Stop the Eviction of Jennifer Britt in Rosedale Park!

**brandon48202** · July-18-12, 01:59 PM

Having the right to your re-posess your collateral is in the leinholders interest. Defaulting on your mortgage allows the lienholder to re-posess the collateral. Without this basic leinholder right, the mortgage business would be impossible and people could not borrow money to buy houses, it's just that simple.

**DetroiterOnTheWestCoast** · July-18-12, 02:34 PM

If it's FHA, the bank will file a claim and recoup the loses and the title will be transfered to HUD and the government will be responsible.

Privatize gain; socialize loss

Shollin · July-18-12, 02:41 PM

Originally Posted by DetroiterOnTheWestCoast

If it's FHA, the bank will file a claim and recoup the loses and the title will be transfered to HUD and the government will be responsible.

Privatize gain; socialize loss

How is it a loss? FHA loans are for customers who have no money down and low credit scores. They couldn't get approved through Fannie Mae or Freddy Mac. The government then insures the loan since it is a riskier loan.

**brandon48202** · July-18-12, 02:45 PM

The slightly higher interest rate that FHA borrowers pay goes to subsidize the higher risk of these loans, correct?

Shollin · July-18-12, 02:52 PM

Originally Posted by brandon48202

The slightly higher interest rate that FHA borrowers pay goes to subsidize the higher risk of these loans, correct?

FHA loans are required to carry MIP or more commonly reffered to as PMI. You have to pay MIP for 5 years regardless of loan to value. That's basically where it subsidizes the loss but if you foreclose on a loan that MIP isn't going to make you not lose.

Shollin · July-18-12, 06:30 PM

Originally Posted by ridgeabilly

Join us anytime Thursday, July 19, starting at6am, and sign up for whatever time slot you can manage overthe next week at Jennifer’s home. There will be anopen meeting at 6pm at the house, 15701 Warwick St. atMidland in Rosedale Park, just south of Grand River, firstlight west of Southfield Freeway.
Fannie Mae refused the offer of Southwest HousingSolutions to buy the home at its appraised value and keepJennifer’s family in their home. The government willonly accept the full value of the taxpayer-funded bailoutit gifted to Flagstar Bank— $121,000. This is a scandalous disregard of the community’s needs and ablatant double standard: Fannie Mae will sell foreclosedhomes to investors at well below market, but homeownerslike Jennifer are charged a king’s ransom and giventhe boot. Fannie Mae needs to address the needs of the community, not just the banks. Southwest Housing Solutionsis willing to negotiate.
The foreclosure never should have happened in the firstplace, as made clear in the summary below. In a nutshell:Leon and Jennifer Britt have paid more than $100,000 forthe home, Jennifer paying $46,000 since Leon died in 2006,exhausting her savings as Flagstar refused to modify, raised the monthly payment, and loaded her balance with feesand penalties.
We don’t need another empty home in Detroit and Rosedale Park!

Before I was posting on my phone, now I have time to read and respond.

-There's a short sale process that must be followed. You can't just bring your own appraisal and say sell me this house at this price. How do we know this is a legit appraisal? More so, she'll be taxed on the difference between the sale price and what's owed

-Charge a king's ransom? They're asking for what she owes on the property and what she agreed to pay

-Why shouldn't the foreclosure have happened? You don't make payment, you get foreclosed on.

-Flagstar didn't refuse to modify. Fannie Mae did. Flagstar is the servicer. They own the servicing rights. Fannie Mae is invested on the loan. They have to approve a modification

-I have never ever ever seen a principal and interest payment raised. Never on a fixed loan. Her payment was likely raised due to an escrow increase. Either her taxes went up, or if she was non escrow, she didn't pay her taxes and Flagstar paid them. Perhaps Flagstar shouldn't have paid her taxes and then just protest when the county took her house instead.

-Loaded with fees? Is Flagstar not suppose to charge late fees when a late payment is made?

There's two sides to every story. First, we don't even know if the loan is in her name. It could've been in the husband's name and she just continued to make payments to stay in the home. In that case, you can't modify a loan that doesn't belong to her.

