Cant pay your mortgage read this., page 1

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Topic started on 31-1-2012 @ 12:34 PM by skuly

Looks like people in the Private Equity world are looking for new and exciting ways
to make more money off us.

GTIS expects to buy homes in bulk from banks, Fannie Mae and Freddie Mac, Shapiro said. Properties will also be bought individually at courthouse auctions and through short sales, when lenders agree to sell for less than the balance of the mortgage, he said. GTIS will start buying in cities in Nevada, Arizona and California -- the states with the three highest foreclosure rates, according to RealtyTrac Inc. -- and Florida, which RealtyTrac ranked seventh in December, Shapiro said.

If your a first time buyer looks like your not going to get a home to live in on the cheap
as big busness going to get some nice deals from Fannie and Freddie first.
It looks like The public going to get cut out of the market in repossessed homes as the below
companies are going to be buying houses in bulk and renting them to the public.

Cerberus Capital Management LP, Deutsche Bank AG, Fortress Investment Group LLC (FIG), Starwood Capital Group LLC, TCW Group Inc. and UBS AG are among the financial firms that submitted responses to the federal request for information in September, according to a list obtained by Bloomberg through a Freedom of Information Act filing.

Bloomberg

Now the worrying thing is if the bank have someone to sell homes to with ease then whats
to stop familys which have fallen behind with the mortgage quickly repossessed and kicked
out as there a financial firm ready to buy it and rent it out.
This will make two housing markets one for us and one for the the corporations who can buy
in bulk and on the cheap and us paying a premium for somewhere to live.

I can see this idea taking to long to get to the UK which should keep our house prices out
of reach for most of us.

edit on 31/1/2012 by skuly because: more editing

reply posted on 31-1-2012 @ 12:38 PM by theubermensch

The future is stealth communism

Controlled by Banksters.

reply posted on 31-1-2012 @ 12:50 PM by Libertygal

reply to post by skuly

Would rather rent an apartment, then you don't have to mow the lawn!

But seriously, if I lost my house, that's the route I would take. Will be interesting to see how many of these homes they can actually rent, the rental fees will be far too high as they try to recoup some losses, and as we know, it costs far more to rent a property and to maintain it than to sell it.

I see more bail outs in the future, because this is just a huge greed based mistake.

edit on 31-1-2012 by Libertygal because: (no reason given)

reply posted on 31-1-2012 @ 12:54 PM by jtma508

Originally posted by theubermensch
The future is stealth communism

Controlled by Banksters.

Communism? This is the opposite of Communism. This is feudalism. We'll have the 'landed gentry' and the rest of us will be peasant renters. Just another case of consolidating the wealth of the nation into the top 1%. No surpise here. It will continue until the whole thing implodes.

reply posted on 31-1-2012 @ 01:09 PM by Neopan100

I would watch my home burn to the ground before the bank got it...Or I may try something like taking it apart pc. by pc. and laying it in my backyard

reply posted on 31-1-2012 @ 01:29 PM by Chai_An

You know it dawned on me, if this is a trend home ownership will go the way of the dinosaur. A nation of renters is what we'll have and that's not good, all the properties owned by corporations.

reply posted on 31-1-2012 @ 02:00 PM by dezertdog

Originally posted by jtma508

Originally posted by theubermensch
The future is stealth communism

Controlled by Banksters.

Communism? This is the opposite of Communism. This is feudalism. We'll have the 'landed gentry' and the rest of us will be peasant renters. Just another case of consolidating the wealth of the nation into the top 1%. No surpise here. It will continue until the whole thing implodes.

I say let it explode like the French Revolution. Viva la Liberte!

reply posted on 1-2-2012 @ 01:22 AM by Darkchemistry

I had a friend that was taken to court for foreclosure proceedings. The lawyer he got was high priced and shrewd to the point that the friend got to keep his house with no further mortgage payments by the end of the case he walked out deed in hand. How did he win this case? The legalese on the mortgage agreement stated that all payments were made to the bank because the bank owned the deed. However, the bank didn't hold the deed a holdings company held the deed.

I can't remember the full exact details but it was something to the extent that the bank did not own the property because the bank didn't buy the property therefore the mortgage was void. The lawyer had filed a counter suit for mortgage fraud against the bank, the bank was very happy to settle by buying deed from the holdings company and turning the deed over to my friend.

Banks do this all the time some of them do it when you buy a new car, they make your payment for you to the dealer and at the end of the term gives the bank the title and then the bank gives it to you. Since autos are not a large money purchase some banks go ahead pay the amount and hold the title. Less do so with houses because it's such a large sum so there's a good chance the bank doesn't even hold your house deed, so it's illegal for them to extort money from you for something they don't own.

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