Drop in foreclosures called ‘very scary’

[Rajiv]

Drop in foreclosures called ‘very scary’

Nobody is sure exactly how many bank walkaways are occurring. For various reasons, they can’t be identified in searches of public real estate and court data without individually pulling case files, experts say.
But nobody questions that they are on the increase.

David Rothstein, a researcher with Policy Matters Ohio, summarized the way they occur like this:

• The lender files a foreclosure, gets the foreclosure judgment in court, takes the property to sheriff’s auction but doesn’t bid on it if no one else does.

• The lender files as above, gets the judgment, sets the sheriff’s auction, then cancels the sale at the last minute.

• The lender files as above but then never requests a sheriff’s auction.
• The lender doesn’t even bother to file foreclosure.

All of these actions leave the foreclosed property in the hands of the original owner who, in many cases, has moved out and is unaware the lender hasn’t taken it.
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[Tybee Island]

Re: Drop in foreclosures called ‘very scary’

I can independently confirm that this has been the case in Florida and Georgia at least since 2008.

In another year, South Florida will be indistinguishable from Detroit.

[WildspitzE]

Re: Drop in foreclosures called ‘very scary’

In another year, South Florida will be indistinguishable from Detroit.

It is certainly moving in that direction. Funny that you said that. When I watched Vanguard last week, it certainly struck a Detroit-chord (re: Detroit's reliance on the drug trade).

Largo posted the Vanguard clip here:
http://www.itulip.com/forums/showthread.php?t=12546

[sunskyfan]

Re: Drop in foreclosures called ‘very scary’

It appears to me that most, if not all, of us are in a delusional state of denial. Accountability has been thrown out of the window folks. Who is going to enforce it? Contract law has disappeared. We are living in economic anarchy and have been for some time. The question is will it spill over to other parts of our lives?

[vinoveri]

Re: Drop in foreclosures called ‘very scary’

It appears to me that most, if not all, of us are in a delusional state of denial. Accountability has been thrown out of the window folks. Who is going to enforce it? Contract law has disappeared. We are living in economic anarchy and have been for some time. The question is will it spill over to other parts of our lives?

Agreed that some of us are still in a state of denial ... denial of the wealth transfer that is both occurring overtly (bank bail outs) as well as behind the scenes (people increasingly walking away from debts, mortgage, credit card or other, whether forced to because of financial circumstances or more likely going forward, strategically and b/c everyone is doing it.)

Make no mistake that these defaults will be transferred in one way or another onto the public account, which means anyone with savings or assets in the US is going to be deprived on a portion of those to pay for all this .... it will spill over into our lives through a confiscation of a portion of our wealth to pay for the last decade or so of the "live beyond our means" attitude.

Listen to how the MSM and other folks talk about how "we're all in this together", translation: "we are socializing the losses". Perhaps Keynesian economics will prevail after all in getting what it wants ... no more savers now that the secret to the game is out, spend and speculate is the only game in town now

[Chris Coles]

Re: Drop in foreclosures called ‘very scary’

Mind you, a long time down the road ahead, there will be some sweet pickings for someone that gets their timing and strategy right.

[Verdred]

Re: Drop in foreclosures called ‘very scary’

Mind you, a long time down the road ahead, there will be some sweet pickings for someone that gets their timing and strategy right.

Yes, once you clear the dead bodies from the yard, those properties are going to be golden.

[Jay]

Re: Drop in foreclosures called ‘very scary’

Mind you, a long time down the road ahead, there will be some sweet pickings for someone that gets their timing and strategy right.

Unless you are a member of the oligarchy, I think most any strategy, no matter how well thought out, will be difficult to enact successfully.

[MulaMan]

Re: Drop in foreclosures called ‘very scary’

Serious ideas on how to profit from other's denial?

Start a "we buy gold" at 60% below spot company?

Start a credit card company and get connected into the free money stream?

Run for your local school board and siphon off whatever money is left?

Start an evangelical church and siphon off part of all donnations each sunday into your offshore account?

[Chris Coles]

Re: Drop in foreclosures called ‘very scary’

If my understanding of the law is correct, you have already broken it.

[doom&gloom]

Re: Drop in foreclosures called ‘very scary’

Serious ideas on how to profit from other's denial?

Start a "we buy gold" at 60% below spot company?

Start a credit card company and get connected into the free money stream?

Run for your local school board and siphon off whatever money is left?

Start an evangelical church and siphon off part of all donnations each sunday into your offshore account?

funny, you left our 'start a bank' so you can gamble with other peoples money...

[Jay]

Re: Drop in foreclosures called ‘very scary’

If my understanding of the law is correct, you have already broken it.

If things get really upside down, we will end up with an extensive black market and most everyone will be forced to be a law breaker to some extent. Then we will have true globalization.

[stanley2008]

Re: Drop in foreclosures called ‘very scary’

Drop in foreclosures called ‘very scary’

Sounds like there are too many to bother dealing with them. Let them fall, and bulldoze the area after. That's what I would do. It's not like the bank is going to gain anything by bolting the door of a vacant house in a vacant subdivision.

Check the land titles office - The land remains, and the owner of the land will be the bank. Certainly the bank has the land titles office covered, right?

[Quincy K]

Re: Drop in foreclosures called ‘very scary’

Sounds like there are too many to bother dealing with them. Let them fall, and bulldoze the area after. That's what I would do. It's not like the bank is going to gain anything by bolting the door of a vacant house in a vacant subdivision.

Check the land titles office - The land remains, and the owner of the land will be the bank. Certainly the bank has the land titles office covered, right?

Better yet, have the USG pay someone to tear down all those three-year old homes...and then build new ones!!

Free money for everyone!!

[ThePythonicCow]

Re: Drop in foreclosures called ‘very scary’

If my understanding of the law is correct, you have already broken it.

Likely so. However given the number of laws and regulations on the books these days, I suspect we have all broken the law today.