Bill introduced to make it quicker to foreclose on homes.

[Honky Tonk]

Well, I know a person and know of many more who NEVER missed a payment, but we're still foreclosed on and many more who were screwed over by banks during long drawn out mortgage modification processes. Its not always so cut and dry as so & so didn't pay their mortgage. That's why banks have had to pay hundreds of billions of dollars in penalties in the last couple years. Maybe you haven't been watching the news?

Really? On what grounds?

[DetroitPlanner]

Really? On what grounds?

I'd like to know too. Did they not read or understand the contract? Did they have a contract that was written to favor the bank so much that they did not bother to read?

[Bham1982]

I don't know enough of the legislation to know if I support it or not, but it isn't as clear cut as quick foreclosure = pro banks and anti homeowners.

The current drawn-out morass isn't a good thing, for either side. It's at least highly debatable whether the current system benefits most consumers. I assume if you're paying your mortgage bills like most people out there, there's benefit in further market clarity, though if you're not, the current system is better.

And no way was someone foreclosed upon if they never missed a payment. Banks don't want houses. They really, really don't, especially in this part of the country, where values are low, and long-term prospects somewhat foggy. Banks want you paying them back, on time, and if you can't, they want to work with you before giving up.

[Cincinnati_Kid]

I don't know enough of the legislation to know if I support it or not, but it isn't as clear cut as quick foreclosure = pro banks and anti homeowners.

The current drawn-out morass isn't a good thing, for either side. It's at least highly debatable whether the current system benefits most consumers. I assume if you're paying your mortgage bills like most people out there, there's benefit in further market clarity, though if you're not, the current system is better.

And no way was someone foreclosed upon if they never missed a payment. Banks don't want houses. They really, really don't, especially in this part of the country, where values are low, and long-term prospects somewhat foggy. Banks want you paying them back, on time, and if you can't, they want to work with you before giving up.

That answer is subjective. I know plenty of people that during the housing crisis, certain banks and mortgage companies refused to work with them in helping them keep their homes. There are some snake-in-the-grass banks, servicing and mortgage companies out here that just want to see people fail. If they don't want the the house back, then they should be willing to do everything possible to help them keep it. That's not always the case.

[DetroitPlanner]

That answer is subjective. I know plenty of people that during the housing crisis, certain banks and mortgage companies refused to work with them in helping them keep their homes. There are some snake-in-the-grass banks, servicing and mortgage companies out here that just want to see people fail. If they don't want the the house back, then they should be willing to do everything possible to help them keep it. That's not always the case.

Once a bank takes possession of a home and it is unoccupied the house becomes a huge liability instead of an asset. Banks do not want to be on the hook should someone break in, strip everything of value and leave it open for trespass.

The issue with banks lies in them approving loans for people who should not have them in the first place. It is a risky practice but the people who approve the loans only see short term bonuses and care nothing about the institution that employs them or the customer he/she screws over. They do not act in the best interest of the client or the employer, only themselves. That is why you need to have many eyes on the those who work in loan departments.

[antongast]

And no way was someone foreclosed upon if they never missed a payment. Banks don't want houses. They really, really don't, especially in this part of the country, where values are low, and long-term prospects somewhat foggy. Banks want you paying them back, on time, and if you can't, they want to work with you before giving up.

There are more things in heaven and earth, Bham, than are dreamt of in your philosophy.

[Bham1982]

There are more things in heaven and earth, Bham, than are dreamt of in your philosophy.

Ok, but your article doesn't contradict what I wrote.

I wrote that banks don't foreclose if you make your payments. This article says the bank foreclosed specifically because payments weren't made, though the homeowners dispute this.

So it comes down to who you believe. Do you believe the bank is really receiving payments, and secretly deciding to violate the terms of its own agreement, in order to lose money on a underwater asset? Or are the homeowners not telling the truth, and not making their payments? I think the latter scenario is more likely.

[EastsideAl]

And no way was someone foreclosed upon if they never missed a payment. Banks don't want houses. They really, really don't, especially in this part of the country, where values are low, and long-term prospects somewhat foggy. Banks want you paying them back, on time, and if you can't, they want to work with you before giving up.

There are more things in heaven and earth, Bham, than are dreamt of in your philosophy.

Not to mention that he's talking completely out of his ass with no idea of what actually happens out there. The banks not only won't work with homeowners, in many, if not most, cases we've worked on they won't even return their phone calls.

Certainly for the many mortgages that were sold to or were serviced by Freddie Mac or Fannie Mae it is almost impossible to get anyone to respond, let alone to try to negotiate a solution. And, in some cases, often those where some sort of mortgage fraud was involved [[but not always, some mortgages have just been sold several times), it is practically impossible to determine who the actual mortgage holder is.

