foreclosures

[nanasohana]

John, I take offense at your comment....homeowners didn't cause all this...and yes, thousands of deals are still happening but with some real problems that will have to be dealt with in the near future. Do your homework everyone.

[Dennis]

If you pay your mortgage you have nothing to worry about. If you don't you are at risk. I do not understand who else is at fault for someone not making their payments.

[Kahunascott]

Nancy, I have to agree with Dennis. Many people bought way over their heads hoping to make a killing by flipping their properties in a few years. If you don’t know what an ARM mortgage is then don’t use it as a vehicle to purchase a home.
I understand that many home owners’s lost their jobs and therefore lost their homes, and for them I have compassion. But, for those who bought outside of their budget, “Caveat Emptor”.

If you think health care is expensive now, wait until you see what it cost when it’s free...now here come the taxes.....

[John S. Rabi]

quote:

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Originally posted by Nancy Fryhover
John, I take offense at your comment....homeowners didn't cause all this.

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I'm sorry Nancy, nothing personal, but don't the banks foreclose on homes because the homeowners defaulted on their mortgages?

Aloha,
John S. Rabi, GM,PB,ABR,CRB,CM,FHS
888.819.9669
johnrabi@johnrabi.com
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
(This is what I think of the Kona Board of Realtors http://KonaBoardOfRealtors.info)

[nanasohana]

Yes, John, that is what foreclosure is for...if the correct party forecloses...that isn't happening. Hawaii legislatures figured that out.

Tell you what....try to track down your notes and see if you can find out who holds them...I dare you. Thats the problem. Its not a matter if someone pays their mortgage or doesn't. Why do you think there were robo signers? The banks can't produce the original notes. Why do you think Hawaii had to pass new foreclosure laws. Because they see the fraud. Just trying to make my punafriends aware so they can protect themselves....
Watch this video...http://youtu.be/gd7s6An9fcA

[John S. Rabi]

Nancy, we have been disagreeing on this for a long time and I certainly don't want to reignate the disagreement, you have the right to believe in whatever you want to believe in. However, it takes about 30 seconds on the MERS web site to find out who holds your loan and who is your loan servicing company. You can also do the following if you want to double check:

1. Check your current mortgage statement. There will be a name and number of the company that is servicing your loan. Call this number and ask who owns the loan. The servicing may or may not be able to tell you who owns your loan.

2. Call FHA National Servicing at 800.225.5342 to find out who holds your loan if you have an FHA loan.

3. Call your original lender if you are unsure if it has sold your loan. An account representative will be able to verify that a transfer of service took place, and to what company your loan was sold.

While some people might welcome the new "Hawaii Foreclosure Law," the lenders already proved it what it is really worth! Guess who will get screwed because of the new law! The homeowners being foreclosed on. There was no deficiency judgment with the non-judicial foreclosures and the homeowners walked away free from future liability for the unpaid loan amount. With the judicial foreclosures now mandated, the homeowners will be on the hook for the unpaid balance, not to mention the tax liability to IRS!

Aloha,
John S. Rabi, GM,PB,ABR,CRB,CM,FHS
888.819.9669
johnrabi@johnrabi.com
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
(This is what I think of the Kona Board of Realtors http://KonaBoardOfRealtors.info)

[nanasohana]

John,your missing my point...they can't foreclose without proof they hold the note...and they don't. You'll see[]
Anyway, we still friends[8D]?

[John S. Rabi]

quote:

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Originally posted by Nancy Fryhover
Anyway, we still friends[8D]?

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Why wouldn't we be? It's OK to disagree as long as we are civil about it, not like some others I wouldn't want to name here. [}][}][}]

Aloha,
John S. Rabi, GM,PB,ABR,CRB,CM,FHS
888.819.9669
johnrabi@johnrabi.com
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
(This is what I think of the Kona Board of Realtors http://KonaBoardOfRealtors.info)

[Kapohocat]

quote:

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Originally posted by Nancy Fryhover

John,your missing my point...they can't foreclose without proof they hold the note...and they don't. You'll see[]
Anyway, we still friends[8D]?

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I *kinda* get your point as this happened to my mom a yr ago. In fact her house was completely paid off.

A foreclosure company who handles all the stuff for a note owner, picked up 6451 instead of 6415 as the street address. We had to do a lot of *proving* instead of the company doing the *proving*. Lucky took us only a few days to get it straightened out (and lucky Mom had me to say a lot of "let me talk to your supervisor" stuff.)

But if someone is using this just to forestall their correct foreclosure on unpaid mortgage, that is not right either. But again.. the loan mods were taking FOREVER so stall tactics might be warranted.

http://www.theatlantic.com/business/arch...on/239951/

[Rene]

So it's the bank's fault that people who make $10 an hour can't afford the payments on a half million dollar home? Seriously? The "clouded title" part is so way out in left field that it borders on insanity. The whole purpose of title insurance is to provide "clear title". The problem with Youtube is that any idiot can post a clever little video on there and all of a sudden it's the gospel truth, hello! Reality check. Stop getting your "news" from Youtube and you will be much better informed. YouTube is great for watching kids fall on their asses while skateboarding but not for living your life through. Not a single person had a gun put their head to sign the two inch thick stack of papers it takes to purchase a home. What happened was a number of people on both sides saw an opportunity to make money. It was just that, an " opportunity", not a guarentee to make money. People were thinking " how can I lose?", well you make $10 an hour so you have never really won anything in your life. Nothing in this world is "free" and this whole notion that " they won't foreclose because they don't know who owns the note" is pure insanity. It sounds exactly like the same nonsense that went around when people were saying you didn't have to pay the IRS. Since people are so fond of Youtube, here's an idea, watch the short video on "how money is made". I'm not talking about printing money but how loans are created to make "money". The thing you'll hear most often is "the banks have to start lending again", this action creates "money". Now if you lost your engineering job or you were a doctor or a chemist? I would feel for you. The people making nothing for a salary struggling to make ends meet, living paycheck to pay check are the real problem. The banks didn't create the problem because a "fair exchange is not a robbery". I'm tired of hearing " poor me.. Boo hoo hoo". Here's an idea?, put your "Big kid" pants on and pay your bills? Amazing how simple it is, if you pay your bills? They don't take your house. Credit is a helluva thing but people need a reality check too. Let me break it down, $15 an hour and under? You most likely can't swing a house more than 200k. Sorry about that but it's true. Now my kids are going to school learning all this " new math" and stuff but I have some " old math" for you. You should have %20 of the purchase price as a down payment and the monthly note should not be more than two thirds of your monthly income. So if your pulling in $10 an hour before taxes? Your house note should be about $1000 . There's no way in any financial spin with creative financing that you can swing the payments on a 500k house with $1000 a month. I'm one of the people shopping the foreclsure market now too. I know what I can afford and right now is the perfect time to buy. There will be more wealthy people created now than in any other time in history. There is a backlog of foreclosures that will hit in early 2012 and the prices will get even lower. Please people, do more research , besides on YouTube, or what "Harry from the hardware store" tells you. There is a huge amount of money to be made in this market, you just have to know how to do it. The phrase " a fool and his gold are soon parted" and " those with the gold, make the rules".