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Thread: BofA halts foreclosures in 50 states

  1. #41
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    Re: BofA halts foreclosures in 50 states

    I'm not sure people really understand what was happening here. The banks were told to freeze foreclosures and fix things up because they weren't doing a good job of reviewing the case before foreclosing. There were people foreclosed on who weren't even in default.
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  2. #42
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    Re: BofA halts foreclosures in 50 states

    yes, it's called strategic default and it's going on all over

    Strategic default - Wikipedia, the free encyclopedia

    these are your neighbors living in bigger, nicer and newer homes than yours that you (more accurately, your grandkids) are paying for

    i do not mean to villify these people, as a public school teacher in the sf bay area i know several and i sympathize

    there's a couple million of em, i'd be surprised if you don't know a few folks in such a fix

    Strategic Default: Walking Away from Mortgages - 60 Minutes - CBS News

    but obama's hamp, home affordable mortgage plan, is a consensus disaster

    it's all in the bloomberg link above which some of you folks who talk so much are too lazy to read (again, fine by me)

    which is why you appear unaware of strategic default

    yes, hamp has hampered for a couple distinct reasons, the articles all say

    (i could provide you with a dozen if i chose)

    the paperwork was so complex, the requirements so byzantine, most who need help never even successfully apply

    but mostly---half those hamped have ALREADY redefaulted

    it is what it is

    housing is what got us here, and there's no cellar in sight

    4 million more foreclosures coming in the next wave

    News Headlines

    One in 10 mortgage holders faces foreclosure - Business - Real estate - msnbc.com

    TARP watchdog slams Obama foreclosure program - Mar. 23, 2010

    and, as always, obnoxious obama bails out the biggies:

    Banks to benefit most from White House program to help fight foreclosures - The Hill's On The Money

  3. #43
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    Re: BofA halts foreclosures in 50 states

    Quote Originally Posted by Taylor View Post
    Not a big plus for those of us dutifully making our monthly payments on houses that continue to decline in value...

    As we allow idiots who bought homes that they couldn’t afford live in them payment-free.

    This is a short term solution with long term consequences.
    That is the rub. Payment free.

    This means they have saved that money they would have been paying so they can go out and buy another house or rent another house.

    These people won't be out n the street.

    I think it would be better for the bank to take the homes that are upside down, sell them and take the loss, and the buyer can go get into a house he can afford.

    I can tell you that when you have so much debt hanging over your head, it is hard to sleep and actually be a productive person.

    It would be a relief to the buyer to get on with his life instead of waiting for the government to give him the deed to the house free of charge, which has happened in a few cases.

  4. #44
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    Re: BofA halts foreclosures in 50 states

    42 posts and 24 hours later and STILL no one has brought up the president's first significant VETO---announced thursday---of the FORECLOSURE bill passed thru pelosi's place by VOICE VOTE and thru obama's own senate UNANIMOUSLY

    Barack Obama uses pocket veto - Carol E. Lee - POLITICO.com

    the bill facilitated the enforcement of foreclosures across state lines

    i'm so disappointed

    so many of you really don't know what's going on

    and yet---blah, blah, blah---barely partially informed

    it's certainly your business, but you can't blame those of us who do our work from noticing

    the banks blew it, they processed outta state paperwork without reading it, the president vetoed his own senate

    good

    but it appears he never thought of this, reported by wapo this am:

    washingtonpost.com

    the foreclosure freeze has put the skids to thousands of home BUYERS currently in escrow who've already put down payments and signed their contracts and now, suddenly, they're in limbo

    the fella in potomac who put down 30,000 on a 470K fixer who just got an email from the lender---the sale has been frozen

    he doesn't know exactly what to do, wait? walk away?

    he says he won't be bidding on any more foreclosed upon properties

    "caution," he says, is his byword

    so many unintended consequences

    are you sure this white house knows what it's doing?

    are you fully aware of what's going on?

