Though, BoA DID stop all of its current and pending foreclosure proceedings. Hopefully other banks will follow, and hopefully this won't get them off the hook for the shit they've already pulled
I only really see two policy options
1. Severely disincentivise people from lending to homeowners for any reason by punishing them
2. Let BofA etc. restart proceedings from scratch so that their foreclosures are 'legit.'
Zoel on
A magician gives you a ring that, when worn, will let you see the world as it truly is.
However, the ring will never leave your finger, and you will be unable to ever describe to another living person what you see.
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KalTorakOne way or another, they all end up inthe Undercity.Registered Userregular
Though, BoA DID stop all of its current and pending foreclosure proceedings. Hopefully other banks will follow, and hopefully this won't get them off the hook for the shit they've already pulled
I only really see two policy options
1. Severely disincentivise people from lending to homeowners for any reason by punishing them
2. Let BofA etc. restart proceedings from scratch so that their foreclosures are 'legit.'
Incidentally does all this scandal make it a really bad time to buy a condo or what?
Situation around home's FINALLY stabilized enough where I can move out of the family house, so I've been saving the 20% or whatever down for a condo I had my eye on
Yeah, if you can buy in this market and your credit is good enough to get a home lone. Do it. Don't bother renting, you'll get a much cheaper price if you can buy it. At least in California you can.
Oh yeah I know the prices are insanely in favor of buying. I can get a 1000ft2 condo in a nice neighborhood here in las vegas for $65k, it seems!
I just worry that there's gonna be some sort of fuckin pratfall along the way that hamstrings me, with all the economic hullaballyhoo going on
(some acrobatic fucking pirouette)
Just don't bank (lol) on getting approved right away. I recently had a friend buying a house, and even after being approved, picking out a house, negotiating with the buyer, writing up a contract, and whoops! the bank makes her wait six months because they ran out of money and have to get bailed out.
Yeah, if you can buy in this market and your credit is good enough to get a home lone. Do it. Don't bother renting, you'll get a much cheaper price if you can buy it. At least in California you can.
A friend is paying 400 a month right now in rent for a shitty apartment in a terrible part of town.
Mortgage payments on a home with a 6 acre lot is right around 300 for 30 years.
i dont know why buying when the market is down would be a bad idea (as long as you know for a fact that you can afford it)
While it's a buyers market, banks aren't really itching to give out money.
But from a "what will my property be worth in 10-15 years", there's really nowhere to go but up
no, there's not. that's the whole reason this scandal is freezing the housing market.
If foreclosures are frozen, possibly for months or years, you could buy a house in a neighborhood that looks safe, with no foreclosures. then, once you buy it, several houses foreclose and suddenly you're house value plummets and you're underwater.
So it's a huge gamble to buy, even if you buy relatively low.
Plus it's difficult to get a loan and you need 20% down.
Langly on
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ZoelI suppose... I'd put it onRegistered Userregular
Though, BoA DID stop all of its current and pending foreclosure proceedings. Hopefully other banks will follow, and hopefully this won't get them off the hook for the shit they've already pulled
I only really see two policy options
1. Severely disincentivise people from lending to homeowners for any reason by punishing them
2. Let BofA etc. restart proceedings from scratch so that their foreclosures are 'legit.'
what on earth do you mean by option one?
Consider why the separation of mortgage servicing companies from lenders occurred in the first place.
If there is no legal way to service that many homeowners, is it not effectively illegal to do so?
Zoel on
A magician gives you a ring that, when worn, will let you see the world as it truly is.
However, the ring will never leave your finger, and you will be unable to ever describe to another living person what you see.
0
Options
MrMonroepassed outon the floor nowRegistered Userregular
Though, BoA DID stop all of its current and pending foreclosure proceedings. Hopefully other banks will follow, and hopefully this won't get them off the hook for the shit they've already pulled
I only really see two policy options
1. Severely disincentivise people from lending to homeowners for any reason by punishing them
2. Let BofA etc. restart proceedings from scratch so that their foreclosures are 'legit.'
what on earth do you mean by option one?
