They are trying to take my home!

OP

Wholesaler · Chicago, IL · Member since 2010 · 27 posts · 2 votes

16y

You are entitled to your opinion, but your can't discredit court ruling sir. Please do your research sir. The banks are the dead beats sir not the people.

Eddie Ziv

Investor · Mableton, GA · Member since 2009 · 1k+ posts · 465 votes

16y

You have to distinct between fraudulent act against borrower and fraudulent act against investors. Those are two different things. When a Judge wipes out a mortgage debt, it doesn't mean that it become the rule of the land. It can and most likely will go to appeal after appeal and possibly all the way to the supreme court.
When an institution makes a unsustainable loan and then and sells it to investors, that entity may commit a fraud against the investors, but not necessarily against the borrower. The responsibility of the borrower is equally shared with the lender. Yes, the lender too the risk, but that doesn't release the borrower from his/her obligation to pay that loan back. Of course there are mitigating circumstances when it is clear that the borrower was mislead verbally or could not obtain the necessary knowledge to make a educated decision when borrowing that money.
There are many cases when predatory lenders persuaded uneducated home owners (Mainly elderly) to borrow money against their free and clear homes for a small monthly payment which obviously tripled when the terms of the introductory rate expired.

Richard Warren

Real Estate Investor · Las Vegas, NV · Member since 2008 · 1k+ posts · 447 votes

16y

Originally posted by Karen Williams:

You are entitled to your opinion, but your can't discredit court ruling sir. Please do your research sir. The banks are the dead beats sir not the people.

Let me see if I understand this correctly. According to you people who default on the obligations are the good guys and those that gave them the money with the expectation that they would be paid back are the deadbeats.

Iâ€™ve had it all wrong. Iâ€™ve always paid my debts and honored my word. I didnâ€™t realize that the proper thing to do was to use some legal loophole to avoid paying as I promised to do when I obtained the loan.

Silly me, I stand corrected.

:cool:

6 Reply

Josh Green

Financial Advisor · Tampa Area, FL · Member since 2008 · 956 posts · 214 votes

16y

sounds to me like the beginning of a guru pitch......

Jon Holdman

Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes

16y

Originally posted by Josh Green:

sounds to me like the beginning of a guru pitch......

Better not be. Pitches of any sort are absolutely forbidden in this forum.

Podcast Guest on Show The Truth About Real Estate Investing in 2024 (What Investors NEED to Know)

J ScottPro Member

Moderator

Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes

16y

Originally posted by Karen Williams:

I have a house that is in foreclosure right now.

So, you haven't been paying your bills.

I'm with you so far...

Screw the banks, why should they have my property when they made their money already.

What do you mean they made their money already? When you took out a loan, they handed a bunch of cash over to the seller of the property you bought, and they are now out that money. They don't get that money back UNTIL YOU PAY THEM BACK.

Since you are in foreclosure, you are clearly not paying them back, so they are LOSING money.

You borrowed money and agreed to repay it. You aren't doing that.

Resently I've been learning how to clear all of my debts including my mortgage by becoming a secured party creditor.

So, let's say you owed $10,000 to someone in your family. Would you feel good about not repaying your family member and no longer owing that family member anything?

Why is the bank any different?

Getting your Social Security Number back from the Government so they don't borrow money off of your number anymore.

Ummm...you were the one borrowing the money.

Remember that house you bought? The one that you're now getting foreclosed on.

It's not the government that's doing anything wrong here, it's you. You're the one that is not making good on the money you owe.

So you better get your property free and clear while you can, before your government changing the rules in their favor.

It's very easy to get your property free and clear. Just pay off the loan you took to buy that property.

...I'm trying to get the word out to every homeowner I know.

If the word you're trying to get out is that you have no integrity, then congratulations, you've been successful...

9 Reply

Mitch Kronowit

SFR Investor · Orange County, CA · Member since 2009 · 1k+ posts · 1k+ votes

16y

I also understand paying income taxes is optional and 9/11 was an "inside job". Time to go get my tin foil hat from the cleaners.

Sam M.

Real Estate Investor · Craigmont, ID · Member since 2009 · 564 posts · 239 votes

16y

Karen,
I see you have a website wherein you promote this stuff.
Does that mean you lied in your original post about having a home in foreclosure???

Judging by her profile I would say this is a major plug :(

As to the "produce the note" scheme I have seen people do this and after 2 years of fightning they wind up owing 40k more than they originally did and the lender is still foreclosing.

