foreclosure process
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It might not make financial sense for institutional investors to keep buying if the payoff continues to soften, but it could be different for small investors.
Foreclosure Auctions And Foreclosed Homes….The Investor Fad Is Wearing Off
The policy makers in this country have spoken: There will be no assistance to those in foreclosure. We will not help Americans avoid foreclosure. We will not help to delay or stop foreclosure. Instead, we will work with the banks to throw American families into the street so that we can sell their home for pennies on the dollar to investors.
Now for the first couple months, there has been a bit of an investor frenzy with prices being bid up. But the bloom has started to fall off that onion and investors are admitting what I’ve said all along:
Investors are paying far too much for the homes they’re buying at foreclosure auctions!
The numbers they have been quoting, and the prices they have been paying do not cover the cost of holding, much less maintaining….and certainly not improving…the real estate they are buying. That means the assets they are holding will be declining in value. And once a decline starts in real estate…..that decline is very difficult to stop.
And so at some point in time we’ll all get around to asking the question….
Why won’t we modify mortgages in the same terms we will sell these homes to private investors?
FORTUNE – When the U.S. housing market crashed in 2007, millions lost their homes to foreclosure. With their finances in shambles, they picked up the pieces by renting rather than buying. Big institutional investors quickly caught on, snapping up foreclosed properties on the cheap and renting them out.
All this has helped drive the recovery we’re seeing today: Investors effectively absorbed the excess inventory of homes for sale, which in turn has helped push home prices higher. Prices for rentals have also risen rapidly, as families who either lost their homes or put off buying found rentals to live in.
While this has gone on for some time, the investor frenzy might have peaked. Rents for single-family homes have essentially flattened — rising just 0.1% in March from a year earlier, according to a report released Thursday by real estate listing website Trulia. What’s more, in some cities where investors had the biggest appetite for properties on the cheap, rents have fallen: Take Los Angeles, where rents fell 1.9%; rents in Orange County slipped down 0.7%; Las Vegas saw a 1.9% drop. And in two other key investor markets — Atlanta and Phoenix — single-family home rents remained flat, rising less than 1%.
Meanwhile, rents for apartments have continued to rise, climbing 2.9% in March from a year earlier.
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A live discussion on bank abuses......bank break ins
GOING LIVE NOW!~ BANK TRASH OUTS…DANGER TO THE COMMUNITY (Ugly foreclosure help stories)
A SPECIAL LIVE BROADCAST...LEARN HOW BANKS ARE GROSSLY VIOLATING BASIC RIGHTS AND BREAKING INTO HOMES ALL ACROSS AMERICA
TODAY, 12:30 PM…A LIVE BROADCAST EVENT-Bank Break Ins, Foreclosure Property Preservation And Burglary of Occupied Dwellings, DANGEROUS BANK PRACTICES in foreclosure
Join Me LIVE today at 12:30 pm for a broadcast discussion:
As part of the foreclosure process, banks rely on contractors to assess what are supposed to be vacant properties. Often this means break-ins of occupied homes. Is this fair practice or just a necessary evil of foreclosures?
Click here to join the discussion and watch the broadcast:
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Our Children Will Forever Pay For George Bush's War Crimes.
America in Foreclosure, And Wars That Cost $6 Trillion……(And The Murder of Innocent Children)
I wonder if we’ll see the day when George Bush and Dick Cheney will be prosecuted for their war crimes?
I wonder if the lies and the fraud that were used to send our nation’s men and women into a pillaging war of conquest will ever be accounted for?
I wonder if this generation of Americans will wake up and hold the war profiteers accountable for ransacking our nation’s treasury and wasting away all that our nation had saved?
I wonder if the chickenhawks, those cowards who never served in uniform and have no idea what the real honor of our nation’s military history is will ever be accountable?
I know we can never repay the debts that we all owe to the men and women who served their country in uniform….
You won’t see this reported in American media…but the cost of Bush’s wars is $6 Trillion…:
The fresh calculation – which includes the cost of spiralling veterans’ care bills and the future interest on war loans – paints a grim picture of how America’s future at home and abroad has been mortgaged to the two conflicts entered into by George W Bush in 2001 and 2003.
“There will be no peace dividend,” is the stark conclusion from the 22-page report from the Kennedy School of Government, “and the legacy of Iraq and Afghanistan wars will be costs that persist for decades.”
The report comes as the US prepares for a final withdrawal from Afghanistan, a move that Barack Obama trumpeted in his State of the Union address as a sign that America was finally moving forward after a sapping decade of war.
However the working paper by Professor Linda J. Bilmes makes clear that the true legacy the two conflicts – which have cost $2 trillion in actual outlays so far – have not yet even begun to be appreciated.
