It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
#1 This week, Christine Frazer and her family were thrown out of the Atlanta home they’d lived in for 18 years, at gunpoint in the dead of night. They were not set upon by robbers, but by the Dekalb County Sheriff’s department, which evicted the family at the request of Investors One Corporation. As Steven
Rosenfeld reported for AlterNet, it was the fourth company to buy the family’s mortgage in eight months.
#8 Charlie and Maria Cardoso are among the millions of Americans who have experienced the misery and embarrassment that come with home foreclosure. Just one problem: The Massachusetts couple paid for their future retirement home in Spring Hill with cash in 2005, five years before agents for Bank of America seized the house, removed belongings and changed the locks on the doors, according to a lawsuit the couple have filed in federal court.
#9 30-year-old Steve Doak told deputies he was recently served with foreclosure papers and wanted to destroy the house rather than turn it over to the bank. The sheriff’s office says Doak drove the vehicle into fencing and then into the rear of the house.
#10 Another very frustrated homeowner literally bulldozed his own home… “The average homeowner that can’t afford an attorney or can fight as long as we have, they don’t stand a chance,” he said. Hoskins said he’d gotten a $170,000 offer from someone to pay off the house, but the bank refused, saying they could get more from selling it in foreclosure. Hoskins told News 5's Courtis Fuller that he issued the bank an ultimatum. “I’ll tear it down before I let you take it,” Hoskins told them. And that’s exactly what Hoskins did.
Originally posted by FissionSurplus
I lost my home to foreclosure in 2004. I had a buyer for it, who had already procured financing and were ready to go.
Upon informing my financial institution that I had a buyer, and that I needed the payoff amount, they suddenly wouldn't return my calls or faxes. I tried for a few weeks to get these creeps to respond to me, and one day I came home, and the locks were changed, and they had seized property that I had left in the house. I had a feeling they were going to pull a fast one because neither I nor my real estate agent could contact them and get a payoff amount, so I started moving most of my stuff out into a new place, but there was still a lot left in there that I can never get back, including old keepsakes.
The crooks who did this? Ameriquest.
A few years ago, after remarrying and living with my new husband in his house, we found ourselves struggling in an upside down mortgage. My name wasn't on the mortgage, thank goodness. He was laid off as part of his company's downsizing and my piddly job wasn't cutting it. The neighborhood had become half-empty, as people were abandoning their houses. These houses became rental houses for seedy people and one became a college frat house. Needless to say, there went the neighborhood....and the value. Graffiti, robberies, and cars being vandalized suddenly became the norm.
We tried for a year to sell it, but people wanted to pay the price that the foreclosed house next door went for. Remembering the sting I received from Ameriquest, I felt no guilt when we picked up and moved far away.
Bank of America kept calling. Hubby kept telling them, they had created the housing bubble, they had created the upside down environment, and they should just take the house. So they said fine. They would take it in a few months. We got the paperwork saying they would. That time came and went, and they never foreclosed. They kept calling, starting at 8 am, and wouldn't let up until 9 pm, every day of the week.
Finally, they were told that they were being recorded because it had turned into harassment. Their response?
"You can't record us". When told that they say right off the bat that they were recording the conversation, they said that they were allowed to record us, but we weren't allowed to record them. They were told that they were being recorded due to them harassing us, well after they sent us the final foreclosure papers. So they stopped, because we were fighting back.
They waited an extra year before finally taking the house.
Most people would say that it was a bad thing to walk away from a financial obligation. Normally I would agree, but not in this case. These mortgages are insured, and they get twice the amount from a foreclosure than they do if somebody pays their mortgage on time every month until it is paid for.
Our house now is paid for in full, in cash, and no bank was involved in the sale process. We keep the paperwork handy just in case a bank tries to pull a foreclosure on us. That's how crazy it has become.
Originally posted by LoneGunMan
I lost my home a few years back. It caused a divorce after twenty years of marriage and a nightmarish life of insecurity ever since.
I am 50 years old and I will never recover from this. After a lifetime of working hard and playing by the rules.
Thank God the government bailed the banks out though!! I would hate to see them not make huge profits at the cost of human peace of mind. If we have a worldwide revolution these bankers need to be put to death very slowly. We need to set an example for the ages, so this never happens again.
#5 Sometimes a big bank will kick someone out of their home and then never actually take possession of the house. As a result, many former homeowners now find themselves stuck with thousands of dollars of unpaid bills. For example, a recent CNN article told the story of Rose Nathan, a 37-year-old office manager…
Originally posted by CaptainOblivious
Why is this on the front page of ATS?? All the OP did was goto the bullhorns site and copy/paste.
No originality, nothing new to offer, just copy/paste....as if every single one of us doesnt visit that site daily and didnt see the story.
Why do peeps flag copy/pastes anyway?? Find a story that isnt on another site and youll get a star/flag from me. Til then, you can pat yourself on the back for copypasting a NON STORY.
ATS has fallen sharply ever since Sandy Hook. Must be most of the real news hounds jumped ship after the censoring. Think not? Just take a look at the front page and ask yourselves why half of those topics made it there.
Time for me to move on as well....I dont need to constantly see copy/pasted stories taken from rival sites...its redundant as we all visit those sites. Be original...come up with something NONE of us have seen.
As far as these being horror stories as claimed....perhaps people should pay the banks what they agreed to. Suddenly, banks are bad because wastes of life cant fulfill their obligations?? Also...the source is sketchy...I have a hard time believing for a millisecond that a bank would foreclose on a house they do not own...there is more to those stories Im sure.
edit on 26-2-2013 by CaptainOblivious because: spelling
Originally posted by HomerinNC
How does a bank seize a house that is owned free and clear?
Originally posted by Crakeur
some banks initiate the foreclosure process, get the owner out and then put off filing the foreclosure paperwork. The end result is that the person who lost his/her home still owns it, the bank doesn't pay the real estate taxes because it isn't their responsibility, and the former homeowner gets additional damage to their credit and their wallet.