Is this smart, or even feasible?

[Moist Happenings]

Okay, so I'm down in Florida because my mother and her husband are having some domestic as well as financial issues. She's so late on mortgage payments that the bank won't even take money from her anymore, so this is my plan. I'm going to wait for the bank to foreclose on her property. She owes more on it than the whole thing is worth by a moderate margin already since the bottom fell out of the market, so I'm thinking let the bank foreclose, then immediately buy it back in cash for the reduced market price.

Anyone have any experience in real estate or banking to let me know if this plan is wise or even possible?

[Stretch]

There's no guarantee that you'll be able to buy it, since it will probably go to auction.

You have 20% lying around for a down payment?

[nub]

Are they taking care of the property? Are you going to be living in it after, or you going to let your parents live in it?

I'm assuming you, but if it is mother then it's harder to get a mortgage if it is not your primary home.

[Moist Happenings]

I won't need a mortgage. I have the whole cost of the house covered liquid. And there are thousands and thousands of houses being foreclosed on in Florida right now, so there's little or no chance anyone will buy it, much less even be able to buy it here. The problem that this area had was that a few years back everybody said "holy shit look this area is super cheap and growing really big really fast. Let's all buy houses.", so everybody bought real estate here in order to turn it over, but they all tried to turn it over at the same time when they realized the area was like 95% residential with almost no commercial or industrial areas to back it up. So there are a LOT of houses already foreclosed on here, and a LOT of houses up for sale already, and nobody's buying.

I'd be buying it so my mother could live in it without you know, fear of being evicted. I live in Jersey, and I'm moving to Ireland. She's got a job, just not enough money to afford bills and the mortgage without her husband in the picture.

[Inspire]

That's very sweet of you, I wish you were my child.

[Alfster]

teach your mom to pay bills.

[Moist Happenings]

That's very sweet of you, I wish you were my child.

While I really appreciate that comment, it's not as sweet as you might think. The main motivation is so I don't have to deal with my family. If my mother loses her house, then my sister and my bum brother in law have nowhere to go every 3 months with their kids when they lose that grip on the bottom of the barrel they've got, meaning that all of them would turn to me looking for a place to stay. I can barely deal with one of them at around me at a time (save my brother in law), much less all of them for god knows how long. If I had to pick one reason why I'd consider doing something like this, it's so my sister's kids have a chance to grow up outside of a trailer park.

This situation is nice that we've got right now. My mother's in Florida, my Brother in law and sister are in Maine, and I'm safely 1200 miles away from either in New Jersey.

[Moist Happenings]

teach your mom to pay bills.

Oh boy did I ever. I had my own financial issues a while back (there's some long winded posts in another thread about it), and had to learn the hard way what to do and what not to do, but when I got down here my mother had 2 home phones, 2 cell phones, digital cable with HBO and Showtime on demand, was paying some guy 60 dollars a week to mow her tiny lawn, and bought about 40 dollars of scratch off tickets weekly. All this while the bank is trying to foreclose on her house. Straightened her ass out in like 10 minutes.

[Bobmuhthol]

Woah, I've been living a fucking lie; I could've sworn New Jersey and Maine are pretty fucking close.

[Moist Happenings]

Woah, I've been living a fucking lie; I could've sworn New Jersey and Maine are pretty fucking close.

Hahaha. Well, the states between them are mostly little states, but when you start stacking them up top to bottom they become pretty wide. My brother in law and sister also live in central Maine. There's a good 200 mile stretch or so after you even get into the state to get where they are.

[Paradii]

I can't believe americans aren't familiar with where the states are. Did no one else pay attention in 5th grade social studies?

[Moist Happenings]

I have to admit I made a mistake on where a state was the other day. I don't often mix them up but some of the "less important" states I will. I mixed up the positions of Missouri and Alabama, and those are pretty damn far apart.

[Gelston]

I have to admit I made a mistake on where a state was the other day. I don't often mix them up but some of the "less important" states I will. I mixed up the positions of Missouri and Alabama, and those are pretty damn far apart.