You did sign the note, did you not? If so honor your agreement. Like J Scott said "it's called integrity"

Bill Gulley

Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes

16y

Well, looks like the votes are in! There might be some other sites where such tactics might accepted, but this one is full of investors who have been around the block a couple times and such nonsense just won't fly. We had one of these birddog originators in my area soliciting outside the library....without a license I might add and the guy now has a few problems in municipal court! As pointed out by everyone I voted for, the deadbeats are bad enough, what's even worse are the people suckered into spinning these tails as originators for the ones who think up these schemes....Bill

OP

Wholesaler · Chicago, IL · Member since 2010 · 27 posts · 2 votes

16y

Does anyone here own a bank. History has it where the banks borrow 9 times what you deposit into your bank account right? The same went when you got a loan for your property. If they borrow 9 times what your property is worth, then why should you have to pay for the next 30 years when in reality your property was paid in full. Why are the people not making money on their signtures. Why should the banks keep lining their pockets with the people money. Is it because we do not know any better. Everyone knows how many theives are in the government. Why should this be any different. Why is the economy in the situation that we are in right now. Its all over the news people. I think the federal reserve sold us out. What happen to the 9 trillion dollars that is missing from the federal reserve bank?

Brian LevredgePro Member

Investor · Chattanooga, TN · Member since 2009 · 1k+ posts · 903 votes

16y

Originally posted by Karen Williams:

Does anyone here own a bank. History has it where the banks borrow 9 times what you deposit into your bank account right? The same went when you got a loan for your property. If they borrow 9 times what your property is worth, then why should you have to pay for the next 30 years when in reality your property was paid in full. Why are the people not making money on their signtures. Why should the banks keep lining their pockets with the people money. Is it because we do not know any better. Everyone knows how many theives are in the government. Why should this be any different. Why is the economy in the situation that we are in right now. Its all over the news people. I think the federal reserve sold us out. What happen to the 9 trillion dollars that is missing from the federal reserve bank?

While I have a similarly negative view of the Fed, that does not excuse breaking a legal contract. Is your house really being foreclosed on? If so, why (beside the obvious)? Or are you just here to promote your website and services? You haven't mentioned anything about your personal situation. Either disclose your true intentions for being here or leave. If you want to rail on the Fed and the banks, then you should have posted in the Off Topic or Politics forum

Sam M.

Real Estate Investor · Craigmont, ID · Member since 2009 · 564 posts · 239 votes

16y

Originally posted by Karen Williams:

Does anyone here own a bank. History has it where the banks borrow 9 times what you deposit into your bank account right? The same went when you got a loan for your property. If they borrow 9 times what your property is worth, then why should you have to pay for the next 30 years when in reality your property was paid in full.

I also think we have been sold out by relying on banks and lending backed by a phony system I completly disagree with the notion that one should not have to pay back what they owe. I think this sense of entitlement is one reason we are headed for disaster.
I think the reality is that banks lend out and therefore earn interest on 90% of your deposits and must keep 10% in reserves. Not that they borrow 9X your deposits.

The idea that your property was paid in full is total BS. Except that the bank paid the seller in full and you promised to pay it back. (simplified) While the bank might have sold the loan and therefore been â€œpaid in fullâ€ the bank still might service the loan for the person that bought out their position.

Podcast Guest on Show #100

Joshua D.Pro Member

BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes

16y

Karen -
Did you really lose your home to foreclosure as others have asked?

I've moved this post to the political forum, but would like for you to explain your intentions here. What do you do for a living? Are you in the real estate business? If so, what is your focus? Are you a real estate agent? Do you do foreclosure mitigation?

Please explain.

Thank you.

OP

Wholesaler · Chicago, IL · Member since 2010 · 27 posts · 2 votes

16y

Yes I have a property that is in foreclosure, yes I'm a part - time realestate investor, No I'm not a real estate agent. I took my website down, because I'm not here to sell anything. I guess I'm in the wrong forum. I'm sorry for bringing this topic into the forum. Please remove everything that I have posted here.

Steve Babiak

Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes

16y

Originally posted by Karen Williams:

... Please remove everything that I have posted here.

Unlikely for this to happen - exposing schemes and scammers for what they are is part of what we do on this site. Your posts provide the record of that.

Matt Eilers

Real Estate Agent · Grand Junction, CO · Member since 2008 · 68 posts · 35 votes

16y

When I 1st saw this post (about a minute after it was posted), I went dowstairs, put some popcorn in the microwave, made some lemonade and got ready for a good show.
Didn't disappoint. ;-)

Attorney · Raleigh, NC · Member since 2008 · 4k+ posts · 1k+ votes

16y

Ignore - new post below that will take longer than 15 minutes.

Attorney · Raleigh, NC · Member since 2008 · 4k+ posts · 1k+ votes

16y

Karen,
I don't know what kind of fools you're used to dealing with but you would have gotten a lot more headway and credibility here by being honest. We are not REIA fools here. We are real investors and we know a BS lead in to a sales pitch when we see one.

