DUmmies Discuss Foreclosures

[GOBUCKS]

Here is a quiz to test your DUmp IQ: What is it that democrats love as much as abortion and drugs? If you answered "Pissing, moaning, and whining about what a poverty-stricken miserable place America is", then give yourself a Certificate of Participation.

Here, DUmmy asdjrocky starts the foreclosure ball rolling, and DUmmy after DUmmy jumps on board:

asdjrocky (1000+ posts)        Wed Feb-10-10 11:05 PM
Original message
How many people do you know that have lost their home?
Or soon will?

I remember when this was a big deal. I actually remember a time in America when everyone I know wasn't losing their home or close to it. Now this no longer seems to be the case.

I know six people, SIX. Three of them are right on my street and one of those is a really good friend of mine who lives right across the street. I will miss him.

The problem is, no families are buying these homes to live in, once a family has been kicked out. They are being bought up by people with money at a steal and then rented out for a profit. The rich are getting richer, the poor, only poorer.

So, how many people do you know? Are you losing your home? Have you lost it already?

Why is no one doing anything about this?

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x7690293


First, DUmmy cbdonumbers risks a tombstone by refusing to play:

cbdo2007 (1000+ posts)      Wed Feb-10-10 11:09 PM
Response to Original message
2. I don't know of any.
I just sold my home a few months ago and just bought a new home a few weeks ago.

     


We are not amused:

asdjrocky (1000+ posts)        Wed Feb-10-10 11:11 PM
Response to Reply #2
4. I'm glad things are going so well for you.

Poor stupid Beth shows up, but of course she's lying:

EFerrari  (1000+ posts)        Wed Feb-10-10 11:11 PM
Response to Original message
3. Two in my extended family. And they're not stupid, big spenders or practicing addicts.
It's pretty grim right now. 

Anyone unfortunate enough to share Beth's genes is almost certainly stupid, and while they may not be practicing addicts, it's only because they have it down pat and no longer need practice.


Gloom:

Cleita  (1000+ posts)         Wed Feb-10-10 11:13 PM
Original message
Three families that I know of locally. I'm sure there are many more
that I don't know of because I don't socialize in the same circles. It's what I hear from my family. 

Despair:

pitohui  (1000+ posts)       Wed Feb-10-10 11:13 PM
Response to Original message
7. well too many to count, so not sure of the exact number
i spend a lot of time in las vegas, most of those who were going to lose their homes already have by this point but another friend just told me he's in trouble -- this particular guy i had no idea that he was in difficulties, i mean i knew he lost several million but i guess i just assumed there was more behind

the place is just plain overbuilt and people who bought in recent years way overpaid for their homes, so i don't know what they can do other than walk away and start over

Agony on me:

mrs_p  (1000+ posts)        Wed Feb-10-10 11:17 PM
Response to Original message
9. my mother
she now lives in my house with my grams while i am out of state for school.

 


Deep,  dark, depression:

Mind_your_head  (1000+ posts)       Wed Feb-10-10 11:19 PM
Response to Original message
10. count Me in as one you know *soon*..... eom

Excessive misery:

Walk away  (957 posts)      Wed Feb-10-10 11:22 PM
Response to Original message
11. I have come very close to losing mine and am not out of the woods yet.
The recession and an accident decimated my once successful business. Every day is a struggle and when my clients lose their jobs it's horrible for the both of us.

Poor, stupid Beth elaborates. Again, of course, she's lying:

EFerrari  (1000+ posts)        Thu Feb-11-10 12:00 AM
Response to Reply #11
27. My mother is in the same position. She's in her seventies.
It's unreal. She saw everything she worked for in the last forty years just *vanish*.

Mom lost her house, but it's much worse than that. Not only did she have to move into a cramped little camping trailer, parked way out in the California desert, but her mentally ill, deadbeat daughter, and her mentally ill, deadbeat son, and two big smelly dogs crowded into the camper with her. She didn't just lose everything - she went way, way, way into the hole.


If it weren't for bad luck, I'd have no luck at all:

glinda  (1000+ posts)      Thu Feb-11-10 01:23 AM
Response to Reply #27
38. Awful! My brother and his wife might loose theirs and my parents are facing huge medical
bills that might eventually force them into a bad situation.

Gloom,  despair, and agony on  me:

KILL THE WISE ONE  (95 posts)       Wed Feb-10-10 11:25 PM
Response to Original message
12. just myself, 14 months ago
balance on mortgage was 480K, bank sold it for 280.
but they could not talk to me or my lawyer, about a principal reduction.

flvegan  (1000+ posts)        Wed Feb-10-10 11:40 PM
Response to Original message
20. Thousands, just in Florida. Let me explain. 
 No, I don't "know" them. But I feel like I do. I'm in the title insurance industry, and I personally look at the title (for either underwriting REO properties or in producing title opinion on short sales, deeds-in-lieu, etc) that examiners bring to me.

