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The latest U.S. foreclosure horror story: Curse of the zombie title
Financial Post ^ | Jan 10, 2013 10:22 AM ET | Michelle Conlin

Posted on 01/12/2013 11:17:35 AM PST by DeaconBenjamin

Edited on 01/12/2013 12:38:20 PM PST by Admin Moderator. [history]

COLUMBUS — Joseph Keller doesn’t expect he’ll live to see the end of 2013. He blames the house at 190 Avondale Avenue.

Five years ago, Keller, 10 months behind on his mortgage payments, received notice of a foreclosure judgment from JP Morgan Chase. In a few weeks, the bank said, his three-story house with gray vinyl siding in Columbus, Ohio, would be put up for auction at a sheriff’s sale.


(Excerpt) Read more at business.financialpost.com ...


TOPICS: Business/Economy; Crime/Corruption; Government
KEYWORDS:

1 posted on 01/12/2013 11:17:37 AM PST by DeaconBenjamin
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To: DeaconBenjamin

Government housing policy under Carter and Clinton pushed lenders to lend to anyone that breathed, we get a bubble, and crap like this happens.

Yet no one blames government.


2 posted on 01/12/2013 11:21:10 AM PST by whitedog57
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To: DeaconBenjamin
The Lesson:

Stay in the house until they throw you out.

3 posted on 01/12/2013 11:24:10 AM PST by arthurus (Read Hazlitt's Economics In One Lesson ONLINE www.fee.org/library/books/economics-in-one-lesson)
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To: arthurus

Indeed, stay in the house until the eviction notice comes. Pay your taxes an utilities and keep the place liveable. It’s cheap rent.


4 posted on 01/12/2013 11:31:42 AM PST by RobbyS (Christus rex.)
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To: DeaconBenjamin

Repeat after me:
We are a nation of laws; we are a nation of laws;
We are a nation of laws; we are a nation of laws;
We are a nation of laws; we are a nation of laws;
We are a nation of laws; we are a nation of laws;
We are a nation of laws; we are a nation of laws;

Do you believe?


5 posted on 01/12/2013 11:47:39 AM PST by NTHockey (Rules of engagement #1: Take no prisoners)
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To: NTHockey

No. In Obamamerica, who you are determines how the law will be applied to you.


6 posted on 01/12/2013 12:11:32 PM PST by DeaconBenjamin (A trillion here, a trillion there, soon you're NOT talking real money)
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To: DeaconBenjamin

This crap and Gun Control Confiscation may just be the catapult that may start another civil war. How much will the American People will continue to tolerate?

I agree have everything packed incase and put in a storage but continue living in the house.

I wonder can these folks can claim some form of property ownership back if they continue to live on the property. I know if there is a person living on your land they can claim a portion of it. Since they were occupying the land and the owner never bothered to remove them from the premise. I don’t recall the law.


7 posted on 01/12/2013 12:15:22 PM PST by Patriot Babe
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To: DeaconBenjamin

Why would a lender want to foreclose on a house where the prior liens exceed the value of the property? They are better off filing suit on the note (in states where that is possible) and garnishing whatever they can.

If the cities really want the lenders to step up, they will need to start negotiating on taxes, water liens, and code violations. But most big cities are run by socialists that don’t understand economics.


8 posted on 01/12/2013 12:18:24 PM PST by PAR35
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To: DeaconBenjamin

“David Volker found that out the hard way. When the housing market crashed, so did Volker’s contractor business, and he was unable to keep up with payments on his barn-like two-story house in Buffalo, New York. His mortgage servicer, HSBC, foreclosed on the home in 2009. A few months later, while he was staying with his girlfriend, he stopped by the house to find an HSBC padlock on the doorknob and bank stickers plastered across the door.

“Shattered glass covered his front steps. When he crawled through a broken window, he found the place trashed – by whom, he doesn’t know. Even the toilets were gone. Hearing nothing more from the bank, he figured the house was no longer his.

“The place continued to decay. Gutters tore loose from the eaves. The yard turned into a dump for balding tires. Volker’s neighbors started complaining to the Buffalo Housing Court, which eventually tracked down Volker at the rental where the 49-year-old was living and ordered him to appear in court. That’s when Judge Carney told him that he was still the owner.”