Consider why the separation of mortgage servicing companies from lenders occurred in the first place.
If there is no legal way to service that many homeowners, is it not effectively illegal to do so?
yes
it is called fraud
what are you driving at?
(ps they could, I don't know, hire some more people to do their review properly)
These new foreclosure-only courts are special creations of the Florida legislature, funded separately from the usual court system. They are manned by retired judges, which means in many cases they are not familiar with real estate law.
But perhaps most important, the explicit objective of these courts is to clear up the backlog. And that is coming to pass not by the Legislature having thrown enough resources at the problem (that is, having greatly enlarged court capacity to process more cases in parallel) but by pushing for faster resolution. The problem is that an accelerated process runs roughshod over due process and allows banks to foreclose when they may not be the right party, or worse, when the foreclosure is the result of servicing error.
Let’s look at one example of banana republic faux justice in the US, via a speech by foreclosure court Judge Roger Colton to his court on how the day was going to go. It’s simply breathtaking. He says that if the bank is foreclosing, he’s not going to consider any evidence that the foreclosure is in error (servicing errors, plaintiff can’t provide proof it owns the note, which means it might not be the right party and procedurally, means it lacks standing to take action). He says he has already heard everything, there is a lot of unemployment in the area; he is going to schedule a court date, but that is merely a deadline for negotiation. In other words, he makes it abundantly clear he has no interest in hearing evidence. When he gets to seeing a defendant after his speech to the court (p. 13), he rubber stamps what the bank wants without even considering the evidence. And apparently his entire day went like that.
Posts
I only really see two policy options
1. Severely disincentivise people from lending to homeowners for any reason by punishing them
2. Let BofA etc. restart proceedings from scratch so that their foreclosures are 'legit.'
However, the ring will never leave your finger, and you will be unable to ever describe to another living person what you see.
Apparently they did, but Obama used the Veto Hammer.
what on earth do you mean by option one?
Good for him!
Twitch (I stream most days of the week)
Twitter (mean leftist discourse)
(then again I guess the foreclosure guys and credit card guys might as well be a different company, but still)
Situation around home's FINALLY stabilized enough where I can move out of the family house, so I've been saving the 20% or whatever down for a condo I had my eye on
While it's a buyers market, banks aren't really itching to give out money.
But from a "what will my property be worth in 10-15 years", there's really nowhere to go but up
I just worry that there's gonna be some sort of fuckin pratfall along the way that hamstrings me, with all the economic hullaballyhoo going on
(some acrobatic fucking pirouette)
Just don't bank (lol) on getting approved right away. I recently had a friend buying a house, and even after being approved, picking out a house, negotiating with the buyer, writing up a contract, and whoops! the bank makes her wait six months because they ran out of money and have to get bailed out.
A friend is paying 400 a month right now in rent for a shitty apartment in a terrible part of town.
Mortgage payments on a home with a 6 acre lot is right around 300 for 30 years.
Of course, walking to work each day might be a bit difficult from that far away.
no, there's not. that's the whole reason this scandal is freezing the housing market.
If foreclosures are frozen, possibly for months or years, you could buy a house in a neighborhood that looks safe, with no foreclosures. then, once you buy it, several houses foreclose and suddenly you're house value plummets and you're underwater.
So it's a huge gamble to buy, even if you buy relatively low.
Plus it's difficult to get a loan and you need 20% down.
Consider why the separation of mortgage servicing companies from lenders occurred in the first place.
If there is no legal way to service that many homeowners, is it not effectively illegal to do so?
However, the ring will never leave your finger, and you will be unable to ever describe to another living person what you see.
yes
it is called fraud
what are you driving at?
(ps they could, I don't know, hire some more people to do their review properly)
TRICKLE DOWN ECONOMY
FREE MARKET
Twitch (I stream most days of the week)
Twitter (mean leftist discourse)
Oh we don't need Congress for that. Florida has it covered