....blah, blah, blah, America sucks, blah, blah...

I see how America is broken in this way, and I'm reminded of it all the time.
That sucks.

InkAddict  (1000+ posts)        Thu Feb-11-10 12:00 AM
Response to Original message
26. After saving it twice, Countrywide and FIL won the the last round
aided and abetted by the banksters who facilitated the mergers, off-shoring, outsourcing, reorgs, and credit FUBARS that concurrently ended millions of Americans' employment in manufacturing, IT, and service and also by the high cost of providing for the care of an elderly parent w/terminal illness.

OUTCOME: My feathered nest was STOLEN.
FIL is dead and is hopefully in a better place.

Here's the on-going status: Unemployment rate for the last year in this household is officially 66.6%: the oldest(62 yo male IT Bus. Systems Analyst) and the youngest(30 yo female - new grad w/BS sheepskin from OSU w/work experience both in and out of her field of study) with the remaining 33.3% beung underemployed and ineligible for benefits, i.e., healthcare (59 yo female w/10 year old Assoc in HIM)

murielm99  (1000+ posts)       Thu Feb-11-10 12:17 AM
Response to Original message
31. My brother is one.
They could not afford to pay two mortgages any more. I think they were duped into taking the second one to pay off bills.

Finally,  DUmmy HillbillyBob, an AIDS-ridden queer who sounds a lot like UGP:

HillbillyBob (1000+ posts)      Thu Feb-11-10 12:41 AM
Response to Original message
35. My heart goes out to all losing their homes.
I have been hiv+ for 28 years, I have been sick and lost everything several times.
I have watched as my friends died and their partners got tossed out of their homes by the 'real family'. Some committed suicide rather than live on the streets.
I have lived on the street 2 x, my partners job got outsourced and down sized sevral times we were 2 minutes from homeless again.

I have talked and talked about this going to happen since runny rayguns killing federal mental health hospitals and talk of piratizing and de regulation of literally every safety net. I was insulted by folks saying that I was only doom and gloom.

I was a fully trained (almost) air traffic controller who got outed by a jealous not boyfriend, whom I wanted nothing to do with so he told superior officers in the navy.
Another felon (murdered his bf in a cocaine rage) gave a list of names of folk who might be gay in a plea bargain. He was a casual acquaintance gave my name to the investigators as maybe gay.
This was when runnyraygun was killing the civilian air traffic union.

What America is going through now is very similar in result to what me and my gay friends have been dealing with for 2-3 decades with no real sympathy from the straight folks. AIDS and discrimination is not fun.

DUmmy HillbillyBob continues. While a lot of his problems are the fault of President Reagan, most of them were caused by Dubya:

In 2000 we were eyewitness to the theft by ballot shredding in ft laud. I mean we saw jebbie's henchmen putting ballots in shredders in the parking lot of our polling place in ft laud. We had strange threatening phone calls and emails and our home ransacked(w/o warrant or notice, we were not home, we were told my neighbors that it was black crown vickies with fed tags and men in black/dark suits who went through our house while we wer not home because we suspect that we were still saying in 2005 that bush stole the presidency.

As much as I hate sounding like a conspiracy person, it seems to me that all of this is to disrupt American life , destroy the dream and a big F U to the citizens.
Knock out our homes, jobs etc and we can be guided to take the loss of our rights and dreams for the so called security of being dominated by corpses. Then again I could be totally wrong and its just the total break down of our society and the hegemony of the wealthy over us have little or have nots.
We spoke out , we were ostracised by folks who said we lied, we then lost our jobs and ended up renting a house that was way below living standards. The plumbing worked..sort of, but no heat, windows busted, flooded basement, we were just above living under a bridge we did not have enough to eat. What really pissed me off was the bootstrap speeches and the 'you can do it if you really have balls'.

Well we did, by really reeling in on what we would spend $ on, partner got a job doing the same thing he was doing and took 45% pay cut, which is really 75% less than when we were both working.

We bought a house at the height of the bubble, but got in cheap because we planned and said that we want as cheap as possible. It was an abandoned home on 9 acres.
Nice place sort of, it still needs lots of work to make it right.

So, in spite of Ronald Reagan and George W. Bush, it sounds like DUmmy HillbillyBob is living the HIV-positive version of the American dream. Right?


 

[Carl]

Sounds like Bob there is a second cousin to super secret CIA agent Jeffersons Ghost.
Another in the long line of demented and deranged at the DUmp.

Lorien  (1000+ posts)        Wed Feb-10-10 11:34 PM
Response to Reply #12
14. I'm so sorry to hear that
   I still don't understand why the banks won't drop the principle to the sale amount instead. Selling it only cost them more-and took away your home. They just keep getting away with it!
  

asdjrocky (1000+ posts)          Wed Feb-10-10 11:35 PM
Response to Reply #12
16. So sorry.
   That's what they seem to be doing. All the houses around me sold for far less than the principal.