I am the Tim Wieneke that owns REI Events. You and I met a few years ago at a CCIA meeting when you pitched me Special K Consultants. I did a quick search and confirmed that you are the same Karen Williams who owns "Special K Consultants" which is a "credit" repair firm based out of Barrington. You even used the same photo you are using here on your website. How dumb do you think we are?

You came here with the intention of starting a "produce the note" sales pitch for your credit repair company and Josh even asked you who you are and what you do. You only said you are a "part time investor". That is a lie by omission. I know who you are and what you sell.

http://www.trustys.com/profiles/karenw

You are more than a deadbeat. You are a liar who cannot be trusted with full disclosure of your intentions.

4 Reply

OP

Wholesaler · Chicago, IL · Member since 2010 · 27 posts · 2 votes

16y

Im sorry I don't recall meeting you Tim Wieneke, but your picture looks like an actor. I think its Michael Douglas. I don't have nothing to hide Tim. And yes I do offer credit repair through a company out of Farmington Hills Michigan who is still in business after 10 years. What does that have to do with anything. Again I am not selling anything here, I'm just posing on a forum.

Attorney · Raleigh, NC · Member since 2008 · 4k+ posts · 1k+ votes

16y

Originally posted by Karen Williams:

I'm just posing on a forum.

You're absolutely right.

Mitch Kronowit

SFR Investor · Orange County, CA · Member since 2009 · 1k+ posts · 1k+ votes

16y

Originally posted by Sam M.:

I think the reality is that banks lend out and therefore earn interest on 90% of your deposits and must keep 10% in reserves. Not that they borrow 9X your deposits.

I believe you are correct, Sam.

My understanding of the Federal Reserve (and I'm by no means an expert, I just read a lot), is that it's a fractional banking system. That means the member banks of the Fed can only lend out a certain percentage of their deposits, limited by the reserve level (presently 10% for demand deposits and 0% for time deposits). That means for every dollar someone deposits into their checking account, the bank can lend up to ninety cents. For every dollar deposited into a savings account, the bank can lend out a whole dollar.

I've heard this same misconception (that banks can lend out 7 - 9x their deposits) from others. It must be a case of "creative math". Instead of following the example I just gave, they take the 10 cents that a bank keeps in reserve and compares it to the 90 cents they lend out! That does NOT mean the banks can lend out 9 cents for every additional penny that comes in. Somebody has to deposit a whole dime first.

Clear now? Good, explain it to me! :mrgreen:

Attorney · Raleigh, NC · Member since 2008 · 4k+ posts · 1k+ votes

16y

Alright, I'm going to lay a lot of cards on the table for folks here so they don't get distracted by a pitch for nonsense "counseling" that doesn't work. Here is the reality of foreclosure and the reality of what you can do after foreclosure if you quit whining about how unfair the banking system is, grow a pair, and move forward.

Here is the reality of foreclosure:

https://w3.courtlink.lexisnexis.com/cookcounty/FindDock.asp?NCase=&SearchType=2&Database=3&case_no=&Year=&div=&caseno=&PLtype=2&sname=Wieneke&CDate=

They didn't take back "my" home. They took back THEIR house. It's just a house.

Going through foreclosure is one of the wost feeling medicines for you. It is an indication that the way your life has been going thus far is wrong and unsustainable and something MUST change. You don't piss and moan about how it wasn't fair. Maybe not all of it was fair but you made decisions that brought you to that place. Even if you deal with foreclosure, divorce and losing your job and being unemployed for over a year all at the same time as I did, the decisions that brought you to that place are yours to own.

Does it have to destroy your life or even stop you from investing? No.

http://216.117.11.48/DirectSearch/Results.aspx

Foreclosure may just be the best thing for you. It may dislodge your head from your arse and get you refocused on changing your life from what it was to what it needs to be. To do this, however, you need to own your decisions and own the consequences of those decisions that took you to a place of foreclosure. You can't pull this "produce the note" nonsense or you will have learned nothing and you will do nothing but contribute to further negative impact on the system.

4 Reply

James Ward

Real Estate Investor · Ocala, FL · Member since 2008 · 742 posts · 463 votes

16y

I really do not care about any of the nonsense that most of this particluar thread is about.

But, Tim has it right on!
Good for you. Taking a situation that was negative, and turning yourself around.

Mark N.A

Real Estate Investor · North Carolina · Member since 2008 · 1k+ posts · 483 votes

16y

Originally posted by Karen Williams:

your picture looks like an actor. I think its Michael Douglas.

This is better'n the Sunday funnies........