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Why Are The Banks Foreclosing On Homes Then Holding Them? What Is Going On Here?



The two excel spreadsheets come from my county’s foreclosure sales website. The first shows the results of all auctions 1/1/12 through 2/29/12; the second shows all upcoming auctions 3/18/12-4/30/12…both data sets show the banks taking the vast majority of the properties back, the banks bidding up the properties to far, far, far more than they are worth.   Are the feds paying them to take properties back?   Do the banks not want to report the real value of their mortgages?   Right now they show the assets as the value of their judgments…if they put them all up for public sale would that force them to report the MASSIVE losses that are very much real, but hidden today?   Why are the banks forcing people into the streets then not selling the properties?








  • albert says:

    this happened to my brother. “bank” initial price was 117k,, real value in this property was around 22k..

    then they bought it for 10,400.
    of course a fraudulent “new lender” in fact was the servicer.

    any advice to avoid this eviction? we didn’t receive the the notice yet but will be soon , [i think]

  • Attorney Wendy Alison Nora says:

    The worst case scenario is that the entire foreclosure “crisis” was manufactured to inflict the maximum pain on our economy, destabilize our legal institutions, collapse the rule of law and create a demoralized class of citizens.
    See Wigod v. Wells Fargo (7th Circuit Court of Appeals, March 7, 2012) to see that the rule of law may restoring order to the crisis where HAMP is concerned.

  • Randy Frodsham says:

    One VERY important fact you don’t mention in the youtube video attached to this article is the fact that the banks vaults are full of a commodity that had been made essentially worthless by the last two Fereral administrations. That commodity is dollars as represented by Federal Reserve Notes. We ARE now degenerating to the same situation as existed in post-WW1 Germany when it took a wheelbarrow full of mark notes to purchase A single loaf of bread; when people were paid twice a day because the value of what they were earning (marks) was falling so rapidly; when people would pay for their meal when they placed the order because it would be more expensive by the time they finished eating. That was real in Germany then and a similar scenario is about to become all too real here in the United States of America.

    However, no matter what may ever happen to the value of the Federal Reserve Note dollar and, though, because of the buying power of potential purchasers of real property may decrease, the perceived value of real property will NEVER fall to zero (or less) as will the paper Federal Reserve Notes.

    If the banks hold the deeds to parcels of real property in their vaults, they will always have something of real value.

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