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Florida bankers move to dramatically speed up the forec... - 2/26/2010 7:38:32 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		http://www.tampabay.com/news/business/realestate/article1069024.ece

unbelievable.  oh wait- this is not Alex Jones.   que pasa?
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RE: Florida bankers move to dramatically speed up the f... - 2/26/2010 8:27:50 AM   
Termyn8or


Posts: 18681
Joined: 11/12/2005
Status: offline 		"We don't want the property. We're not into the property management business," Sanchez said of bankers. "We want to get a property out of the courts and sold to a productive Florida family.''"

Complete and utter bullshit. They might not technically be in that business now, but they will be. What they don't see is that there are not going to be many of those elusive "productive" Florida families. In other words, to whom are they supposedly going to sell these properties ?

If they get this off, there might be less strategic abandonments, maybe, just maybe. But what will happen for the large part is that the bank is going to have to sell the property at a loss and then will have the right to go after the original debtor for the loss. This makes the people, not the banks liable for the bursting of the housing bubble. A bubble which the banks caused by the way.

It is almost as if it was planned that way. What's more, given the current financial conditions and the blundering of the "government" a fast track system of foreclosure might exaserbate the coming glut in the housing market. Then they can honestly say they can't sell the properties and will get into the propery managment business, that is until the prices come up a bit and stabilise.

Actually a court overseen foreclosue was a part of the original deal, so look for challenges based on that. What's more it is a clear case of trying to take the court system out of a process for which it exists, and any sane supreme court judge should rule it unconstitutional in about three seconds. But then after a few years of court battles, the debtors remain homeless.

Wait until people start getting desparate. While I am in favor of only taking action with desirable results, certain conditions can push anyone over the edge. In light of that, I wonder how many of those properties are going to end up being a hole in the ground. Imagine a family living in their car watching their ex-house go up in flames. "Gee, I think I left a pair of my favorite socks in there, dammit".

And with their credit ruined, all the other debt they had will go into default. They will keep their bigscreen TVs, expensive diningroom suits and such in storage. None of that now needs to be paid off.

Now if people really couldn't pay through no fault of their own, they could get a chapter seven. But the debt will not occur until the deficit sale. How long might that be ?

It will be interesting to see if they get this one over. If the Florida government lets it happen, let's hope their political suicide goes very slowly and is very agonizing.

T

(in reply to pahunkboy)
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RE: Florida bankers move to dramatically speed up the f... - 2/26/2010 8:39:19 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		I don't like the idea of it bypassing the court.

I guess the bill doesn't have a big chance.

This type of thing tho does eat at a person.

During the depression- people were feisty about foreclosures.

It is true that there was a bubble.  So those prices are too high- and likely so for the next 10-15 years.





(in reply to Termyn8or)
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RE: Florida bankers move to dramatically speed up the f... - 2/26/2010 9:12:51 AM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		Term, you asked who?

The properties will be bought by someone with a wad of cash or some big entity, the houses rented out... or sectioned eight... and the only losers will be the ones who were foreclosed on.

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RE: Florida bankers move to dramatically speed up the f... - 2/26/2010 9:21:37 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		Not at full price they wont be.  LOL.

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RE: Florida bankers move to dramatically speed up the f... - 2/26/2010 3:39:16 PM   
UncleNasty


Posts: 1108
Joined: 3/20/2004
Status: offline 		Florida has been on the leading edge of foreclosures for several years now. It is also home to one of the most effective foreclosure fighting attorneys, April charney of Jacksonville legal Aide Society.

The main idea behind the proposed bill is to make Florida a "non-judicial" state. Meaning there is no judicial proceeding required for any alleged lender/owner/holder to foreclose on a property. There are already other non-judicial states. Florida hardly needs the legislation as it is also home to the "Rocket Docket." This means what it implies: that there is virtually no time given to any case and virtually no issues brought by a borrower/defendant.

It used to be that foreclosures were straightforward and simple. In the days of "Banker Bob." the local bank lent money, held onto the loan, and in event of default there really weren't any questions. We don't live in those days any more.

