Procrastination on Foreclosures, Now 'Blatant,' May Backfire

[catleg]

http://www.americanbanker.com/issues/175_165/foreclosures-modifications-california-1024663-1.html

[frogger]

It not only needs to backfire on them, it needs to come back and slap them down. Some of the things that the banks are and are not doing borderline on criminal...

[tobee43]

i'll drink to that....pass the grey goose! please...we are still awaiting the sale of our surrendered house...to have them take our names off the deed.

[DeadManCrawling]

Might have been mistaken????

Muwhahahahahaha!

22 months, nearly, since we stopped paying on a house in Florida. We bought a new one nearly 12 months ago.

We filed BK and indicated "Surrender" for the house. The BK is long done. The house is still in our name.

Today, FedEx delivered a document I was begging BoA for three years ago: A modification application.

Not an approval, mind you. A blank application.

The bank is going to wake up so late that no one will want the house. No AC through two Florida summers? That does wonders for the inside of a home.

[banca rotta]

This 60 minutes piece also explains the coming foreclosure storm. Get a look at the chart halfway through the video. That's gonna hurt!

http://www.youtube.com/watch?v=DiPgMLVEpgQ

[BobMango]

This is just one of the coming problems that all the government intervention has caused. Instead of letting the system right itself, our great leaders continue to think they can somehow avoid the painful impact that our collective spending binge will bring. Their meddling simply introduces more uncertainty in the markets, causing people and institutions to forestall necessary actions thinking that some future government program will come to the rescue.

[tobee43]

This 60 minutes piece also explains the coming foreclosure storm. Get a look at the chart halfway through the video. That's gonna hurt!

http://www.youtube.com/watch?v=DiPgMLVEpgQ

really scary...worth a watch for everyone! thanks banca rotta

[Flamingo]

Take a look at the cover of the most recent issue of Time magazine...

[ccsjoe]

Interesting and this explains a lot. I have two friends who have not paid on their mortgage since February and have yet to receive a notice of default. These were typically issued at the 90 day late mark in CA.

[Freddy03]

You would think the banks would be more willing to work with the owners to stay in the house.

One house in my neighborhood just sold for 30% of original price after being vacant for 1 year. And the bank had to replace appliances and cabinets twice because someone came in and took them.

[tobee43]

we tried and tried for over 2 years to work with our bank....


when first we tried there was no such animal as a loan mod.....i remember the bank saying to us....well, we'll just let you "go" this month and then you can double up next month....WHAT??

our income was on the down swing...it had been cut by 1/3...which would have been just fine had the credit cards not turned out accounts from 5-7 % fixed to 33.9% for no reason. (over 200k worth of med expenses)...brought those statements to the 341 ready to GO...and the trustee didn't even ask...


well finally!!! a loan mod office set up!! we run on over with everything but the kitchen sink...(some of you might remember the time the news was saying that many of these loans were not being processed because of missing "paperwork"....they had everything..days, weeks, months...a year went by...i would call weekly...nothing...no answers...until november....of 2009 when we got served with the foreclosure notice...nice...

i have to laugh, when i call the loan mod officer, he's so upset saying the bank wasn't suppose to do that...REALLY??? and where were YOU??? i remember his words...we most likely cannot help you...(and he was nice) and said we need to realize home is where the heart is....after the 30 days and out notice home was the car.

we call an atty who says lock it and leave it.....don't even tell the bank...but we couldn't do that so i wrote and call the loan officer and he got angry and says why didn't you call me...why are you leaving...ARE YOU KIDDING??? we get served with a summons by now NO JOBS....so even a loan mod couldn't and wouldn't help us.

a scam for certain....now we have surrendered the house...it's falling apart even tho they are mowning the lawn from what we hear...we are now 2000 miles away since we could no longer afford to live in nj...we have lived in 3 states since we actually were homeless for a while!

it will most likely be another 3 years before our names are removed from the deed since as we ALL know these banks are hording and holding all these houses and they are not selling.

[banca rotta]

Take a look at the cover of the most recent issue of Time magazine...

I did see this on Time.

It just makes me wonder how all the media reports all this stuff today when most of us knew it months and even years ago.

I think the CNBC, Time or Money magazine people have to blow smoke up our ..... because they can't come out and tell us the truth that things are getting much worse and then expect to attract more paying sponsors.

There's much more truth on the internet forums and blogs then TV because they don't need to sell air time.

[tobee43]

I did see this on Time.

It just makes me wonder how all the media reports all this stuff today when most of us knew it months and even years ago.

I think the CNBC, Time or Money magazine people have to blow smoke up our ..... because they can't come out and tell us the truth that things are getting much worse and then expect to attract more paying sponsors.

There's much more truth on the internet forums and blogs then TV because they don't need to sell air time.

we all know the media is controlled by the government....forums and blogs have "REAL" people living the truth....and of course the government and media can't really let the truth be told, as it would cause panic throught out. i hate the lies....i can deal with anything but liars...and that's all they are. keeping the truth from everyone is just another form of lying to the public. sad.

[catleg]

I agree. The "professional media" writes what they're told because if they don't their "access" is cut off and they lose their jobs. The blogs are the only thing I read anymore.

[ryan]

This 60 minutes piece also explains the coming foreclosure storm. Get a look at the chart halfway through the video. That's gonna hurt!

http://www.youtube.com/watch?v=DiPgMLVEpgQ

This video is disturbing...if this is true, we are only part of the way thru this economic tsunami and the next part won't be pretty.

The national mainstream media are totally corrupt. They have their own agenda and create a news narrative that supports that agenda.

To them, the facts are not important.