How the fuck? Alabama is often in the news for shitty education and being damaged by shit from the Gulf of Mexico, and also, Forest Gump.

[Moist Happenings]

How the fuck? Alabama is often in the news for shitty education and being damaged by shit from the Gulf of Mexico, and also, Forest Gump.

Haha. I rarely watch the news. Too much fluff. I pick the bits I want to read from websites mostly, so I usually miss those.

[TheRunt]

If a bank forcloses they have to wait one year to auction off the property to give the owner time to pay off the loan. Unless your mother signs off on it. What you could do is talk to the bank about whats called a short sell basically what that is the bank takes less than the balance of the mortgage. But you will have to make and offer in writing to buy the house from your mom. She takes it to the bank and they decided if they want to write off that much of the loan. My brother is doing that with a house he's trying to buy. The guy owes 25k on the house and is about ready to be forclosed on my brother offered him I think 15k and is waiting to see what the bank says.

[Moist Happenings]

If a bank forcloses they have to wait one year to auction off the property to give the owner time to pay off the loan. Unless your mother signs off on it. What you could do is talk to the bank about whats called a short sell basically what that is the bank takes less than the balance of the mortgage. But you will have to make and offer in writing to buy the house from your mom. She takes it to the bank and they decided if they want to write off that much of the loan. My brother is doing that with a house he's trying to buy. The guy owes 25k on the house and is about ready to be forclosed on my brother offered him I think 15k and is waiting to see what the bank says.

Very good advice. I didn't know about the year thing. It would stand to reason that the bank would accept a lower amount than the mortgage in this market. My mother bought the house for 165k like three years ago, owes 145, and the entire house is worth something like 130 according to the market right now since the bottom fell out.

Thanks very much for the help.

[diethx]

And you have $130k liquid?

:drool:

[Moist Happenings]

And you have $130k liquid?

:drool:

I'm not what you would call an "investor". I'm a make my money and stuff it in a coffee can kind of guy. If you want to get technical about it though I probably should invest it somehow to launder it. The lion's share is poker winnings, and, well, those don't get immediately reported to the IRS if you cash out for less than 10k, and I play small games..So...not all of it has been uber wtfpwn luxury taxed.

[diethx]

May I introduce you to my student loans? You can invest in me, one day I might be in the position to save your life! :D

[Alfster]

<insert sex position joke>

[Moist Happenings]

May I introduce you to my student loans? You can invest in me, one day I might be in the position to save your life! :D

Haha. No offense but after all my early money troubles I subscribe to Shakespeare's line of thinking now. "Neither a borrower nor a lender be."

I also won't have much left over to live on after I buy this stupid house either. I don't have a for real job and who knows if my books will make any money.

However, if you're ever near Jersey when I get back up there I have like 800 bucks worth of comps at the Taj Mahal in Atlantic city that probably will expire before I ever use them, so rooms and food are on me. :D

[diethx]

AW.

You know, I lived somewhat near Atlantic City for so long and i've never been there. I've never been gambling at all except for the lotto!

[Moist Happenings]

AW.

You know, I lived somewhat near Atlantic City for so long and i've never been there. I've never been gambling at all except for the lotto!

The lotto makes baby Jesus cry. Unless you live in a state that uses lotto earnings to help pay for the education system, or road upkeep, in which case it's not so bad. Florida's pretty decent like that. Jersey notsomuch.

I don't like to gamble personally. I very rarely spend time anywhere but the poker room, but there are always good shows and conventions and of course the boardwalk there. You haven't truly lived until you've played skeeball long enough to win the giant stuffed monkey.

If you're ever back in the area, let me know. I'll show ya a good time without even having to put a chip on the table.

[Sean]

Haha. No offense but after all my early money troubles I subscribe to Shakespeare's line of thinking now. "Neither a borrower nor a lender be."

I also won't have much left over to live on after I buy this stupid house either. I don't have a for real job and who knows if my books will make any money.