Flagstar has over 300,000 mortgages. There are literally tens of thousands of loans that have been modified. You never hear about that. You hear about the isolated incidents like this one which are unfortunate. I have never come across a person who took responsibility for losing their home. It is always the bank's fault. If I wasn't so old and so far involved, I would get out of this industry. Money gets lent out that they can't get anywhere else, and yet people think they are entitled to pay when they want and can get their loan modified whenever they want. If you ask the borrower to adhere to the terms they agreed to, you're greedy and evil.

**Cincinnati_Kid** · July-18-12, 09:07 PM

Originally Posted by Shollin

Her spouse could've had a credit life policy added to the account at any time. Her documents state she is responsible for the loan. Flagstar is a servicer. They are still bound by the investor requirements of Fannie Mae, Freddy Mac, FHA etc. If companies can just wipe away debt because someone passed, there would be no need for life insurance policies.

I understand all of that. But flip the script and let that same scenerio happen to you or someone that you know. What will your stance be then?

Shollin · July-18-12, 09:39 PM

Originally Posted by Cincinnati_Kid

I understand all of that. But flip the script and let that same scenerio happen to you or someone that you know. What will your stance be then?

I have a life insurance policy and when I had a mortgage I had a life insurance policy on the loan. Mortgages are big commitments. I took out a mortgage for my home in Harper Woods and took a bath on it. I paid a lot more than the house was worth and lost a lot of money. I didn't go to the bank and demand they wipe away my debt. I learned my lesson and rent now.

People don't understand the mortgage process. 80% of loans are owned by Freddy Mac, Fannie Mae, or Ginnie Mae [[FHA). Flagstar does not own this person's loan. It was sold to Fannie Mae and Fannie Mae pays Flagstar a servicing fee. They cannot modify a loan they do not own.

There is so much more to this story. All we are hearing is the victims side. It is very common that only one spouse is on the loan due to credit reasons but both are on the deed. We don't even know if she is on the note. I've seen it happen often where the note holder passes and a spouse or child continues to pay the loan to keep the house. In that case, you can't modify a loan that doesn't belong to you.

These are always difficult situations. I also want to point out that the people who work in loss mitigation and foreclosure don't relish taking people's home. They are middle class home owners as well. They don't make a commission by taking your home. They simply do what they are required to do.

**corktownyuppie** · July-18-12, 10:19 PM

People also need to realize that if you overpaid for your house, it's not the bank that's getting all that money. For example, if you paid $100,000 for a house that was only worth $80,000, the mortgage company fronted that $100,000 to whoever sold you the house

So if you don't think the bank should come after you for the $100,000 you owe because the house wasn't worth it, you're blaming the wrong people. You should be blaming who ever sold you the $80,000 for $100,000.

The bank was just the middle man that fronted the money for you because you promised to pay it back to them.

**Jimaz** · July-18-12, 10:25 PM

LIBOR10 characters

**corktownyuppie** · July-18-12, 10:36 PM

Originally Posted by Jimaz

LIBOR10 characters

If you're implying that the LIBOR shenanigans are atrocious, and that banks should be punished. I agree. If you're implying that because of these shenanigans someone shouldn't have to pay back their loan, I disagree.

Trillions of dollars of shareholder equity was lost by the owners of banks in 2009 and 2010. I'm not saying they've been punished "enough', I'm just saying that it's not like they've come through unscathed. Right now JP Morgan is selling for 60% of its book value...the owners of these banks are bracing themselves for more hits. The owners of Citibank lost over 90% of their value as a result of all this.

But no matter what, this woman needs to find a new place to live. Or the new owner of this house needs to be willing to rent it to her.

**Jimaz** · July-18-12, 10:41 PM

Originally Posted by corktownyuppie

If you're implying that the LIBOR shenanigans are atrocious, and that banks should be punished. I agree. If you're implying that because of these shenanigans someone shouldn't have to pay back their loan, I disagree.

Trillions of dollars of shareholder equity was lost by the owners of banks in 2009 and 2010. I'm not saying they've been punished "enough', I'm just saying that it's not like they've come through unscathed. Right now JP Morgan is selling for 60% of its book value...the owners of these banks are bracing themselves for more hits. The owners of Citibank lost over 90% of their value as a result of all this.

But no matter what, this woman needs to find a new place to live. Or the new owner of this house needs to be willing to rent it to her.

Your answer speaks for itself. May God have mercy on your soul.

