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Homeowner Forcloses On Bank of America

Posted by Lady_Brat none (My Page) on
Thu, Mar 1, 12 at 8:12

This happened back in June so some of you may already be aware of it. Someone sent it to me in an email and it was the first I heard about it. I believe this could be called "Poetic Justice".

Here is a link that might be useful: One for the homeowners


Follow-Up Postings:

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RE: Homeowner Forcloses On Bank of America

  • Posted by ohiomom 3rdrockfromthesun (My Page) on
    Thu, Mar 1, 12 at 8:27

Speaking of foreclosures...

What I don't understand is why the banks would not work with these homeowners ? Wouldn't it have made more sense to adjust the payments instead of leaving neighborhoods devastated ? The following story is about a local woman who was foreclosed on.

"Foreclosure knocked on her door after she had taken loans against the house and fell behind in payments.

"They served me papers at work, at my job, at home, in the mail. Everywhere," Simmons said.

Simmons moved out, and vandals hit the house within days. They turned it into a nightly stop, stripping away everything that was not nailed and some things that were, even the furnace.

"People took the water meter out of the house and it caused the house to flood for three weeks straight," Simmons said.

Two years later, the bank called and said it was dropping foreclosure proceedings.But by then, the house was uninhabitable."

Here is a link that might be useful: Destroyed home


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RE: Homeowner Forcloses On Bank of America

LOL, I love it, and you are right..poetic justice.

BOA keep shooting themselves in the foot. Heard this morning they are planning to charge a fee for certain checking accounts. Another mass exodus of the little guy I would think.


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Last year

  • Posted by ohiomom 3rdrockfromthesun (My Page) on
    Thu, Mar 1, 12 at 8:36

Just noticed this article was from June of last year LadyB, but still worth the read :)


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RE: Homeowner Forcloses On Bank of America

Yes ohiomon, I noted in my OP that it was from June. What I failed to mention however was that the homeowners had paid cash for their home and never had a mortgage to begin with??????????


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RE: Homeowner Forcloses On Bank of America

Beyond poetic justice! But it's only one, and it comes too late.

Ohiomom, I'm sure there's another ponzi scheme waiting in the wings... but what a shame. We're left with what look like war torn neighborhoods everywhere... just destroyed because someone wouldn't lift a finger to work with these families. Someone gave that order to bank employees... up the chain of command. Since money rises, follow the trail to the top... there, you'll find the greed responsible.

Occupy Everywhere!


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RE: Homeowner Forcloses On Bank of America

Simmons moved out, and vandals hit the house within days. They turned it into a nightly stop, stripping away everything that was not nailed and some things that were, even the furnace.

When I looked at a 3 family HUD foreclosure recently, people had stolen the electric service panels, copper wiring, copper piping, 3 new water heaters, 3 new boilers, interior doors, cabinets, attic insulation etc. This was in a nice neighborhood, so it may have been an inside, or local job.

It's pretty common for the former owners and/or tenants to sell off equipment, copper, fixtures or vandalize the properties prior to moving, or eviction as well.

Two weeks ago a customer facing foreclosure/eviction asked me if I wanted to buy the Buderus GB 142/60 boiler and other equipment we installed for 50 cents on the dollar.

In the bad neighborhoods, copper theft is common in occupied homes, and unoccupied homes under renovation when they owners aren't onsite.

Some things that has slowed down copper theft is requirement of a driver's license to sell metals, and closure/relocation of some salvage yards.


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RE: Homeowner Forcloses On Bank of America

The Banks have only added to the problems of vacant homes being vandalized as they allowed them to remain vacant, set up ridiculous protracted short sale procedures, and allowed otherwise decent homes to deteriorate beyond repair. That added to real estate prices dropping during the height of the Crash,

Things seem to be getting a little better now with many of these homes being swooped up by investors who are fixing them up and helping to put a floor under the local r.e. markets.
Unfortunately that doesn't help the families that were kicked out when they lost their jobs or when the adjustable interest rate on their mtge kicked up.


