All Forum Posts by: Mitsu O'Riley

There are a lot of questions on weather a foreclosure can be delayed or stopped by asking the bank to prove the owner owes that bank. It is something that is happening, and is 100% legal. The bank is the Plaintiff, and the homeowner is the Defendant. The Plaintiff has to provide documents to prove they are owed the money they are foreclosing over.

Here is the link for an Associated Press Article I found on the FAR site.
http://www.floridarealtors.org/NewsAndEvents/n2-021809.cfm

I know some of you think this is a bad thing, but not necessarily.
Less REOs or slowing of the amount of REOs is not a bad thing. It helps keep the prices from plummeting more. I saw a stat (a couple of months ago) that said 1 in 59 homes in Fort Meyers is an REO. Do we need more?

For the other replies:
This is something that is sweeping the nation and is backing off lenders indefinitely. If they can't prove you owe it, how can they sue you for the asset securing the debt? It is something that may snowball to the auto and credit financier's.
If I sued you for $28,000 on your delinquent loan, would you say okay, I guess I owe it and you can have my house. I think you'd say, Mitsu I don't owe you. I owe someone, but not you.
Most of the homeowners are not denying they are behind, but that it is owed to the person actually filing the lis pendens etc...

It normally just delays until the bank can get the docs together. If that bank isn't owed the debt than they don't have the right to foreclose. It doesn't mean the debt goes away, and eventually the bank will have time to go find the paperwork.
Hopefully things are set up right so those people don't get the assistance that is available to homeowners. If not, they got to live with it. Karma...

Decide what type of property you want to take the plunge investing in first. REO, short, etc....
Then read the posts here about those, and other investor concerns.
Then, you'll have info to have a conversation.
Remember, by just going to the meeting doesn't mean someone is going to tell you what and how they do their business. Keep going. Eventually someone might partner up for your first deal. You do most of the work, and they keep most of the money... BUT you get to learn a lot about the business.
Mitsu

I disagree with having to be on the note to be on title. You don't have to be on the loan to be on title. If you take title at closing, you will sign the mortgage, but not the note.
As far as the "gift funds" not likely to work if your partner is not a family member. Talk to your bank to see what they suggest.

The bank wanting to foreclose has to prove they have the right / authority to do so. That the money is owed to them, not someone else. Without the proper paperwork, anyone can "stake claim" on a house and say they are going to foreclose.
I don't know if you can drag it out for years, but it can delay the process until the Bank foreclosing proves they legally have ownership right to do so.
Besides the bank that is out the money, is not out that amount they say. They probably bought the loan .60 on the dollar, less if it was already in default. Once they get the home back as an REO, they write off the loss against the TARP funds the govt. (tax payers) gave them. The poor banks my ars!

As far as people that can't get a refi, they should be able to get a loan modification.
If you can make your mortgage payments, be glad you are not in financial crisis... or ruin. Stop complaining that you CAN pay your bills. Are you hoping to join the ones that can't? It might just happen. Be careful what you wish for, or ***** for.

It's horrible to go through foreclosure, and I would not be envious of anyone that can't make their housing payment. Their debt is their debt, and they owe it to the bank. Only way out is bankruptcy, which is not easy.
People don't just wake up and say, "you know I don't want to pay my mortgage anymore. I want to be called 3 times a day from someone looking for me to pay them. I've always wanted my name in the paper, so what if it's because I'm losing my home.? I want my credit ruined, and be looked at sideways for the negative credit over the next 7 years, and not own another home for 3-5!"
Come on!!!

Don't be upset that they might be able to keep their home, and you can't buy it at auction to make a profit from their misfortune. Be happy for them. They have some hope and a chance. There are plenty of other houses to pick from, or offer them a short sale. If the bank can't qualify them for a mod, then short sale is last option before foreclosure.

Sorry to rant, but the last couple replies to this post just hit a nerve.

REOs were mainly what the investors wanted before. Now everyone wants them. Simply a supply and demand thing. I also think agents try to lean on their buyers to go after REOs over short sales. Faster payday. I think the deals are in the short sales, if you can wait out the process time. If regular buyers are encouraged to go after short sales, then the REOs will be left for investors.
Besides, REOs are more distressed, sometimes gutted, and vandalized. Shorts (especially occupied ones) can be locked up under the contract until the bank decides, where REOs can have offers submitted until the decision is made (up to 2 weeks).
Besides owners selling their homes short can buy again a whole lot sooner than with a foreclosure.

More buyers = More sales
More Sales = leveling of the market (sooner than god knows when).

Joe, if you are looking for homes already bank owned...foreclosure listings, then just get with a Realtor that can set you up on automatic emails of anything new in the MLS.
If you want to buy homes at the courthouse steps, go to your local county's website, and they should tell you or give you access there.
If you want to find out of homes where lis pendens, or NODs are filed, then what Will said.
But then with that info, you have to contact those people, get them to respond to you, etc, etc....
Not sure what you invest in, so the above might help.
Mitsu

Dave, you can get short term money, if you are planning to flip right away.
Mitsu