I lost my home because I defaulted on house payments. But I also lost my job and simply could not find another one. I finally found employment but by then it was far too late. I sold most everything we owned that we could possibly live without, simply to make the mortgage payment. Still, the house is gone.
I found out my $400,000 home was ultimately sold for $80,000. It was offered to me for $200,000. Now, why could't the bank offer it to me for $80,000? I ended up buying a $70,000 home so I could certainly have afforded an $80,000 one. Did they simply not want me to have what I took four years and two savings accounts to hand build? My wife and I actually swung the hammers and wielded the saw that brought our dream to fruition. Now it is someone else's reality.
First, "No Name" from Charlotte - YAY!!! Good for you on everything. I intimately know your pain and I deeply empathize with you. Maybe someone should establish a group for victims of foreclosure. A self help group that would spawn a lobbyist to go to Washington and demand recognition. Dreams perhaps, but good ones.
You brokers, I appreciate you all answering and trying to help but your ansers are all the same - did you notice? Don't take anything!! Of course you don't want anyone to take anything out of a foreclosed home - it will make it that much harder for you to sell. Am I right?
I tried to sell my home for a year before I lost it. My realtors, three different ones, never advertised, never held an open house and never even tried. All they ever wanted to do was to lower the price. When I would complain they would show me something that resembled an advertisement but it never came out. Each one of them repeatedly tried to console me. One of them, the last one, held an "open house" once; only her brother came, no one else, not even nosy neighbors. Coincidence? Fat chance.
She knew my situation, she knew I had to move, she knew she had an inside track on a $400,000 home that her brother was going to be able to get for less than $200,000. Well, I knew my situation as well. I took the position that as long as the house is in my name it is mine. Under any other circumstance, if I wanted to take out the cabinets and sell them, I had a right to. I have purchased cabinets from others and they had just taken them out of their own home.
If I wanted to pull up the carpets and put down cheap tile, I could do so. If I wanted to take down all the doors and replace them with curtains, it's my house, I can do that. If I wanted to remove all the expensive lighting fixtures and replace them with single bulb, ceramic, pull string, sockets - mine - I can do that.
When I finally did leave I held to the phrase: "The house must be functional." That is what I kept formost on my mind. So no, I didn't pull out the copper wiring, but I did remove the expensive lighting. I didn't remove the kitchen sink but I did remove the custom made cabinets that surrounded it. A person does not have to have cabinets to function.
We now have a storage facility filled with things that are not absolutely necessary for a house to function. These things all help to make a house a home, but I want a house, I want these things in my home. I would rather leave that stuff in storage for ten years and pay my $50 a month, than I would ever want to give it away to some viper who wants my hard work for nothing.
I am just so surprised that from one side of his mouth the president can say this is one of the worse disasters in our country's history and out of the other side he doesn't say a thing - its just too bad. Any other disaster will demand the country's response or the governement will take the heat. So millions, no billions, of dollars go the victims of floods, tornados, hurricanes, volcanos and on and on. Nothing goes to the victims of one of the worse disasters in our country's history though. Nothing is there to help the poor sap who has just been foreclosed upon.
I didn't drink or gamble my house payment away. I didn't neglect my responsibilities. In fact some of the "real" property in my home was removed to sell, to help make the house payment. We exhausted every single resource we had available, simply to make that house payment and keep the wolves off our porch. But, when the predators smell the sweat, sense the fear, they begin to stalk. My realtor wanted my home so bad she could harldy stand it. Well, she can have it, or what is left of it.
Sick to my stomach!!!!!!!
Hello, out there.... The banks, do not even own the mortgages they are foreclosing on!!! They have sold these mortgages so fast , so long ago,that No one, not any person or entity can figure out who owns what!!
Your house may be owned by a guy in India or china, you just don't know!
Stay put!! get yourself a good lawyer, or at the very least call Phillips and Garcia in New Hampshire, they are taking these cases.
You must challenge their right to foreclose. Why, Because they sold the mortgages!!!
Now if this scenario is not victimization, I don't know what is.
No one realizes how traumatic a foreclosure is, unless they have been through it. This was my dream house so you can imagine how I felt and still feel today, over 2 years later. And then knowing that someone bought my house at my loss... Yes I have alot of anger still because I am in a rental house, I haven't been in a rental in over 30 years. So I say do what makes you feel good.
And to you realtors...F__ OFF.
I have personally been sent to negotiate cash for keys and have come across several home owners who were willing to pay off their mortgage. When I called the management and marketing company who issued the CFK, they contacted the bank and called me back with the order to "get them to sign the CFK there is no turning back now". I have seen things the banks do that are not in the interest of the consumers. I have seen a bank push a foreclosure through and an investment group standing by to purchase the property.
Exactly why do you think prices have dropped? It is due to the market being flooded with foreclosures. When housing is tight the market goes up, when it is too plentiful the market goes down. The other part of that equation is the banks now, are making sure people have the ability to pay. Something they should have been doing all along. They gave loans to people they absolutely knew could not honor them and they knew what they were doing. They also knew they could sell those mortgages which they often did.
You are right. The banks are in business to lend money, whose money are they lending by the way?
They make money from loans while the depositors get a mere pittance in interest. Excuse me, but I do not see that as being fair to the banking customers either.
The people who defaulted are not all folks who lost jobs, many are people who had their mortgage sold, many are people who were divorced and so on.
Have you ever tried to ask a bank to work with someone who is in default? Good luck, because in 90% of the cases it will not happen.
I am not saying the bad market is all the banks' fault not at all. You have your investors who were flipping houses and your builders who were working on other peoples money, and it drove the market through the roof. But, you can just bet the banks knew full well what was going on and they saw how they could get a big chunk of that money as well they did.