However, if you're ever near Jersey when I get back up there I have like 800 bucks worth of comps at the Taj Mahal in Atlantic city that probably will expire before I ever use them, so rooms and food are on me. :D

Taj sucks.. mainly because I don't win anymore money there. It's all about Caesar's and the Trop. Anyway if your moms by herself now what's so special about that house in particular? Wouldn't it make more sense to invest in a house in say.. Maine and stick your mom and your sister together?

[diethx]

GA lotto goes to education. So when I lose I feel better knowing I got it back in HOPE.

[Moist Happenings]

Taj sucks.. mainly because I don't win anymore money there. It's all about Caesar's and the Trop. Anyway if your moms by herself now what's so special about that house in particular? Wouldn't it make more sense to invest in a house in say.. Maine and stick your mom and your sister together?

My mother has 8 brothers and sisters. One's in Mexico in prison, one's in Arizona, one's in Texas, One's in Maine, one's in California, one's in Okinawa, and the other two are MIA (They were all orphans and got adopted). There's a good reason they all live hundreds, if not thousands of miles away from each other. Put two of them in the room together and you will meet people JUST like the crazy ladies from that other thread.

For some reason my mother can talk to my sister, and one of my aunts for 4 hours on the phone every day, but if you get them anywhere near each other it's bad news.

My mother isn't completely set on Florida, but she has a job here so it's the first choice. She's also interested in places near Lexington in Kentucky, and that'd end up being cheaper for me, but I dunno what we're going to end up doing in the end. It's sort of up in the air at the moment.

I have memberships at Caesars and Tropicana, as well as Borgatta, but I don't play them nearly as much. The Taj still has a lot of notoriety because it's featured in Rounders, so every wannabe poker star within 150 miles starts there. The Taj also has the nicest convention center out of all of them, and where there are big conventions, there are big drunk fish with lots of chips to take.

Occasionally I go to Caeser's, but only because a couple of the guys I play with at the Taj are dealers there. The poker room isn't quite as nice.

[TheRunt]

Hell if the house isn't that important or sentimental have her sign off on it to the bank (they would rather that than have to forclose) And buy her a trailer in the swamp. :) Well maybe not swamp but still or find the cheapest property in the worst neighborhood you could stand her living in and have a modular brought in and buy her a rottweiler. Either way your going to save money

[Amber]

Why don't you just pay off her house now or at least pay off whatever is past due?

[Mighty Nikkisaurus]

Why don't you just pay off her house now or at least pay off whatever is past due?

They're not accepting payments from her anymore apparently.

[Tsa`ah]

Save your money.

Have them fight the foreclosure. While in court, demand to see the original mortgage.

Considering the current state of the mortgage industry, the bank has no clue where it's at. The case will be suspended until the lender can produce the original.

Use that to renegotiate.

[Moist Happenings]

Why don't you just pay off her house now or at least pay off whatever is past due?

Yeah, they aren't accepting payments anymore. When I got down here about 3 months ago she was already 8 months behind on payments. However, I'm sure if I went to the bank and said Hey here's the whole 145 thousand, they'd not turn me away. However, she owes 145 on the thing, but at current market price it's only worth 130 total. The bottom fell out hard on the real estate market here in the last two years. If I let the bank grab it up, they're not going to be able to resell it for nearly the amount she initially paid, or the amount she owes.

[Parkbandit]

Save your money.

Have them fight the foreclosure. While in court, demand to see the original mortgage.

Considering the current state of the mortgage industry, the bank has no clue where it's at. The case will be suspended until the lender can produce the original.

Use that to renegotiate.

And this is why we're in a financial mess in this country... fuckstains like this who don't want to live up to their own responsibility.

Go see the Bank President and discuss the situation with him. Let him know you have the cash and would be willing to simply pay off the mortgage. I can't imagine him saying "No, I'd rather the bankruptcy just go through so I can take a big loss on the property".

Own up to your responsibilities and do the fucking right thing. You have a mortgage.. you signed the mortgage, you are responsible for the mortgage. Don't listen to people like Shit4Brains who don't know what honesty and integrity are all about.

