Mass Protest Planned At David Trott’s Posh Real Estate Office in Birmingham

[DetroiterOnTheWestCoast]

Article correctly points out that Detroit has 'posh suburb's. Beyond that, political piece.

For example, the two-track criticism. They criticize Trott's firm for 'two track'. Working with a debtor to keep house while moving forward on foreclosure. Well what do you want? Foreclosure WITHOUT efforts to keep people in homes? Geez. They're trying to help. Isn't that what the critics want? Well, you can't satisfy everyone. Some have to have it all, or you're at 'war' with them.

The reality of "Dual Tracking" is pretending to work to keep someone in their home, but only really pursuing foreclosure

[Baselinepunk]

The reality of "Dual Tracking" is pretending to work to keep someone in their home, but only really pursuing foreclosure

I know a family who fell on some hard times. They were going to walk away from their house after not be able to pay the mortgage and taxes. The bank talked them into a "program" that was geared toward them being able to refinance their home as a means for them to keep it at a new, lower payment. These folks jumped through all of the hoops the banks wanted for a while, and got extra money through additional work [[and had to rely on family to watch their kids while they did this). They finally caught up on everything and felt pretty good about keeping their home; it was one of the folks childhood home at that. So, when the time came to re-fi, the bank turned around and said that these folks didn't qualify for anything and told them to fuck off. So, the bank enticed these folks with false hope; and in the end, if these folks ever wanted to walk away from it, everything was caught up so the bank could have flipped it no problem [[because back taxes were all paid up). Trust me when I say, very few people in this town would shed a tear over one of those bankers, or the lawyers associated, getting hit by a couple of buses after work today.

[Wesley Mouch]

The reality of "Dual Tracking" is pretending to work to keep someone in their home, but only really pursuing foreclosure

Mind police alert.

What reason do you have for thinking Dual Track is not sincere and deciding what is in their individual & corporate minds?

Do you think its fair and appropriate to judge everything based on your opinion of the thoughts of others?

[Danny]

Folks, just don't vote for Trott!!!

[RapBrown]

Mind police alert.

What reason do you have for thinking Dual Track is not sincere and deciding what is in their individual & corporate minds?

Do you think its fair and appropriate to judge everything based on your opinion of the thoughts of others?

Could it possibly be because it's against the law?

[Bham1982]

Well, since Michigan already has some of the most pro-homeowner foreclosure laws in the nation, and since there isn't even a hint of evidence Dave Trott has done anything wrong, I'll assume these are more of the same anti-foreclosure, pro-squatter crazies.

[bailey]

Well, since Michigan already has some of the most pro-homeowner foreclosure laws in the nation, and since there isn't even a hint of evidence Dave Trott has done anything wrong, I'll assume these are more of the same anti-foreclosure, pro-squatter crazies.

Doing "nothing wrong" is miles different from doing something sleazy. Trott and Trott [[and their competition over in Troy, Orleans &Associates) are nationally known for their less than stellar practices. Trott himself is walking all kinds of conflict of interest lines with owning the entire pipeline from forclosure mill law firm, to property management firms, to title company to real estate company. Hell if I were one of his Bank clients, I'd wonder where his loyalty is.... to getting those houses on the market as fast as possible or protecting my interest in it by working with the borrower.

criticizing the manner in which T&T and Orleans...et al do it IS NOT the same as saying there is something evil about foreclosing on people.

and Michigan is not THAT pro-homowner. Here, unlike other states, banks can seek to collect the deficiency. So, you can be forclosed upon, evicted, and then when the bank sells your house they can still come after you for the difference between what you owed and what it sold for. In many cases that is hundreds of thousands and it's years later.

[BankruptcyGuy]

Trott himself is walking all kinds of conflict of interest lines with owning the entire pipeline from forclosure mill law firm, to property management firms, to title company to real estate company. Hell if I were one of his Bank clients, I'd wonder where his loyalty is.... to getting those houses on the market as fast as possible or protecting my interest in it by working with the borrower.

criticizing the manner in which T&T and Orleans...et al do it IS NOT the same as saying there is something evil about foreclosing on people.

and Michigan is not THAT pro-homowner. Here, unlike other states, banks can seek to collect the deficiency. So, you can be forclosed upon, evicted, and then when the bank sells your house they can still come after you for the difference between what you owed and what it sold for. In many cases that is hundreds of thousands and it's years later.

Keep in mind that the loan is NOT owned by the servicer, it's owned in little tiny bits by thousands of investors. The servicer is governed by an agreement which requires action in certain situations [[i.e. you must foreclose if the Borrower is X behind). There is absolutely no leeway to some of those situations, if even everyone thinks that the course of action could result in a lower return to the investors.

And while Michigan allows collection of deficiencies, they are rather rare. Most servicers bid in the full amount of the debt at foreclosure, which precludes a deficiency judgment. If the bid is less than the amount owed, the note holder must then pursue a deficiency through a separate court action, where defenses [["hey, you took this action which lowered the value of the house!") are allowed. The deficiency is NOT the difference between the debt and what the house sells for later--the latter is not relevant to the deficiency proceeding.

[[p.s. if the question is "is this a jacked-up way to manage mortgages?", the answer is "you bet.")

[bailey]

And while Michigan allows collection of deficiencies, they are rather rare. Most servicers bid in the full amount of the debt at foreclosure, which precludes a deficiency judgment. If the bid is less than the amount owed, the note holder must then pursue a deficiency through a separate court action, where defenses [["hey, you took this action which lowered the value of the house!") are allowed. The deficiency is NOT the difference between the debt and what the house sells for later--the latter is not relevant to the deficiency proceeding.

What the what now? A deficiency judgment is a money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying loan in full. Yes they have to go back to court to get one...and they are now doing it more often because people are getting back on their feet and actually have money.

[bailey]

Mind police alert.

What reason do you have for thinking Dual Track is not sincere and deciding what is in their individual & corporate minds?

Do you think its fair and appropriate to judge everything based on your opinion of the thoughts of others?

...because it was so abused it was made illegal.