN that a congress woman is telling all her ppl in her town to stay put and do not vacate even if they foreclose. They can kiss her you know what. Also, I was told it takes about a year to really get you out.

[AngelinaCat]

Hi Bknflorida and Mintz:

I have fixed both of your news article postings to bring them more in line with the forum's posting guidelines. When you post a news article, please post the entire article and not just the URL. Sometimes they get archived and the link becomes stale.

Also please post it in the 'Credit and BK News' forum so that it can appear on the front page. That way everyone coming to the forum will see it.

Below is a link to the guidelines for posting news artcles that our Administrator wishes us to use:

http://www.bkforum.com/showthread.php?t=24361

Thanks
AC

[jeb]

Mintz, that is an outstanding article - one that everyone caught in this mess should use.

Sure would shake things up, huh?

Saw a news report a while back that some cities with heavy foreclosures and the banks not keeping the property up were condemning them and tearing them down. So the lenders kick people out and lose the property to the city - real smart, huh? - jb