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3 Bumps

What's with the forclosure mess?

I get that if these were not done correctly it could be unfair to some in some way and the forclosures should be investigated and the people who signed off on them and their superiors should be fired. It sounds like an issue of incompetence in the workplace to me. Someone tells them to just get it done.
What I don't get is why are they so freaked out about about this. These people have not paid their house note and they have been through the process to a point at least. Yes, they admittedly did not read or do something they should have but these issues are not happening to people who ARE making payments. Are they not just prolonging the inevitable? What exactly is it that they say is so detrimental to the homeowner?

Answer Question
 
itsmesteph11

Asked by itsmesteph11 at 7:53 AM on Oct. 8, 2010 in Politics & Current Events

Level 39 (113,405 Credits)
Answers (12)
  • We missed our house payment ONCE. ONCE. And lost our house last month. Over missing ONE payment.

    You have no idea the things banks are doing to people these days.
    WomanWitty

    Answer by WomanWitty at 8:19 AM on Oct. 8, 2010

  • We also missed one payment and the process began immediately.

    We, fortunately did not lose our house but we easily could have because the people at the bank weren't reading the paperwork we were sending.

    We sent the same set of forms in SEVEN times over a period of 9 months...total bullshit.
    UpSheRises

    Answer by UpSheRises at 8:55 AM on Oct. 8, 2010

  • What exactly is it that they say is so detrimental to the homeowner?
    _____________________
    Wow, so the borrowers are required to follow everything to the letter, but the banks can do whatever, including break the law? That is what got us into this mess. It is not just the so-called robo-signers signing off on things that are *probably* correct because someone else has done the work. There is a lot more to this issue...like who legally owns the mortgages and how much of them they own. I think it is blatant abuse. They are required by law to dot every I and cross every T. And they are not allowed to cut corners just because it is more convenient to foreclose on hundreds of homes every day rather than just 50. Look at the first two posters, they are a perfect example.
    stacymomof2

    Answer by stacymomof2 at 9:26 AM on Oct. 8, 2010

  • I don't know enough about the original question to really comment..I've been really busy and am out of the loop on a few things..forgive me.

    I would just like to express the importance of knowing EXACTLY what any piece of paper you sign really means. "Legalese" can be hard to understand and there is absolutely no shame in not understanding it. It is so important to have things reviewed by someone on the outside of the issue..preferably an attorney. A couple hundred dollars to the lawyer can save so much grief.

    I sympathize with the first 2 posters, I am guessing that somewhere in all your paperwork is a loophole/provision allowing this to happen. IMO, it is very wrong even if it is in the contract...1 month...geesh! It is also IMO that is a waste of resources for the banks especially with today's glutted housing market.
    yourspecialkid

    Answer by yourspecialkid at 9:44 AM on Oct. 8, 2010

  • I was a real estate paralegal for 12 yrs. Mortgage companies would lend buyers more then 110% of the value of their homes with no down payments needed and a balloon payment (ARM) then the housing market took a downward turn and homes dropped in value. People now tried to refinance their loans only to find out that they owed more than the value of their homes. In my opinion, the banks and mortgage companies were at fault. This entire mess was caused by greed. Banks wanting more mortgages, sellers wanting more money for their homes, buyers buying homes they could not afford. Common sense was not applied, People just want more then they need.
    depressedmom65

    Answer by depressedmom65 at 10:18 AM on Oct. 8, 2010

  • the importance of knowing EXACTLY what any piece of paper you sign really means.
    ______________________
    Right...unlike the foreclosing note signers...who were signing paper after paper WITHOUT ANY REVIEW AT ALL. That is what the issue is here.
    stacymomof2

    Answer by stacymomof2 at 10:34 AM on Oct. 8, 2010

  • The mortgagees....banks,etc. ...admitted they did not even read details and did not even know if the property needed to be foreclosed!! That was a criminally negligent error. This is how the economy was screwed...starting in the 2002,2003 time frame. Makes me angry at those stupid loan officers,etc. whoever.
    gertie41

    Answer by gertie41 at 12:28 PM on Oct. 8, 2010

  • I worked with a guy that was so aloof about his mortgage. I personally do not think he should have qualified in the first place. He lost his home and his job in a matter of 3 months. Some people should not have gotten home loans, period!!
    parrishsky

    Answer by parrishsky at 1:38 PM on Oct. 8, 2010

  • These people have not paid their house note and they have been through the process to a point at least


    and the man who owned his home outright? what had HE done to be foreclosed upon?

    autodidact

    Answer by autodidact at 1:44 PM on Oct. 8, 2010

  • It’s come to this because banks took a giant record- keeping shortcut to feed the insatiable hunger for securities backed by mortgages. They were too busy to do what had been done throughout U.S. history: record in a public deed room at the county courthouse each time a piece of property changed hands and each time a lien was filed.
    _____________________________
    auto's link...I heard about this on NPR...I was driving in rush hour and so didn't get the details...but this is what I was talking about regarding the inability to say who even owned the property.
    stacymomof2

    Answer by stacymomof2 at 2:37 PM on Oct. 8, 2010

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