Foreclosure is becoming a way of life for many

Foreclosure is becoming a way of life for many

www.blacklistednews.com

“Instead of the house dragging us down, it’s become a life raft,” said Mr. Pemberton, who stopped paying the mortgage on their house here last summer. “It’s really been a blessing.”

A growing number of the people whose homes are in foreclosure are refusing to slink away in shame. They are fashioning a sort of homemade mortgage modification, one that brings their payments all the way down to zero. They use the money they save to get back on their feet or just get by.

(visit the link for the full news article)

This is just gonna get more and more common as the economy continues to tank. With the load on the system so great, foreclosures may eventually take years to complete and the people living in these homes will get a well deserved in many cases (my opinion of course), free ride where they can save money, say to hell with stress and just maybe learn to live a little.

www.blacklistednews.com
(visit the link for the full news article)

Living in a house that is being foreclosed on is very stressful. You get constant calls, notices on your door, nosy neighbors and an awful credit score.

[edit on 6/1/2010 by mnmcandiez]

The last I heard, the banks don't fool around with you.

Miss just a few months of not paying your mortage payments and you're liable to have the county sheriff come knocking on your door and asking you to vacate the premises.

If you default too long, The county sheriff will literally escort you and your family out onto the street, then give you a ticket for lottering.

Once you miss any payment, in order to placate the mortage company's you have to come up with all that is so far owed (how ever many months you are behind) all at once plus a I'm sorry for the inconvenience (late) fee.

Harrassing phone calls at all hours, your work contacted, your neighbors notified.

Once you officially default on a mortage, the record follows you for at least ten years and during those ten years, if you want to rent or buy a home or car, unless you have cash in hand you can forget it, unless you really want to get screwed on interests rates.

We, the common man were forced to bail out the banks, but try and mess with any bank and you will find yourself on th other side of the law.

Don't cross the almighty bankers, they will make your life miserable.

It's only going to get worse because everyone doesn't care until it happens to them.

The entire foreclosure procedure is very stressful, painful and humiliating.

We bailed out the banks and they continue to screw over the common man and we all keep watching our neighbors getting messed over glad it's not us for now.

Get this, with the outsoucing of American Jobs and more automation you're going to see more of this and eventually it will affect the majority.

TPTB are trying to cut out the middle class and are close to doing so.

Welcome to the NWO.




[edit on 1-6-2010 by ofhumandescent]

Some of these borrowers have legitimate hardship: loss of a job, a medical emergency, etc. There are legitimate cases of hardship that do exist.

With that being said, there are also plenty of crooked individuals that are milking the system.

They purchased a home at the height of the real estate boom - more house then they could afford. They took out "Interest Only" mortgages, with no income verification, and "No Money Down". They lied on their loan application about their salary and job history. They gambled that the house would appreciate, and lost that bet big time.

It must be nice living in a huge house, with no payments. Most of these people aren't paying property insurance, or even property taxes for that matter.

It's really hard to have sympathy for people that are milking the system when they can legitimately pay their mortgage on time. Foreclosures bring down housing values, which affects all of the Americans that do own a home and pay their mortgage on time. These very same people are the reason we are facing the economic crisis that just won't go away.

What also isn't mentioned in the article are houses that were purchased for speculative real estate investment purposes. House flippers, developers, real estate agents, speculative investors all got into the house-flipping game.

Frankly, I am sick and tired of all of these borrowers blaming everyone but themselves for falling into foreclosure.

Vacate the house, and go rent an apartment, condo, or whatever. Quit whining about the foreclosure being the bank's fault, and get on with your life. Accept responsibility for your mistakes. Be a mature adult. Stuff happens. Do the right thing.

This is exactly what the Bush, Clintstone, Obamanation Administrations want.
People loosing their homes to the cheating, greedy, nefarious, NWO Bankers!
They disgust me!
Come November, EVERY Incumbent, I WILL VOTE OUT.
And as responsible Americans, We have the obligation, and yes, the responsibility, to vote them ALL out.

reply to post by ofhumandescent


youre totally missing the point here, dear. things are NOT going down the way you have just described them. people have stopped paying and the banks are simply turning a blind eye.

the tables have turned in the strangest way. take my parents' home for example:


they are upside-down on the value of the house and they have not made a payment on the mortgage for a good many months. there are quite a large number of homeowners in the neighborhood in this same situation.

what incentive does the bank have to foreclose on this home? there is no market. there is no value. in fact: if my folks vacate the house and the house thus turns into ruin, then the bank stands to loose even more value in the house.

it is in the best interest of the bank, in the current situation, to turn a blind eye to the situation, and this appears to be what they are doing.

if for some reason the situation changes and the bank discovers a way to make money by taking the house away, then i expect that they will do so......but i do not expect that day to come anytime soon.



on the other hand, for any homeowners out there that have positive equity in their home AND are not upside-down on the value, you better keep payin'.

reply to post by CookieMonster09



I agree. I really think the the government could throw me a bone for buying within my means and paying on time.

