patrick.net

romeotybalt says

It could be argued that I am a thief, scumbag, and a bad person.

You are. But that's who wins these days. The responsible and those with integrity get fucked. Congratulations.

Patrick, you know better than anyone that the bank would rather not foreclose as to not realize the losses. How many foreclosed homes have made it to the market?

The savings amount is incidental. However, the bank tried to kick me out. However, during the foreclosure process, the attorneys handling the case lied and stated on record that I was notified via personal service. Why should I let them off the hook? Why are they above the process of law?

I filed a motion to quash the defective service, and we have been litigating ever since. To make it worse, I discovered last week that another bank is now claiming ownership of my loan. One is sending me "new" loan modification documents, and the other is foreclosing on the home. I sent document requests to both of them to account for all mortgage activity.

The banks can't have it both ways. They get to avoid the proper recording of documents, while we must be saddled with the human costs? Yet when we advocate in court for our due process we are seen a parasites. Yeah, right. I am exercising my right as a citizen to advocate for my due process. Our forefathers founded this country on that idea.

I understand that you don't want to pay my mortgage, but we have already paid through TARP 1 and QE 1 & QE 2. And as a taxpayer who has been working since the age of 16, I have paid too. And my kids will pay in the future. But that is aside the point.

Make no mistake, I WILL litigate this case. If the attorneys for the banks underestimated my resolve, well that is thier problem. That goes to show us that only 20% of foreclosures are contested.

In my case, discovery portion of the case regarding the appraisal fraud and the question of ownership is guaranteed to take several years. The system is corrupt by design. Not only our socialist mortgage system designed to make debt-slaves out of us all, but our money system in general, which creates debt-money from thin air. That is a story that you know.

klarek says

romeotybalt says

It could be argued that I am a thief, scumbag, and a bad person.

You are. But that’s who wins these days. The responsible and those with integrity get fucked. Congratulations.

Thank You. Those who do not exercise their rights will lose them!

romeotybalt.

I don't blame you, though I think what you did is not the best.

Maybe there ain't no free lunch, but it looks like there're plenty of free living in these days. We used to consider breaking oath/contract/promise as inhonorable shame. But do we think the same way now? Bankruptcy, devorce, foreclosure, etc was a shame but not any more in current society. Everyone is taking advantage of everyone else, and it's not purnishable as long as the law doesn't forbid it. You still are law abiding citizen. So what's wrong with that? Why free living is a problem as long as the system let us? It is not we wanted or something, but the system lets us, right? We do that because we can legally do that, aren't we?

The problem is the system that rewards deadbeat, and that's the freakin shame that made people shameless. This whole thing should be illegal and purnishable by the law. Oh, well, that is not gonna happen any time soon. Will those missed mortgage be subject to confistication later? I can hardly think so. Gotta love America, so forgiving and so generous.

romeotybalt says

Patrick, you know better than anyone that the bank would rather not foreclose as to not realize the losses. How many foreclosed homes have made it to the market?

Yes, that's a kind of corruption too. The bank has a real loss, but refuses to acknowledge it. That would simply be a business decision by them except for my tax dollars guaranteeing their solvency via FDIC and everything else. I don't want to pay for their deception.

romeotybalt says

However, the bank tried to kick me out. However, during the foreclosure process, the attorneys handling the case lied and stated on record that I was notified via personal service. Why should I let them off the hook? Why are they above the process of law?

Sure, I agree you should fight the bank to make them follow the law exactly.

I guess the big question is how to politically change all this. What would it take to get the president and congress to publicly state that enslaving citizens via mortgage debt is bad for buyers, and bad for the country?

On the one side, all buyers would benefit from lower prices. Even people that currently own would benefit from lower prices if they want to move up (bigger gain on next place than loss on current place). People could pay off a house much more quickly and retire earlier.

On the other side, people who are downsizing would lose equity from reduced mortgage debt (and the subsequent lower prices). And banks would lose. And Fannie and Freddie debt would go down in value. And employers would probably not be too happy to realize that their employees don't need a job quite as much.

Clearly, the pro-debt side is still much more powerful than the anti-debt side.

Tude says

My thoughts? Pretty much this says it

http://www.oftwominds.com/blogoct10/fraud-anger10-10.html
I thought it couldn’t get any worse than the behavior I saw from people riding the bubble up. I was wrong.

The bubble was started by the banksters. We can see that as one co-conspirator, the NY Fed is suing another co-conspirator, BAC, as the Fed finds themselves stuck with the crap that they allowed. How funny.

GaryA says

Tude says

My thoughts? Pretty much this says it
http://www.oftwominds.com/blogoct10/fraud-anger10-10.html

I thought it couldn’t get any worse than the behavior I saw from people riding the bubble up. I was wrong.

