Flood of foreclosures to hit the housing market.

[timewilltellu1]

NEW YORK (CNNMoney) -- The golden age for foreclosure squatters may soon be coming to an end now that the $26 billion mortgage settlement has been approved.

The settlement, agreed to by the nation's five largest mortgage lenders, is expected to speed up the foreclosure process by providing stricter guidelines for the banks to follow when repossessing homes.

The banks involved include Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500), Citibank (C, Fortune 500), Wells Fargo (WFC, Fortune 500) and Ally Financial.

Many foreclosures have been in limbo since fall 2010 following the so-called robo-signing scandal, when banks allowed employees to sign off on thousands of foreclosure documents a month with little verification.

Lenders hit the pause button on foreclosures because they "were afraid that anything they did would be under a microscope," said Eric Higgins, a professor of business at Kansas State University.

As a result, borrowers who were seriously delinquent on their loans have been able to stay in their homes for months or even years without making a single payment. Nationwide, the average time it takes to foreclose on a home -- from the first missed payment to the final bank repossession -- stretched to 370 days during the first quarter, almost twice as long as it took five years ago, according to Daren Blomquist, the marketing director at RealtyTrac.

Foreclosure free ride: 3 years, no mortgage payment

In some states, delinquent borrowers have been squatting in their homes much longer. In Florida, the average time was 861 days, and in New York it was 1,056 days -- close to three years.

Read More:
http://money.cnn.com/2012/04/13/real_estate/foreclosures/index.htm?iid=HP_LN


If anyone gives a fuck about whats goin on with the housing market, i found this read.

 

[Awol36]

^^^ all that shit says is they wanna banks to kick peps out quicker.... just found out the house across the street ( 3bed, two bath, 2 car garage) is goin for only 68,000 in nor cal!

 

[STICK]

Speaking of squatters in foreclosed houses, has there been any update on that dude who squatted in that one empty house, in Texas I think?

 

[Dirt E. Needlez]

^^^ all that shit says is they wanna banks to kick peps out quicker.... just found out the house across the street ( 3bed, two bath, 2 car garage) is goin for only 68,000 in nor cal!

could u send me that address....

 

[Awol36]

Speaking of squatters in foreclosed houses, has there been any update on that dude who squatted in that one empty house, in Texas I think?

the did end up kicking his ass out...

 

[Awol36]

could u send me that address....

i was gonna swoop on it. but i think someone already did. but theres alot of houses goin on the cheap.

 

[mExIcaNox4]

fuck banks and fuck credit cards

 

[Roz]

A lot of people ended up making tons of money off of other peoples misfortune. The banks are the most apparent, but there's others that cashed in on buying property for a fraction of what it normally would of cost.

 

[$ileNt_eNe_ATL]

In all honesty the falling economy has actually worked to my benefit , I bought a cheap ass house with land that'll i'll be done paying for in 5yrs ... I see a lot of people trying to save their 30yr loans and loosing their houses everywhere ... Have friends I went to high school with that went to college , graduated that can't kind find a job and can't afford their student loans ... And thats when I say thats what you get bitch ... remember when you told me I was a fuck up cuz i dropped out ? haha

 

[Awol36]

^^^ lol

 

[InfamousICON]

I don't want to sound like a dick, but I don't feel sorry for the majority of people getting foreclosed on. Although some did have some unfortunate situations, others were really stupid in buying a house anyway. I've seen Dateline NBC specials on people who have barely 600 credit scores taking horrendous interest rates and paying way more then houses are worth who barely have enough income to pay the mortgage plus other bills yet they still sign the paperwork like idiots and then end up on the news crying about how the bank screwed them, and their job screwed them, and everybody else in the world screwed them when they should have lived within their fucking means to begin with.

Most people in society wanna be babied. "Banks shouldn't have picked on me cause i'm a moron and now i'm being foreclosed on", shut the fuck up and live in a damn apartment or rent a house until you get a savings account, a decent income, and a good credit score.

I've had a ton of chances to buy cheap houses in places i've been stationed at while being in the Army, I didn't do it due to some of those very facts I stated above. I don't have a deep enough savings, my credit isn't all that great etc. etc. but I was smart enough to ease back and stay in my apartments.



Others I do feel sorry for however are the ones who have been in the house for years and got layed off from their jobs, emptied their savings to keep paying bills and finally just couldn't swing it anymore, that does suck, but what's funny it's those types of people who had the hard work ethic to begin with that I rarely see crying about their situation, they tend to suck it up and drive on.

 

[InfamousICON]

I'm renting a house right now and my piece of shit landlord is one of the people I just bitched about lol

I gave him notice to move out no later than May 31st but he gave me notice he wants me out by May 10th cause he found someone that wants to move in. I told him that's bullshit I already gave you notice. He said he couldn't afford the mortgage if the people didn't want to wait until June to move in. Earlier in the year when my fridge went out it took dude 3 weeks to get a new one ordered for me, now I see why.

It's like seriously though? How do you buy a fucking house without any sort of plan or savings in place. This dude owns an even nicer house that he lives in and both him and his wife drive expensive ass SUV's but he can't afford a month mortgage if no one moves in here right away. Talk about burying yourself in credit like an idiot.

People need to think before they buy, fuck getting that little twinkle in their eye when they think how awesome it would be to own a house when they already over pay for their $30,000 cars and all that other bullshit they don't need.

 

[ayo4yayo]

I don't want to sound like a dick, but I don't feel sorry for the majority of people getting foreclosed on. Although some did have some unfortunate situations, others were really stupid in buying a house anyway. I've seen Dateline NBC specials on people who have barely 600 credit scores taking horrendous interest rates and paying way more then houses are worth who barely have enough income to pay the mortgage plus other bills yet they still sign the paperwork like idiots and then end up on the news crying about how the bank screwed them, and their job screwed them, and everybody else in the world screwed them when they should have lived within their fucking means to begin with.