How about giving the people who are not defaulting on anything a 100 point bump on their credit scores?

Some who are getting refinancing assistance are getting better rates than I did on my 30yr fixed with good credit!! What tha Hell??

Anyway, I'd like my 100pt credit bump please.




[edit on 1-6-2010 by Bachrk]

reply to post by UndergroundMilitia


Yes, this is a terrible thing, that the Banking Cartel is slowly but surely taking every home that anyone owes any money on. I am left to wonder when Americans are going to begin to see the Banking Cartel as their mortal enemy?

Originally posted by ofhumandescent
The last I heard, the banks don't fool around with you.

Miss just a few months of not paying your mortage payments and you're liable to have the county sheriff come knocking on your door and asking you to vacate the premises.

If you default too long, The county sheriff will literally escort you and your family out onto the street, then give you a ticket for lottering.

Once you miss any payment, in order to placate the mortage company's you have to come up with all that is so far owed (how ever many months you are behind) all at once plus a I'm sorry for the inconvenience (late) fee.

Harrassing phone calls at all hours, your work contacted, your neighbors notified.

Once you officially default on a mortage, the record follows you for at least ten years and during those ten years, if you want to rent or buy a home or car, unless you have cash in hand you can forget it, unless you really want to get screwed on interests rates.

We, the common man were forced to bail out the banks, but try and mess with any bank and you will find yourself on th other side of the law.

Don't cross the almighty bankers, they will make your life miserable.

It's only going to get worse because everyone doesn't care until it happens to them.

The entire foreclosure procedure is very stressful, painful and humiliating.

We bailed out the banks and they continue to screw over the common man and we all keep watching our neighbors getting messed over glad it's not us for now.

Get this, with the outsoucing of American Jobs and more automation you're going to see more of this and eventually it will affect the majority.

TPTB are trying to cut out the middle class and are close to doing so.

Welcome to the NWO.

[edit on 1-6-2010 by ofhumandescent]

Your post sounds absolutely pathetic.

You act like you are the victim when you borrow money and don't pay it back.

If you can't afford the damn mortgage payments, get an apartment or simply rent a house.

Realistically, you shouldn't even consider buying a house until you are making AT LEAST 65k a year after taxes. Some would raise that to 80k. That is still pushing it. Too many people think they need a house. Still, why do you still see people making 100k+ foreclosing on their loans?

Because people are stupid and live beyond their means. If you make 100k a year, you should be buying at most a 150k house. Not a 500,000 dollar house.

Think about it. You make.. say, 40k a year. That's high for A LOT of people.

Get a loan for a $120,000 dollar house and after your interest rate you end up paying 250,000+ on that house. By the time you "own" it, it's 30 years later and what do you really have vs. if you simply rented an apartment the whole time.

You'd have 130,000+ more dollars, that's what you'd have if you rented an apartment. You'll be lucky if your crap $120,000 dollar house is even worth anything after you let it get run down over the 30 years on your 40k a year salary, considering even more all the minorities moving into the area as it dissolves into a ghetto. You can scale it any way you want in terms of price and "ghettoness" but it will happen.

It gets even worse if you consider how outdated your house will become with the advent of new building materials and the rate over time which building material technology is advancing.

Originally posted by CookieMonster09
Foreclosures bring down housing values, which affects all of the Americans that do own a home and pay their mortgage on time. These very same people are the reason we are facing the economic crisis that just won't go away.

One way to look at it, to cheer yourself up a bit, is to look at the bright side of what they are doing.

They are preventing all of those houses from hitting the market at once, by fighting it and milking it. So in a sense, they are keeping the supply of houses tighter than it should be, and thus keeping the prices artificially higher than they should be. Not good for buyers, of course, but good for homeowners NOT in default.

They are also keeping the houses occupied, which makes for a cheerier street than a vacant house with an un-mowed lawn, for those homeowners who are trying to sell in this buyers market.

And yes, people like this are part of the problem with the markets. But they arent the whole problem. They are doing unto others as others have done unto them. Thats the problem with letting your top tier of society become a bunch of immoral scoundrels. The only thing that actually does trickle down in an economy is morality.

The banks have been paid multiple times. No one need put up with foreclosure. For one thing, they can become Secure Party Creditors and have the Treasury department payoff the load. For another, they can simple demand the bank produce the original contract. For a third, they can demand to see they accounting and proof that there even is a debt and a fare exchange of value. The money from the banks side was created instantly by the signature and in fact multiple times the amount of the load where fabricated out of nothing. The mortgage was paid off instantly.

The banks have been paid multiple times................The mortgage was paid off instantly.

Pure nonsense. If you bought a home within the past 5 years for $250,000, the bank has not been repaid their initial funding amount insofar as interest payments nor principal payments. Read the article --- People aren't paying their mortgage payments at all in most cases, let alone property taxes and insurance.