What we have today is a crisis. Most of the folks who were foreclosed on would love to have been able to refinance, or modify their mortgage or saved their homes. Hell, if they were deadbeats they all would have filed bankruptcies! But, we know they did not so that tells me they were honestly wanting to save their homes. The banks are guilty and there is no way to white wash that. Look at country wide. You don't honestly believe they were honest. look at Freddie Mac and Fannie Mae. Look at Bank of America.
Don't believe me, dig into some of this stuff and get a real whiff of the coffee.
You are crafting a bizarre theory that is a "victim by enticement" argument which is baffling. That is to say, --â€˜It was so shiny & I wanted it so bad, that I just had to be irresponsible. Also it's someone else's fault and I am, in fact a "victim." So what that I am a defaulting party; I should not be held responsible because the inducement was so very attractive.â€˜
You blame the banks for being greedy and bad, yet you fail to own up to the motivation of folks like yourself and others who created this mess, which was the same as the banks. In fact the sad anti-social and bitter ally in your corner in on this question (the one who trashed a house in a most disturbing way) is angry b/c the banks received a bail-out, but all would be good if your pursuit of greed was insured. You guys should listen to yourselves, you make no sense at all.
State employees are receiving yet another round of furlough mandates this year, i.e. â€“forced reductions in pay. This was caused in large part by irresponsible and greedy people like you who made financial obligations that could not be honored unless the market kept rising. That irresponsible behavior--gambling-- was based on greed that was no different than the greed of the banks. You canâ€™t call your partner in crime the bad guy and yourself a victim. â€“wake-up, nobody is buying it anymore.
What I am saying is it will happen anyway. You sir do not seem to have an understanding of this industry and by making this into a debate over stripping properties is a crime is absolutely useless.
In this industry there will be inspectors, Real estate agents, Their contractors, M & M companies' contractors, homeless people, trash out guys, drug addicts and just plain scavengers all gaining access to these properties.
There is no way to control that and no way to ascertain who took what.
Now, I thought every attorney knew that these victim's have a right to their personal property. It is a HUD regulation after all.
Therefore if a victim inherited Aunt Harriet's Chandelier and put it up in the dining room while living in the property, then that person has every right to take it down and put the former fixture back in it;s place and take the chandelier with them.
I do not believe that any of these victims take the furnace and plumbing. Why, because they are too defeated at that point and most of them do not even get all their personal belongings out before the nightmare starts.
Sir , if you really believe these people all bought a home they could not afford, you are a fool. Granted there are a few of those cases, but 90% of all foreclosures are simply honest hard working Americans.
The banks are not willing to work with these victims and in most cases will not even answer their phone calls. These banks have one mentality and that is "screw you, give us our money". How do I know? I am still waiting for banks that owe me thousand of dollars for work we did.
As an investor you have concerns of course, you are going to get rich from other people's misery. After all, one man's loss is another man's gain, right? Wrong. Because it will not stop here with homes. It is already escalating to commercial properties. You need to watch over your shoulder because you could be next.
Now , why do you suppose that is? There is a question for you to ponder for a while.
This bust did not happen because of the victims. This was planned by banks several years ago.
That is correct, they made many bad loans on purpose, they gave loans to illegal immigrants who could not even read or write English. They pushed mortgages until they made the American people believe anyone could own a home. This sir, was not done by the victims.
As for self serving. What a joke. How does telling the truth serve me? I made plenty of money from this crisis until it made me sick to see what was really going on. I walked away from making 200K a year because my conscience could not bear it. I lost money making sure my crews helped the victims. That sir is not self serving.
I agree, We need some way to change what has been happening. You sir, are an attorney, are you volunteering to help find that legal solution?
We have since been foreclosed upon, went through a one year redemption and are now leaving our life's dream, our hand built home, to some one we will never even meet. There are things in our home that were purchased for specific reasons. There are things we received as gifts, there are family heirlooms, a few antiques. Most of these things are what most of you are so willing to say are real property and must stay with the home.
We have no intention of taking the furnace, the wiring, copper tubing, drywall and so on. Of course that's part of the home. However, we will take the chandelier that took us six months to get out of lay away. We will take the set of cabinets that make up our home office and that served us so well through the years of plenty and even into the years of want. We will also take the ceiling fans that we were given such a deal on because we bought so much from this one hardware at one time.
This house will easily function without any of these things. Wherever we end up these things will give us a fleeting glance at another time, another existence. We are not leaving our home in a shambles as most of you want to go to right away. We are taking some things that belong to us, that we paid for with cash, that we have the receipts for, that were never on any mortgage to begin with and that make up a part of our lives.
Is it wrong for someone who has met with hardship and has been foreclosed upon to want to continue living? Is it wrong for someone whose entire source of income has either closed their doors, moved out of the state or even moved out of the country, to want to hang onto a little bit of that good life they once experienced? Is the guy who wants to purchase my lovingly built home for a song innocent while I remain guilty for having lost it?
If I gave a class on how to best profit from looting homes in the wake of hurrican Katrina - would you come? If I could instruct you on how to make the most of the 9-1-1 victim's tragedy, for your own profit, would you sign up? What if I gave a seminar on how to most effectively make your money in this age of foreclosures by buying the poor sap's house who just had his job yanked out from under neath him? Would you come? Yes you would, you already have and you know it. We, those who have been foreclosed upon, are the victims and we remain the victims. You are the predator.
Take whatever you can without destroying the house. My office cabinets are mine, my home will run perfectly fine without a sert of office cabinets. My chandelier is mine. The new owners will never even know there used to be a chandelier there. Leave your house in an operating and functioning state and you will be just fine. DO NOT be malicious or vindictive, but be self preservative.
I wish I could say more.
