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A million-dollar mortgage goes unpaid for years while couple fights foreclosure
Washington Post ^ | March 3 2012 | Annys Shin

Posted on 03/05/2012 9:56:07 AM PST by reaganaut1

The eviction from their million-dollar home could come at any moment. Keith and Janet Ritter have been bracing for it — and battling against it — almost from the moment they moved into the five-bedroom, 4,900-square-foot manse along the Potomac River in Fort Washington.

In five years, they have never made a mortgage payment, a fact that amazes even the most seasoned veterans of the foreclosure crisis.

The Ritters have kept the sheriff at bay by repeatedly filing for bankruptcy and by exploiting changes in Maryland’s laws designed to help delinquent homeowners avoid foreclosure.

Those efforts to protect homeowners have transformed Maryland’s foreclosure process from one of the country’s shortest to one of the longest. It now takes on average 634 days to complete a foreclosure in Maryland, compared with 132 days in Virginia.

Champions of Maryland’s system, including Gov. Martin O’Malley (D), credit it with driving down the state’s foreclosure rate and helping thousands of victims of predatory lending, fraud and other abuses hang on to their homes.

“The market won’t fix itself,” said Anne Norton, Maryland’s deputy commissioner for financial regulations. “By the time it does, how many homeowners will be churned up and spit out by the machine?”

Critics, including economists and lenders, blame the state’s go-slow approach for a growing backlog of foreclosures and a weak-to-nonexistent recovery in home prices. To them, the system puts too much emphasis on helping individual homeowners and not enough on quickly clearing the market of foreclosures so prices can rebound and hard-hit communities can recover. And they say it also creates opportunities for abuse by those determined to drag the process out for as long as possible.

(Excerpt) Read more at washingtonpost.com ...


TOPICS: Business/Economy; Crime/Corruption; US: Maryland
KEYWORDS: foreclosure; squatters
The Federal government should stop backing mortgages. In states where mortgages have become unsecured loans, private lenders will price them accordingly.
1 posted on 03/05/2012 9:56:10 AM PST by reaganaut1
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To: reaganaut1

My younger sister has not made a mortgage payment on her home in almost three years now. It is looking like foreclosure will be happening in the next couple of months, though.

At which point she will move out and move on. In the Seattle market, her home is still worth a LOT less than she owes on it.


2 posted on 03/05/2012 10:04:08 AM PST by cuban leaf (Were doomed! Details at eleven.)
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To: reaganaut1
Keith and Janet Ritter

A pair of crooks who stole the use of a million dollar home for five years, and who basically stole the interest for five years on a million dollar loan. They ought to be publically executed as an object lesson to other mortgage scammers.

3 posted on 03/05/2012 10:04:13 AM PST by from occupied ga (Your government is your most dangerous enemy)
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To: reaganaut1

The aggrieved/entitlement mentality at work. They were taught well.

There’s a photo at the link.


4 posted on 03/05/2012 10:07:30 AM PST by Aria ( "If we ever forget that we're one nation under God, then we will be a nation gone under.")
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To: from occupied ga

Yeah cause those banks would never use the legal system for their benefit


5 posted on 03/05/2012 10:07:30 AM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: reaganaut1

these people give the term “grifters” a bad name


6 posted on 03/05/2012 10:08:38 AM PST by silverleaf (Funny how all the people who are for abortion are already born)
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To: reaganaut1

This should be criminal.


7 posted on 03/05/2012 10:09:29 AM PST by newzjunkey (Santorum: 18-point loss, voted for Sotomayor, proposed $550M on top of $900M Amtrak budget...)
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To: reaganaut1

Single page view.

http://www.washingtonpost.com/local/a-million-dollar-mortgage-goes-unpaid-for-years-while-couple-fights-foreclosure/2012/03/01/gIQAb4DBpR_print.html

Basically, the Ritters were successful in gaming the system. Till the system broke and they became deadbeats.


8 posted on 03/05/2012 10:11:49 AM PST by Responsibility2nd (NO LIBS. This mean Liberals and/or Libertarians (Same Thing) NO LIBS.))
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To: Aria
In five years, they have never made a mortgage payment, a fact that amazes even the most seasoned veterans of the foreclosure crisis.


