Stop the Eviction of Jennifer Britt in Rosedale Park!

**Jimaz** · July-18-12, 11:59 PM

Shollin · July-19-12, 12:03 AM

Yes this is media manipulation. They are making the bank out to be the bad guy when the bank is following through with the agreement the homeowner signed.

**Jimaz** · July-19-12, 12:08 AM

LIBOR

This appears to be painful to you banksters?

Shollin · July-19-12, 12:10 AM

LIBOR has nothing to do with this conversation. I'm not sure why you keep bringing it up.

**Jimaz** · July-19-12, 12:12 AM

Originally Posted by Shollin

LIBOR has nothing to do with this conversation. I'm not sure why you keep bringing it up.

Because it is so effective in embarrassing banksters.

Shollin · July-19-12, 12:13 AM

Originally Posted by Jimaz

Because it is so effective in embarrassing you.

OK? Flagstar isn't a LIBOR bank nor an "international" bank. It's really effective in puzzling me because I have no idea what the hell your point is.

**Jimaz** · July-19-12, 12:21 AM

Let the record stand that LIBOR itself is too embarrassing for banksters to even address.

Shollin · July-19-12, 12:26 AM

Well I'm not a "bankster" Second, I don't work for a bank that participates in LIBOR. Third, LIBOR is irrelevant and a strawman. Fourth, speaking of strawmen, this is like badgering a Ford employee about GM's bailouts and then stating said employee is too embarrassed to address the auto bailouts. Fifth, I still don't know what your point is.

**belleislerunner** · July-19-12, 07:30 AM

Flagstar uses the LIBOR rate - it just has nothing to do with loans. LIBOR is one of two interest rates most commonly used with variable rate products [[the other being the PRIME rate).

In the case of Flagstar, they would most likely use it in their derivative contracts - they would either pay LIBOR and receive a fixed payment stream or they would pay fixed and receive a LIBOR stream. It's typically used to hedge debt or MSR's.

But no banker gets his boxers excited over LIBOR.

**corktownyuppie** · July-19-12, 08:11 AM

Let the record stand that the PUMAPARD is far more rare than the LIGER and -- if defeated -- will end the eviction proceedings.

Thankfully, forum moderators do not discriminate on the basis of age, race, religion, sexual orientation, or intelligence.

**corktownyuppie** · July-19-12, 08:32 AM

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!

In all seriousness, though, will have Southwest Housing Solutions get an opportunity to bid on the property after the sheriff sale? If so, I think there may be a reasonable solution to keep Jennifer in her home. I can't imagine that Flagstar wants to hold on to the property, but assuming that they do, it's reasonable to believe that they would rather rent it out to someone rather than no one.

Whether or not it's Jennifer, I believe that this house won't stay empty for long.

**iheartthed** · July-19-12, 08:35 AM

It's ridiculous that we're 5 years into this and there has been no substantial mortgage modification program to stabilize these high foreclosure areas. Obama's true failure, for sure.

**iheartthed** · July-19-12, 08:39 AM

Originally Posted by corktownyuppie

Whether or not it's Jennifer, I believe that this house won't stay empty for long.

You'd be surprised. I'm not exactly sure where she lives, but I have family and friends who live in that area. They are battling against a lot: houses are sitting empty for ridiculously long amounts of time, property values on livable houses have plummeted, huge increase in low income renters and/or squatters who are unable to maintain the properties.

**Richard** · July-19-12, 08:49 AM

LANSING, MI - Michigan would spend the bulk of its $97 million share of a national settlement with banks to help homeowners hurt by the foreclosure crisis and reduce blight under legislation sent to Gov. Rick Snyder on Wednesday.

http://www.mlive.com/news/index.ssf/..._river_default

This is the second round of funding by the feds to stem the foreclosures,the first round most cities used the funds to prop up their budget shortfalls and the funds never made it to where they were supposed to go. The feds are now going after the cites but lots of homes were lost in the meantime.

9mile&seneca · July-19-12, 04:30 PM

The funny [[Pissed off angry funny) part is how the poor individual has to pay tax on the difference like it's a f__ing windfall!

Shollin · July-19-12, 04:48 PM

Originally Posted by 9mile&seneca

The funny [[Pissed off angry funny) part is how the poor individual has to pay tax on the difference like it's a f__ing windfall!

It is a windfall. You're getting thousands of dollars of debt wiped away.

9mile&seneca · July-19-12, 04:55 PM

Originally Posted by Shollin

It is a windfall. You're getting thousands of dollars of debt wiped away.

You work for the G?

Shollin · July-19-12, 05:21 PM

What is the G? I wish I could've sold my house in Harper Woods for less than what I owed and just had the rest of my debt forgiven tax free.

**Blueidone** · July-20-12, 08:41 AM

Originally Posted by Shollin

What is the G? I wish I could've sold my house in Harper Woods for less than what I owed and just had the rest of my debt forgiven tax free.

You can...if you want to go through the foreclosure, have that mark on your credit for years and years, if you take care of the property during foreclosure, if you have an FHA mortgage with MIP protection, and the lender agrees to a short sale.

This is what happened to us. Yes, we got a 1099 for the difference between the short sale price and the amount owed on the mortgage. But there is some government program in place that will waive having to pay tax on that difference under certain circumstances. I don't know the details, I just know that we qualified for it.

