Cook County Sheriff Suspends Evictions from Forclosure

reply to post by Artista

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Absoultely correct. The lenders knew they were giving bad loans.

On my pic and pay loan they allowed me to put down how much money I thought I was going to make in the next year not what I had made in the previous year. Thus I did not lie, but it did turn out I was a bit optimistic. They even got documentation confirming less income than stated. That said, my income has improved or at least had improved (financial advisor paid by % of assets - I'm gettin a big haircut of late though). I haven't defaulted but if markets don't recover I just may have to in the future.

I knew enough to know what I was getting into and I did assume a better tommorrow to get the loan. The point is the bank gambled on my future just as much as I did and they knew they were doing it. They really did not use sound judgement in giving me the loan, although it hasn't jumoed back at them yet. If I do end up defaulting at some point, they are an equal party to the blame in my mind and thus they should have to suffer as well as me in any remediation of the loan.

i am a tenant, have rented my home at 700.00mo. for 4 1/2 years, paid on time and up to date. last month, i see a man out side my home taking pictures. when i asked him what he was doing, he replied that i needed to pay my bills, the bank was foreclosing on my house! when i called my landlord, they said i was wrong, its the wrong house. where i live, after the notice of foreclosure, you have 5 days to get out. guess i need to start packing

I think they deserve to be kicked out! Any American who takes out a mortgage of half a million dollars to buy a house when they only make 40-60k a year are just idiots and the bank being equity stupid for allowing it to happen. Come on people!

reply to post by wantthetruth

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I'm really sorry for you It's a god awful situation, and this shouldn't be happening to you.

I'm sure if there's anything anyone here can do just let us know, we'll do our best.

AB1

I just thought it might be useful to explain more clearly what this Sheriff is doing. Otherwise, some people might get the wrong idea.

He is NOT stopping the evictions of renters in foreclosed properties. Rather, he is requiring lenders to submit affidavits that the tenants have been properly notified of the foreclosure actions, and once receiving that, will give tenants 120 days to vacate.




[edit on 8-10-2008 by loam]

reply to post by Artista

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"It's nice to finally see someone like Tom Dart stand up for his fellow man and do what's right, regardless of what may be or may not be "legal" at this point."



Not all lenders were involved in the subprime fraud. A significant number of these foreclosures are due to "good" loans gone bad. If I were a lender that followed "normal" risk lending and the sheriff refused to carry out the law concerning evictions, I'd work toward both civil and *criminal* actions toward this "law enforcement" officer.

In the same breath, I'd applaud this officer for refusing evictions that were a part of the sub prime fraud.

reply to post by loam

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Right, but from what I've seen, irrespective of pointing out some of the specifics, would seem that some will draw their own conclusions none the less.

*Shrug*

if the landlord will not come clean, we have no recourse. the order will be attached to the home, and you get 5 days. if there was a way to find out, let me know. where are our rights when we have a signed lease that doesn't expire till may 2009?

I wish you hadn't disregarded the last half of my post. We offer so many other options aside from just letting them live for free in the house. Hell, we still do that. We don't send people to foreclosure for years in some cases.

Regardless of whether or not I think they're being dishonest, I go above and beyond to help them, anything from a simple repay to calling the foreclosure rep and begging them to hold because this person gave me a promise to pay. Most people in my field are not so great, yes. But I got a job in Default Counseling because I want to help people...I always get a little offended when people say anything to the contrary.

My point in my post is that I don't think it's right or fair for some of the more shady people to live for free when so many of us work hard, holding multiple jobs just to stay afloat. By all means, help the people that are struggling...I am in no way against that. But don't let the "freeloaders" get off that easy.

edited because I got off work mid-post.

[edit on 8-10-2008 by Heatburger]

reply to post by wantthetruth

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Certainly you have recourse. You need to find out what bank owns the property, GO THERE and tell them you are a renter there with your contract (rental agreement) and tell them you need to be given ample time to make arrangements.

If that doesn't work, go to the cops, and tell them.

AB1

[edit on 8-10-2008 by alphabetaone]
Hmmm double post, sigh..

[edit on 8-10-2008 by alphabetaone]

God Bless Shef. Thomas Dart! America needs more MEN like Mr. Dart!!!

I happen to know a little something about the "options" offered to homeowners. IMO, the "options" still benefit the BANK. Just so you know, I realize you are NOT the bank, but you came off a bit insensitive to me...

Time honored forgiveness options have not harmed the system, what has harmed the system was the rapacious tactics of banks who stack the system against the borrower any way they can, including unreasonable penalties/fees, shortening the billing cycle, charging exorbitant interest, and cloaking all of this in obscure language that most folks cant follow, yet holding them responsible for it.

I myself am well aware of the propensity of a percentage of the population to scam the system. But in this case I find the shady underhanded tricks of the banking and mortgage and finance systems FAR more harmful than the presence of a few scammers. In the end, it wasnt the scammers that cost us hundreds of billions of dollars, it was the banks, the mortgage companies, and the corruption built into the system that rewards the rich and bilks the poor.

Well now, how do we define 'legal'?

From what I've seen, the meaning seens to be changing at a rapid pace. Case in point would be many of the actions of the bush cabal, which used to be illegal until his buddies changed it for him.

oh GAWD dont get me started on Monkey boy...

reply to post by irishgrl

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I apologize if I seemed insensitive...I know I adopted a holier-than-thou attitude..creating a preemptive defense for myself, I guess, because I didn't want to be lashed out at for working at a big bad bank. I know they suck. I know they're greedy, but a handful of bankers do have heart it's a very small minority, but we do exist.

Jealousy and Greed are the only reasons anyone has a problem with this.

Common sense makes this man a hero. Lawyers make him a criminal.






[edit on 8-10-2008 by born²]

Heres a plan. To those that make people sign a lease, and then the home forecloses, they have to pay the tenant for the remainder of the of the lease .

If you are the tenant , and you break a lease , you are expected to pay, so why not turn the shoe around.

Im joking of course, but would be nice,lol

These people really need to be prosecuted and their should be laws on the books for these criminals. That would put an end to that problem for the most part.

Ama

If you think you are right why do you hide?