It's like robbery.

DUmmy economics 101

[PatriotGame]

InkAddict  (1000+ posts)        Thu Feb-11-10 12:00 AM
Response to Original message
26. After saving it twice, Countrywide and FIL won the the last round
aided and abetted by the banksters who facilitated the mergers, off-shoring, outsourcing, reorgs, and credit FUBARS that concurrently ended millions of Americans' employment in manufacturing, IT, and service and also by the high cost of providing for the care of an elderly parent w/terminal illness.

OUTCOME: My feathered nest was STOLEN.
FIL is dead and is hopefully in a better place.

Here's the on-going status: Unemployment rate for the last year in this household is officially 66.6%: the oldest(62 yo male IT Bus. Systems Analyst) and the youngest(30 yo female - new grad w/BS sheepskin from OSU w/work experience both in and out of her field of study) with the remaining 33.3% beung underemployed and ineligible for benefits, i.e., healthcare (59 yo female w/10 year old Assoc in HIM)

WHAT THE FRAK?!?!?!111

Another 0bamatron SUCKumbs to the Hopey & Changey illusions?

Oh be still me achy-breaky heart and say it ain't so.

[JohnnyReb]

My truck is worth less than when I bought it....wonder if the bank....wait a minute... just my luck. There ain't no bank involved that I can stick my loss with.

[PatriotGame]

HillbillyBob (1000+ posts)      Thu Feb-11-10 12:41 AM
Response to Original message
35. My heart goes out to all losing their homes.
I have been hiv+ for 28 years, I have been sick and lost everything several times.
I have watched as my friends died and their partners got tossed out of their homes by the 'real family'. Some committed suicide rather than live on the streets.
I have lived on the street 2 x, my partners job got outsourced and down sized sevral times we were 2 minutes from homeless again.

I have talked and talked about this going to happen since runny rayguns killing federal mental health hospitals and talk of piratizing and de regulation of literally every safety net. I was insulted by folks saying that I was only doom and gloom.

I was a fully trained (almost) air traffic controller

who got outed by a jealous not boyfriend, whom I wanted nothing to do with so he told superior officers in the navy.
Another felon (murdered his bf in a cocaine rage) gave a list of names of folk who might be gay in a plea bargain. He was a casual acquaintance gave my name to the investigators as maybe gay.
This was when runnyraygun was killing the civilian air traffic union.

What America is going through now is very similar in result to what me and my gay friends have been dealing with for 2-3 decades with no real sympathy from the straight folks. AIDS and discrimination is not fun.

Yup! It was President Reagan that gave you AIDS, not your promiscuous multi-unknown-partner ass pirate fag-furry-friends!

You lived on the streets because anyone in their 1/2 right mind would NEVER want a AIDS infected faggot living in their home with YOUR puss oozing lesions leaving stains on the furniture and dripping in the silverware drawers.
Y-O-U created the monster you are and YOUR life that goes with it.
Man Femme up faggot and take responsibility for the state of your pathetic existence.
A good way to start is a shotgun in the mouth.

[Carl]

My truck is worth less than when I bought it....wonder if the bank....wait a minute... just my luck. There ain't no bank involved that I can stick my loss with.

Yeah but I bet you never had a mortgage lender jump out of the bushes and force you to sign your name on buying a house that was too expensive for your income or make you take a second mortgage so you could live like a king on the inflated equity of the house you bought 7 years ago.

They are just bastards that way. 

[BlueStateSaint]

Yeah but I bet you never had a mortgage lender jump out of the bushes and force you to sign your name on buying a house that was too expensive for your income or make you take a second mortgage so you could live like a king on the inflated equity of the house you bought 7 years ago.

They are just bastards that way.  

 

Neighbor, you don't know how close I was to putting my Dunkin Donuts coffee on my screen!

ETA:  On a more serious note, my wife and I were seconds away from closing on a house in Schenectady in '03.  Nice location, decent neighborhood (which, as Carl can attest to, is awfully rare in Schenectady), nice house.  The only thing that was the deal-breaker (as I told the mortgage broker) was the fact that there was an asbestos-lined furnace in the basement, that the previous owner didn't want to take out.  So, we walked.  What I didn't say was that I had nagging doubts about our ability to pay.  So, we're in an apartment in a really nice area instead.  It just didn't feel right.  One of the better decisions I've made.  (The best decision was getting married to who I got married to.)

[Specbid]

asdjrocky (1000+ posts)          Wed Feb-10-10 11:35 PM
Response to Reply #12
16. So sorry.
   That's what they seem to be doing. All the houses around me sold for far less than the principal.

It's like robbery.

That is quite possibly the DUmbest thing I've ever read from over there.