But since then...and for quite some time into the future...our credit is shot and we cannot get a loan, a credit card, or even low cost insurance. So it is no walk in the park.

When we bought the house, we could afford it. But our circumstances changed through no fault of ours, and we just couldn't do it anymore. The mortgage company would not modify the loan or attempt to do anything to assist us. It took over a year to get them to agree to the short sale. All that time, we were paying the utilities and keeping up the outside of the house, checking on it every day. They told us that our efforts helped in their decision to approve the short sale...because we didn't just "walk away" and leave it.

**Hermod** · July-20-12, 08:54 AM

Originally Posted by 9mile&seneca

The funny [[Pissed off angry funny) part is how the poor individual has to pay tax on the difference like it's a f__ing windfall!

Not since 2007. There has been a moratorium on the IRS collecting tax on these "windfalls".

That expires this year as a part of the income tax bill. If Obama, Reid, and Pelosi want to save it, they had better come to the table willing and able to negotiate.

**belleislerunner** · July-20-12, 11:16 AM

Another point to consider is the simplification of who bears the cost for the modified terms.

Newflash - Fannie and Freddie Mae for all practical terms went "bankrupt" a few years back [[i.e. they are in conservatorship and not a publicly traded Company like they used to). The money they get to operate is provide by you and me, the taxpayers.

Flagstar, up until this quarter, has had years of quarterly losses. In fact, as recently as Feb when it signed the DOJ settlement - it asserted that the maximum amount it could pay was far less than the $135 million the government wanted it to pony up.

Point merely being, homeowner can't pay bills, the entity that owns the bills is struggling and not even public anymore [[i.e. conservatorship), the servicer is struggling - so there really is no "pot of gold" that can just absorb the hundreds of thousands of loan mods for the struggling homeowners.

With each passing quarter, [[i.e. time heals all wounds), the Banks [[Flagstar) and GSE's hopefully get better - but in reality it was the mortgage brokers/guys who pocketed the phony appraised money who profited but aren't around [[i.e. closed shop) to suffer to losses. Every other Bank [[i.e. one who originated crappy loans) is paying each quarter for their sins - look at any Bank's mortgage repurchases from Fannie/Freddie/third parties.

**Cincinnati_Kid** · July-20-12, 09:25 PM

[QUOTE=Shollin;331533]What is the G? I wish I could've sold my house in Harper Woods for less than what I owed and just had the rest of my debt forgiven tax free.[/QUOTE\]

I would assume the "G" is government.

Shollin · July-21-12, 08:46 AM

Originally Posted by Blueidone

You can...if you want to go through the foreclosure, have that mark on your credit for years and years, if you take care of the property during foreclosure, if you have an FHA mortgage with MIP protection, and the lender agrees to a short sale.

This is what happened to us. Yes, we got a 1099 for the difference between the short sale price and the amount owed on the mortgage. But there is some government program in place that will waive having to pay tax on that difference under certain circumstances. I don't know the details, I just know that we qualified for it.

But since then...and for quite some time into the future...our credit is shot and we cannot get a loan, a credit card, or even low cost insurance. So it is no walk in the park.

When we bought the house, we could afford it. But our circumstances changed through no fault of ours, and we just couldn't do it anymore. The mortgage company would not modify the loan or attempt to do anything to assist us. It took over a year to get them to agree to the short sale. All that time, we were paying the utilities and keeping up the outside of the house, checking on it every day. They told us that our efforts helped in their decision to approve the short sale...because we didn't just "walk away" and leave it.

I ended up getting out of it. I bought the house in 93 and took out a 15 year loan. In 2008 it was paid off and I sold it in 2010 for less than what I paid in 93. In 2003 when the neighborhood started to change, I should've bailed with the rest of the people. I took the $40,000 I sold it for and invested in my retirement. I now rent.

On a side note, I looked at my closing documents and the life insurance policy I had on the loan was $12 a month. It seems unnecessary if my wife could;ve just protested and get what she wants.

**Cincinnati_Kid** · July-21-12, 11:41 AM

Originally Posted by Shollin

I ended up getting out of it. I bought the house in 93 and took out a 15 year loan. In 2008 it was paid off and I sold it in 2010 for less than what I paid in 93. In 2003 when the neighborhood started to change, I should've bailed with the rest of the people. I took the $40,000 I sold it for and invested in my retirement. I now rent.

On a side note, I looked at my closing documents and the life insurance policy I had on the loan was $12 a month. It seems unnecessary if my wife could;ve just protested and get what she wants.

At this stage of the game, you're probably better off renting.

9mile&seneca · July-22-12, 06:36 PM

My memory is exceptional compared to most these days. [[When I was a kid, all the old people could remember things from 40 years ago, so I thought I was normal) Now 10 minutes seems to be the norm. Once upon a time, people lived in apartments. It was nothing to be ashamed of. Then, when we moved south, many young couples bought mobile homes. Again nothing to be ashamed of. For many of these folkes this was the first time they had indoor plumbing. Most had central heat and air, and were very well insulated. Then all of a sudden in the late 80's and on through the 90's, nothiong would do but a site built home of their own for everyone. People turned up their noses at these da-n trailers. It just makes me wonder...