Lost my home two weeks ago . received an eviction notice on Friday had to empty the house on Sunday. I was not able to even take my own furniture. The banking industry so cruel!! The offered to sell the house to me for $230 when I was able to take money from retirement and Hard Money lending people the 230.000$ was deposited in the title company . The turned back and said they want 260.000
Wells Fargo and PNC so unethical.
I lost the house, My furniture., all my belongings everything i did not get a chance to take. All my fruit trees in the back yard.
I am so sad and devastated,
The banking industry has been worse than the TSUNAMI but no one has any compassion for you.
Worked like a dog! Day shift and the night shift. Kept two jobs just so I can pay the lawyers.
Now I have nothing.
Lost my home and all of my belongings. The Mortage broker is telling me they will come after me for what I owe on the house.
Is that true????????????.
I AM NOT an attorney and am not offering legal advice, but pull out your appraisal and see what the appraiser used to value your property.
My situation is similar, my husband was laid off temporarily and we were foreclosed. Unemployment did not qualify as income.
We planned on using our garage - NOT ON THE MORTGAGED PROPERTY - to make a home. The mortgage company sold our adjacent parcels that were not on the mortgage with the home, along with our barn and garage. It is currently in court and I'll let you know next week how it all turns out. It has been a 2 year fight. So far the mortgage company has not responded to the court or our attorneys.
And to the person that posted about personal property, please post updated contact info. ALL of our furniture and belongings in our barn were stolen by the clean out crew, although they had no right to trespass while a lawsuit was pending.
Foreclosure s_cks. Try telling a 6 and 5 year old we won't be homeless when you have no idea where you will move.
Homes are emotional investments as well as financial investments. For most people, the only thing that is higher on both scales is their family. And as we all know, families are severely impacted by the Banks practices, when good families are kicked to the curb. It should be easy to comprehend the level of pain for people feeling bullied or ignored by the banks who serve only one God...their balance sheet.
People, if you want (or need) to fight for justice, make sure you go to war for the right reason. Don't pass on the pain to the next family by damaging the house to find solace.
The banks motto of "whatever it takes" to win, shouldn't be your call to action. I think multiple class action lawsuits against all of the large banks for hundreds of billions of dollars is the only way to get the truth out in front of everyone.
I'm only privy to the whole Bank, MERS, MBS story because of research. With the daily news...I would have no idea how bad it really is out there. Or that MERS corrupt practice touched over 50% of the loans and that the truth could potentially cripple real estate in the US.
How many of you remember the Watts Riots or the Detroit Riots: I am sure that all those people justified their actions.
I cannot imagine pouring milk between the walls because you're mad at the Bank: That is so petty and senseless; and in fact does nothing to hurt the Bank, it hurts the poor people who will buy the house because the Bank will sell it AS/IS and won't do a thing to it.
I am ashamed to think that we have raised generations that have no integrity. Is this what the UGLY AMERICAN has become? Think about it, these answers are being read by people all over the world!
When banks provide home loans to anyone (zero down, stated income) they removed inventory and drove up home prices across the nation. This spawned a new focus for banks called Home Equity loans, which means consumers can now leverage their home and turn their mailbox into an ATM machine.
The inevitable finally happened when new buyers paid way too much to get into a home. Many of these buyers put the traditional 20% or more down, just to see that down payment evaporate in under one year. I know two families that put down 20 and 25 percent on their homes, but bought in 2005 and 2004 at the peak of the market. Both of their homes lost over one third of their value. Sadly, both of my friends also lost their long term jobs in 2008 and 2009.
Two families buying their homes responsibly with neither getting a home equity line of credit. Now, both are losing their homes and it makes me sad and upset to see how this has evolved.
When I look at the entire process, i can't help but see BIG RED FLAGS around the banks that drove up the home prices at a ridiculous level by removing all the inventory through bogus loans. When you see that Countrywide was packaging everything up in CWALT (mortgage backed securities) and then insuring those MBS's (loaded with high risk loans) for 120% of their value with AIG, you see the curtain peeled back.
The government sends AIG a check for Billions to cover the bad loans the banks made. The banks get money on the front end. They get money in the middle (from the insurance and processing) and then, as soon as a family defaults, they get money on the back-end, when they reclaim the loan.
I don't know how anyone can look at this next to a Ponzi scheme and not feel this is far worse an offense, because of the tactics used and families leveraged.
I almost did not read your comments, they just seemed too long. Now, I am grateful I took the time. You have a lot to say and I agree with ALL of it - 100%!!!!
I am a victim of foreclosure, YES I SAID VICTIM for all you realtors, brokers and lenders, VICTIM. My payment was $2200, then $2300, then $2200 and so on. Finally it happened. I went from that $2200 home to a $500 land contract. The foreclosure was devestating, nearly marriage fatal, and simply sad. In the long run though, my $500 a month land contract is getting met every single month with no problem. I have peace of mind. And yes, I would strip my repossessed car of everything I could manage to get off of it if I felt I had been wronged by society. For instance, losng my job because our governent encouraged outsourcing to China or being displaced because my company couldn't afford me any longer due to loss of business, whatever.
Thanks Happy, your sentiments I believe lie with everyone in this position except of course, realtors, brokers and lenders.
Were the loan products dangerous? Yes some were. Were the banks evil or taking advantage of borrowers? No not at all. Unless there was fraud involved in the process by a field agent, in house agent of broker, the loans had enough disclosures to cover. In my experience most defaulted loans are from owners who used NO INCOME or STATED INCOME type loans. 'Liars loans'. They were done by the hundreds of thousands. Were the banks evil to give those? No. Were they stupid? No. Were the end purchasers such as Wall St investors stupid to buy them? HECK YES!