Florida is also home to two (2) of the largest document fabrication mills: Fidelity/Lender Processing Services (LPS also has an office in Mendota Heights MN, and another "branch under the name of Docx in Alphareta GA) and Nationwide Title. These companies simply make up whatever documents are required to ram rod a foreclosure through. It doesn't matter is the documents are reflective of reality or not. Whatever you need they will make it.

Need an affidavit of merit? They can do it.
Need an assignment of mortgage? They can do it.
Need a statement of account, or something imitative of ledger entries? They can do that too.

So, between the rocket docket and fabricated evidence used in judicial proceedings Florida is already one of the worst places in the country in terms of denial of due process.

Uncle Nasty

(in reply to pahunkboy)
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RE: Florida bankers move to dramatically speed up the f... - 2/26/2010 3:41:16 PM   
Real0ne


Posts: 21189
Joined: 10/25/2004
Status: offline
quote:

ORIGINAL: UncleNasty

Florida has been on the leading edge of foreclosures for several years now. It is also home to one of the most effective foreclosure fighting attorneys, April charney of Jacksonville legal Aide Society.

The main idea behind the proposed bill is to make Florida a "non-judicial" state. Meaning there is no judicial proceeding required for any alleged lender/owner/holder to foreclose on a property. There are already other non-judicial states. Florida hardly needs the legislation as it is also home to the "Rocket Docket." This means what it implies: that there is virtually no time given to any case and virtually no issues brought by a borrower/defendant.

It used to be that foreclosures were straightforward and simple. In the days of "Banker Bob." the local bank lent money, held onto the loan, and in event of default there really weren't any questions. We don't live in those days any more.

Florida is also home to two (2) of the largest document fabrication mills: Fidelity/Lender Processing Services (LPS also has an office in Mendota Heights MN, and another "branch under the name of Docx in Alphareta GA) and Nationwide Title. These companies simply make up whatever documents are required to ram rod a foreclosure through. It doesn't matter is the documents are reflective of reality or not. Whatever you need they will make it.

Need an affidavit of merit? They can do it.
Need an assignment of mortgage? They can do it.
Need a statement of account, or something imitative of ledger entries? They can do that too.

So, between the rocket docket and fabricated evidence used in judicial proceedings Florida is already one of the worst places in the country in terms of denial of due process.

Uncle Nasty



we counter that by teaching people how to become "judicial" forcing the issue.


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(in reply to UncleNasty)
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RE: Florida bankers move to dramatically speed up the f... - 2/26/2010 3:50:56 PM   
UncleNasty


Posts: 1108
Joined: 3/20/2004
Status: offline 		If you mean to fight in court for all you're worth then I'm all for it. I've been doing that for 27 months now. I'm on the cutting edge of this emerging area of the law and am in some very rare company - those of us in the fight that are setting precedents and educating the courts number very few: perhaps 1000 nationwide. I'm in the process of setting precedent here in KY - or in writing new law. Had a great hearing today as a matter of fact.

If you mean that in some other way no good will come from that in the short run, and even in the long run it is questionable. Usually the wrong people come to power after revolt.



Uncle Nasty

(in reply to Real0ne)
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RE: Florida bankers move to dramatically speed up the f... - 2/26/2010 5:57:45 PM   
StrangerThan


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Joined: 4/25/2008
Status: offline
quote:

ORIGINAL: tazzygirl

or sectioned eight... and the only losers will be the ones who were foreclosed on.


Section 8 requires federal money, specifically from HUD. Just wondering if you know where federal money comes from, and who will once gain foot the bill in this cluster-fuck for those S-8 properties.


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--'Whenever you find yourself on the side of the majority, it is time to reform' - Mark Twain

(in reply to tazzygirl)
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RE: Florida bankers move to dramatically speed up the f... - 2/26/2010 6:07:22 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline
quote:

ORIGINAL: StrangerThan

quote:

ORIGINAL: tazzygirl

or sectioned eight... and the only losers will be the ones who were foreclosed on.


Section 8 requires federal money, specifically from HUD. Just wondering if you know where federal money comes from, and who will once gain foot the bill in this cluster-fuck for those S-8 properties.



Just what my town does NOT need is another project.

(in reply to StrangerThan)
Profile   Post #: 10
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