[Parkbandit]

Yeah, they aren't accepting payments anymore. When I got down here about 3 months ago she was already 8 months behind on payments. However, I'm sure if I went to the bank and said Hey here's the whole 145 thousand, they'd not turn me away. However, she owes 145 on the thing, but at current market price it's only worth 130 total. The bottom fell out hard on the real estate market here in the last two years. If I let the bank grab it up, they're not going to be able to resell it for nearly the amount she initially paid, or the amount she owes.

It sounds like you want to do the right thing... then do it. Go down and talk to the President of the Bank and negotiate out a settlement amount. I'm sure he would love to take 138K for the house, rather than go through all the bullshit bankruptcy, only to end up with even less.

[Tsa`ah]

And this is why we're in a financial mess in this country... fuckstains like this who don't want to live up to their own responsibility.

Go see the Bank President and discuss the situation with him. Let him know you have the cash and would be willing to simply pay off the mortgage. I can't imagine him saying "No, I'd rather the bankruptcy just go through so I can take a big loss on the property".

Own up to your responsibilities and do the fucking right thing. You have a mortgage.. you signed the mortgage, you are responsible for the mortgage. Don't listen to people like Shit4Brains who don't know what honesty and integrity are all about.

Umm ... did you not see the "use that to renegotiate" bit? You also seem to have a problem with habeas corpus.

We don't know the details of the purchase or the mortgage ... for all you know the lender lacked honesty and integrity. But since the bank is in the process of foreclosure, you would rather someone pony up every last cent they had instead of making use of their legal rights to renegotiate.

Cock stains such as yourself like to bandy about terms like "honesty" and "integrity" ... yet you know not a fucking thing about either.

[Tsa`ah]

Besides ... Florida is an unlimited homestead state. He could have just had everyone declare bankruptcy and the bank would have had to sit and spin.

[Parkbandit]

Umm ... did you not see the "use that to renegotiate" bit? You also seem to have a problem with habeas corpus.

We don't know the details of the purchase or the mortgage ... for all you know the lender lacked honesty and integrity. But since the bank is in the process of foreclosure, you would rather someone pony up every last cent they had instead of making use of their legal rights to renegotiate.

Cock stains such as yourself like to bandy about terms like "honesty" and "integrity" ... yet you know not a fucking thing about either.

The difference between people like you and me is that I don't need to hide behind lawyers and the law to know what I legally owe. If I sign a mortgage for a property, I've given my word to pay it off... so I pay it off.

Then again, I imagine your word is practically bankrupt in itself anyway.. so what do you have to lose?

[Parkbandit]

Besides ... Florida is an unlimited homestead state. He could have just had everyone declare bankruptcy and the bank would have had to sit and spin.


And like I said.. it's fuckstains like yourself that would do this.. even though you could easily afford just paying the thing off. Unfortunately, there are plenty of scumbags like you in this world.. which is one of the contributors to what we're in now.

Pay the fucking bills you owe and stop looking for others to pick up your slack.

[Moist Happenings]

It sounds like you want to do the right thing... then do it. Go down and talk to the President of the Bank and negotiate out a settlement amount. I'm sure he would love to take 138K for the house, rather than go through all the bullshit bankruptcy, only to end up with even less.

I agree with you in principle. However, the bank in question is Bank of America. If you're familiar with it, it was just bailed out by the government a few months ago so it could stop the process of foreclosure it had on houses so half of Florida and its other primary states didn't end up homeless in the next two years (They had been reporting a shortage of capital and were therefore foreclosing on whatever they could. Had too many loans out and then Florida economy went to shit before the rest of the U.S.) What did it do with these new funds? It used them to hire more people and step up the rate at which they're foreclosing on houses. They've doubled the amount of foreclosure effort they've put in in the last six months. They're just trying to grab up as much land as humanly possible and hold on to it until the market bounces back (in my opinion).

However, if we decide that the best thing to do is keep my mother here, I may deal with the bank to see whether or not they're interested in something like you suggested. It's a good idea.

[Gan]

I'm surprised the bank is unwilling to deal with you.

I am willing to bet they have filed for trustee status and she should be receiving a notice of sale/notice of move out from the Trustee (as listed on her Deed of Trust).