Several months ago when the stories came out about the massive frauds and abuses going on around the country in the home foreclosure process there was a huge number of reports of homeowners who were foreclosed on and evicted as quickly as possible without ever once being able to even speak to anyone with any power at their bank. Those stories have now subsided, but nothing at all was done to address the problems or curb the abuses, which are still going on. And it really doesn't matter whether you live in Cleveland, Miami, L.A. or Detroit. There was, and is, simply a mad rush to get these bad [[and, again, often fraudulent) mortgages off of the books of the banks and lenders, even if they then get stuck with the houses [[which they can just abandon and write off anyway).

[brizee]

Not to mention that he's talking completely out of his ass with no idea of what actually happens out there. The banks not only won't work with homeowners, in many, if not most, cases we've worked on they won't even return their phone calls.

Certainly for the many mortgages that were sold to or were serviced by Freddie Mac or Fannie Mae it is almost impossible to get anyone to respond, let alone to try to negotiate a solution. And, in some cases, often those where some sort of mortgage fraud was involved [[but not always, some mortgages have just been sold several times), it is practically impossible to determine who the actual mortgage holder is.

Several months ago when the stories came out about the massive frauds and abuses going on around the country in the home foreclosure process there was a huge number of reports of homeowners who were foreclosed on and evicted as quickly as possible without ever once being able to even speak to anyone with any power at their bank. Those stories have now subsided, but nothing at all was done to address the problems or curb the abuses, which are still going on. And it really doesn't matter whether you live in Cleveland, Miami, L.A. or Detroit. There was, and is, simply a mad rush to get these bad [[and, again, often fraudulent) mortgages off of the books of the banks and lenders, even if they then get stuck with the houses [[which they can just abandon and write off anyway).

http://finance.yahoo.com/news/AP-Exc...n&asset=&ccode=

Banks fraudulently and illegally signed foreclosure orders by the thousands and went unpunished.

That patronizing "pay your bills"/"it never happens" stuff is downright hateful in the aftermath of what this country went through the last five years.

[MikeyinBrooklyn]

Any illegal activities by the banks should, of course, be punished fully. And the banks obviously gave out tons of mortgages to people not qualified for them. But if 2 people agree, "you can have X if you pay me Z dollars a month. But if you fail to pay me, you can't have it anymore" and we sign a contract to that affect, what leg does anyone have to stand on to keep Z if they don't pay? Would anyone object to the bank taking someone's house if they were making their payments? That is the bank's equivalent of someone wanting to stay in a house they aren't making their payments on. I am all for some compassion for people when they are in tough straits [[I have been in them myself). But it is outrageous to think people can just have things that aren't theirs to have.

[Cincinnati_Kid]

Not to mention that he's talking completely out of his ass with no idea of what actually happens out there. The banks not only won't work with homeowners, in many, if not most, cases we've worked on they won't even return their phone calls.

Certainly for the many mortgages that were sold to or were serviced by Freddie Mac or Fannie Mae it is almost impossible to get anyone to respond, let alone to try to negotiate a solution. And, in some cases, often those where some sort of mortgage fraud was involved [[but not always, some mortgages have just been sold several times), it is practically impossible to determine who the actual mortgage holder is.

Several months ago when the stories came out about the massive frauds and abuses going on around the country in the home foreclosure process there was a huge number of reports of homeowners who were foreclosed on and evicted as quickly as possible without ever once being able to even speak to anyone with any power at their bank. Those stories have now subsided, but nothing at all was done to address the problems or curb the abuses, which are still going on. And it really doesn't matter whether you live in Cleveland, Miami, L.A. or Detroit. There was, and is, simply a mad rush to get these bad [[and, again, often fraudulent) mortgages off of the books of the banks and lenders, even if they then get stuck with the houses [[which they can just abandon and write off anyway).

Thank you Eastside Al. Finally somebody on here that gets it. Thousands of people were wrongly put out of their homes, and nothing has been said or done about it. I see where certain banks are giving abused homeowners payouts for the crimes, but what about the homeowners who were screwed by smaller banks and mortgage companies? They get nothing.

[Bham1982]

Not to mention that he's talking completely out of his ass with no idea of what actually happens out there. The banks not only won't work with homeowners, in many, if not most, cases we've worked on they won't even return their phone calls.

Ok, then why don't you tell me why banks want to steal people's homes, and lose giant amounts of money. What would be the incentive?

Banks make a TON of money on home loans. They want you to pay them! Money is a good thing! There is no reason for them to refuse your money, just to be mean.

And based on your post, your employment is in some time of "consumer advocacy, anti-foreclosure" position, which means you aren't exactly an unbiased source. I'm not going to put much stock in your claims.

[EastsideAl]

Ok, then why don't you tell me why banks want to steal people's homes, and lose giant amounts of money. What would be the incentive?

Banks make a TON of money on home loans. They want you to pay them! Money is a good thing! There is no reason for them to refuse your money, just to be mean.

And based on your post, your employment is in some time of "consumer advocacy, anti-foreclosure" position, which means you aren't exactly an unbiased source. I'm not going to put much stock in your claims.

I agree with you on a lot of other things you post about, but sometimes you sure don't seem to read very well.

[compn]

Banks don't want houses.

hahahahahaha