This is dispicable; after the bankster take people's homes away through forclosure and kick the people out, they keep the property in the old
homeowner's name in order to dodge taxes and home association fees, leaving the homeowner with an even worse credit rating than after the forclosure
and bill collection agencies hounding them.
Zombie foreclosures: Borrowers hit with debts that won't die
Borrowers are discovering that their foreclosed homes are coming back to haunt them -- long after they have moved out.
In these "zombie foreclosures," borrowers move out after their bank schedules a foreclosure auction only to learn months or years later that the
auction never took place or the bank never transferred the deed. That means the borrower still technically owns the house and is on the hook for
property taxes, fees and homeowners' association dues.
Many of these homes are in low-income communities where foreclosures are so difficult to sell that lenders sometimes delay taking possession to save
on taxes and other costs that then stay under the borrower's name.
Those debts can then go unpaid for years because the borrower is unaware they owe them, further slamming their credit score and making life after
foreclosure even harder.
Another scam they run is making the former homeowner think the mortgage is all cleared up after the forclosure but not clearing up any 2nd mortgages
on the property, leaving the former homeowner on the hook for anything left over after the sale price fails to cover the difference.
Mustapha Sesay, a 45 year-old father of two, thought he had lost his Brandywine, Md., home in 2008. But two years later, a debt collector called
telling him he owed $70,000.
The holder of his second mortgage had never forgiven his debt -- even though the lender holding his primary mortgage had foreclosed on the home.
Typically the second mortgage holder is out of luck if there isn't enough cash from the foreclosure sale to pay off both the first and second lien,
said Cheryl Cassell, director of the housing counselor network for the National Community Reinvestment Coalition. But, depending on state law, second
mortgage holders can sue homeowners to pay off the notes -- even after they lose the home in a foreclosure or the lender can sell the debt to a
I'll bet the bankster paid a pretty penny to buy off some politicians to have the laws written in their favor in those states. They just can't get
enough of kicking a man when he's down it seems.
Even after they've left you out on the curb, homeless and with a wrecked credit score, it seems even that isn't enough for the greedy banksters; they
have to bleed you dry, taking you for everything you're worth until your life is completely ruined and your credit is so bad an Eskimo wouldn't even
lend you ice.
I saw this yesterday and wasn't exactly shocked by it. the banks want to get paid but they don't want the added expense of real estate taxes being
paid until they unload the foreclosed home.
If the bank initiates a foreclosure, and doesn't follow through, you can move back into the home. I have a client who has been living in her home
for over a year now. the bank stopped the foreclosure process, she pays the real estate taxes (they told her to) and, when the market turns around,
they will finish the job. in the meantime, she's doing what she can to procure the money needed to get them off her back.
Laws vary from state to state as far as lenders coming after a homeowner for a deficiency judgement. If anyone is in the process of being foreclosed,
they would be wise to seek legal advice. Sometimes the best course of action is to declare bankruptcy AFTER the foreclosure is complete and list any
secondary lenders as creditors. A simple letter to the town and any utility authorities after the foreclosure would also potentially eliminate any
I read that CNNMoney article yesterday too, and it seemed like the foreclosures they were talking about didn't actually complete in some cases, so
the homeowner was technically still the owner. Either way, it must be a terrible ordeal to go through.
Makes me glad that my house is paid off. Just seems wrong that the banks aren't forced by law to change the records so that they are
responsible for the taxes and fees as soon as the foreclosed upon party relinquishes possession of the property. If I were to go out and buy a house
for cash if there were previous unpaid taxes on the property I would become responsible for them. The banks should have to abide by the same rules as
Wasnt the problem people taking out mortgages they couldnt afford on homes that were overpriced?
Sure some of the fault lays with the bank but I doubt they put a gun to anyones head to make them sign or even apply in the first place.
I genuinely feel sorry for anyone who was living within their means and then lost their job or got sick etc etc but I wonder what percentage of people
who got foreclosed on fit into this category? taking a wild stab Id say the minority.
Banks are a$$holes as a rule and they way they do things is just plain wrong, if you dont know that and you get into bed with them, well......
basically your gonna get screwed.
Simple lesson to be learned, carefully read all contracts you sign and if its to do with money be aware of the repayment plan and most importantly
make sure its within your means
EDIT: Just reread my post and realised I missed the point of the OP, yes its disgusting after they kick you out they expect you to pay anything or
dont change the deed.