What GMAC below dint say was the homes actual market value when they offered it back for $200,000. Was that a good deal or a bad one? What was the mortgage balance at the time? It may have been a good deal. Without having GMAC keep it they had no choice but foreclosure. Remember those are auctions and they take a chance of selling low. We dont know if the lender was covered by Mortgage Insurance which would have brought the true profit back up from $80,000. We also dont know how much money the lender was given of OUR TAX MONEY to float them so they could modify mortgages. For the most part they make more by foreclosure and do not wish to modify mortgages.
First of all let me say that I am so sorry you were one of the victims of the bank's greed. After reading your circumstances I know it had to be the most tragic event in your lives. My prayers are with you.
You are so correct when you say "why couldn't they have offered it to you at $80,000.00" They could have but they would not. The banks are truly heartless and anyone who believes they want to work with people and do not want bad loans , must believe in fairy tales. These banks work in their own interest only.
If they had offered your home to you for 80 thousand, then they could not collect on the back end. By taking an 80 thousand offer from an investor they can still collect the mortgage insurance you paid for and they still qualify for a bailout as well because they lost money on a bad loan. There is no interest in letting people salvage the homes they put blood , sweat and tears into. The only interest is what benefits the bank in profits that are hidden.
The banks today are truly the villains in this crisis. Until we the people learn and understand this they will continue to destroy our nation and the Americans who make up this country.
I do not use banks anymore, and I have not had a foreclosure. I chose to not support these money hungry vultures in any way. What if everyone would do the same ? They would almost be out of business. Except of course all the investors and the folks who are looking to make a killing from all these misfortunes of other Americans. In that case the banks would have to feed off of those same investors and find a way to screw them over. It would be just a matter of time.
Many people facing foreclosure sell off assets to try to pay more payments, hoping to save their homes. They may as well not bother because once a bank gets on the foreclosure track they will not give up until they have the property. Once facing foreclosure, it is like trying to stop a speeding , runaway train. The best thing anyone can do is just stop. Move your personals and plan another direction because they have no intention of letting you keep your home. They will take any and all monies you give them and still come after your home. They know if you are struggling it is only a matter of time and you will be broke. Once you are facing foreclosure, if you can't pay it off in full then don't keep throwing good money after bad. I am not an attorney and I am not giving legal advice. What I am doing is letting people know what is really going on and just telling them to use good common sense. Those last few payments people sacrifice to make can help them get moved and save their personal belongings. Yes, their dream home is gone, but they can retain their dignity and go on to a better dream. My theory is simply not to get caught in their web of stripping you of your last few dollars from resources you could better use elsewhere and then taking your home anyway.
Ask an atty.
I am not by any means condoning what a small percent of angry homeowners have done. I have had to call the local sheriff on many occasions due to Realtors, Contractors, squatters etc. I will tell you this. It is indeed a small percent. The average family who have lost their home , are just defeated. There are so many people who are raping these properties it is just a crying shame. I myself have had to change locks on some properties two and three times. I have been on properties where the plumbing is gone, even the kitchen cabinets are gone. I have seen garage doors missing. Do I as an inspector know for sure who took these things? NO, I do not! It could have been the former home owners, or Contractors, or Realtors, or local scavengers and etc. The list goes on and on. My whole point is this. These properties DO get vandalized. There is absolutely NO way they can be watched 24/7!
I am not advocating for the former home owners to rape these properties, what I did say is that they can indeed take any PERSONAL BELONGINGS, such as a chandelier that Great Aunt Harriet left to them, or a fancy Mirror they bought for a certain wall or a persian rug they bought for a landing and so on. These are personal items. As long as the property is functional as it was the day of closing they are not damaging anything. I cannot see any use these people would have for a furnace or plumbing in their next home.
Now if the plumbing or furnace are taken, make absolutely sure it was indeed the former home owner, do not just assume they took it just because it is gone. I think this is where many are getting confused. Of course the bank will blame the former home owner, but believe me when I tell you nine times out of ten it is not them. There are scavengers that just ride around town looking for properties that have been recently vacated and what they do to these properties is a REAL crime.
As for the small percent of former home owners who did rape their own properties when the bank foreclosed, I fail to see how that behavior served any purpose. I do understand they are angry and hurt and wanting to retaliate. Then do it legally. There are things they can do. They need to focus on saving their personal belongings and then find a darn good attorney. No you cannot sue the bank for your default on a mortgage, but you can do something about your other losses. So they need to use their heads and not vandalize the property. That is that small percentage as I stated earlier.
The larger percentage usually loses much more than their homes and these are the people who are the victims. Now does everyone understand what I am saying?
I am not saying these people just wanted it so badly they could not resist. What I did state in an earlier post is that these victims were just trying to obtain their own little piece of the American dream, to own their own home.
Exactly how did folks like myself and others create this mess? We did not have a pursuit of greed, we merely did our jobs which involved seven days per week, sixteen hours per day. What we did see were the banks getting greedier and greedier.
Why is it so hard for others to understand what is really happening? Do you honestly believe these people did not want to pay their mortgages? Are you really that gullible? Can you not understand it is a traumatic experience to lose your home? This is a national "disaster" and a crisis that no American should condone.
As for racists statements. I believe telling the facts does not make it a racist statement especially when many illegals are from various countries. Why do the people on here try so hard to make these victims into the bad guys? Is that how you deal with your own conscience when you know full well you will gain by their misfortune? May God have mercy on your souls.......
All of you "holier than thou " critics, should have to walk a mile in these people's shoes and then see what that nightmare is all about. It is so easy to act like you are better than the victims when you are not the one losing everything you have worked so hard for. I only pray that you "naysayers" should not have to experience what these unfortunate families have gone through.
The reality is that it can happen to anyone. The rich are getting richer and the middle class are getting poorer.
