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Mortgage lenders pursue homeowners even after foreclosure - Page 3

post #61 of 66
3/6/10 at 10:39am
Reading all this about the mortgages, banks, dumb people over extending themselves just makes me even more happy that I dont own a home. Someday yes I would love to, even now there is an oppurtunity for BF and I to own a home. However the reason we dont is because we dont want to over extend ourselves. We would like to go into home owning responsibly and not have it become a risk. There is more to why we havent bought anything yet but its not relevent. I do think that people especially the ones that were 21 getting those "you have been preapproved" letters in the mail that jumped blindly into owning a home because they wanted a party place away from their parents etc...Those people are idiots. Atleast half of them now are trying to sell their homes because they cant afford them anymore. The worst part of it all to me is that they didnt even bother trying to take care of it making even the most basic of repairs. Just those situations that I have witnessed bug the daylights out of me.
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post #62 of 66
3/6/10 at 10:50am
Quote:
Originally Posted by catsknowme View Post
That is so true!!!! I recall warnings about not only the fiancial crisis, but in the 80's, about buying cheap, non-union made goods and about China!
Just yesterday, BF and I were venting about the whole "we're spending all this stimulus money that our hypothetical grandspawn will get the bill for and we still can't get jobs to stop disappearing and I'm so sick of China owning our a$$" thing...and then I walked into Wal-Mart to get stuff for dinner and a recipe card box. All the ones they had were made in China. The one I got cost about $1.50...I'd be OK with paying $3 instead if it meant China wouldn't own my a$$.
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post #63 of 66
3/12/10 at 4:52am
Yikes has anyone else seen this?
Bank of America Apologized for Accidentally Repossessing Home
Quote:
Angela Iannelli returned home one day in October to find her house ransacked, doors padlocked and pet parrot Luke gone.

Pittsburgh woman files civil lawsuit over wrongful lockout."I cannot walk into my house by myself. … I tried it one time by myself, went over, walked in, but the whole time I was jumping like somebody was behind me and I just started shaking," Iannelli of Gibsonia, Pa., said.

But it wasn't a burglar. It was Bank of America. The bank had repossessed her home even though the mortgage was up to date.

Her fate, an accidental foreclosure, or wrongful lockout, is becoming more common with major banks as foreclosure rates rise, experts say.
full story and video here: http://abcnews.go.com/GMA/bank-ameri...ry?id=10071658
Quote:
According to the Piitsburgh Post Gazette, Bank of America representatives were of no help, asking her to stop calling, saying they were "tired of hearing from her," putting her on hold and then hanging up on her. Later, Bank of America called to say it had "made a mistake." But they forced her to travel to another town to get her parrot back. Bank of America has allegedly "foreclosed" on the wrong house in other cities as well. The suits are piling up. In at least one case, the contractor hired by the bank simply got the wrong address.
http://www.fiercefinance.com/story/b...ure/2010-03-09

And all Bank of America has to say is "Gosh we're SO sorry."

or this?
Quote:
Michael and Marilyn Elliott's mortgage was paid in full but that didn't stop their mortgage servicing company Ocwen Bank from moving to foreclosure on their home. Marilyn and Michael Elliott learned that a default judgment had been entered against them and that their home was sold in a sheriff's sale to the lending bank, J P Morgan Chase Bank. Trouble is, Chase had no record of this foreclosure.
http://www.givemebackmycredit.com/bl...f-the-the.html
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post #64 of 66
3/14/10 at 3:35pm
Quote:
Originally Posted by 2dogmom View Post
Yikes has anyone else seen this?
Bank of America Apologized for Accidentally Repossessing Home

full story and video here: http://abcnews.go.com/GMA/bank-ameri...ry?id=10071658

http://www.fiercefinance.com/story/b...ure/2010-03-09

And all Bank of America has to say is "Gosh we're SO sorry."

or this?

http://www.givemebackmycredit.com/bl...f-the-the.html
I hope that all the folks involved in the above file a Class action suite against the banks involved.
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post #65 of 66
3/15/10 at 4:40am
Thread Starter 
Quote:
Originally Posted by sharky View Post
I hope that all the folks involved in the above file a Class action suite against the banks involved.
They should go for it - I bet the chances of the plaintiffs winning would be very high. And on top of that, I guess it'd be fairly easy to calculate the financial damages e.g. moving to a motel temporarily, etc

Quote:
Originally Posted by 3CatsN1Dog View Post
Reading all this about the mortgages, banks, dumb people over extending themselves just makes me even more happy that I dont own a home. Someday yes I would love to,
I have a dumb question... I've never owned property -this is why I'm asking. Okay. If a person sells their house at a loss, then in many cases aren't they still making out better than someone who rents? Let's say Kerry paid $15,000 towards rent for one year, and at the end of that same year, her best friend Jillian sold her condo but losing $13,000 after all was said and done - and I do mean "all" - down to micro-expenses for Jillian. So is it wrong to say Jillian "saved" $2,000 compared to her friend Kerry?
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post #66 of 66
3/15/10 at 7:31am
Let's look at it another way.

If the renter pays $1000/month rent, at the end of the year she has had a place to live, and she has a stack of receipts.

If the owner paid $1000/month mortgage and sells in December for a $12,000 loss, she has had a place to live, she has a stack of receipts (some of which may be deductible, but she has to consider the loss also a living expense. If she lived in the house three years, that's an additional $350/month living expenses.

Renting is not necessarily a bad deal.

However, if the owner paid $1000/month mortgage and sells the house for a $12,000 profit, she can reduce her living expenses by that much. If she lived in the house 3 years, that's $350/month less in living expenses, and that profit is non-taxable (if she lived there for 3 of the last 5 years, if I'm recalling the law correctly).
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