The only thing about buying it AT auction is that you'll still face the possibility of bids from other prospective buyers. In today's market - that might not be many, but there are still those out there with liquidity who are willing to invest. Buying it at auction sounds attractive but it does have its risks. So be prepared for that.

Her Deed of Trust should outline the exact parameters the lender has in order to foreclose, including the time frame. Normal minimums are 6 months before the process is initiated.

Good luck with that.

[Moist Happenings]

I'm surprised the bank is unwilling to deal with you.

I am willing to bet they have filed for trustee status and she should be receiving a notice of sale/notice of move out from the Trustee (as listed on her Deed of Trust).

The only thing about buying it AT auction is that you'll still face the possibility of bids from other prospective buyers. In today's market - that might not be many, but there are still those out there with liquidity who are willing to invest. Buying it at auction sounds attractive but it does have its risks. So be prepared for that.

Her Deed of Trust should outline the exact parameters the lender has in order to foreclose, including the time frame. Normal minimums are 6 months before the process is initiated.

Good luck with that.

I dunno. When I got down here there was already a Private detective sniffing around for my mother's husband. (They need him to sign papers. something about foreclosure. I'm not positive what). My mother already signed months back, and they have no clue where he is. They've tried to serve him in Maine, California, and Florida already, as those are his last three known locations, but of yet they haven't had any success. Something tells me that since his name is on the thing, and he's not able to be found to sign papers, the whole process is getting backed up.

[Tsa`ah]

The difference between people like you and me is that I don't need to hide behind lawyers and the law to know what I legally owe. If I sign a mortgage for a property, I've given my word to pay it off... so I pay it off.

Then again, I imagine your word is practically bankrupt in itself anyway.. so what do you have to lose?

Well if the situation were as cut and dry as that, you may have a point ... except I've never hidden behind a lawyer nor have I ever not repaid debt.

You're making too many assumptions and advocating someone pay off the mortgage on a property that had an over inflated value to begin with, leaving them nearly broke in this economy ... that's some seriously fucked up advice. You don't know if the mortgage was fixed or adjustable. You don't know if it was an interest only loan.

Also, as he just posted, the bank has been bailed out ... so why exactly are they trying to foreclose when the bailout was to halt such things?

Stop spouting out of your ass and actually give some solid advice or just shut the fuck up.

In this situation they have every right to demand the lender present the original agreement. The lender is part of the problem since the lender bundled up the mortgage with thousands of others and sold them up stream.

[Gan]

Save your money.

Have them fight the foreclosure. While in court, demand to see the original mortgage.

Considering the current state of the mortgage industry, the bank has no clue where it's at. The case will be suspended until the lender can produce the original.

Use that to renegotiate.

I'm willing to bet a Deed of Trust was used for this sale, which not only is recorded down at the County Clerk's office but can easily be produced in lieu of the 'original' document and have the same legal standing in court.

However, fighting the foreclosure means paying an attorney - and if they can not make their house payments, how will they explain being able to pay an attorney to fight it?

[diethx]

I wish I had the kind of money to do this for my mom. She's probably going to lose her house over the next year or so... since she doesn't make enough to cover the $2.5k a month mortgage. She didn't get a mortgage she couldn't afford, though. When it was her salary and my step dad's private disability insurance, they had plenty to cover it plus everything else. Unfortunately his disability was 2x as much as her salary.

edit: er, not lose. It won't get foreclosed. She'll be forced to sell it and hopefully not for a huge discount. :(

[Moist Happenings]

I'm willing to bet a Deed of Trust was used for this sale, which not only is recorded down at the County Clerk's office but can easily be produced in lieu of the 'original' document and have the same legal standing in court.

However, fighting the foreclosure means paying an attorney - and if they can not make their house payments, how will they explain being able to pay an attorney to fight it?

I dunno if I'd have her fight the foreclosure at all. At this point if the bank wants it to happen, it'll happen. It may pave the way for a class action suit though against the bank if enough people can prove that since its bailout by the government, it's been doing exactly the opposite of what was instructed.