Ideally the investors would love for the victims to leave the property all nice and improved for them. Geez, should they leave the guest towels in the bathrooms too? Investors don't care about these victims. Their greed is all they have concern for.
You are right, there are plenty of classes out there that will teach them how to clean up on these foreclosed properties. But where are the classes that teach the victims how to survive after their lives have been blown away by a heartless bank?
Has anyone on this site ever done a Cash for Keys? That is the most insulting gesture I could ever imagine. The innocent, struggling victims are already scared to death and they get an offer of oh... let's say $500.00 to turn over the keys and get the heck out! Only after they leave it clean and in excellant repair. Does anyone know why the banks are making these ahem... generous offers? I do. So the cheap SOB's don't have to pay for an eviction! Now I see that as rubbing salt in the wounds. This is like saying" let me throw you peasants a few crumbs so you will clean and repair your lovely home and then just hand it over to me." Well guess what ? In many cases it can take them up tp 12 months to get an eviction, so the cash for keys is a way of speeding up the process for the banks and the greedy investors. It is like leading the lambs to slaughter.
Now seriously folks, you cannot possibly think this is right. Where is all that "my Brother's keeper" sentiment? Or has the almighty dollar become your new God?
I am sorry but I could not with a clear conscience dupe these innocent victims this way. I have used one eyed teddy bears as proof the home owners were still there to give the family time to find a way to move their personal belongings.
How can we Americans think any of this foreclosure crisis is alright? Are we forgetting that many many of these people have ten , fifteen or more years of equity in these properties ( not to mention years of inflated interest payments as well)?
When did we become so blind that we think it is alright for the banks to sell mortgages and jack up the interest and payments or are we turning a blind eye to the fact that many had a mortgage they could handle and suddenly got a notice their mortgage was sold and the new payments were at a price they could not possibly be able to cover. In my mind I see that as a crime.
All the buyers need to realize these victims are in fact victims and it could happen to them too.
To Frank Murphy: Frank, you are not reading this thread. Over 90% of the posts advocate "TAKING NOTHING". Those posts (mine in particular), that say you should take things, suggest taking what is your own property as long as you leave the house in a functional condition. That is not theft.
To ALL: The majority of those who have been foreclosed upon are hard workng, blue collar, patriotic, Americans. I know of four families who have been foreclosed upon, mine included, and none of them are deadbeats. All did everythng they possibly could to save their home.
Read my examples Frank;
If I gave a class on how to bilk the victims of Hurricane Katrina out of their homes, would you come?
If I offered training on how to seal the awards given to 9/11 victims, would you sign up?
If I said I knew how you could get whatever was left of the Haitians property at a fraction of the cost.....???
You get the idea;
But......what if I offered to educate you on how to find foreclosed property and buy it at a steal, would you jump at the opportunity? You bet you would. Those classes are being advertised every day - you have probably already signed up for one.
You are right on something though, it is the foreclosed victim's responsibility to pay their bills, including home mortgages. Things happen, jobs are lost, companies close their doors, people are duped into bad loan situations for their opportunity to capture the American dream.
The current state of the economy has often been called a calamity, a disaster. Where is the helping funds for this disaster? Where??? From Obama? Fat chance there. From the loaning bank? Yeah right, reference Foxysr's posts. The things is, nobody cares about the victims of this disaster. You think the governemet reacted too late in Katrina? Well it's been about four years - what is taking so long???
What I am trying to make clear is simply that these things are happening. You are a buyer so ideally you would want someone to leave a home all fixed up for you to get real cheap. The truth is these properties are being vandalized on a daily basis so much to the disappointment of the buyers trying to profit off of some one else's misery it is still happening. Sorry Charley, you are preaching to the choir.
You need to read my post again. I did not say take what you want, I said take what you paid for. If they bought fancy light fixtures, chandeleirs etc they can take them as long as they put the old ones back up in their place. I also said it does not matter because the crooked contractors are stripping these properties anyway. You could leave expensive light fixtures and they will be gone any how. The reality of this whole foreclosure crisis is that too many people are taking, from the asset management companies to the contractors, banks and Realtors
The people who are losing their homes are truly the victims in many more ways than just one.
Also I did not condone fraud, I stated their recourse was indeed in personals and that they could recover very handsomely for personals because contractors, and Realtors must have insurance. Obviously you do not know how this industry works. They make the contractors cover the management companies with their insurance. Think about that? The victims of foreclosure are getting a very raw deal and I am sure in some folks' happy bubbles they believe these people did not pay, are deadbeats or whatever. The truth is the banks will not and do not try to work with people when they are even late with a payment. These banks are ready to pounce for the slightest reason because they made these bad loans with that very intention of foreclosure. Wake up and smell the coffee. Do you know how many homes are trashed out before an eviction is even initiated? I was in this industry and saw far too much FRAUD on the banks parts for far too long. My crews moved personals at our own expense to a place the people had to take them. Yes, we helped victims get moved. Why? Because we knew about all the fraudulent acts that were being perpetrated on these helpless victims. If you think the banks give one iota of concern for you or anyone else you are in for a very rude awakening.
Stripping a house is indeed a crime in normal circumstances, but with four or five different contractors, realtors, common street thugs etc. Who do they prosecute? You sir obviously have never inspected a property after a trash out crew has been there. Because you see part of that trash out is also a sales clean, which means capping bare wires, patching holes and other minor repairs. The more they repair the more they get paid. Believe me they make sure there are repairs. You see the banks have them set up to either play the game or make very little money.
I also disagree that nobody hated banks in 2005. I personally believe the American people were forced to do business with those shysters or fore go the American dream.
Also sir, no one said to steal from the Real Estate agents. What I said is that many of those agents steal from these properties! How do I know? I have caught many of them myself.
