When all of the banks shit is finally removed from the FED books.....no wonder the FED doesn't want to anyone to look at what they swapped for treasury bonds.
If it goes to foreclosure the county get involved calls the sheriff to post the notice. I think the bank must then recognize it as a non performing asset. This will further weaken there balance sheet.
Unless the notice has an actual date for the sheriff sale/auction (which even then could be postponed if negotiated or what have you), then yes. Average, AVERAGE right now for the whole process to finish from the first missed payment is 9-12 months..on EVERY file.
All of the government programs to help people stay in their homes have been a joke.There is no teeth in any of these programs. When big government bails out Wall street and doles out trillions in corporate welfare it's considered good sound business. When government helps the common man it's considered socialism. My right wing neighbor who is so afraid of the government health care calling it communist, just had a major heart operation paid for by Medicare & Medicade.
Smart...why WOULD you pay on that? Hope he at least tucks something aside though...enough down the road would allow him to get another home even with the FC; you have enough cash down and can prove you make monthly payments OK? Sure!
you can fine/lien the hell out of a property, but once it's sold the municipality will likely negotiate it off to little to nothing in exchange for it back on the property tax rolls.
+1. Many are regular realtors. Sad but true. Lots got brainwashed into selling this stuff the same way for years (when it kept going up)...now they don't have a clue on what to do....except hope?
It's a shame that people can't seem to express themselves without resorting to vulgar language. I was going to share this thread with a couple of forums I frequent but am not able to because of your vulgar language. Yes, I can cuss. I am a former marine and have heard it all but why do people INSIST on typing it into their responses? Low class? Lack of a functioning vocabulary? Immaturity? It really is pitiful. (not your post bilo, hell isn't too terrible)
This is very true. Im a mortgage broker on the east coast - and the big mortgage lenders - Wells, BAC, 53, Amtrust - get new underwriting guidelines almost weekly they are only writing loans to gold-plated borrowers - and even then I wonder what they fuck theyre thinking