9 posted on 03/05/2012 10:14:48 AM PST by Menehune56 ("Let them hate so long as they fear" Oderint Dum Metuant), Lucius Accius, (170 BC - 86 BC))
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To: silverleaf
these people give the term “grifters” a bad name

My cousin and her husband bought a house that had been "owned" by a grifter like these two.

According to her, the guy moved in, didn't make a single payment for over a year, and prior to moving out, he striped it to the sheetrock.

10 posted on 03/05/2012 10:16:06 AM PST by MAexile (Bats left, votes right)
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To: from occupied ga
They ought to be publically executed as an object lesson to other mortgage scammers.
 
 
The same is said about the Wall Street bankers and fat cat mortgage lenders who knew the bubble was going to burst, yet exploited the FNMA loopholes knowing that Uncle Sam would bail them out.
 
Which is what happened.


11 posted on 03/05/2012 10:16:55 AM PST by Responsibility2nd (NO LIBS. This mean Liberals and/or Libertarians (Same Thing) NO LIBS.))
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To: Responsibility2nd

Heh, prior conviction for mortgage fraud.

Here’s how this guy did it.

‘started out with a 300k home with nothing down.’

Borrowed against that home with the 300k loan to buy other houses and start flipping them.

Does this sound like a scammer to you?


12 posted on 03/05/2012 10:24:53 AM PST by LeopoldvonRanke
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To: Menehune56

Why aren’t they smiling? Not paying rent/mortgage for 5 years, I’d be happy as a clam!


13 posted on 03/05/2012 10:31:08 AM PST by mkboyce
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To: reaganaut1

They these spoiled brats got to live on the hog and we should feel sorry for them why?


14 posted on 03/05/2012 10:31:53 AM PST by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
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To: Menehune56

Ah, now I get it. Race based entitlement.


15 posted on 03/05/2012 10:32:48 AM PST by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
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To: LeopoldvonRanke

thousands of people did that

but supposedly the govt forced teh banks to make those crappy loans. I’m sure the banks didnt do it for the insane profits they were making.


16 posted on 03/05/2012 10:35:20 AM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: reaganaut1

I generally don’t approve of deficiency judgments. If the lender was dumb enough to loan you more than the house is actually worth, that’s their problem. This is an exception. As the lender, i would go after these deadbeats forever. Their intent was fraudulent, and they should be unable to hold any assets without fear that the assets will be taken from them - for the rest of their lives unless they pay back what they stole. Liberals like this disgust me.


17 posted on 03/05/2012 11:10:16 AM PST by Pollster1 (Natural born citizen of the USA, with the birth certificate to prove it)
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To: driftdiver; Responsibility2nd
From the article:
In five years, they have never made a mortgage payment,
Yeah, of course it's not their fault, it's the fault of those mean old blanks all right. Those mean old banks forced them to move into a home that they obviously could not afford. forced them to stay there without paying etc.

Y'all obviously need to brush up on your economics, because if (and I suspect it's a big if) y'all actually work for a living and pay taxes YOU are supporting these two a..hole deabeats. These two deadbeats are examples of the 0bama entitlement mentality. Nice to know that at least a couple a freepers support that mindset.

18 posted on 03/05/2012 11:44:39 AM PST by from occupied ga (Your government is your most dangerous enemy)
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To: from occupied ga

As always you have the personal attacks on a hair trigger.

way to go


19 posted on 03/05/2012 11:49:41 AM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: from occupied ga

Y’all obviously need to brush up on your economics...

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Read my reply in post 11. Read it again slowly. Did I post even one single fact that wasn’t true?

You - however - obviously need to brush up on your Constitution. We don’t execute folks for simply being criminals.


20 posted on 03/05/2012 11:57:44 AM PST by Responsibility2nd (NO LIBS. This mean Liberals and/or Libertarians (Same Thing) NO LIBS.))
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To: driftdiver
blah blah personal attack blah

What personal attack? You seem to think that somehow the actions of these two crooks are the bank's fault. That's approving of the entitlement mentality. If you don't like someone pointing that out don't post a liberal opinion

21 posted on 03/05/2012 5:07:18 PM PST by from occupied ga (Your government is your most dangerous enemy)
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To: Responsibility2nd
Did I post even one single fact that wasn’t true?

