Cook County Sheriff Suspends Evictions from Forclosure, page 7

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reply posted on 8-10-2008 @ 09:13 PM by disgustedbyhumanity

reply to post by Artista

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.

reply posted on 8-10-2008 @ 09:14 PM by wantthetruth

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

reply posted on 8-10-2008 @ 09:20 PM by Anonymous ATS

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 posted on 8-10-2008 @ 09:23 PM by alphabetaone

reply to post by wantthetruth

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

reply posted on 8-10-2008 @ 09:26 PM by loam

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.

Sheriff won't evict renters in the dark about landlord's foreclosure

Dart said Wednesday that deputies won’t evict people who rent until banks can provide proof that the person living at the property has been notified of the eviction.

...

Dart said his deputies were doing the heavy lifting for banks. Banks need to find out who actually lives at a foreclosed property, he said...

“Do due diligence, bank: Is it in fact a single-family home and that’s the person that’s named? Then we go right ahead with it.” Dart said. “All too often this person has rented it out to somebody. The court is completely unaware of it. The person in that house has paid their rent for the past two years.”

...

Once banks provide an affidavit, occupants will have 120 days before the eviction is carried out.

[edit on 8-10-2008 by loam]

reply posted on 8-10-2008 @ 09:39 PM by Anonymous ATS

reply to post by Artista

"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 posted on 8-10-2008 @ 09:51 PM by alphabetaone

reply to post by loam

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*

reply posted on 8-10-2008 @ 09:51 PM by wantthetruth

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?

reply posted on 8-10-2008 @ 09:51 PM by Heatburger

Originally posted by irishgrl

what a load of rubbish. Forgiving foreclosure is, and always has been an option. People find themselves in financially difficult times for a myriad of reasons, which I submit to you, in spite of your self proclaimed powers of ESP, you have NO way of knowing.

Im not saying people arent foolish, of course they are. As are you. But your holier-than-thou attitude reminds me of that viscous substance inside a diaper.

by the way: because of where I work, I get to see these poor folks after you and your ilk have done your dirty deeds.

[edit on 10/8/08 by irishgrl]

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 posted on 8-10-2008 @ 09:55 PM by alphabetaone

reply to post by wantthetruth

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

reply posted on 8-10-2008 @ 09:55 PM by alphabetaone

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

[edit on 8-10-2008 by alphabetaone]

reply posted on 8-10-2008 @ 10:22 PM by Anonymous ATS

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

reply posted on 8-10-2008 @ 10:24 PM by irishgrl

Originally posted by Heatburger

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 forclosure for years in some cases.

And forgive me for claiming I'm psychic. Regardless of whether or not I know they're lying, I go above and beyond to help them, andything from a simple repay to calling the forclosure rep and begging them to hold because this person gave me a promise to pay. And I do that regardless of whether or not I think they're lying.

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

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.

reply posted on 8-10-2008 @ 10:25 PM by ShadowEyes

Originally posted by amatrine

I can see it helping people, but as to being legal I do not see it.

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.

reply posted on 8-10-2008 @ 10:29 PM by irishgrl

Originally posted by ShadowEyes

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 posted on 8-10-2008 @ 10:35 PM by Heatburger

reply to post by irishgrl

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.

reply posted on 8-10-2008 @ 10:36 PM by born²

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]

reply posted on 8-10-2008 @ 10:37 PM by amatrine

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

reply posted on 8-10-2008 @ 10:41 PM by born²

Originally posted by Anonymous ATS
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!

If you think you are right why do you hide?