I am afraid sir you are confused. No one advocates that anyone should rob a bank. No sir, because far too many people already know the banks are robbing them.
You can use your own judgement and your own conscience in deciding what to take. It is all irrelevant because when the contractors come to change the locks 9 times out of 10 they will strip the property anyway and say it was already gone. You see, the banks are also screwing the contractors and these guys are forced to make a buck any way they can. Instead of getting full pay they are being forced to work for less than half of what they should be making, and drive 50 to 100 miles to do these work orders. The banks know what is happening, they don't care. They will collect from the insurance company that you paid mortgage insurance to and still sell the property and make a tidy profit. They win no matter what. The only time you have recourse is if they take even one item of personal property you left behind. Because, HUD regulations say they cannot remove anything even if you leave a dirty sock on the floor. That is a personal and HUD will fight for your rights to get your personal property. As for storage of personals, that is a bigger joke. It is just the bank issuing work orders that look like they are going through the proper motions. when in reality the contractors will most likely have that stuff the same day they claim it was stored.Folks take whatever you paid for, because the bank is not coming after you, there are too many crooked Realtors, and dishonest contractors involved for them to waste their time. As I said your recourse comes with personals. All Real estate agents and contractors must have insurance and good Gawd, you know they stole your Grandma's family heirlooms! Here is a hint. Every claim that a bank has had so far for personals has been settled out of court and been kept very hush hush. Think about this folks...... They don't want you to play dirty, that is reserved just for banks.
I took my in-house office cabinets because I believe a home can function just fine without an in-house office. I also took my dining room chandelier and replaced it with a simple ceiling fixture. Electrical does not have to flow through a chandelier to be functional.
You are right - there is not a very high opinion of people who take things from their foreclosed home, in your circle of acquaintances. Inmine, that person can sometimes be revered and looked up to as someone who did not just bend over and take it up the ... well you get my point.
Speaking of high opinion, why is it OK for someone to give a class on how to make the most out of the poor sap's loss? Why isn't there a lower opinion of that predator? How can anyone possibly consider training someone how to effectively go into an earthquake stricken zone and make a profit by lillaging? Would anybody ever instruct someone on how to bilk the elderly out of their life savings? Would someone actually give a class on how to best get that foreclosed home out of the hands of the owner at a fraction of it's worth? You bet they would, and you probably went to the class. What if I gave a class on how best to steal an agents almost sure sell and give it to another agent, right at the last minute. Any problems with that?
People lose their home in a flood and the governement gets chastised for not responding fast enough. People lose their home through a crumbling economy and the governement stands back and watches while nobody says a thing. You are definitely fooling yourself if you are convinced that everyone who has lost a home through foreclosure is a deadbeat - they are not. There may very well be a very small number of deadbeats in the mix but for the most part, people simply had no control.
Bad loans, shrinking job market, re-organizing corporations, the list goes one. The individual home owner has no control over those things. This economical tragedy has been publicly coined one of the worse tragedies in America, yet, where is the assistance.
Please don't tell me "Obama is going to help." Any help even being considered is only for those prior to foreclosure. It's sort of like getting the flood victim a new home before the floods come; it's ridiculous. The ones who are hurting are those who are out on the street - without a home. Why not give them some help?
We, foreclosure victims, have sacrificed a great deal. When we lose our home we don't just move into another one of the same calibre, we are lucky to get something significantly smaller, older, less convenient, on land contract. I did, I acquired a home that is about 1/7th the value of the home I lost. The payments are nice but the comforts are rare. I'm not complaining though, I enjoy the much smaller payment and I adjust easily, but I am just one example.
Of course the people in your example were wrong, but I am not promoting that. I say take the things that are dear to you and make sure your home functions when you leave it. Agents, brokers, realtors, you will have to fend for yourself.
Your's is a typical "agent" answer. Of course you want that "stolen" property to be in as good a shape as possible when you try to "re-sell" it. I don't blame you. But, as long as it is mine I have every right to remodel in whatever fashion I deem necessary; pull the carpet, remove doors, exchange cabinets and so on.
Frank made a good point when he said:
"You can't offer a home for sale, present it to buyers and strip it of fixtures the day before closing because you still own it."
Once you have offered your home to anyone, that home must stay in that condition. You cannot offer an apple and sell them a raisin.
However, I never received an offer on my home, so I was not diminishing a potential buyer's image of what he or she may be purchasing. Nobody viewed, noone offered, I "remodeled."
I see no reason to acknowledge "...not so fast..." This is a question about "taking from a foreclosed home." I doubt anyone will "offer up" their home for foreclosure. I know I certainly never "showed" my own home to potential scavengers and blood suckers. I had all I could do to try to save it. Even a home facing foreclosure still belongs to the owner. It makes good sense that the owner should be able to do anything he/she wants with their own property.
If you are still living in the home when the bank forecloses, you most likely will be approached by a realtor who represents the bank and offered CASH FOR KEYS. I was always sent to the property to see if the homeowner was still in the house. I was authorized to offer a preset amount to the owners or to the tenants. The amount varied--at best, the bank would be willing to pay for moving, the first months rent and sometimes the security deposit. In return the homeowner had to move out ASAP and leave the property "broom clean". If the homeowner did not move, the bank would have to evict. This was not a quick process. In NJ, the homeowner had the ability to stall the eviction 3 times by filing a Stay of Evection. Often the court system was backlogged and the homeowner was able to postpone the eviction for many months --sometimes a year. Once the eviction was granted, the bank would send the Sherriff, a locksmith, the realtor and a moving truck to the house. If the homeowner was still living in the house, the Sheriff removed them, the locks were changed and all remaining personal belongings were put in storage for 30 days.
