Mortgage readjustment issues

[MassHavoc]

Selling the property for less than what you owe on it.

Yeah but what does that do? don't you still owe the remaining part? Is that really want people are going for, paying less on a house they don't own?

 

[R K]

I really would like to follow you with a film camera if your boss would allow it (legalities).

I'm serious.

Until he finds the angry pissed off person as Fluff suggested. Risky shit.

 

[BlackHawkPaul]

Until he finds the angry pissed off person as Fluff suggested. Risky shit.

Comes with the territory.

I could do films about flowers and tadpoles.

 

[R K]

Yeah but what does that do? don't you still owe the remaining part? Is that really want people are going for, paying less on a house they don't own?

You negotiate that with the mortgage holder. Basically the bank. For most doing a short sale what is the bank or holder going to do? If they go back for the money the owner could then declare chapter 11.



Short Sales are a *****. It's all in the negotiation.

 

[MassHavoc]

You negotiate that with the mortgage holder. Basically the bank. For most doing a short sale what is the bank or holder going to do? If they go back for the money the owner could then declare chapter 11.



Short Sales are a *****. It's all in the negotiation.

Since they don't technically own the house the bank does, don't they have to have the bank sign off on a short sale? I don't understand how if the bank gave you the money and they own the house, how someone can sell it for the bank at less than what it's worth?



And these are all serious questions, I really don't know how most of this works. I only know the real big picture of how the banks all fucked themselves with each other. I found a really good Youtube video on it once. But I haven' never attempted to buy a home before so I don't know the process.

 

[R K]

Comes with the territory.

I could do films about flowers and tadpoles.

I've seen and heard some pretty horrific stories on forclosures. In fact several large banks right now are under Federal Investigation directly because of the practices they used in taking many of those questionable properties.



99% of financial institutions are evil. Part of me hopes that info the Wikki Special person has on Bank of America comes out. Just to see what it is.

 

[R K]

Since they don't technically own the house the bank does, don't they have to have the bank sign off on a short sale? I don't understand how if the bank gave you the money and they own the house, how someone can sell it for the bank at less than what it's worth?



And these are all serious questions, I really don't know how most of this works. I only know the real big picture of how the banks all fucked themselves with each other. I found a really good Youtube video on it once. But I haven' never attempted to buy a home before so I don't know the process.

Well at that point the Bank has to ask itself a couple of questions. Can they sell it for what it's worth? Will the Short sale be better off of for them financially, than holding out? Meaning would they lose LESS money verses the short sale, instead of just the forclosure.



It all depends on what the holder OWES to what the bank thinks it's financial point is. The typical forclosure costs the financial institutions roughly 40k per on the minimum.

 

[MassHavoc]

Well at that point the Bank has to ask itself a couple of questions. Can they sell it for what it's worth? Will the Short sale be better off of for them financially, than holding out? Meaning would they lose LESS money verses the short sale, instead of just the forclosure.



It all depends on what the holder OWES to what the bank thinks it's financial point is. The typical forclosure costs the financial institutions roughly 40k per on the minimum.

That's messed up to me for some reason. I get that people are hurting and stuff. But selling your house for less than what you owe then walking away from it it just not ethical to me. I get that the banks **** people because they won't renegotiate, but at the same time the people signed the contracts and knew the risks. The banks are at fault for complicated unethical practices, but people it seems are at fault for just plain being stupid.

 

[R K]

Like I said it's not an easy thing to do and most Banks will only do it as a last resort and then chose which way they lose the LESS money.



Most of them created this mess to begin with by giving borrowers loans they never could have paid back in the first place. I feel no bad ill towards any of them. Hell three of the largest banks last posted record profits last quarter. This after being bailed out by the fed. They NEVER intended to lend more money, thus directly effecting the economy in the manner the LOANS were intended. Instead they kept the money as close as they could and FUCKED the customers or potential individuals it was meant to help.



**** them!

 

[Tater]

Like I said it's not an easy thing to do and most Banks will only do it as a last resort and then chose which way they lose the LESS money.



Most of them created this mess to begin with by giving borrowers loans they never could have paid back in the first place. I feel no bad ill towards any of them. Hell three of the largest banks last posted record profits last quarter. This after being bailed out by the fed. They NEVER intended to lend more money, thus directly effecting the economy in the manner the LOANS were intended. Instead they kept the money as close as they could and FUCKED the customers or potential individuals it was meant to help.



**** them!

**** them every which way including sideways.

 

[jakobeast]

Short sales and deed in lieu both ding your credit. Not as bad as a foreclosure, but you are still screwed. Banks are more willing to do short sales and deed in lieu now because it is way better then going through with the foreclosure process.

 

[jakobeast]

I think your job would have pros and cons. On one hand sure, you are doing it, but on the other, these are people.



I don't know where I quite stand on that. I don't think I'd do it.

I don't enjoy the evictions I have to do, Thankfully, about 99% of them are boring. The former owner has already moved out. There has been a few where someone was still there, but realized their time there was short. There was one where the lady didn't want to leave, was crying to me for more time, and so on. I felt for her, sure, until it turned out she hadn't paid her mortgage for 4 years, didn't work with the bank, refused to communicate with the bank, and us, and had every excuse in the book. You learn a lot about people doing what I do.



I had one woman offer me pie at one eviction.



Like i said, I like doing cash for keys. That where the bank offers the former owner or tenants money to move out. It helps them move on. I get to break into houses where the former owner/tenant has already left.



