Florida is giving up on a program designed to help keep struggling homeowners in their homes and out of foreclosure. When the state created the foreclosure mediation program two years ago, it was heralded as a creative way to try to address the foreclosures moving into courts and causing huge backlogs in the judicial system. The idea was to get lenders and borrowers together with a mediator, who would help find a solution to keep cases out of court. But it didn’t work. Only about three percent of the cases resulted in revised mortgage agreements. Nearly 60% of the homeowners eligible for mediation could never be found or contacted.
Its about time. Not only good for inspectors but also good for the economy!
Booooo hoooooo…like this guy needs a better economy…has enough work to fill 12 hours a day, eats $300 meals, and keeps his wife in the luxury she is accustomed too…like he knows about a bad economy…the nerve of some people…:roll:
I eat them but get some other sucker to pay for them
Lol…please you and your family have a great Christmas and it was a Ppeasure seeing you guys. You and your family are true treasure…
Thanks Russ, you enjoy your xmas as well.
And nearly 100% of the banks couldn’t find the documents or had the power to negotiate anything. They still don’t!
How is this good for inspectors?
It puts these house up for sale at very appealing price. When they sell the buyer gets an inspector. Right now people are living in the home for free for the last 2 years.
That isn’t how it works and the reason they are living in the house for free, in several instances is that the bank can’t prove they own the home and “legally” cannot proceed with the foreclosure.
There are numerous foreclosures that have been ruled illegal and the home was awarded to the original borrowers displacing the current owners…who are entitled to any and all monies spent.
Until all the clouded titles are cleared up, the market will not recover.
Source: mortgage mess
And, just today:
Too funny.I buy house, I dont pay for house. Bank to blame. I should live in house for free
I buy a house, lose the house, then get sued by someone I don’t even know for a house I don’t even own.
And to your statement above, the bank is to blame because they never owned your home in the first place. If they actually did, all foreclosures would be done in six months.
This JP Morgan has happened in probably 3/4 of all foreclosures.
Some more: 60 minutes
And one other thing, it isn’t a crime to not pay your mortgage, on the other hand, fraud, especially on the court, is.
It would seem that the banks - who securitized the mortgages and sold them on the open market - don’t, in fact, own the loans - Noone has 100% ownership:
By 1960, Congress authorized creation of real estate investment trusts (REITs) which would produce favorable tax advantages for investors. Most early REITs were mortgage **REITs (ownership of mortgages) rather than equity (ownership of property) ** investments.
• In the 1980s limited partnerships and syndications became popular again as large, nationwide firms entered the picture as underwriters and promoters. Passage of dramatic tax law changes in 1986 took away many of the tax incentives for this vehicle, leading to its near demise.
• In the 1990s, investment in equity-REITs took off, with that becoming the predominant real estate security for investors.
That is the whole purpose of having land records. The loan is based on the property. When the loan is sold, it is required to be recorded.
The problem now, is that way back when, the originator, who is the only one in the county with true ownership rights, is gone. Now, the title of the property cannot be conveyed as the chain of title has been broken.
Until the banks decide to bite the bullet and admit what they have done, this real estate crisis will continue indefinitely.
The other option is that individuals will realize that who they are paying every month isn’t the entity who owns their loan and in fact, their loan may have been paid off several times over. Once that happens, the only option for the homeowner if he wants to sell his home, is a quiet title action.
After a few million of those take place, everything will straighten itself out, unfortunately, the banks will suffer massive losses and again, the taxpayers will have to bail them out.