Comments on: The Future Of Foreclosure Actions??? http://www.biggerpockets.com/renewsblog/2008/06/20/the-future-of-foreclosure-actions/ Learn, Network, Invest Sat, 11 Feb 2012 16:57:56 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Shanehttp://www.biggerpockets.com/renewsblog/2008/06/20/the-future-of-foreclosure-actions/#comment-60829 Shane Sat, 25 Oct 2008 06:45:49 +0000 http://www.biggerpockets.com/renewsblog/?p=1046#comment-60829 I never mind or care for how much is the foreclosures.It depends on how we select the investment field and how much efficient and strong is the trust deed.it depends on the borrower and investor!! I never mind or care for how much is the foreclosures.It depends on how we select the investment field and how much efficient and strong is the trust deed.it depends on the borrower and investor!!

]]> By: Bob - st george real estatehttp://www.biggerpockets.com/renewsblog/2008/06/20/the-future-of-foreclosure-actions/#comment-58026 Bob - st george real estate Tue, 01 Jul 2008 17:38:24 +0000 http://www.biggerpockets.com/renewsblog/?p=1046#comment-58026 With the rising numbers of foreclosures happening I am not surprised at the court system getting involved. I don't think this will help investors as they have been able to get to people on the span of the foreclosure process. This might change the way investors go about this.However short sales have helped a lot of people because they did not have to have the foreclosure notice on their credit for 10 years. With the rising numbers of foreclosures happening I am not surprised at the court system getting involved. I don’t think this will help investors as they have been able to get to people on the span of the foreclosure process. This might change the way investors go about this.

However short sales have helped a lot of people because they did not have to have the foreclosure notice on their credit for 10 years.

]]> By: Mike Sebeniecherhttp://www.biggerpockets.com/renewsblog/2008/06/20/the-future-of-foreclosure-actions/#comment-57725 Mike Sebeniecher Tue, 24 Jun 2008 19:53:09 +0000 http://www.biggerpockets.com/renewsblog/?p=1046#comment-57725 I am a real estate investor in Charlotte, NC and I have worked on several short sale deals in the past few months and the main thing that I have learned is that the majority of the people in foreclosure, at least in Charlotte, are the uneducated low income first time homebuyers. They got loans from self motivated lenders who embellished their incomes and credit scores and the future homeowners had no idea what they were doing. When they get a foreclosure notice and receive a court date to appeal their foreclosure, they generally do one of three things. They either think it’s over and decide to move out, with no warning or forwarding address. They skip the court date, because they forgot, had to work, or just don’t care and live rent free until they are kicked out. Or, they go to the court hearing unprepared and say nothing of any relevance and lose the judgment. I find the last scenario playing out on a daily bases. A lawyer hired by the bank against and uneducated and unprepared homeowner. I will take the lawyers chances any day of the weekIt’s a new day, new deal, new opportunityMike S. - Texo Properties I am a real estate investor in Charlotte, NC and I have worked on several short sale deals in the past few months and the main thing that I have learned is that the majority of the people in foreclosure, at least in Charlotte, are the uneducated low income first time homebuyers. They got loans from self motivated lenders who embellished their incomes and credit scores and the future homeowners had no idea what they were doing. When they get a foreclosure notice and receive a court date to appeal their foreclosure, they generally do one of three things. They either think it’s over and decide to move out, with no warning or forwarding address. They skip the court date, because they forgot, had to work, or just don’t care and live rent free until they are kicked out. Or, they go to the court hearing unprepared and say nothing of any relevance and lose the judgment. I find the last scenario playing out on a daily bases. A lawyer hired by the bank against and uneducated and unprepared homeowner. I will take the lawyers chances any day of the week