The bubble was started by the banksters. We can see that as one co-conspirator, the NY Fed is suing another co-conspirator, BAC, as the Fed finds themselves stuck with the crap that they allowed. How funny.

Yes, but none of this could have happened without millions of greedy, self serving, unthinking idiots. And you think those same individuals aren't also trying to screw whoever they can to get something for nothing? Think again.

Seriously, the behavior of everyone involved has made me ill for the past decade.

Interesting read, I think this is more than just skipping your mortgage and banks trying to ignore losses.

This is about the sense of entitlement most Americans have.

romeotybalt says

Patrick, you know better than anyone that the bank would rather not foreclose as to not realize the losses. How many foreclosed homes have made it to the market?
The savings amount is incidental. However, the bank tried to kick me out. However, during the foreclosure process, the attorneys handling the case lied and stated on record that I was notified via personal service. Why should I let them off the hook? Why are they above the process of law?
I filed a motion to quash the defective service, and we have been litigating ever since. To make it worse, I discovered last week that another bank is now claiming ownership of my loan. One is sending me “new” loan modification documents, and the other is foreclosing on the home. I sent document requests to both of them to account for all mortgage activity.
The banks can’t have it both ways. They get to avoid the proper recording of documents, while we must be saddled with the human costs? Yet when we advocate in court for our due process we are seen a parasites. Yeah, right. I am exercising my right as a citizen to advocate for my due process. Our forefathers founded this country on that idea.
I understand that you don’t want to pay my mortgage, but we have already paid through TARP 1 and QE 1 & QE 2. And as a taxpayer who has been working since the age of 16, I have paid too. And my kids will pay in the future. But that is aside the point.
Make no mistake, I WILL litigate this case. If the attorneys for the banks underestimated my resolve, well that is thier problem. That goes to show us that only 20% of foreclosures are contested.
In my case, discovery portion of the case regarding the appraisal fraud and the question of ownership is guaranteed to take several years. The system is corrupt by design. Not only our socialist mortgage system designed to make debt-slaves out of us all, but our money system in general, which creates debt-money from thin air. That is a story that you know.

Good for you. Happy living free for a long time and your next cash purchase of a better home.

I am highly suspcious of romeotybalt's claim of buying a $500k house for only $60k. Where is this house? If such an amazing deal truly existed, you would have virtually no shot at buying the place, as a realtor or someone inside the bank would buy it before it hit the market.

I wonder what percentage of foreclosed homeowners completely destory their houses before moving out. I've seen a few of these places and they are not pretty. One realtor told me flat out that, due to the condition of the house (courtesy of the ex owner) only cash offers were being acepted (no bank would lend for such a crummy house).

Family in my neighborhood has spent over 24 months living free and that's this time. And it's not that they didn't have another place to go to. They'd arranged for a rent-to-own with the guy doing the necessary plumbing and electrical as the down payment, this was back in 2/2009. And would you believe that those repairs have taken this long? Yep. The bank finally foreclosed on the current house last spring. The wife then calls the bank and asks for additional time. The bank lets it go another five months before serving eviction papers. The wife ITMT is bragging that as long as they don't move to the other house, they don't have to pay anything there and that they're not paying anything in the current (foreclosed) house so...what did they do? They bought a fifth car. And this is the second trip down this road, the first being in the mid-90s which was also a rent-to-own that was eventually foreclosed on. Whereupon they came to this neighborhood in a rent-to-own, never fixed the place up, now foreclosed. And now they're going to their third rent-to-own.

A friend of mine who's a collector said that her company is getting geared up to bid on the balance due on houses after short sales. I don't know any more than that. Perhaps someone else does.

HousingWatcher says

I wonder what percentage of foreclosed homeowners completely destory their houses before moving out. I’ve seen a few of these places and they are not pretty. One realtor told me flat out that, due to the condition of the house (courtesy of the ex owner) only cash offers were being acepted (no bank would lend for such a crummy house).

There is a point where the house is more of a liability than a benefit to the property. When it's good for nothing than a tear down and using the land for something else, it cost money to demolish a building, haul away the debris and pay the landfill fees.

seaside says

... We used to consider breaking oath/contract/promise as inhonorable shame. But do we think the same way now? Bankruptcy, devorce, foreclosure, etc was a shame but not any more in current society.

America has degraded into a what's good for me screw everyone else society. The worse thing is politicians are rewarding this type of behavior. They removed the IRS taxes on bank foreclosure write offs, all kinds of government programs to stop, prevent or slow down the foreclosure process and bailed out financial institutions that took way too much risk. Sure there are people out there that lost there jobs and can't afford to make there fixed mortgage payments, but the bulk of the foreclosures are people who took out interest only, teaser rate, adjustable, sub-prime mortgages and this isn't such a good investment after all lets just walk away types.