**corktownyuppie** · July-18-12, 10:50 PM

Originally Posted by Jimaz

Your answer speaks for itself. May God have mercy on your soul.

Well at least we agree to disagree. It's really easy to get angry at banks. But the reality is that if you walked into a bank looking to withdraw money and they said, "Well, we don't have your money cuz we just stopped collecting anything from our delinquent loans -- which is almost all of them done since 2007" something tells me that this situation would be a lot less about soul searching and a whole lot more about who was gonna be responsible for getting you your money back.

**Jimaz** · July-18-12, 11:07 PM

LIBOR10 characters

Shollin · July-18-12, 11:19 PM

LIBOR has nothing to do with this unless it's some form of ARM loan.

**Jimaz** · July-18-12, 11:25 PM

LIBOR has to do with the credibility of the entire international banking industry. Something the entire international banking industry would like to bury under the rug. You wouldn't happen to be involved with that, would you?

Shollin · July-18-12, 11:27 PM

Originally Posted by Jimaz

LIBOR has to do with the credibility of the entire international banking industry. Something the entire international banking industry would like to bury under the rug. You wouldn't happen to be involved with that, would you?

Yes I am involved with this bringing down the entire international banking industry. I post on a Detroit Michigan forum as a cover.

**corktownyuppie** · July-18-12, 11:27 PM

Non Sequitur

**corktownyuppie** · July-18-12, 11:30 PM

Originally Posted by Jimaz

LIBOR has to do with the credibility of the entire international banking industry. Something the entire international banking industry would like to bury under the rug. You wouldn't happen to be involved with that, would you?

I'm part of the banking industry and want the whole LIBOR issue be brought to light and for all the fraudulent motherphuckers to go to jail and burn in hell for destroying integrity and confidence in our financial systems.

None of those things have anything to do with Jennifer Britt. The LIBOR didn't make her loan too large. The LIBOR didn't make her interest rate too high. The LIBOR didn't make her buy this house. Is it time that I blame the LIBOR for unemployment? Or blame the LIBOR for the moderated GDP growth? Or the LIBOR for increased tuition?

Do I blame the LIBOR for gentrification and the consent agreement, too? If you understand the LIBOR these questions don't even make any sense.

**corktownyuppie** · July-18-12, 11:34 PM

I have more questions. Because of the LIBOR am I now allowed not to pay my employees? Am I now allowed to gas up my car and then drive off? Can I borrow your lawn mower and not give it back? If it weren't for the LIBOR then I'd have the money to do it.

Seriously, you're approaching the same level as the Tea Party for delusional irrelevance.

Shollin · July-18-12, 11:37 PM

Even more, Flagstar isn't even one of the LIBOR banks.

Shollin · July-18-12, 11:41 PM

I blame Charles Pugh. I'm sure he has something to do with this. The house is in Detroit and he's city council president. Close enough.

**corktownyuppie** · July-18-12, 11:42 PM

I evicted a tenant from a rental property last month. She owes 3 months back unpaid rent. But you know, now that you mention the LIBOR it makes sense. No wonder she couldn't pay. Maybe I can ask the LIBOR's boss to pay? Maybe the LIBOR didn't realize the money was due. Should I send the late notices to the LIBOR office instead?

I think I have the solution. Jennifer Britt move in with LIBOR and crash on the LIBOR's couch. This is all his fault anyway.

Shollin · July-18-12, 11:50 PM

Maybe he meant Liger. It's like a lion and a tiger mixed... bred for its skills in magic

**CLAUDE G** · July-18-12, 11:58 PM

All this does is teach out children that they don't have the pay their bills and everything will work themselves out.

It was just like today, I went to court a few months ago, got a dumb jury in Warren and got a $14,000 judgement against me. Should have been $4,300, but I just got luckey that day to get a dumb jury that flunked math.

My lawyear calls me up today and tells me that the other party is willing to settle for $10,000 and is willing to work with me to put me on a payment plan.

I just laughed, and told my lawyer I aint paying anything.

My lawyer is then telling me all the ways they can collect on me. I come to think of how many people owe me money, and the judgements I have on other people and all the people I dealt with over the years that are un-collectable.

Moral of the story, why should I try to make good on a judgement? Fuck em.

As far as the situation for this person about to get evicted, I wish them the best of luck in being able to stay in their home.