If we were going to fight it, I'd probably be able to represent my mother myself, which would technically fall under the category of Pro Se I believe since I'm not a lawyer. I worked for a long time with a Law Firm in a field somewhat like this though and know enough that with some research I could form a valid enough defense argument that it'd stand a chance.

I just don't know if it's worth it. She's not all that attached to the house, or the place it's in. It really comes down to what she wants to do. Her credit is already shot to shit, so if the bank forecloses she's just going to end up filing bankruptcy anyway. Whether I end up buying this house back, or getting her another someplace else, it's a lot less hassle it seems than going to court over something that's probably a lost cause anyhow.

What I take away from most of these good responses you've all given me is that I need to be a little more knowledgeable about the situation she's in specifically before I can really make an informed decision on what to do. I'll have to get together with her and have her make a decision, then if the decision is that she absolutely positively wants to stay here, I'll put in the time and do the research.

[Tsa`ah]

I'm willing to bet a Deed of Trust was used for this sale, which not only is recorded down at the County Clerk's office but can easily be produced in lieu of the 'original' document and have the same legal standing in court.

No ... the basis is that the original lender doesn't own the mortgage. A deed of trust won't do. Well it won't do in IL or OH anyway ... nor will it do in federal court.

http://iamfacingforeclosure.com/blog/2007/11/12/deutsche-bank-foreclosures-tossed-out-of-ohio-federal-court-they-own-nothing/


Judge Christopher A. Boyko of the Eastern Ohio United States District Court, on October 31, 2007 dismissed 14 Deutsche Bank-filed foreclosures in a ruling based on lack of standing for not owning/holding the mortgage loan at the time the lawsuits were filed.

Judge Boyko issued an order requiring the Plaintiffs in a number of pending foreclosure cases to file a copy of the executed Assignment demonstrating Plaintiff (Deutsche Bank) was the holder and owner of the Note and Mortgage as of the date the Complaint was filed, or the court would enter a dismissal.

Similar ruling were made in IL, prior to the meltdown, when then Gov Ryan with a bi-partisan senate committe (with Obama) spearheaded predatory lending laws for this state.

Demanding the original agreement be presented, even if the original lender still owns it, buys time and the door for renegotiating.


However, fighting the foreclosure means paying an attorney - and if they can not make their house payments, how will they explain being able to pay an attorney to fight it?

If he's got over 100 grand to drop in the banks lap on behalf of his family, he's got the money for a lawyer.

[Gan]

No ... the basis is that the original lender doesn't own the mortgage. A deed of trust won't do. Well it won't do in IL or OH anyway ... nor will it do in federal court.

http://iamfacingforeclosure.com/blog/2007/11/12/deutsche-bank-foreclosures-tossed-out-of-ohio-federal-court-they-own-nothing/



Similar ruling were made in IL, prior to the meltdown, when then Gov Ryan with a bi-partisan senate committe (with Obama) spearheaded predatory lending laws for this state.

Demanding the original agreement be presented, even if the original lender still owns it, buys time and the door for renegotiating.
I believe your example is in evidence of a securitized investor attempting to foreclose where there is not clear chain of title demonstrating ownership. It does bring up a relevant point in that who exactly is the entity filing for foreclosure in Neff's case?

The easy way to find out is if the same bank receiving her monthly payments is the one who was the original lender at the time of closing. If its not the case then the note has been serviced (sold). This means that for every sale of the note, there must be an assignment of the Deed of Trust (and note) that is recorded in that county clerk's office denoting the new note owner/trustee. Only the owner of the note has the right to foreclose. Except in cases where there's a suit filed by a home owners association or the government.

A simple title search would also suffice in demonstrating that chain. And that can be purchased from any local title or abstract company.




If he's got over 100 grand to drop in the banks lap on behalf of his family, he's got the money for a lawyer. Right, but it wont do her any favors in the eyes of the court (ie, consideration of mitigating circumstances). It would just mean its a procedural delay at best.

[Tsa`ah]

Right, but the given advice wasn't to suggest an effort to get out from under the mortgage ... it only served as a tool to open the bank up for negotiations.