In NJ, if you are a tenant with a lease living in a property that was foreclosed upon, you do not have to move until the lease ends. If you do not have a lease the bank can require you to move. Again, the CASH FOR KEYS process is used. If the tenant does not accept the offer of cash, the bank must evict. The same process as above holds true. I do not know if this is the case in your state, but suggest you consult with an attorney.
I wish you the best and remember you are not alone. Better days are ahead.
I am glad you're here! We are all sorry for your misfortune. I think you really need to ask yourself if stripping the property is going to help the situation, or could it possibly prolong your upside down feelings on the matter. In some cases where owners strip the properties the banks can come after you for damages. It may not get you right away, but it will catch up to you.
MAD says that you should blow off the banks, however even if you got away from the banks with $600 in scrap, you could be 10-99 by the bank or the loss and then your messing with the IRS. Doesn't sound like fun to me!
Maureen Francis made a great point. You do have an option in "cash for keys" if I were you I would look into it. Many banks offer cash for keys to tenets to vacate a home in a timely manner and in good condition. So keep in mind, there are rewards for doing what is right in this tough situation. I have help negotiate cash for keys for tenets and it does help. So keep this option in mind.
If you'd like you can respond confidentially by clicking on my profile, but I was curious if you are already in the foreclosure process?
This is one of the worst real estate downturns I've ever seen. Most of the properties purchased beyond 2005 are UPSIDE DOWN (Deficiency) in a major way and there's no good options when your technically bankrupt due to buying a home at the wrong time, purchasing a home in the wrong community (Investors owned properties) or choosing what turned out to be a bad loan program doesn't matter, there's already a deficiency.
The way I see it is that the OWNER of a property has the right to take what they want until the title (deed) is legally changed to the lien holder. There's no real solution here, so why don't more folks LITIGATE, STRIP and eventually file bankruptcy and surrender the home with Federal protection, just lie the rest of the greedy crooks out there. HMM? Would that be the banks (Cartel).
Lets face it, the banks or investors don't want to make minor adjustments for whatever reasons (usually contract law). Everyone should take whatever cash they can extract from the home and buy a property based on the current market values in cash (no more banks). Hah! Hah!
From my research the litigation (forensic TILA and RESPA audit, Proof Of Note, PAPER CHASE) and bankruptcy can buy between 15-36 months. Add up the (cash) savings up minus attorney costs and you'll
probably make more money than you would have living in the house due to the housing crash. On top of that you played by the rules (law).
The bottom line is that ETHICS has nothing to do with LAW, just ask the BANKS, whom are getting our tax dollars while screwing us based on contract law.
By no means am I an attorney, just another screwed homeowner who's searching for the best solution to my own personal mess, which was created by all the bastards who benefited during the housing boom and I'm sure they will on the back end of this problem (foreclosures).
LETS ALL PLAY BY THE SAME RULES AND FORCE THESE BANKS TO USE SOME OF OUR OWN MONEY TO HELP THOSE OF US IN NEED.
By the way, I pay some of the highest taxes out there and frankly I'm sick of feeling guilty for getting screwed, therefore I'll do what's right in the best interest of my family, because a greedy bank or investor wouldn't help make a minor adjustment to our contractual mortgage note.
None of this information is intended as legal advise, just personal opinions, therefore you should consult with an attorney to validate what's legal and what's not.
Don't believe everything you hear or read, because the responsible homeowners who have bought at the wrong time have just got blanked! As a matter of fact of your middle class with decent income and experienced a financial hardship, the 31/38% DTI (Debt To Income) ratio has no value. It does however reward all those people who were finance for stated income loans and never could afford their purchases.
As for the investors, they are leaving their homes in droves and I'm sure with all that cash they made during the boom, they'll find away around the law and purchase the foreclosures.
WAKE UP FOLKS AND FIGHT FOR YOUR HOME! THIS ISSUE HAS NOTHING TO DO WITH ETHICS IT"S ABOUT THE LAW, JUST ASK THE BANKS!
WHAT, DO YOU THINK THE BANKS ARE STANDING ON MORAL GROUNDS, I THINK NOT, ITS CALLED "CONTRACT LAW" AND TO ADD INSULT TO INJURY, THE TAX PAYERS ARE FUNDING THESE JOKERS...........
Until......My entire staff, myself included, were laid off, with NO NOTICE and NO SEVERANCE. My husband left us. I looked for work and in the meantime, started to sell real estate as an outside broker.
I sent out over 500 resumes and networked, but the job market had nothing to offer. So I continued to
work commission only, no spousal or child support.
What person does not want to keep what they created? We have worked hard to make our dreams for ourselves and our children come true. I am not an attorney, but I don't plan to leave what I added to make my house a home for some other lucky schmuck, if the seemingly inevitable happens.
I wouldn't know how to remove a furnace or toilet seats. But knowing what the banks did, and I am sure we have much more horrific news yet to come, I say take what you can carry, haul or disengage.
The truth is they (the banks) insured themselves with AIG against loan defaults and then let people making $40,000 purchase a $400,000 home, when the rule of thumb was you can borrow 2 times your income to purchase a home. It is obvious their plan was to insure themselves from loans that were sure to default, then lend money to individuals that TRUSTED their "professional" lender, and just kick back and wait for payday. I will bury my money, before I put 1 cent in a bank ever again. If there is a heaven, I don't think we will see any pinstripe suits!
