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Originally posted by getreadyalready
reply to post by romanmel
Banks will bully and try to foreclose, but it takes very minimal effort to stop them in their tracks. Attorneys in Florida have completely stopped all foreclosure proceedings. Many banks, like Bank of America have stopped all foreclosure actions while they await some legislative help, because their current paperwork is insufficient to proceed. I attended a Mediation hearing for my brother over a year ago, and the bank sent a flunkie that was unprepared and not trusted with any decision making authority. The hearing officer was appalled, didn't take any action, gave me some advice for fighting the bank if they try to pursue any further action, and the bank has not contacted him a single time since the mediation.
It isn't bravado, it is fact. The vast majority of mortgages are legally insufficient for foreclosure purposes, and just exercising your right to mediation and/or hearing is enough to stop the banks from pursuing anything.
I know at least 3 attorneys that are still undefeated since 2007 in foreclosure hearings. I know people that have been renting their homes out for over 3 years without making a mortgage payment. They are putting the money into escrow, and when the bank finally decides to settle, they will pursue a short-sale agreement, and use the escrow money to buy down the debt and reaffirm, or in some cases, possibly pay cash for their own properties!!
Like I said, it is the perfect time to stick it to the banks!
Originally posted by hawkiye
reply to post by getreadyalready
Don't worry this will all crash and burn in our lifetime. It can't be sustained for another decade. So the problem will not be left to our children and grand children. It will have to be dealt with in the next few years like it or not. How we deal with it will determine if we doom our progeny or not...edit on 1-8-2011 by hawkiye because: (no reason given)
On Monday morning, the Congressional Budget Office score the bipartisan deal, saying it cuts spending $917 billion while extending debt limit by $900 billion. The plan would result in $21 billion in cuts in its first year.
Obama said the plan cuts domestic spending to percentage levels not seen in more than 50 years.
The White House adviser called the process "a spectacle" for a jittery country and said, "Let's hope it doesn't get repeated any time soon."
Originally posted by Jobeycool
Whenever I run low on money, I think to myself, I have to pay my bills on time so I better stop spending so much money..Entire Congress does not think this way at all.All have college degrees and have people with even better educated college degrees telling them what to do???Solution is to spend more money.edit on 1-8-2011 by Jobeycool because: (no reason given)