Foreclosures and Irresponsible Home THIEVES

[AnchorAlum]

Outback, Schmoutback. It's about being able to get into a $400,000 home when you make $25K a year and got the place with a liar's loan or no-doc loan back in 2005-2006 and then you lost your job AT the Outback as a hostess when all the other folks who made $25K a year and went to Outback once a month lost their job at the call center and couldn't go out to eat, and the Outback shut down.

Oops. Your ASS should not have been in that house to begin with, but Barney and Chris and Barney's friggin' boyfriend at Freddie/Fannie forced America to accept their theory that all Americans should have a house. Got news, Barn. Not everyone can own a house cause they can't pay for it. They can barely pay for the '98 Trans Am they got at Drive Time.

But here they are in Happy Acres gated community, enjoying the pool and the tennis courts and oh, by the way, they don't REALLY expect you to pay HOA dues or whatever they're called, do they?

Uh, yeah, they do. Your neighbor, that sucker, pays his. And now you want him to pay more since you think you are somehow so special you don't have to pay for yours? Right. The bills for cleaning that pool and servicing that gate keep on coming whether you can pay or not.

My company manages HOA's. I've been in this field for 12 years. You would not believe what we see every day. Among others, I blame site agents who sat in the model homes and over sold these folks with 1.9 teaser rates and the idea that they could re-fi in one year to a 3.9 on a house that's appreciating overnight. What a load of garbage.
Then there's the mortgage brokers and title companies who made a killing on these "Property Virgins" who got into these houses with zero down. It's called having no skin in the game.

And yes, Florida takes an average of a year and a half. That's on average. I have some sitting in houses for three and four. When the banks get close, they file bankruptcy. The process comes to the proverbial screeching halt. They never show up for the initial hearing in 30-45 days, the judge is required to give them another chance to show up in another 30-45 days (that's as much as three months for you laymen) and so it's dismissed.

Think it's over? Nah. Since only the husband filed, who's up next to file the Bankruptcy? Why you guessed it - the wife. So now we're up to another six months of living free and easy. You look in their files and they've been gaming the system for years.

The real suckers are those of us who just sent in our mortgage payment.

[honeychile]

Originally Posted by AnchorAlum

The real suckers are those of us who just sent in our mortgage payment.

Bingo.

[Munchkin03]

Originally Posted by AnchorAlum

Think it's over? Nah. Since only the husband filed, who's up next to file the Bankruptcy? Why you guessed it - the wife. So now we're up to another six months of living free and easy. You look in their files and they've been gaming the system for years.

The real suckers are those of us who just sent in our mortgage payment.

Don't you think that the system as it stands in Florida enables people like this? I mean, between the rapid construction of poor-quality homes and the fact that bankruptcy laws in Florida are insanely lax, do you think that people who are financial trainwrecks come to Florida in order to "game the system," to file bankruptcy and still keep their homes and hide assets in their children's names?

I've been wondering this because whenever I read these articles, they usually are about people in Florida (and occasionally the IE and Vegas). Also, being an architect who grew up in Florida, I see these homes and I wouldn't pay $10 for them, let alone $400K. Most are constructed so horribly.

[preciousjeni]

Originally Posted by AnchorAlum

The real suckers are those of us who just sent in our mortgage payment.

Absolutely. The fact that the folks in the story had the nerve to go out to eat in the first place disgusts me, Outback or not. I'm sitting in a piece of crap house, scrimping and saving to pay it off as quickly as possible, so I can upgrade. I chose this house because I knew that, if my husband and I lost our jobs and had to work in very low-paying jobs, we could still make our mortgage payments.

If you have no business being in a house you really can't afford, I have no sympathy WHAT-SO-EVER when the bank takes it back. It's the people who cut back and cut back some more only to find they can't keep their homes. My heart goes out to them and anyone who makes sound financial decisions and is responsible with money, but falls on bad times.

Alex Pemberton and Susan Reboyras should be imprisoned.

[Drolefille]

Originally Posted by preciousjeni

Absolutely. The fact that the folks in the story had the nerve to go out to eat in the first place disgusts me, Outback or not. I'm sitting in a piece of crap house, scrimping and saving to pay it off as quickly as possible, so I can upgrade. I chose this house because I knew that, if my husband and I lost our jobs and had to work in very low-paying jobs, we could still make our mortgage payments.

If you have no business being in a house you really can't afford, I have no sympathy WHAT-SO-EVER when the bank takes it back. It's the people who cut back and cut back some more only to find they can't keep their homes. My heart goes out to them and anyone who makes sound financial decisions and is responsible with money, but falls on bad times.

Alex Pemberton and Susan Reboyras should be imprisoned.

I don't think they want your sympathy, they seem to be acknowledging that they'll eventually be evicted. And what exactly would you imprison them for besides living their life in a way you disapprove of?'

ETA: And you have the choice not to be a "sucker." But I suspect you find making your payments both possible and preferable to eviction.

[preciousjeni]

Originally Posted by Drolefille

And what exactly would you imprison them for besides living their life in a way you disapprove of?'

Exactly what the thread title indicates. They are stealing. Just because they're getting away with it, doesn't mean it's not thievery.

[Drolefille]

Originally Posted by preciousjeni

Exactly what the thread title indicates. They are stealing. Just because they're getting away with it, doesn't mean it's not thievery.

Just because you call it theft doesn't make it so. Until the bank/court rules that it is not the individual's property anymore, which is what repossession is, they're only in possession of their own property.

Theft is a legal term, not something people get arrested for because you think it's not fair.

[MysticCat]

Originally Posted by Drolefille

Just because you call it theft doesn't make it so. . . .

Theft is a legal term, not something people get arrested for because you think it's not fair.

This.

[preciousjeni]

Originally Posted by AXiDa22

If everyone could afford the homes they lived in there wouldn't be a need for loans in the first place. People find themselves in debt because they can't shovel out 100,000 (the average 3 bed 2 bath small brick home in my town).

Again,

Originally Posted by preciousjeni

I'm sitting in a piece of crap house, scrimping and saving to pay it off as quickly as possible, so I can upgrade. I chose this house because I knew that, if my husband and I lost our jobs and had to work in very low-paying jobs, we could still make our mortgage payments.

Originally Posted by Drolefille

Theft is a legal term, not something people get arrested for because you think it's not fair.

I didn't say they had any chance of being convicted of theft. I said they are thieves and should be incarcerated. The law just needs to be tightened up.

[AXiDa22]

If you have no business being in a house you really can't afford, I have no sympathy WHAT-SO-EVER when the bank takes it back.

If everyone could afford the homes they lived in there wouldn't be a need for loans in the first place. People find themselves in debt because they can't shovel out 100,000 (the average 3 bed 2 bath small brick home in my town).