Why Foreclosures are Sooo Popular

[don]

http://www.youtube.com/watch?v=01sddqnMMjw

[Quincy K]

Re: Why Foreclosures are Sooo Popular

I give three to one odds that both of these clowns are bankrupt. They were caught on the wrong side of the trade, similar to that bat-wielding, toy-bashing, ex-UAW idiot, and are now crying about spilled milk.

The world isn't fair.

Deal with it.

[LorenS]

Re: Why Foreclosures are Sooo Popular

Colorado recently ditched their redemption period.

[MulaMan]

Re: Why Foreclosures are Sooo Popular

It true, lets look at the claim, would be interesting to find out from the experts if this is actually going on:

TARP pays banks based on forclosures so there is an incentive to forclose.

Rather then do a loan modification the bank forcloses and underbids on thier own loan at auction to take a large loss.

Then they accept TARP funds, kick the homeowner out, sell the house for a profit and book double profits.

He also claims the county is somehow in on it, registering the sale at the loan amount (not the underbid amount) so this would help keep the appraisal values and the market up to make the re-sales / flip easier.

********

The "life is not fair" guy is a friken anti-American retard, probably voted for GW Bush and thinks it is OK for his/her own government to "de-regulate" finance and to allow the politician and banks to destroy his/her own country.

What a coward.

We should be rolling out the guilotine like the couragous French did and start chopping off heads....or it is time to move to a free and democrate country such as France.

[Quincy K]

Re: Why Foreclosures are Sooo Popular

It true, lets look at the claim, would be interesting to find out from the experts if this is actually going on:

TARP pays banks based on forclosures so there is an incentive to forclose.

Rather then do a loan modification the bank forcloses and underbids on thier own loan at auction to take a large loss.

Then they accept TARP funds, kick the homeowner out, sell the house for a profit and book double profits.

He also claims the county is somehow in on it, registering the sale at the loan amount (not the underbid amount) so this would help keep the appraisal values and the market up to make the re-sales / flip easier.

********

The "life is not fair" guy is a friken anti-American retard, probably voted for GW Bush and thinks it is OK for his/her own government to "de-regulate" finance and to allow the politician and banks to destroy his/her own country.

What a coward.

We should be rolling out the guilotine like the couragous French did and start chopping off heads....or it is time to move to a free and democrate country such as France.

I am an American and I am currently short banks(PNC, STI) right now hoping that there will be reform and that the USG will eventually let those that are insolvent fail.

What I am not is whiny, weaselly little boy who goes and cries when things don't go my way. Like many of us here, I have taken loses and moved on. I suggest these two guys do the same.

Life is a bitch and you learn to deal with it.

It's what seperates men from boys.

[kescwi]

Re: Why Foreclosures are Sooo Popular

Then they accept TARP funds, kick the homeowner out, sell the house for a profit and book double profits.

We attempted to make a similar argument in a South Carolina courtroom, we were dealing with a construction loan and trying to get in front of the lender at the Sheriff's sale. The judge literally said the arguments, along with our other assertions, were interesting but he didn't want to hear them and sent it on to the Master in Equity who within 5 minutes told us it was his job to decide who got what and as far a he was concerned the lender now owned the property and we could sue them if we wanted to. It has been over a year and there has yet to be a Sheriffs sale but the lender has the property listed for sale and received a fair amount of TARP money.

In our situation, to add insult to injury, the builder who owes us +100k and moved to another state can now claim a loss on the project and claw back money from the IRS.

Basically the lender and the builder did well on this custom home but there are nearly 300k in unpaid invoices.

[sunskyfan]

Re: Why Foreclosures are Sooo Popular

Rationalizing fraud? I don't get it. This has nothing to do with men and boys. That logic only works when the system isn't providing support for the cheaters.

[don]

Re: Why Foreclosures are Sooo Popular

We attempted to make a similar argument in a South Carolina courtroom, we were dealing with a construction loan and trying to get in front of the lender at the Sheriff's sale. The judge literally said the arguments, along with our other assertions, were interesting but he didn't want to hear them and sent it on to the Master in Equity who within 5 minutes told us it was his job to decide who got what and as far a he was concerned the lender now owned the property and we could sue them if we wanted to. It has been over a year and there has yet to be a Sheriffs sale but the lender has the property listed for sale and received a fair amount of TARP money.

In our situation, to add insult to injury, the builder who owes us +100k and moved to another state can now claim a loss on the project and claw back money from the IRS.

Basically the lender and the builder did well on this custom home but there are nearly 300k in unpaid invoices.

C'mon, kescwi, spread those cheeks and take it like a man! ;)

[Quincy K]

Re: Why Foreclosures are Sooo Popular

Rationalizing fraud? I don't get it. This has nothing to do with men and boys. That logic only works when the system isn't providing support for the cheaters.

I am not trying to rationalize or condone the use of fraud. I am just trying to point out that there is bad everywhere and it is what it is.

And in my experience, the guys that do all the crying are generally the ones that used to do all the talking.

Isn't the voice in the video a real estate broker? I'm sure he wasn't too worried about morals when he was closing all those NINJA no-doc loans that he knew were loaded with fraud and were sure to default.

[sunskyfan]

Re: Why Foreclosures are Sooo Popular

I agree the guy was a real-estate agent. Surely there are some honest real-estate guys out there? ;) But I take your point.

I think we are in agreement towards the desire for either government to get out of it all together or get into it with both feet. Either cut the tax deduction and the Freddie Mae subsidization as well as this bizar TARP thing or regulate the industry like real banks.