“There’s a sense that we are turning the corner, but unfortunately, the legacy of these wars, because of decision about the way we fought and funded these wars, means we will be paying the costs for a long time to come,” Prof Bilmes said in an interview with The Daily Telegraph. “We may be mentally turning the page, but we are certainly not from a budgetary and financial perspective.”
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But there is another area...one that impacts all of us...that is so blatant, so clear, so direct, that our courts cannot ignore.
Do Florida’s Foreclosure Courts Have A Moral Obligation To Rehabilitate The Banks?
I was going to start my post with the question,
Do Florida’s Foreclosure Courts Have Any Obligation to Punish Bank Wrongdoing?
Or something like….
Will The Government Help Americans in The Foreclosure Process?
But then I realized, everyone would think I’ve completely lost it, that I’m being completely amateurish, that I had not been following any case law or reporting over the last several years, particularly as it relates to the crimes and abuses visited upon the American people by the banks, by Wall Street and by the corporations that run our nation’s court system.
Of course courts cannot punish bank wrongdoing. Of course courts cannot hold any of the criminals or con artists that own our courts and run our nation’s financial system responsible. After all….especially here in the State of Florida, fraudclosure capital of the universe, where it is the job of our courts to:
GET THIS ECONOMY MOVING AGAIN!
And in order to do so, our courts have to ignore any law, rule, procedure, or principal that stands in the way of doing what is the ultimate objective:
GRANT FORECLOSURE JUDGMENTS!
The banks and their attorneys have been making a mockery of what we thought was our nation’s legal system for decades now. Here in Florida, long before foreclosures were hot and sexy, the foreclosure mills were lying to the court with virtually every lawsuit they filed. Remember the count…..
THE NOTE IS LOST OR DESTROYED AND CANNOT BE FOUND
I remember a good judge used to say, “A hard to find note is not the same thing as a lost note” and he kind of expected the foreclosure mills to go and find those notes…at a time when so many other judges just shrugged their black robed shoulders and said, “Oh well, they can’t find the note” Fast forward many years now and that lie, repeated over and over tens of thousands of times, seems so small compared to all the other lies….the entirety of the judicial system turned on its head as it is.
It is plainly, blatantly, disgustingly obvious that our nation’s courts have no appetite for providing any kind of sanction whatsoever. It’s clear that the banks are like the Lindsay Lohan of our nation’s legal world. The entirety of government, and especially our nation’s court system, are happy to laugh away at all their transgressions. And just like Lindsay, no one apparently cares about the consequences of all this unrestrained arrogance and wrongdoing.
But there is another area…one that impacts all of us…that is so blatant, so clear, so direct, that our courts cannot ignore. There, I did it again…..”Our courts cannot ignore”. Only they can. But will they?
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The Banks Have Decided....THEY CAN BREAK INTO YOUR HOME AND COMPELTELY DEMOLISH AND DESTROY IT....WHENEVER THEY WANT TO!
The Banks, Breaking Into Homes, Destroying Property, Terrorizing Homeowners…..AND NO ONE WANTS TO STOP THEM!
I wonder what would happen if more Americans knew the banks have decided they can break into homes, terrorize homeowners and destroy their personal property?
I wonder what would happen if Americans realized that the banks took the position that if they wanted to break into properties and use sledgehammers, crowbars and baseball bats to COMPLETELY DESTROY AND DEMOLISH THE HOME THEY COULD DO SO….WITHOUT EVEN PROVIDING ANY NOTICE TO THE HOMEOWNER?
What if you left your home one day and when you left the doors and the walls were completely intact? But you returned later to find workers in your home knocking down every single wall…with reckless abandon?
And what if you learned that because these workers were violating state law, were unlicensed and did not have any permits, you, the homeowner faced a $500 per day fine? Doesn’t that sound INSANE? Well, take a look at these before and after pictures. In the first picture you see a perfectly fine home…right? Walls intact? Floors clean…a little bit of work being done? Well, that’s they way my client’s home looked when they left it.
The next picture should shock and appall you. What this picture shows is what happens after a bank.enters into my clients home, without warning that they were going to do so….and completely demolish the property.
This was your country folks….but now the banks do what they want. My disturbing case is hardly isolated. Read from today’s Huffington Post:
Last March, a 23-year-old bank contractor cut through the secured gate at the entrance to a farm in Little Rock, Ark., and proceeded to a small house on the property. There, according to a police report, he broke the lock off one of the doors and forced his way inside.
The man, who police would later identify as David Cole, was allegedly there on official business: He worked in a little-known but booming industry that maintains and inspects millions of foreclosed and abandoned homes owned by mortgage lenders in the wake of an epochal real estate bust. The bank responsible for this particular home had presumably decided that the home was another discarded mess, and Cole’s company had been dispatched to shore the building against the ravages of weather and decay.
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D5 Creation