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    Re: BofA halts foreclosures in 50 states

    Quote Originally Posted by The Prof View Post
    42 posts and 24 hours later and STILL no one has brought up the president's first significant VETO---announced thursday---of the FORECLOSURE bill passed thru pelosi's place by VOICE VOTE and thru obama's own senate UNANIMOUSLY

    Barack Obama uses pocket veto - Carol E. Lee - POLITICO.com

    the bill facilitated the enforcement of foreclosures across state lines

    i'm so disappointed

    so many of you really don't know what's going on

    and yet---blah, blah, blah---barely partially informed

    it's certainly your business, but you can't blame those of us who do our work from noticing

    the banks blew it, they processed outta state paperwork without reading it, the president vetoed his own senate

    good

    but it appears he never thought of this, reported by wapo this am:

    washingtonpost.com

    the foreclosure freeze has put the skids to thousands of home BUYERS currently in escrow who've already put down payments and signed their contracts and now, suddenly, they're in limbo

    the fella in potomac who put down 30,000 on a 470K fixer who just got an email from the lender---the sale has been frozen

    he doesn't know exactly what to do, wait? walk away?

    he says he won't be bidding on any more foreclosed upon properties

    "caution," he says, is his byword

    so many unintended consequences

    are you sure this white house knows what it's doing?

    are you fully aware of what's going on?
    How come it took you so long to post it? Did I miss the test?
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

  6. #46
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    Re: BofA halts foreclosures in 50 states

    patience makes one more powerful

  7. #47
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    Re: BofA halts foreclosures in 50 states

    What a surprise. The banks have been cranking out foreclosures left and right. The fact is most of these people are serouisly delinquent, except in the few cases were there was just simply a mistake, which should hardley be surprising given the volume of foreclosures. This is just one more costly speedbump for the big banks.
    Last edited by drz-400; 10-09-10 at 05:28 PM.

  8. #48
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    Re: BofA halts foreclosures in 50 states

    Quote Originally Posted by Deuce View Post
    I'm not sure people really understand what was happening here. The banks were told to freeze foreclosures and fix things up because they weren't doing a good job of reviewing the case before foreclosing. There were people foreclosed on who weren't even in default.
    That could be the case in a small, small, small minority of cases, but I think most of this is just because the bank failed to get a signature from a judge in one of the 23 states that requires such a thing before foreclosing. Kinda a pain in the butt if you ask me, when the understaffed banks are trying to rip morgage foreclosures. Isn't it great that we have 50 states with 50 different laws on the subject? I would propose a national standard for these laws enforced by the federal government, but then I would be called a big government liberal who wants to get in the industries way...
    Last edited by drz-400; 10-09-10 at 05:54 PM.

  9. #49
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    Re: BofA halts foreclosures in 50 states

    Quote Originally Posted by The Prof View Post
    yes, it's called strategic default and it's going on all over
    Strategic default - Wikipedia, the free encyclopedia
    these are your neighbors living in bigger, nicer and newer homes than yours that you (more accurately, your grandkids) are paying for
    i do not mean to villify these people, as a public school teacher in the sf bay area i know several and i sympathize
    there's a couple million of em, i'd be surprised if you don't know a few folks in such a fix
    Strategic Default: Walking Away from Mortgages - 60 Minutes - CBS News
    but obama's hamp, home affordable mortgage plan, is a consensus disaster

    it's all in the bloomberg link above which some of you folks who talk so much are too lazy to read (again, fine by me)
    which is why you appear unaware of strategic default
    yes, hamp has hampered for a couple distinct reasons, the articles all say
    (i could provide you with a dozen if i chose)
    the paperwork was so complex, the requirements so byzantine, most who need help never even successfully apply
    but mostly---half those hamped have ALREADY redefaulted
    it is what it is
    housing is what got us here, and there's no cellar in sight
    4 million more foreclosures coming in the next wave
    News Headlines
    One in 10 mortgage holders faces foreclosure - Business - Real estate - msnbc.com
    TARP watchdog slams Obama foreclosure program - Mar. 23, 2010
    and, as always, obnoxious obama bails out the biggies:
    Banks to benefit most from White House program to help fight foreclosures - The Hill's On The Money
    So quick to blame the federal government while assuming that the world's largest banks and most educated people in the world were somehow duped by the federal government into causing the second largest financial meltdown in US history without thier knowing. It has nothing to do with the deregulated private sector doing whatever they could to make an extra buck.

    It's Obama's fault!
    and so it goes...

  10. #50
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    Re: BofA halts foreclosures in 50 states

    hamp certainly is

    "obama loan modification effort fails miserably, panel says:"

    Obama Loan-Modification Effort

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