Actually blame those loan officers/lenders who were approving these dumb ass people who knew they couldnt afford it. The lenders/loan officers didnt give a fuck, they just wanted the commission. They did a whole segment on MSNBC with some dude who got filthy rich doing loans. He started off as a high school drop out and delivering pizzas. Educated himself on the loan business and started fucking people over.

I think they made it a law now that you need to be licensed to be a loan officer. Back then, anybody could do that shit.

 

[InfamousICON]

Actually blame those loan officers/lenders who were approving these dumb ass people who knew they couldnt afford it. The lenders/loan officers didnt give a fuck, they just wanted the commission. They did a whole segment on MSNBC with some dude who got filthy rich doing loans. He started off as a high school drop out and delivering pizzas. Educated himself on the loan business and started fucking people over.

I think they made it a law now that you need to be licensed to be a loan officer. Back then, anybody could do that shit.

I still won't blame the loan officers for approving the shit, people need to be grown ups and not have to be baby sat. If you can't afford the shit don't step in the bank to begin with.

I fucking despise the fact that in our society the majority of us have to end up suffering in the long run because we have so many retarded fucking people. If you let a salesmen beat you like that I have no pity. Just last week I laughed at a new soldier in my unit fresh out of training showed up here and bought a 2006 Lincoln Navigator for about $10,000 over what it's worth cause he didn't have credit and got it from a buy here pay here place.

Stupid people deserve getting fucked over.

 

[WXS STOMP3R]

BOTH BANKS AND CONSUMERS WERE BOTH TO BLAME.

THE PEOPLE PUSHING THE LOANS SOLD A BULLSHIT DREAM

AND THE PEOPLE WHO SIGNED FOR LOANS...DIDNT REALLY USE TOO MUCH CAUTION AND LET GAME GET RAN ON THEM.

HOPEFULLY PEOPLE ARE SMART ENOUGH...TO LEARN

 

[ayo4yayo]

BOTH BANKS AND CONSUMERS WERE BOTH TO BLAME.

THE PEOPLE PUSHING THE LOANS SOLD A BULLSHIT DREAM

AND THE PEOPLE WHO SIGNED FOR LOANS...DIDNT REALLY USE TOO MUCH CAUTION AND LET GAME GET RAN ON THEM.

HOPEFULLY PEOPLE ARE SMART ENOUGH...TO LEARN

Actually it worked more for the street smart consumer. This dude I use to work with told me stories of their friends family from some other country IDK, copped houses knowing they couldnt afford it. At the highest point of the appreciation of the home, they took out the equity and invested it in their home country with property and business's. Didnt give a fuck about their home in the states and short sold it. Showing proof of hardship to the banks, they got the remainder of the balance "Forgiven" with Obamas "Debt Forgiveness Act of 2008" and were relieved of all tax liabilities. Talk about pimpin the system.

 

[WXS STOMP3R]

I HAD HOMIES SHORT SELL HOUSES THEY HAD UNDERWATER, TO THEIR OWN FAMILY FOR WAY BELOW MARKET VALUE. BEFORE THE BANKS CAUGHT ON TO THAT TRICK.

SOME PEOPLE DID COME UP. UNFORTUNATELY MOST DIDNT.

 

[timewilltellu1]

I don't want to sound like a dick, but I don't feel sorry for the majority of people getting foreclosed on. Although some did have some unfortunate situations, others were really stupid in buying a house anyway. I've seen Dateline NBC specials on people who have barely 600 credit scores taking horrendous interest rates and paying way more then houses are worth who barely have enough income to pay the mortgage plus other bills yet they still sign the paperwork like idiots and then end up on the news crying about how the bank screwed them, and their job screwed them, and everybody else in the world screwed them when they should have lived within their fucking means to begin with.

Most people in society wanna be babied. "Banks shouldn't have picked on me cause i'm a moron and now i'm being foreclosed on", shut the fuck up and live in a damn apartment or rent a house until you get a savings account, a decent income, and a good credit score.

I've had a ton of chances to buy cheap houses in places i've been stationed at while being in the Army, I didn't do it due to some of those very facts I stated above. I don't have a deep enough savings, my credit isn't all that great etc. etc. but I was smart enough to ease back and stay in my apartments.



Others I do feel sorry for however are the ones who have been in the house for years and got layed off from their jobs, emptied their savings to keep paying bills and finally just couldn't swing it anymore, that does suck, but what's funny it's those types of people who had the hard work ethic to begin with that I rarely see crying about their situation, they tend to suck it up and drive on.

You got that right breh. I knew something was up in late 2006 when i saw data entry clerks making $12 an hour buying houses in Elk Grove and Merced.

 

[timewilltellu1]

Actually blame those loan officers/lenders who were approving these dumb ass people who knew they couldnt afford it. The lenders/loan officers didnt give a fuck, they just wanted the commission. They did a whole segment on MSNBC with some dude who got filthy rich doing loans. He started off as a high school drop out and delivering pizzas. Educated himself on the loan business and started fucking people over.

I think they made it a law now that you need to be licensed to be a loan officer. Back then, anybody could do that shit.

Yup, right about 2006-2007 i also started seeing people all of a sudden claim they were "loan officers and real estate agents" when their previous occupations in 2005 were in the retail industry and fast food? ha ah hah i knew something was up...

 

[MobbinINda916]

right now is a good time to get a house for cheap if you could afford it, but the prices are gonna go back up and the investors that are buying multiple properties right now are gonna get fucked by the banks in the future.