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Paula I. Hathaway, Senior Broker Associate, 
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12 Comments on NEW TACTIC FOR BIG BANKS: DEFAULT, FORCLOSURE, AUCTION... TOO BAD FOR YOU HOMEOWNER!!!
When one expects honest treatment from a foreclosing bank or any politician anytime, they are living in LaLa Land.
I'm not surprised. With many of these big banks, modifications, short sales, and foreclosures are handled by different departments and they don't routinely speak to each other.
Lenn: You are so right; The average homeowner, however, has hope that there will actually be "help" for them---they count on it and then they feel like the rug has been pulled out from under them....my point is: THAT IS THE PLAN!....The basis for the election of this (fairly) new president being launched into the highest office was because the average person thought he had all the answers; he does. ..Just not the answers the "people" can even comprehend!!! Thanks for your valuable input, Lenn.
Gabe: I think that is the plan: Keep the average homeowner off guard; let them think help is on the way, then ZAPPO, CHANGO--you got yourself a house that has been autioned off! What an outrage!
Thanks for reading and commenting...
In GA the bank must advertise the property for four consecutive weeks in the legal organ of the county. So it's easy to NOT be caught off guard. You can be in negotiations, but if they don't pull the ad, I would assume that the property will be sold on the steps.
Richard--I guess it varies from state to state; any way you look at it, the banks are going for the homes I think..did you see that video that circulated here on AR? I noticed that right after that made it's rounds on youtube and a couple of other sites, the banks started doing really weird things--this one in Boston is just the latest winning tactic! I get the feeling the banks are trying to get the jump on anything the gov't might do to help the homeowner, forgetting the homeowner in the process....they want their "pound of flesh" from the gov't Gods in the way of subsidies that make it quite profitable to foreclose, short sell or auction off the houses. It is so much more profitable to do that instead of work out a way for the homeowner to stay put....and as youmust know, that's what banks do for a living; it's all about the bottom line! Thanks for your time and your comment.
Paula
Thanks for voicing your outrage over the housing crisis, and yes, of course the banks are doing what benefits them financially. I just dont understand the HAMP Program...how can money be given to Banks with zero accountability? Who has gotten these loan modifications I am hearing about? I think it is all a big scam that the banks are pretending to modify loans when in fact they are allowing the home-owner to get even more underwater on their mortgage.
I have spoken to several R.E.Attorneys here in So Cal who told me they will not even represent clients involved in short sales or foreclosures, they don't know enough about them or just refuse to beat a dead horse.
Deborah: I think you are right--it is a big scam. It takes some kind of a financial wizrd to come up with the derivitives and the mortgage back securities that were a huge part of the financial meltdown in 'september of '08...
Who, but a financial wizrard could have figured out that if you layer everything including the garbage loans together with good loans and then roll 'em up and then slice 'em up and the dice 'em up and then sell these babies to people trying to make a fast buck---what wizardry!!! Well, don't you know that that is who is running the White House these days too--???
So, as far as I can see it--the same mind that created the sneaky ideas about derivitives is the same mind that created the situation that we have with the banks---tell them to save the homes for the homeowner but not really---but if and when it comes time to dump thses babies we will bail you out!!!Hee, Hee...Even the legal brains out there knnow better than to get involved!!!
I guess those working in banks don't believe in Karma - when it bites them in the rear end perhaps they will get the message - this is really unreal!
Barbara Jo: Thanks for reading my posts---I saw your comment on the other one too! I am so on my soap box---I can't stand to see people suffer---much like when you see a wounded bird or a squirrel dying on the road with it's tail still moving---I can't look or I have to DO something. In this case, I have to do something and I am starting with the blog posts to the public---hoping they get read by average people who can then realize just what is going on in our country!!...and I know that karma is a real "thing" and what goes around DOES come around!
yes they look so nice but Foreclosures are such tough on to stomach.
Paul: That is surely a mouthful! I don't think a foreclosure ever looks nice!