I'm still wondering how long it will be before repo men bang down the wrong door and get killed while doing this (not that I would be against such a thing of course, people have a right to protect their property).
Not to diminish the documentation problem, but a tiny, tiny portion of those being foreclosed upon are actually paying their mortgages.
Fact is these people are NOT paying their mortgages (aside from a few high-profile exceptions that I’d agree with you on about them getting killed about).
The quesiton isn’t whether the homeowners shouldn’t be foreclosed upon, rather, it’s WHOM should be doing the foreclosing.
These people who took out loans and can't pay them get out.
I know I can't afford a multi- Million dollar home, no matter what kind of loan they offer. Get out of you house so this country can recover.
It is likewise inexcusable that anyone should be allowed to borrow hundreds of thousands of dollars to buy a house and then refuse to pay it back and expect to live in that house indefinitely for free.
I agree that the guilty and incompetent should be prosecuted.
Having said that, WE ALL KNOW THAT MANY PROPERTIES NEED TO BE FORECLOSED !
To make a sweeping declaration saying NO PROPERTY WILL BE FORECLOSE FROM HERE-ON will lead to disaster.
It would be like Obama banning off shore drilling because of the one disaster BP made and then punishing the rest of the drillers who made sure they followed safety rules.
Think of how many unemployed people that will create.
BTW, Obama relented and rescinded the offshore drilling ban yesterday.
>> people have a right to protect their property
Doesn’t that right extend to lenders too? If not, why not?
Put another way: a government that regulates away the property rights of lenders can JUST AS EASILY regulate away the property rights of homeowners and landowners.
“It is inexcusable for any private entity to try and steal property from persons who either do not owe any money on it or who are current on their loans.”
Of course.
And of course that’s not the case.
What we’re seeing is people searching for technicalities to hold onto property on which they are in default.
Plain and simple.
Many here applaud that (those “evil” banks and all).
Yet when lawyers use technicalities against any of their favorite interests, they cry that something needs to be done to rein in the lawyers.
Taked your pick.
I just hope people look at their own records.
My sister and her husband are upper middle class 6 figure earners. Not exactly deadbeats by any means. My sis checked out their mortgage with the registrar of deeds and found that in the 5 years they’ve been paying on there home, its gone through 9 different servicers that she and her husband were totally unaware of.
On the other hand, the ACORN crowd is licking their chops. I’m also concerned about how our government will behave. Its a perfect opportunity for them to take over the properties and begin “diversifying” who neighborhoods.
It is very troubling that there is so much fraud taking place on foreclosure paperwork, and the problem of deciding who has clean title has to be addressed.
That said, I have not heard of one single case so far of anyone who was fraudulently foreclosed upon. Neither has there been a single report that I have heard of a person being mistakenly evicted from their home due to a fraudulent foreclosure.
There have been incidents of contractors hired by banks to secure a property, showing up at the wrong address to change the locks or disconnecting utilities, but that is an entirely different matter that is not, repeat, NOT related to the issue at hand.
This crisis in the short term is going to hurt the banks and help anyone that is going through foreclosure and still living in the house (about half of existing in-process foreclosures). In the long term, depending on how long this takes to sort out, the housing market will continue to decline and when all of these properties hit the markets all at once, home prices will sag even further. That means people who want to sell their houses probably won’t be able to, or at least will get far less for it. It also means that people who are underwater now will be even further underwater as home prices drop further.
A lot of the hype the media is throwing around for the Democrats misses the mark on what the impacts of this defacto freeze are really going to be. The problem is not that these foreclosures should not have taken place, it is in the way the paperwork is being handled.
No matter what, the best possible thing to do is get these foreclosures finished as quickly as possible and get the properties back on the market. That is being delayed even further, and therein lies the real problem here.
I think the truth is that very few of the foreclosures are ‘fraudulent’. In the vast majority of cases, money IS owed. However, it sounds like the banks have screwed up the documentation - not in the sense of not having any, but not having a strong enough paper trail to allow a court-ordered foreclosure.
Don’t forget the possibility exists in this mess that a homeowner could get foreclosed on by two, three or even more “servicers†on the same property.
Don’t forget the possibility exists in this mess that a homeowner could get foreclosed on by two, three or even more “servicers†on the same property.