[Parkbandit]

Well if the situation were as cut and dry as that, you may have a point ... except I've never hidden behind a lawyer nor have I ever not repaid debt.

You're making too many assumptions and advocating someone pay off the mortgage on a property that had an over inflated value to begin with, leaving them nearly broke in this economy ... that's some seriously fucked up advice. You don't know if the mortgage was fixed or adjustable. You don't know if it was an interest only loan.

Also, as he just posted, the bank has been bailed out ... so why exactly are they trying to foreclose when the bailout was to halt such things?

Stop spouting out of your ass and actually give some solid advice or just shut the fuck up.

In this situation they have every right to demand the lender present the original agreement. The lender is part of the problem since the lender bundled up the mortgage with thousands of others and sold them up stream.

Looks like you got caught giving your typical scumbag advice on how to cheat the system and now are trying to backpedal. I've already given some solid advice.. go in, talk to the president of the bank and pay off what you owe. I realize that is something completely foreign to you.. doing the responsible thing. I mean, why not try and be a scumbag and fuck the system because you are entitled to do it?

It's not the bank's fault that the property is now undervalued. When you signed the contract, you had to know that it was possible that your house could lose value and that you would still be liable for the price you agreed to pay for it. You signed a contract, you owe the money. Pay the fucking bill.

Sorry I called you out on your shitty advice on how to be a fucking piece of shit and not just do the right thing.

PS - Bank of America wasn't bailed out btw.. they purchased Morgan Stanley.

[Moist Happenings]

PS - Bank of America wasn't bailed out btw.. they purchased Morgan Stanley.

Just looked it up. You're right. I must have misspoken. I know the majority of my mother's banking is done through BoA but her lender must have be different. I'm sure whichever it is it was bailed out by the government for the reasons I stated, but with all the paperwork I've been going through for the past few months I must have gotten my wires crossed somewhere.

[Tsa`ah]

Looks like you got caught giving your typical scumbag advice on how to cheat the system and now are trying to backpedal.

Where did I advise on cheating the system and where exactly did I backpedal?


I've already given some solid advice.. go in, talk to the president of the bank and pay off what you owe.

Yes, because at this juncture in the economy ... a major bank president is going to give audience for this case. Also advocating putting yourself into the poor house is good advice.

What fucking planet have you been living on for the past year?


I realize that is something completely foreign to you.. doing the responsible thing. I mean, why not try and be a scumbag and fuck the system because you are entitled to do it?

Again, your lack of comprehending your native language never ceases to astound me.


It's not the bank's fault that the property is now undervalued.

Yes, the banks are partially to blame.


When you signed the contract, you had to know that it was possible that your house could lose value and that you would still be liable for the price you agreed to pay for it.

Fail.


You signed a contract, you owe the money. Pay the fucking bill.

No one has said not to. You're the only person advocating dropping over 100 grand ... it's retarded. If you have leverage to renegotiate ... do it. Your "moral" road is one that even you wouldn't follow.


Sorry I called you out on your shitty advice on how to be a fucking piece of shit and not just do the right thing.

Well if your opinion amounted to more than horse shit on this board ... I may have taken offense to it. As it is, you're nothing but a laughing stock. That anyone would take your advice on anything would be the biggest stretch of unfounded faith in human history.


PS - Bank of America wasn't bailed out btw.. they purchased Morgan Stanley.

I was unaware that the 700 billion, and more, that our great grandchildren will be paying off specifically excluded BoA.

[Skeeter]

Go to the bank and see if you can negotiate a short sell. If not let the house go, have moms file for bankruptcy, then set her up with a tolerable shit hole somewhere else.

[Inspire]

It didn't include BofA

[Parkbandit]

Just looked it up. You're right. I must have misspoken. I know the majority of my mother's banking is done through BoA but her lender must have be different. I'm sure whichever it is it was bailed out by the government for the reasons I stated, but with all the paperwork I've been going through for the past few months I must have gotten my wires crossed somewhere.

It was more towards Shit4Brains and not you. You seem like you want to do the right thing.. don't listen to pieces of shit like Tsa'ah who always look for a loophole to get ahead.