[franksolich]

That is quite possibly the DUmbest thing I've ever read from over there.

Yeah, this idea that something might be worth less than what one paid for it (in this case, the "principal") doesn't occur to the primitives.

I'm always amused at the garage-sales and eBay primitives, who whine that they can't get more than what they paid for something, when trying to sell it.

It's almost as if it's the primitives' "right" to sell something for more than what the primitives paid for it.

That's not the real world.

[The Village Idiot]

Yeah, this idea that something might be worth less than what one paid for it (in this case, the "principal") doesn't occur to the primitives.

I'm always amused at the garage-sales and eBay primitives, who whine that they can't get more than what they paid for something, when trying to sell it.

It's almost as if it's the primitives' "right" to sell something for more than what the primitives paid for it.

That's not the real world.

and nobody will pay a penny for yesterdays lunch or two gallons of leftover beans from the homeless shelter because someone forgot to note that all the "customers" had just gotten food stamps.

[DumbAss Tanker]

Lorien  (1000+ posts)        Wed Feb-10-10 11:34 PM
Response to Reply #12
14. I'm so sorry to hear that
   I still don't understand why the banks won't drop the principle to the sale amount instead. Selling it only cost them more-and took away your home. They just keep getting away with it!

Why would they do that, you idiot?  They will get the 'Sale amount' in the foreclosure sale already, they would be giving up every claim against the defaulting owner if they did that...and if word got out they did this, everybody with no equity and a drop in home value since closing would be lining up at their door to get the same deal, and the bank would go tits-up in a week.

[Celtic Rose]

Lorien  (1000+ posts)        Wed Feb-10-10 11:34 PM
Response to Reply #12
14. I'm so sorry to hear that
   I still don't understand why the banks won't drop the principle to the sale amount instead. Selling it only cost them more-and took away your home. They just keep getting away with it!

Because you agreed to pay them the amount remaining on your mortgage.  They gave you money to buy your house, and now they want you pay off what they paid for you.  Really it isn't that difficult of a concept. 

I know one person, in a round about way, who was foreclosed on.  He and his wife bought a house that was far more than they could realistically afford, spent money like it was going out of style, had expensive cars, etc.  When they finally realized they couldn't pay anymore, they stopped paying on the house and moved in with his wife's mother.  Walked away from all their debt.   

[Texacon]

asdjrocky (1000+ posts)          Wed Feb-10-10 11:35 PM
Response to Reply #12
16. So sorry.
   That's what they seem to be doing. All the houses around me sold for far less than the principal.

It's like robbery.

That is quite possibly the DUmbest thing I've ever read from over there.

Sounds like a blame the victim mentality but they don't realize who the victim is ...   

KC

[Carl]

Because you agreed to pay them the amount remaining on your mortgage.  They gave you money to buy your house, and now they want you pay off what they paid for you.  Really it isn't that difficult of a concept. 

I know one person, in a round about way, who was foreclosed on.  He and his wife bought a house that was far more than they could realistically afford, spent money like it was going out of style, had expensive cars, etc.  When they finally realized they couldn't pay anymore, they stopped paying on the house and moved in with his wife's mother.  Walked away from all their debt.   

Sometimes I honestly don`t think they have any concept of any sort of economics,they seem to think that money comes and goes magically without cause or consequences.

[franksolich]

Sometimes I honestly don`t think they have any concept of any sort of economics,they seem to think that money comes and goes magically without cause or consequences.

Well, considering how many primitives are on the social services or social security disability gravy train, money does seem to come and go without cause or consequence; it just comes to them as if out of thin air.

[Texacon]

Well, considering how many primitives are on the social services or social security disability gravy train, money does seem to come and go without cause or consequence; it just comes to them as if out of thin air.

^5 Frank.  No truer statement could be made.

KC

[debk]

In the last 18 months....we've had some major corporations do significant job layoffs/close. ALCOA - an entire division, SeaRay Boats - one entire facility, Goody's Family Clothing-not only several stores, but their corporate offices were here, among others, Boeing -the entire facility. Not exactly company jobs that one would anticipate disappearing.

Many of these employees were engineers, executives, very well-paid "shop" people.

They aren't finding new employment in this area with similar salaries.

The majority of bad loans, at least here, have already been foreclosed. Now, it's a larger percentage that have lost jobs and either haven't been able to sell their homes at all, or the property value has dropped so much that the homeowner has to bring money to the closing table that they just don't have.

It really is not fair to blanket paint homeowners, who are losing their homes, as dead-beats. 

There are many avenues that a lender could take to help a homeowner out, without foreclosing. Reduce interest rate, extend the length of the loan.....neither of which affect the principal amount of the loan.

However, foreclosure allows a lender to take a loss on that property, which affects their tax hit. A much bigger benefit to the lender than restructuring the loan.