Absolutely. The banks were coerced into making risky loans to un-credit worthy individuals by the federal government by the vastly expanded community redevelopment act. If the banks didn't meet a quota the fed made it difficult for them to borrow. It's the government's fault.

Actually we DO execute people for being criminals., but your comment is irrelevant. I was expressing what I thought SHOULD be done to them, not what I expected WOULD be done. As no doubt you were well aware, but wanted to score some sort of half assed point. Well you didn't

22 posted on 03/05/2012 5:17:55 PM PST by from occupied ga (Your government is your most dangerous enemy)
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To: from occupied ga

blag blah blah


23 posted on 03/05/2012 5:21:05 PM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: from occupied ga

Banks were not forced to make all the high risk loans they made. They were fighting to make these loans because they were highly profitable.

The same banks which support the leftists causes you claim to hate. All run by the same bank leaders which support Obama.

So why do you support the leftists?


24 posted on 03/05/2012 5:27:46 PM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: reaganaut1; Abundy; Albion Wilde; AlwaysFree; AnnaSASsyFR; bayliving; BFM; cindy-true-supporter; ...

Great googly moogly, why didn’t they just SELL the house when they realized they couldn’t make the payments?

Maryland “Freak State” PING!


25 posted on 03/05/2012 7:33:42 PM PST by Tolerance Sucks Rocks (Occupy DC General Assembly: We are Marxist tools. WE ARE MARXIST TOOLS!)
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To: driftdiver
“They were fighting to make these loans because they were highly profitable.”

Banks were trying to make profits??

No way...
What scammers and evil profit mongers.

I thought they existed for free public use just like a city park?

26 posted on 03/05/2012 7:41:27 PM PST by HereInTheHeartland (I love how the FR spellchecker doesn't recognize the word "Obama")
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To: HereInTheHeartland

Profits are fine. They were making bad loans, selling them, and then running.

They knew the loans were high risk and yet promised the buyer they were safe. Then when the music stopped they went to their buddies in govt and got a bailout.

So scammers and evil does describe them well. Do you support fraud?


27 posted on 03/06/2012 2:39:12 AM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: driftdiver
They were fighting to make these loans because they were highly profitable.

I can't decide if you really believe this and you're incredibly naive or you're trying to blow pink smoke. The loans are NOT profitable if they're defaulted. That is why prior to the government forcing the banks into making bad risk loans the banks wouldn't make loans to worthless thieves like the two in this article (and btw did you look at the furnishings in the picture?)

So just to clarify your position, you think that these two crooks in this article were forced by the banks into borrowing more than they could afford and never had any intention of paying back, and that the banks consider defaulted loans to be highly profitable?

28 posted on 03/06/2012 4:08:50 AM PST by from occupied ga (Your government is your most dangerous enemy)
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To: from occupied ga

“The loans are NOT profitable if they’re defaulted. “

If I sell the risk to someone else then it certainly is profitable for me. They made the loans, reaped thousands in closing costs. Then sold the loans AND the risk to someone else. They made a lot of money with no risk.


29 posted on 03/06/2012 4:56:27 AM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: driftdiver
If I sell the risk to someone else then it certainly is profitable for me

Who ultimately got stuck with the bad debt? THE TAXPAYER. SO it was the government forcing banks to loan money to irresponsible deadbeats that caused the trouble - the banks were just the instruments that the government used.

Again. Do you think that the banks forced these deadbeats to borrow money they couldn't or more to the point never had any intention of paying back? This is like blaming the gun for the crime. It's the criminal that commits the crime.

30 posted on 03/06/2012 8:13:59 AM PST by from occupied ga (Your government is your most dangerous enemy)
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To: from occupied ga

The govt did not force the banks to make allthose loans. They made them because they made hundreds of thousands of dollars and shipped all the risk to someone else.

And who facilitated the transfer of that risk? Why the liberals, with heavy financial support from the bank executives.


31 posted on 03/06/2012 8:58:16 AM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
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