Homestead mailing list

[Rob <becida AT comcast.net>]

There have been cases where 'they' foreclosed on places they did not 
have the title to...
Just confused? Greed? Or maybe they realize you only get as much 
'justice' as you can afford and they already have lawyers on the payroll?
I wish your in-laws the best of luck!

In an earlier post you mentioned steady land prices, up here the 
farther you get from the I-5 corridor the lower the prices. The 
$7k-$10k asking prices I mentioned are 10 to 15 miles from Hwy 101 
and then another 25 miles from the I-5 corridor.

Rob
becida AT comcast.net
WA state


At  5/24/2010 12:43 PM,Lynda wrote:
> Eldest's m-i-l is trying to negotiate a loan modification from Wacovia/Wells
> Fargo/whoever the heck they are now.  She got a letter from them saying she
> was denied based on 1) her mortgage was current and 2) she had shown where
> she had a loss in income.  Well, she showed the loss in income (two sons
> aged out and she wasn't getting SS survivor benefits for them anymore, a
> loss of over $1500/mo).  AND two days later they posted a foreclosure notice
> on her door!
>
> So, my question was, how can you foreclose on a property where "your
> mortgage is current"?
>
> Is it any wonder that banks are failing?
>
> Lynda
> ----- Original Message -----
> From: "Rob" <becida AT comcast.net>
> >
> > "60 Minutes" did a piece on the people 'walking away' from upside
> > down mortgages, just a business decision. It was pointed out that
> > several of the big money guys had walked away from big money projects
> > when it was clear they were not going to improve their bottom line.
> > This was to a large extent a moral vs money question, why pay a bank
> > $2k a month for a property they could rent down the street for
> > $500?  As a business decision it's the banks problem and would the
> > bank care if it the problem was going the other way?
> >
> > Can it be just a business decision for the lender but a moral
> > question for the borrower? It can if you can convince the borrower
> > it's about morals rather than the bottom line.
> >
> > The bank owned properties with no for sale signs? There are several
> > in my area.
> > A couple of things I've read talked of bank bookkeeping, if the
> > foreclosure process is put on hold part way thru it the property does
> > not show up in the 'bad' column, or there are already too many bank
> > owned properties for sale in a given area.
> > Other things talked of the banks not knowing what to do as values
> > readjust and people are out of work. If you don't have a job you
> > can't afford to buy a house, at least not at the inflated prices we
> > had yesterday.
> >
> > I keep waiting for land prices to 'readjust' out here, $7-10k and
> > acre is nuts...
> >
> >
> >
> >
> >
> > Rob
> >
> > becida AT comcast.net
> > Western Washington State, USA
> >