I hope the hassle and stress of finding this out is the worst of it for these people, if they actually have to pay any taxes or fees from after they
were evicted then yes, someone should be strung up
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I understand your point, and many agree with this, but here's the problem the way I see it. First, as Crankeor pointed out in many cases these homes
aren't actually foreclosed on, which is fraud IMO. Then these homes that the homeowner may still owe the bank, let's say they may still owe $25,000
to the bank are sold to private investment firms on pennies on the dollar, these "deals" are not offered to the homeowner.
I worked for one of these companies....but they don't actually "own" the home, so basically they use realestate agents to "trick" these folks to
sign the papers to allow them to sell your house....you don't have to play ball with them if you understand this....and if your smart you will find
out who actually owns the deed to your house, and if your lucky they will re-negtiate the loan that actually reflects the "Value" of that home. Ask
them what THEY value the house at.....they may not tell you...but they will know you understand the "score" and may help them decide not to "mess"
with you....alot of legal things you can do if you understand the game.
The Banks over inflated home prices, put people in impossible debt they could never get out from under......so do they get to still benefit because
people are so "stupid" thet fell prey to these criminals diabolical schemes???
I'm in the UK, and my home was repossessed 2 years ago after I lost my job. The mortgage lender then sold my home for less than I owed on it - my
house was worth £80,000 and I owed £60,000, but they sold it at auction for £45,000.
I have been paying off the shortfall at just £8.75 every month as I am still unemployed.
What annoys me is that it was a joint mortgage, but the lender doesn't seem to be chasing my ex for any of the money, even though I have informed them
he is working as a manager and his place of employment, and that he's earning about £28,000 a year. They'd get their money back far quicker if they
went after him for it too.
Today I had a telephone call from the mortgage lender who told me I owe nearly £18,000, and it will take me 166 years to repay. They then informed me
that as my financial and work situation haven't changed, they can make me an offer of reducing the amount owed by more than half to just under £7,000
if I can pay it in one lump sum. I told the lender that unfortunately I am not in a postion to do this. So now I'm back to owing £18k and they are
going to hound me again in 6 months for an update.
I don't understand how £18,000 can turn into £7,000 and back to £18,000.
It's like they make it up as they go along.
It's their fault there is a shortfall anyway, because they took possession of my home and sold it not only for far less than it was worth, but also
for less than was owed.
If you or I deliberately sold something for less than was owing, we would have to suck up the loss. But the banks can never lose out because they make
their own rules up, and those rules ensure they're always on a winner no matter the circumstance.
edit on 21-2-2013 by doobydoll because: (no
Sorry to hear your story Doll...hope things look up soon for you. I don't completly understand the Uk's money system...but get the "jist" of
it...sounds like a similiar "scam" as in the US.
I absolutely agree that the "right" thing to do is Honor aggrements we make in Life when both parties make a deal in good faith.....maybe you win,
maybe you lose, and in my perfect world the "intention" of deals between people should be a win, win for all concerned.....you buy my flowers, I go
buy some groceries, etc.....we make a fair living and support our communities, and before 1913, and The Fed...many local banks did just that
too...they always made good money, but loaned to local business and families.
There were good reasons why as a society most agreed that loan sharking, monopolies and giving a private banking system control over the countries
money supply was a BAD IDEA....our politicians sold us out for the most part.....the same investors willing to devestate American Industry and
jobs.....was speculating and basically betting against the very people they sold homes to, the very people that had loans for small business that were
devestated by the corporate "Mega Stores".....
Buying a home is the biggest investment in most people's lives, and yes involves some risk...but realestate was generally a very safe
investment....IMHO that is why these greedy pricks want all the property back.....they got your down payment, the payments you made for how ever long,
whatever improvements you made on the home, and there was a strong campaign to take out home improvement loans before your home was suddley worth less
then you owed....thousands of people losing thier jobs, whole towns went belly up, college educated people working minimum wage jobs.......George
Carlin said it "This game was rigged"....they somehow payed off enough people to make this "legal"....but it certainly is morally wrong......