If you default, the bank forecloses on the home, and takes the loss on the devaluation of the property. Plus the banks eats all of the legal and collection costs. The house typically has depreciated by as much as 50% or more. That $250,000 house might now only appraise for $125,000.

Many of these crooked borrowers also strip the home bare - taking copper wiring, plumbing, lighting, fixtures, etc. The bank is totally screwed over in most cases.

Originally posted by Bachrk
reply to post by CookieMonster09

 

I agree. I really think the the government could throw me a bone for buying within my means and paying on time.

How about giving the people who are not defaulting on anything a 100 point bump on their credit scores?

Some who are getting refinancing assistance are getting better rates than I did on my 30yr fixed with good credit!! What tha Hell??

Anyway, I'd like my 100pt credit bump please.




[edit on 1-6-2010 by Bachrk]

That's an amazingly good idea!

Here here!

reply to post by RestingInPieces


We make 150,000 a year and have a 250,000 house that is almost paid off. We have enough land to grow food for 6-8 people.

fyi: I'm fine financially, I work a soup kitchen and have seen what one medical issue or one job loss can do to a family.

You have no empathy or comprehension of how the other half lives.

Our government will force the people to help bail out the banks and large corporations, but when it comes to the common person, our government sold them out long ago.

Tell you what take some time and volunteer at a food pantry, local Salvation Army meal center, etc and start talking to those less fortunate than yourself.

fyi: Our taxing system: Under the Bush Administration, we paid less in taxes than my cleaning lady. Wake up, the system the entire system is unfair because the people being treated unfairly don't realize it.

[edit on 2-6-2010 by ofhumandescent]

I have first hand experience regarding the topic of this post.

I bought a house in 1996,after my wife pressured me into it,I would have preferred to stay where we were,because buying a house and all of the associated expenses would put us too close to going into the red.

The other reason I did not want to buy a house,was because I understood that the bank was asking for a guarantee from me and my wife,of paying the mortgage until it was paid off....

I realized that the bank was looking for a commitment which was beyond my control of making.

That would be my having control over something that does not yet exist....

...Which would be the future...

Things went OK for a time,I had a job,my wife had a job...there still was too little money most months for a lot of frivolous expenditures which I thought un-necessary,but for the sake of keeping the peace with the wife,I allowed myself to be persuaded........

Then one day I had a stroke,just the type of occurrence too few plan for,nearly died from it,was not able to work for about 3 months.

Of course,my being out of work did not help,but in a way my eyes were opened by my being at home to see what would come in the mail,etc.,..

It turns out the wife had about 6 or 8 credit cards out there she had maxed out for the frivolous expenses mentioned earlier,totally un-neccessary things,christmas shopping sprees,expensive birthday presents for her kids from a previous marriage,etc.

..Yeah,there was a confrontation..

-Then she filed divorce papers.
-She demanded I re-fi the house to pay off the secret credit cards.
-Not a long time after the re-fi,and divorce,I was laid off from work.
-You can probably guess the rest.....

This little story is just to point out how so many have been tricked into going into debt against something without any guarantees,or security.

We have been tricked,and if you don't learn the first time,you end up in situations beyond your control.

You cannot take out a loan against something that does not exist.

The future is not a negotiable instrument.

The only guarantee is that you will owe those who produced nothing but a promissory note from you,out of sheer ignorance,you signed it...

Stop being tricked,stop trying to keep up with the herd,stop being foolish.

Live within your means,even if that means standing on the doorstep of homelessness,freedom is not all that scary unless you don't understand what freedom is.

>Insurance is just another facet of the same scheme,orchestrated by the same people,to keep you paying for nothing more than the false security to keep making the same mistakes over and over.

Get out of the game,all you have is now.

Any business loss is claimed as a tax exemption by those who have more than they need,or deserve in the first place.....

Just a Game!,which I would prefer not to participate in,because of all of the damage it does to others who are too ignorant to realize that is all it is.

[edit on 2-6-2010 by chiponbothshoulders]

[edit on 2-6-2010 by chiponbothshoulders]

Text Black This really hit's home for me! I have been disabled for 10 yrs now due to back problems due to a work related accident, My wife was making $55,000 a yr and lost her job 1 year ago and has not been able to get anything making more than $8.50 hr, Sucks for sure, Chase our morgatge holder has done nothing but harass us and tell us we are not able to get home motafacations but we are! We stoped paying our morgatge a year ago and put our house on the market, after 8 months no takers, We have equity in the house over$100,000 when we stoped paying. I can't even begin to tell you of the nightmare we are going through with Case and there relucktance to help us.

I NEVER thought it would happen to me....but it is. My income had dropped 50% in the last three years and now I lost my job. I had stopped paying my mortgage last year when I filed Chapter 13 and then Chapter 7 bankruptcy. Now I owe $237,000 on a house that is worth MAYBE $170,000. My lawyer says he can stall maybe 9-12 months of having to leave. My wife and two girls will be ok. Renting a house with a cosigner or a condo or an apartment is not all that bad. Probably will have to give up my cats, but as long as we are safe.