Do the right thing... it's that simple. If more people did that, we wouldn't be in the mess we're in now.

[Amber]

I have a hard time believing they wouldn't accept payments to get her up to date on this. Banks aren't out to foreclose, especially when the housing market is in a downward spiral. Also, even if the house isn't worth what's owed on it, it's kinda unethical to bail out hoping to buy it at a lower price, in my opinion.

[Moist Happenings]

I have a hard time believing they wouldn't accept payments to get her up to date on this. Banks aren't out to foreclose, especially when the housing market is in a downward spiral. Also, even if the house isn't worth what's owed on it, it's kinda unethical to bail out hoping to buy it at a lower price, in my opinion.

I agree that it's somewhat unethical in a perfect world, but I am 100% positive that at this point with my mother so far behind that the bank won't work with her at all to get her caught up. She doesn't have the income to make the monthly payments without her husband in the picture, and the bank knows that. She has offered them what she can when she can in order to try to stave it off until the economy bounces back and she can get back into Real Estate, but they weren't interested. I'm sure if I went to them and said "Hey, I have this money and am going to help her pay" they might reconsider, but the fact that they weren't understanding of her situation in the first place makes me really hesitant to do so.

[Parkbandit]

Where in Florida is this? If you seriously have posted the truth here and have the money you are willing to just pay the house off and still can't get through to the bank, PM me the details and I'll take care of it through my Bank of America.

[Moist Happenings]

Where in Florida is this? If you seriously have posted the truth here and have the money you are willing to just pay the house off and still can't get through to the bank, PM me the details and I'll take care of it through my Bank of America.

Oh I am sure I can get through to the bank and tell them "Hey, I've got 130 thousand bucks. Wanna deal?" with massive success. It's my mother and her meager income they won't deal with. Again though, I'm not sure it's Bank of America. I'm pretty sure I just got my wires crossed. Next I go through the paperwork I'll figure it out and update it. I'm just a little hesitant to do anything that'll work in their favor after they've been intolerant with her. I want to do a little more research into the situation. If they prove to be on the level, and not just trying their best to avoid working with my mother, I'll be more inclined to strike a deal with them. If the records show that my mother got 3 months behind or something and they decided to stop letting her pay, I'd be more inclined to take a route that gets them as little money as possible.

She's also not 100% sure she wants to stay here yet. I have to sit down with her and have her make a decision. If she doesn't want to stay I'll just have her sign off on the papers and all when they finally catch up with her husband, and buy her a house someplace else.

[Methais]

How the fuck? Alabama is often in the news for shitty education and being damaged by shit from the Gulf of Mexico, and also, Forest Gump.

Don't forget My Cousin Vinny.

[Drew]

Thanks to all the folks like your mom I'm looking at buying my first house, it's so cheap now compared to what it was just 2 years ago, I'll probably sit pretty for a couple months but I just found a 4/2.5 in Palm Beach that's east of US1 in a good neighborhood for 135k. And the goal in South Florida is to move north and east, you win when you hit the northeast tip of Palm Beach Island so I'm already 90% there :)

[Moist Happenings]

Thanks to all the folks like your mom I'm looking at buying my first house, it's so cheap now compared to what it was just 2 years ago, I'll probably sit pretty for a couple months but I just found a 4/2.5 in Palm Beach that's east of US1 in a good neighborhood for 135k. And the goal in South Florida is to move north and east, you win when you hit the northeast tip of Palm Beach Island so I'm already 90% there :)

Eh, she wasn't as bad as some of the people. I talk a lot of shit about her, but she was making more than enough to pay it off when she first got it, even without her husband. When she bought it, she was a real estate agent making bank while the housing market was great. Then the bottom fell out and she had to take a job as a secretary. That's when she fell into the category where she'd be fucked if her husband was out of the picture.

[Drew]

Yeah I wasn't dissing your mom, there's just a lot of foreclosures right now. Buyer's market.

[Moist Happenings]

Yeah I wasn't dissing your mom, there's just a lot of foreclosures right now. Buyer's market.

Oh hell yeah. If you've got the bread to buy, now's the time.