Sorry to rant...We lost over $200,000 dollars....we will never have that kind of money again, and frankly I'm NEVER working for corporate America
again.....I'll do flowers, live a more simple life....and hopefully enjoy the second half of my life, and be outspoken about what I have
learned.....the last thing I will say, is people should never believe these bullies are any smarter then we are...they aren't, just more
Originally posted by Hopechest
I really don't understand all this hate towards banks.
I mean these people bought the house, entered into a contract, and they didn't pay.
Is it really the bank being greedy by taking back what is essentially theirs?
That is the reasonable, most often applied excuse for the behavior of the banks; the old, "you signed a contract and you need to live up to the terms
of that contract" argument works well for the banksters. It makes people think that only irresponsible people get into trouble and deserve what they
The problem is; everything the bank does is based on FRAUD. They get away with it because they have a government provided mandate to commit fraud on a
massive scale and, like has been stated earlier "If the people understood how banking really works, a revolution would be forthcoming".
First off, the banks lie by giving the perception that they are giving the lender money from out of their vaults to pay for what the borrower wants to
get. This is a massive lie; when a bank and a lender come together, they BOTH come to the table with empty pockets. The bank does not have the money
sitting in a vault waiting to hand out to responsible lenders, it creates that money from thin air based on the promise of the borrower to repay the
Let me repeat; the bank charges the borrower for money that does not exist and that they can only create based on the borrower's promise to repay the
loan. Without the borrower, the bank would have no power to create the money. It makes one wonder where they get off charging interest for lending out
something that they never had in the first place and were only able to create with the help of the borrower. Sure, they need to have 10% of the loan
available in an account somewhere but, often times, even this money only exists on a ledger somewhere.
Saying the banks are taking back what is esentially theirs is innacurate. They never gave anything out in the first place. No money was ever removed
from their vaults and, in fact, no money ever had to be inside their vaults in the first place. The loan they create is a pure fiction based on a
ledger balance and some fancy accounting tricks.
The borrower may be able to spend the money like it was real money but, that is only because all the other banks are in on the scheme and accept the
ledger balance as real money in order to perpetuate their own dirty dealings. The whole system works only because all the banks are in cahoots with
each other making believe that each other's ledger balances represent real money somewhere knowing full well that they need to perpetuate the lie in
order to keep the whole house of cards from crashing down around them.
It makes one wonder why we need the banks in the first place. If the money for the loan is created based on the borrower's promise to repay the loan,
why does the borrower need to go through the bank to begin with? Why can't he just make the money on his own, so long as he has a sincere pledge to
repay the money created? It is only the government granted monopoly that gives the banks such power.
It would be in everyone's best interest to learn how banks REALLY work so they can be prepared to face down their lies and see past their deceits.
The third video in the series lays out an alternative money system in which the people have the power to create the money they need without having to
go through the corrupt banking system.
It sounds crazy at first but, when compared to the system the bankster have put in place to enslave us, it seems to be a more sound solution, or at
least one less liable to systemic abuse which renders a population into debt slavery anyway.
Two little stories for ya. In my case I made some horrible financial decisions in the past, worst of all signed a 7% interest only loan from the
horrid Countrywide. Fast forward to now I've been working my tail off for 5 years paying off all my debts, all caught up and for the first time I
have a saving account and a big retirement account. All except for that horrid loan.Its been bought and sold 3 times now a crooked company call Green
Tree has it. Its now an underwater loan because the real estate prices crashed here. So now The government is gonna help!! Except its really no help,
the terms from Quicken are so bad I refuse to sign, plus Green Tree decided to raise my payoff amount $3000 out of the blue. They don't wanna give up
this loan. My wife is getting a big settlement in 2 years, we are gonna buy a house cash then walk away. I've never missed a payment in 18 years,
never even late. I'll be destroying my credit but there is no way out.
Second story. A coworker is getting foreclosed on. why? Even though he has made all his payments, never late. All the bank is doing is claiming he
hasn't made any payments in 2 years. Sounds bizarre? Well its true. He has a lawyer and proof from his bank he was making payments. They don't care.
Lawyer says they are totally wrong and he will get compensated eventually but yea he's gonna lose the house. Why? Its a super low 2.5% interest loan
and the lawyer said this bank is doing this to alot of people to try and get rid of these super low interest rate loans.
Moral is. pay cash. Don't finance anything. Even your house!!
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