So, without ever taking ownership of the property, the mortgage company forcibly denied access to its legal owner to the property (”he stopped by the house to find an HSBC padlock on the doorknob and bank stickers plastered across the door.”), took physical, but not legal possession of the property, and then negligently and criminally allowed the property to be looted.

Sounds like the mortgage company incurred some liability. At least civil. Perhaps criminal.


9 posted on 01/12/2013 12:30:04 PM PST by sitetest (If Roe is not overturned, no unborn child will ever be protected in law.)
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To: DeaconBenjamin
Ah... the American dream...Pay 40 percent of your income for 18 years, just to have a roof over your head, then lose the house, all the money ya dumped into it..Then get sued and stalked for years by haunted houses and corrupt banksters and loan sharks...

Most of the time, these homes have been paid for 20x over... and most people living in them wind up paying 500k for a 130k home...They die and the scam starts all over again with the new suckers.

10 posted on 01/12/2013 12:31:24 PM PST by dragnet2 (Diversion and evasion are tools of deceit)
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To: whitedog57

Government, including Barney Frank, cares deeply about the people. Don’t you? :-)


11 posted on 01/12/2013 12:46:50 PM PST by heye2monn
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To: arthurus
The Lesson:

Stay in the house until they throw you out.


That would be Step No. 1. Step No. 2 would be filing a deed conveying the property back to the foreclosing entity with the county recorder the day after you vacate. Step No. 3 is sending certified copies of said deed to the county and school tax authorities, as well as any municipality and/or homeowners associations that may be involved.

Once the foreclosing entity starts getting invoices for ad valorem taxes and maintenance liens from the city and HOA, you'll have their attention. ;-)
12 posted on 01/12/2013 2:02:42 PM PST by Milton Miteybad (I am Jim Thompson. {Really.})
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To: Patriot Babe
I know if there is a person living on your land they can claim a portion of it. Since they were occupying the land and the owner never bothered to remove them from the premise. I don’t recall the law.

Generally, the occupation has to be open and hostile to the interest of the owner.

13 posted on 01/12/2013 2:13:04 PM PST by DeaconBenjamin (A trillion here, a trillion there, soon you're NOT talking real money)
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To: Milton Miteybad

I read that you should also take photos/videos of every room in the place as you left it, as well as the outside, with the front page of a local newspaper prominent in every pic. They may claim you used a back issue but they sure as Hell can’t claim a future date.


14 posted on 01/12/2013 2:13:49 PM PST by Oatka (This is America. Assimilate or evaporate.)
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To: Patriot Babe

Search on “Adverse Possession”. The laws vary from state to state.


15 posted on 01/12/2013 2:54:16 PM PST by Tunehead54 (Nothing funny here ;-)
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To: Patriot Babe

I wonder can these folks can claim some form of property ownership back if they continue to live on the property. I know if there is a person living on your land they can claim a portion of it. Since they were occupying the land and the owner never bothered to remove them from the premise. I don’t recall the law.


It is called Adverse Posession in az and after 7 years you can file to get a title to the property.


16 posted on 01/12/2013 3:03:18 PM PST by RBK
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To: heye2monn
fannie and freddie was purposely spawned to sweep up foreclosures deliberately caused by the murder of the economy. The entitlement herd will now be given these foreclosures as a redistribution effort under the “housing is a human right” puke fest. Good, hardworking responsible Americans loosing thier jobs dilberatley caused by the community organizer and chief to be given to his herd of takers that continues to grow.
17 posted on 01/12/2013 3:54:29 PM PST by ronnie raygun ( Lexington / Concord, America's first gun grab attempt)
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To: whitedog57

It was quite a racket and it was intended to demolish the American middle class. They need peasants for the NWO.


18 posted on 01/12/2013 8:24:50 PM PST by SaraJohnson
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To: arthurus

Yes, agreed and with the other poster too. Pay the taxes, the utilities, just not the mortgage.

Who would do otherwise after reading this story?


19 posted on 01/13/2013 7:11:30 PM PST by jocon307
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