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RE: Homeowner Forcloses On Bank of America

With the new foreclosure settlement, critics are suggesting that 2012 could easily exceed 2011�s foreclosure numbers and even compete with 2010 for the worst year on record for the foreclosure crisis.

Here is a link that might be useful: link


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RE: Homeowner Forcloses On Bank of America

All it seems to have done, Heri, is create a higher number of lower income/poverty level families desperately struggling with lost credit and everything else that goes along with it... and subtracted from the middle class segment of our citizenry.

How handy for someone... not for those that lost in the game, though.


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RE: Homeowner Forcloses On Bank of America

Posted by heri_cles (My Page) on
Thu, Mar 1, 12 at 11:18

The Banks have only added to the problems of vacant homes being vandalized as they allowed them to remain vacant, set up ridiculous protracted short sale procedures, and allowed otherwise decent homes to deteriorate beyond repair. That added to real estate prices dropping during the height of the Crash,

Things seem to be getting a little better now with many of these homes being swooped up by investors who are fixing them up and helping to put a floor under the local r.e. markets.
Unfortunately that doesn't help the families that were kicked out when they lost their jobs or when the adjustable interest rate on their mtge kicked up.

*

Instead of complaining, those people that vandalized the property belonging to others can be hired by those that buy these properties to repair and clean them, then they can be sold by investors to people that can afford them and hopefully won't trash them when they cannot make the payments.

Just a positive way of looking at a negative situation, you know, instead of complaining and complaining and whining and whining and whining and whining and whining.


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RE: Homeowner Forcloses On Bank of America

  • Posted by ohiomom 3rdrockfromthesun (My Page) on
    Thu, Mar 1, 12 at 15:40

Excuse me Demi .. but if you call it "whining" that two years after the fact the bank said "never mind we changed our mind", who do you think is going to be responsible for back taxes, possible demolition and/or renovation.

Sorry but you and I are not reading the same article I posted ... I think it is outrageous what these banks have done to our communities.

And as far as speculators, they swoop up these properties here in Cleveland and do NADA including not paying taxes.

Geesh !

Banks got bailed out, we got sold out !!


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Whiners and then there are whiners

I was not referring to you or the link you posted, Ohiomom.


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RE: Homeowner Forcloses On Bank of America

two years after the fact the bank said "never mind we changed our mind", who do you think is going to be responsible for back taxes, possible demolition and/or renovation.

And that would be why I bankrupted when threatened with foreclosure if I didn't sell it the way they wanted. I may be dumb, but I aint stupid.


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RE: Homeowner Forcloses On Bank of America

I don't think anyone would ever call you either, rob. ;)

Best of luck, you have a positive attitude about life--it would be nice if more people shared your determination and attitude.


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-RE: Homeowner Forcloses On Bank of America

(((demi))) Thanks!

Most people use a different word=stubborn

:)


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RE: Homeowner Forcloses On Bank of America

you want make banks listen the answer is simple.
make banks pay tax on homes they foreclose on.
On counter note if the person who is foreclosed on strips the house take them to court.


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RE: Homeowner Forcloses On Bank of America

  • Posted by ohiomom 3rdrockfromthesun (My Page) on
    Thu, Mar 1, 12 at 19:20

Yes well the City of Cleveland has been taking the mega-banks to court since the shiite hit the fan and have yet to get any verdict against them.

How do you make them pay taxes ? Lock and load ?? Cause the courts throw it out each time.

Meanwhile we have entire blocks with one or two occupied homes and the rest left to rot. And who gets stuck with the bill the banks left behind ?? Yep the good old taxpayers.

Banks got bailed out, we got sold out.

OCCUPY EVERYWHERE !


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RE: Homeowner Forcloses On Bank of America

I hope this foreclosure makes BofA and others wake up.

