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View Diary: Romney’s housing plan: 'Allow investors to buy up homes' by accelerating foreclosure process (150 comments)

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  •  and they're all over the place again with "how to (1+ / 0-)
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    PsychoSavannah

    buy foreclosed properties"  and "Flip houses for big profit" in order to entice a whole new crowd of "investors." Even though to negotiate an adjusted mortgage based on current value would be the humane approach to this disaster.  They might even make more money in the long run letting people stay in their homes.  But I think they really do take Potter-like pleasure in throwing people out on the street.

    The buy-boom-bust cycle will repeat itself if we don't get a hold of these sociopaths once and for all.

    "We can have democracy in this country or we can have great concentrated wealth in the hands of a few, but we cannot have both." Justice Louis Brandeis

    by livjack on Tue Oct 18, 2011 at 01:14:18 PM PDT

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    •  To be fair (0+ / 0-)

      if you are going to buy foreclosed property, you better do your homework, or you may get in trouble yourself.

      A coworker of mine bought a forclosed house, and what he bought still had an active loan against it, and he did not have clear title. Two years of lawsuits later, he has a settlement with the lender, and is out quite a bit of money.

      "All things are not equally true. It is time to face reality." -Al Gore

      by Geek of all trades on Tue Oct 18, 2011 at 02:03:15 PM PDT

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      •  Sounds like the foreclosure auction was (0+ / 0-)

        fraudulent in that case, but of course getting one's money back from fraudulent banksters isn't exactly what anyone in the US ever achieves.

        •  There are acutally different kinds of forclosures (0+ / 0-)

          plus there is trying to buy a house out from under foreclosure. Look up non-judicial foreclosures for details.

          In this case, it seems my coworker's real estate agent did not know what they were doing.

          "All things are not equally true. It is time to face reality." -Al Gore

          by Geek of all trades on Tue Oct 18, 2011 at 04:32:41 PM PDT

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          •  I don't have to look it up; that's what (0+ / 0-)

            I went through! I would think, though, and of course IANAL, that if there is more than one lender on record, and therefore more than one lien, all parties would have to agree to the sale, whether it's a short, auction, or whatever.

            •  Only the parties that were selling their interest. (0+ / 0-)

              that was why the extra liens remained after the sale. It was not cleared as it would have been in a judicial auction.

              "All things are not equally true. It is time to face reality." -Al Gore

              by Geek of all trades on Tue Oct 18, 2011 at 05:17:37 PM PDT

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              •  "Not cleared" |= "fraudulent"? (0+ / 0-)

                I think we are agreeing here, no?

                •  No (0+ / 0-)

                  this was the wrong kind of sale, and as far as I know, it was my co-worker and the real estate agent not knowing what they were doing (and the real estate agent was found to be negligent by the lawyers), not fraud on the sellers part. As I said, there are issues with buying non-judicial foreclosures.

                  "All things are not equally true. It is time to face reality." -Al Gore

                  by Geek of all trades on Wed Oct 19, 2011 at 09:36:44 AM PDT

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