I also listen to my gut. There have been times i didn't feel right, or there was something not right about a property.



I get to talk to the sheriffs at the eviction and have learned a lot there too. There are good stories and there are bad stories.

 

[jakobeast]

I thought you repaired propellers? No?

I did. But there was no money in it. That was fun as well.

 

[jakobeast]

I really would like to follow you with a film camera if your boss would allow it (legalities).

I'm serious.

I would have to see what would need to be protected. I am actually my own boss. But he pays me.



I would enjoy having someone with a camera following me. It would help in some situations.

 

[Spunky Porkstacker]

I don't have a link but I read 25% of all mortgages are under water . Of that 25% how many are people who should never have been approved, many with no down payment or income and how many are responsible homeowners who had equity in their house and have watched that equity disappear and go below appraised value. More short sales and foreclosures causing home prices to keep dropping and how many more homes going underwater. As long as this keeps up the economy will be as it is now, HORSESHIT. So our inept gov bails out Wall St to avoid economic woes, but leaves responsible homeowners struggling to survive, and home values to keep dropping.

 

[R K]

Short sales and deed in lieu both ding your credit. Not as bad as a foreclosure, but you are still screwed. Banks are more willing to do short sales and deed in lieu now because it is way better then going through with the foreclosure process.

Most likely if you are at that point your credit is already fucked. Banks will deem which way is more costly and go from there. As I said the typical foreclosure cost is about 40k, or was not to long ago.



Often the Bank has no choice but to get something or they risk nothing if the lessee declares bankruptcy out right.



Megan is teaching you well though.

 

[R K]

I don't enjoy the evictions I have to do, Thankfully, about 99% of them are boring. The former owner has already moved out. There has been a few where someone was still there, but realized their time there was short. There was one where the lady didn't want to leave, was crying to me for more time, and so on. I felt for her, sure, until it turned out she hadn't paid her mortgage for 4 years, didn't work with the bank, refused to communicate with the bank, and us, and had every excuse in the book. You learn a lot about people doing what I do.



I had one woman offer me pie at one eviction.



Like i said, I like doing cash for keys. That where the bank offers the former owner or tenants money to move out. It helps them move on. I get to break into houses where the former owner/tenant has already left.



I also listen to my gut. There have been times i didn't feel right, or there was something not right about a property.



I get to talk to the sheriffs at the eviction and have learned a lot there too. There are good stories and there are bad stories.

And as you've learned that is one of the worst aspects of their jobs. The several I know despise it. Some will not complete the assignment. The Sheriffs of several counties have several times completely stopped doing them.

 

[R K]

I don't have a link but I read 25% of all mortgages are under water . Of that 25% how many are people who should never have been approved, many with no down payment or income and how many are responsible homeowners who had equity in their house and have watched that equity disappear and go below appraised value. More short sales and foreclosures causing home prices to keep dropping and how many more homes going underwater. As long as this keeps up the economy will be as it is now, HORSESHIT. So our inept gov bails out Wall St to avoid economic woes, but leaves responsible homeowners struggling to survive, and home values to keep dropping.

In a nut shell yes. And neither administration, the previous, or current gives a fucking shit. Or has the aptitude to do anything. Pretty sad.



Again the Billions the Fed "donated" in some cases to the financial institutions were suppose to address this. But, along the way some one forgot to regulate the financial institutions to do this. So instead they corrected processes internally, paid off their debt, and now are claiming record profits, mean while continuing NOT to approve new loans and or refinancing to help the PEOPLE keep their fucking homes.



Sad sad sad.....

 

[jakobeast]

And as you've learned that is one of the worst aspects of their jobs. The several I know despise it. Some will not complete the assignment. The Sheriffs of several counties have several times completely stopped doing them.

It isn't pleasant, but it needs to get done. Evictions in Cook county are 2+ years behind schedule. Tom Dart isn't helping nothing by stopping evictions there. It makes it harder for business to get done. He is preventing things from happening. He is allowing people to stay somewhere they shouldn't. Not paying mortgage, not paying taxes. Often times destroying the property, stealing stuff. Often times they leave and squaters move in, or bastard kids turn the house into a party place. How would you like that next to your house?



The sheriffs may not like it, I may not like doing evictions, but it needs to get done.

 

[R K]

It isn't pleasant, but it needs to get done. Evictions in Cook county are 2+ years behind schedule. Tom Dart isn't helping nothing by stopping evictions there. It makes it harder for business to get done. He is preventing things from happening. He is allowing people to stay somewhere they shouldn't. Not paying mortgage, not paying taxes. Often times destroying the property, stealing stuff. Often times they leave and squaters move in, or bastard kids turn the house into a party place. How would you like that next to your house?



The sheriffs may not like it, I may not like doing evictions, but it needs to get done.

Good for fucking him!!! Here Here!



If for just the percentage the SYSTEM has fucked. I wonder how many of those foreclosures your working on were actually done legally. It's widely known that at least four of the largest mortgage lenders are re visiting foreclosure proceedings because far too many were done ILLEGALLY with out the proper paper work and in many cases, NOT VALID.



Good for Tom Dart!



GMAC



Bank of America



The Fed



And there are many more. IF there is 1 out of 10 wrongfully evicted from THEIR HOME, it's ONE to many.



Now you bring up property taxes. Should we really go into the SCAMS scum bags are using to steal people homes there? We can....



How they steal your home



As for the next door to my house.... HAHAHHAHAHAHAHA! Yea right! There has been a foreclosure two blocks down for about two years. Squatters, LOL!!!!