I had a client who got a $4,000 judgment in small claims court against a major airline. They were giving him the run around about paying the judgment. I wrote the airlines attorney several times, getting promises but not payment. Finally, I wrote and said that if my client didn't get the money by a certain date, I was going to get the sheriff, notify the tv stations, and go to the airport and attach one of their airplanes to hold as collateral.

My client got a $4,000 check the next week. I was kind of disappointed (not for him, tho') as I was looking forward to actually doing what I threatened.


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RE: Homeowner Forcloses On Bank of America

  • Posted by ohiomom 3rdrockfromthesun (My Page) on
    Thu, Mar 1, 12 at 20:11

Dockside the problem is the BOA story is almost a year old and it has been business as usual for these banks, in other words they not only did not wake up they basically told the taxpayers to shove it.

This woman I linked to, this is recent, not a last year thing.

SMH


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RE: Homeowner Forcloses On Bank of America

ohiomom, Would you describe Bank of America donating 100 homes to your Cuyahoga Land Bank as "business as usual"? That happened last June in your community.


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Vacant

  • Posted by ohiomom 3rdrockfromthesun (My Page) on
    Thu, Mar 1, 12 at 20:51

Foreclosure study says vacant properties cost Cleveland $35+ million ++++++ whenever an article says it costs so and so city X amount of dollars, the real cost is borne by the taxpayer. We are the city, state and federal government.

....actually there is an entire rundown of Ohio cities in this report.

Not a long read.

Here is a link that might be useful: Vacant


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RE: Homeowner Forcloses On Bank of America

ohiomom, You sidestepped and avoided the question with a 3 yr old article. You're not familiar with the land bank, are you?

Here is a link that might be useful: cuyahoga land bank


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RE: Homeowner Forcloses On Bank of America

  • Posted by ohiomom 3rdrockfromthesun (My Page) on
    Fri, Mar 2, 12 at 7:31

Yes I know what a land bank is jmc, I also live here and drive through the city .. do you ?? I have seen with my own two eyes, not cuddly little bank stories, of nearly empty streets that once held middle class families.

This defense of the the mega banks is sweet, displaced, but sweet. How's that stock doing ?

Peace out .. :)


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Moving Forward...

  • Posted by ohiomom 3rdrockfromthesun (My Page) on
    Fri, Mar 2, 12 at 7:43

..... three years.

Here is a link that might be useful: Rot


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RE: Homeowner Forcloses On Bank of America

Vacant homes destroy property values, drive up crime rates and drive out residents.

We've had the opposite effect due to foreclosures, tax seizures, fires, demolition and vacant homes in some urban areas as the slumlords, out-of-area landlords/flippers/investors and/or their Section 8/DSS tenants are gone.

Since many of the slumlords are gone, their tenants - many of them criminals, thugs, drug users, drug dealers, vandals, trespassers, or sex offenders are gone as well.
Due to unfunded state mandates, the majority of property tax levies are used to support the high costs of many of these residents.

Since many of our urban propeties are 4/5/6 family homes, when one slumlord is eliminated, the positive effect is incredible.

Some relatively small urban areas have literally hundreds of vacant structures targeted for demolition, but much like other regions and states, demolition budgets are limited, or used for other purposes.

Unlike other states, many of our homes targeted for demolition are in fairly good condition, but location, high property taxes, regulations, lead abatement, asbestos abatement, parking issues, retroactive code enforcement etc makes them unsalable.

Due to the poor demand, high unemployment, high property taxes, high renovation costs and low housing prices in some regions, investors aren't buying homes like they have in the past.

Many local real estate markets bottomed about 2-1/2 years ago. Since then, many of the affordable homes have doubled in price, plus much of acreage and many of building lots have tripled, or quadrupled in price.

Generally speaking, foreclosures have never really been good buys locally. The best deals have always been distressed sales, private sales or tax auction properties.

I literally have to look at dozens of foreclosures to find 1 worthy of investment.

With so many low end and mid range properties selling cheaply, it doesn't make financial sense to invest tens of thousands of dollars in foreclosure purchase and renovation.



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