I receive 200 emails a day. Numerous clients are rushing to sell their homes because they tried to obtain loan modifications through the Home Affordable Modification Program â€” all unsuccessfully. All have similar stories: The information you sent two weeks ago is old and needs to be updated; we need more information (that wasn't asked for in the beginning); you don't make enough money; you make too much and should be able to make the payment. In fact, I have not met one homeowner who succeeded at qualifying for the HAMP program. Despite losing their jobs, having health issues or originally paying too much for the property, they were all held to the high interest rates of their mortgages when the going rates dropped to 3 to 4 percent. I think that Obama's HAMP program, which was supposed to help people avoid foreclosure, is similar to the infamous corporate bailout where high-level executives used it for their own bonuses. The movie Rainmaker with Matt Damon is a scary reminder of what we are experiencing. Only instead of the insurance companies stamping denied, the banks are doing it. The government bailed out the banks with absolutely no stipulations that they work to keep homeowners in their homes. Who does that in this economy? The home modification program is an absolute and shameful smokescreen. One poor family, both professional, educated, working parents were riding the train with their children to keep them off the streets.
WHY IS THE PRESIDENT OF OUR COUNTRY NOT ADDRESSING THIS TRAVESTY?
I have had potential sale after potential sale destroyed because of poor decision-making by banks.I have listed home after home where people have to sell and get out. I have gotten favorable offers on many, but the banks? poor judgment has caused the buyers to walk away from the sale. The result is that the homes go to auction and bring in less than any of the offers I had secured for them. I have repeatedly gotten solid offers on short-sale condominiums that the banks have denied, only for the unit to go to auction and bring in far less than the price I had secured. How do these people continue to be employed, while thousands of others are not?
The workplace is in a shambles, and the layoffs and cutbacks continue, Perhaps more of the good employees are being let go while the uneducated, uninformed, inexperienced employees remain, leaving no one in the mortgage industry to make caring and intelligent decisions. Everyone in the workplace is affected when one industry performs at such low levels of intelligence. Where is the government in all of this? Was HAMP ever meant to work to solve the foreclosure problem or was it designed by banking executives and pushed on politicians to placate the public. I would like to meet someone who has truly been helped by HAMP. I would like to help the many clients I have had who had to walk away from their homes because of being misled or lied to by these mortgage employees.
Who can help? This sounds like a HUGE class action suit waiting to happen.
so now I have a new lawyer that is more pro active in helping me stay as long as I can, I may be paying lawyer fees ,but still cheaper than the mortage,and all the aprasial firms that help me get approved at such a esclated apprasial that is now 100,000 less today, so yes when it comes down to the final days you can count on taking every thing I put in that I can carry off all new wiring plumping new garage cement drive insulation etc etc etc,, now I cant get it all back ,but I assure you, they (the new owners) will have to do all the work over again, see I striped all the painted wood work I will be repainting with all my left over paint from jobs, leave my used electrical panels and take my new ones, leave an old used working (china made) garabge disposal ,while I take the 300 with me,, the bottem line______________ is just what their going to get, and these fees for (keys) is a joke for you to be their puppet for their profit 2000 would not even cover the ceiling fans I bought and installed, let alone the the compleat sump pump system ,cause it was a leaky basement ,when I bought it and the bottem line is ___thats what they are going to get a leaky basement ,cause I'll take the pump with me,so my new lawyer explained my rights to fight it with a law suit and keep them in court,cause it's not settled than they can't throw me out untill all appeals and legal efforts has been exhausted,ON MY PART,,see the mortage (or new owners want to live or sell) the property and the keys fee is an effort on their part to save all the legal fees they will have to pay fighting me.It will cost them about 30,000
to my 10,000 for the next 2 to 3 years and that's on top of the 20,000 they all ready added to the loan in legal fees,,,, lets do the math 139,000 loan on a valued home of today of 66,000 (then 170,000) 20,000 in the first round of legal fees,now the taxes and insurance + all the new fees that are going to apply 30,000 + SO ASK YOUR SELF?
IS THE BANKS GOING TO KEEP PRESUEING A LOSS JUST TO LOOSE MORE?
EVENTUALY NOT AND LIKELY TO MAKE A REASONABLE SETTLEMENT AFTER 3 ROUNDS OF NEGOTIONS ,,CAUSE ALL THEIR REALLY GOING TO GET ANY WAYS
IS WHAT THE MARKET VALUE WILL ALLOW 66.000 WAKE UP FOKES THIS IS WHY THE BANKS WHERE BAILED OUT,,, THATS A LOSS OF ABOUT 150,000 WITH OUT THE INTEREST OF THERE POTENTIAL GAIN (PROFIT) OF ANOTHER 150,000 OF A 30 YEAR LOAN getting close to a 1/2 million
See now they have to pay the taxes insurance and the Legal fees to get me out,My advice don't give up your rights for a small fee to hand over the easy way for them with a key,
make them fight for it,if you read these keys agrements carefully,it will state( you agree to disgharge your rights to further presue the matter) meaning you relinquish any rights to sue them
now all I have to do is find a way to charge them interest and late fees.
well that's kind-a what I am doing
I don't know who said it or if it was my invention
the best way to win aganist your competention,is to beat them at their own game
Yup, my fault for missing payments, but the bank's fault for not budging one inch. Then they offer MY home to me for 200K but sell it to a stranger for 75K.
I loudly proclaim right along with you - TAKE WHAT YOU WANT, WHAT YOU CAN!!!!!
Those who could tell you, the ones with the knowledge, are more than likely those who have the most vested interest in your losing your home through foreclosure. The better shape your home is in when you say good-bye, the less they have to do or invest to make it saleable for the person they are going to give it to for a fraction of what you paid. Oh, don't worry, they won't offer you the house for any price, so you will not be faced with that decision.
They want you to walk away from the house and keep it in the exact same condition it was when you were hppily living in it. At the most they would like you to eave for "cash for keys." The cash is something paltry like $500 if you simply walk away and not touch a single thing in the house. The less you take away from the home the less anyone has to do to make it presentable for resale.
Sorry, you will not get asn answer. Take what you can carry and just leave the house "functional." That's all.