"There's never been a better time to buy a new home! Just contact your local Realtor for details!"
All your homes belong to us says wells fargo
- Thread starter corelove
- Start date
LOL. Good one.
Don't be bitter; just take advantage of the situation. I have been buying carefully since last Thanksgiving, more or less. Difficult and takes patience, but for instance the last property I bought was a brand new home on 10 acres. I think honestly I could get a hundred grand more than I paid right today, but I feel better knowing I have my own water supply and a place to grow vegetables. They had gutted the appliances so it was non-conforming, but I had much of what I needed to replace, and the bank was anxious to get it gone. It was nearly 60% off the high, and in a nice California area. Also, oceanfront is very reasonable now, especially land without a structure. There are deals, now's the time. I have been through many of these cycles here, and the Chicken Littles are always present. However, they are precisely at the root of the bargain prices!
Booms and busts, better to embrace them while they happen. Without an independent currency/as long as bankers are in charge of the purse we will have them. Best to make good use of what is provided.
Finally, fuck all the losers who are still in a home not paying the mortgage. Your day is coming, your credit is gone, your price has been named and paid. Buh-bye.
Good trades almost always look bad.
what appreciation you are expecting,when 1/4 of country is unemployed,taxes are going up to the roof and rates are fucking zero? like i said many times before-so far us is copying Japanese scenario..with it's own twist off course.. when i bought my house i'm fully aware, that it is possible, that like in japan, the prices may not go up for next 10-30 years. i bought to live,not speculate. big difference.
Some of these banks are asking to get those homes shoved up their ass big time.I will actually share my story, as i am a homeowner facing foreclosure (non strategic default - business took a shit) and have been basically dicked around by Morgan Stanley (or Saxon mortgage Services - an sub of MS).....
Before things went really bad - called them up, explained the situation - and was instructed that inquiries for a refi would only be considered if there was delinquency on the account by more than 60 days.
Fine.
Stopped paying - then THEY started calling.
Submitted all the paperwork for refi.
Nope - don't qualify.
OK then - fuck this, not paying them a red dime....
On to the realtor, listed the fucker up, and waited for months to get an offer as a short sale.
3 offers came in.
1st offer was a dud - no approval - gone.
2nd offer - good to go - bank countered, gave buyers 3 business days to decide - no answer - file thrown away.
3rd buyer - decided they wanted to haggle after inspection - file thrown away.
Buyer 2 came back with offer matching the bank's counter on sept 4.
Bank received files the same day - and went forward with sheriff's auction sale on sept 7.
The kicker is that the auction yielded 200K.
Buyer's offer is 294K.
In my state there is a 60 day redemption period after sale.
The bank has been claiming they do not have a file - they cannot open one - and that the property is in the hands of Freddie Mac.
Total bullshit - they either have employees that are clueless, or something is going on behind the scenes.
They will lose close to $100K (or should i say their investors) and it's fine....no effort, no initiative....nothing...
Called up freddie today, who will in turn contact Saxon as they believe there is no reason for the lender not to take up the short sale.And Saxon will most likely not listen - AGAIN.
I will most likely end up with a deficiency that I will be chased for, and already have a chapter 7 attorney lined up.Tried doing my best to help, and could afford the mortgage 3 times over when I signed the paperwork.
I know there are a lot of free riders out there.
I'm not one of them - it is what it is.
But honestly - FUCK THEM.
They are the worst mortgage servicing company in the nation.
They refied 6% of requests vs 28% for the top refi servicer.
These clowns could not close a fucking door, let alone a refi.
FUCK THEM ALL...
Before things went really bad - called them up, explained the situation - and was instructed that inquiries for a refi would only be considered if there was delinquency on the account by more than 60 days.
Fine.
Stopped paying - then THEY started calling.
Submitted all the paperwork for refi.
Nope - don't qualify.
OK then - fuck this, not paying them a red dime....
On to the realtor, listed the fucker up, and waited for months to get an offer as a short sale.
3 offers came in.
1st offer was a dud - no approval - gone.
2nd offer - good to go - bank countered, gave buyers 3 business days to decide - no answer - file thrown away.
3rd buyer - decided they wanted to haggle after inspection - file thrown away.
Buyer 2 came back with offer matching the bank's counter on sept 4.
Bank received files the same day - and went forward with sheriff's auction sale on sept 7.
The kicker is that the auction yielded 200K.
Buyer's offer is 294K.
In my state there is a 60 day redemption period after sale.
The bank has been claiming they do not have a file - they cannot open one - and that the property is in the hands of Freddie Mac.
Total bullshit - they either have employees that are clueless, or something is going on behind the scenes.
They will lose close to $100K (or should i say their investors) and it's fine....no effort, no initiative....nothing...
Called up freddie today, who will in turn contact Saxon as they believe there is no reason for the lender not to take up the short sale.And Saxon will most likely not listen - AGAIN.
I will most likely end up with a deficiency that I will be chased for, and already have a chapter 7 attorney lined up.Tried doing my best to help, and could afford the mortgage 3 times over when I signed the paperwork.
I know there are a lot of free riders out there.
I'm not one of them - it is what it is.
But honestly - FUCK THEM.
They are the worst mortgage servicing company in the nation.
They refied 6% of requests vs 28% for the top refi servicer.
These clowns could not close a fucking door, let alone a refi.
FUCK THEM ALL...
What a story! I heard similar ones. The bank short sale/foreclosure staff are either totally incompetent or being paid off by the people who got your home at the auction. It doesn't make sense that the bank didn't take the 290k, instead accepted the 200k at the auction. TOTAL STUPIDITY or corruption!
Thanks Bart for sharing your story and I'm sorry to hear how fucked up things got with these clowns.
I'm really of the opinion, after reading enough anecdotal evidence, that these types of situations are far, far more common than alot of people want to believe. It's the kind of shit you'd expect to hear about in some upside down 3rd world country, but now it's a daily reality here. The system is damn broken, nobody can figure out who owes whom, and these banks are so stuffed with government largesse that they sloppily churn around, fucking up deals that cost collectively billions of dollars.
So we just continue to fund their largesse, so that they can turn around and play their usurious money changer games on us. We bail them out to enslave us. Stockholm Syndrome at its finest.