It’s a new day, new deal, new opportunity

Mike S. – Texo Properties

]]> By: The Foreclosure Doctorhttp://www.biggerpockets.com/renewsblog/2008/06/20/the-future-of-foreclosure-actions/#comment-57720 The Foreclosure Doctor Tue, 24 Jun 2008 15:56:07 +0000 http://www.biggerpockets.com/renewsblog/?p=1046#comment-57720 Well certainly it is interesting to see there is change in the way foreclosures are dealt with. Hopefully this change will be long lasting and long lasting. I appreciate your postings and your entire blog which has so much vital information. Hopefully many other readers will be blessed and educated by your posts as well.Sincerely,The Foreclosure Doctor Well certainly it is interesting to see there is change in the way foreclosures are dealt with. Hopefully this change will be long lasting and long lasting. I appreciate your postings and your entire blog which has so much vital information. Hopefully many other readers will be blessed and educated by your posts as well.

Sincerely,

The Foreclosure Doctor

]]> By: Tom Koziolhttp://www.biggerpockets.com/renewsblog/2008/06/20/the-future-of-foreclosure-actions/#comment-57646 Tom Koziol Sat, 21 Jun 2008 22:28:31 +0000 http://www.biggerpockets.com/renewsblog/?p=1046#comment-57646 James,It is hard to argue with your "it is more expensive" scenario as you hit the nail square on the head. Your "COMPS" remark is also right on point. You state 2011 as the possible turnaround date. Could very well be especially if more and more states adopt the go to court idea and it gets transformed into something they legislate.Settlement conferences are wonderful tools. However, they have built in time constraints as you know. Plus, a settlement conference can be manipulated. Having said that, I need to say I realize it may be too far out for the virgin idea NY has introduced.It is my opinion this is just the start of something we haven't even imagined. After all, court decisions become stare decisis in a hurry and, as you know, are often used as persuaders in other jurisdictions.Do a little research in the credit arena and you'll see what may have started out as a good idea got twisted and turned and churned into something it was never intended. I think, stress think, we are seeing the first sands of what will be ground work in the foreclosure arena.Oh yeah, the social security number - twisted, turned and churned completely out of shape. It has become the magic identifier which is a role it was never intended to play. Try getting a phone or electricity turned on without surrendering that little jewel.Phew, I can't wait for the next installment... James,

It is hard to argue with your “it is more expensive” scenario as you hit the nail square on the head. Your “COMPS” remark is also right on point. You state 2011 as the possible turnaround date. Could very well be especially if more and more states adopt the go to court idea and it gets transformed into something they legislate.

Settlement conferences are wonderful tools. However, they have built in time constraints as you know. Plus, a settlement conference can be manipulated. Having said that, I need to say I realize it may be too far out for the virgin idea NY has introduced.

It is my opinion this is just the start of something we haven’t even imagined. After all, court decisions become stare decisis in a hurry and, as you know, are often used as persuaders in other jurisdictions.

Do a little research in the credit arena and you’ll see what may have started out as a good idea got twisted and turned and churned into something it was never intended. I think, stress think, we are seeing the first sands of what will be ground work in the foreclosure arena.

Oh yeah, the social security number – twisted, turned and churned completely out of shape. It has become the magic identifier which is a role it was never intended to play. Try getting a phone or electricity turned on without surrendering that little jewel.

Phew, I can’t wait for the next installment…

]]> By: Colin Staffordhttp://www.biggerpockets.com/renewsblog/2008/06/20/the-future-of-foreclosure-actions/#comment-57639 Colin Stafford Sat, 21 Jun 2008 14:16:49 +0000 http://www.biggerpockets.com/renewsblog/?p=1046#comment-57639 Court involvement? Well, that should slow down the recovery then!Offering help to those in need is one thing, but how can anyone imagine that mandatory processing through the legal system - one that is already too slow, expensive and complex - help anything?Spare us from this!!!Colin Court involvement? Well, that should slow down the recovery then!

Offering help to those in need is one thing, but how can anyone imagine that mandatory processing through the legal system – one that is already too slow, expensive and complex – help anything?

Spare us from this!!!

Colin

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