Foreclosures

our dear obama government has banned foreclosure since 5 years ago, welcome to earth

The Obama government did not ban foreclosures 5 years ago. [Here I am gritting my teeth and omitting the pithy comments I could make about idiocy and ignorance.]

One of the differences with foreclosure actions in NY State is that in our state, unlike many others, a judge must hear the foreclosure claim. During the height of the foreclosure mess, with the appearance of many problems with the banks' claims (robosigning, fraud in the contract, etc) Chief Judge Lippman wisely put the brakes on the process: on more greasing the skids for automatic foreclosures. He instituted some procedures to insure that the numerous claims being processed were actually good claims.

I mean, why take a house away from a couple in Queens who (true story) suddenly ended up with a 1-month LIBOR ARM with negative amortization rather than the 30-year-fixed at 5% they had been guaranteed in writing by the bank. The difference in monthly payments was $1500 for the fixed-rate and $4000 with neg amortization for the ARM they had never agreed to. In a different state, it is likely that they would have lost the house before they could defend themselves.

The NYS court system instituted the referee function, which has been working, albeit slowly.The result for those looking to buy foreclosures has been greater uncertainty. Properties may be listed in foreclosure, but the listing goes on for months, sometimes years, and quite often there is actually a modification or other settlement at the end of the rainbow.

Just from observation, prices don't seem so much lower in NYC as they do elsewhere for foreclosures.

Many years ago, I worked with an extremely competent businessman who went to a weekend seminar on how to buy foreclosures. He came back and said life was too short to wrest homes away from the down and out.

"Many years ago, I worked with an extremely competent businessman who went to a weekend seminar on how to buy foreclosures. He came back and said life was too short to wrest homes away from the down and out."

Indeed.

There are many more profitable, expedient, and ethical ways of making money.

.......op?

this is bullsh*t, a loan agreement is a loan agreement, a bank will not randomly change your monthly payment, otherwise the stupid mortgage system won't last till now. and if no one deadbeat, there's no reason for a bank to go after you ever

you wanna ban robosigning? ban robobuying first!