Foreclosures Fall To 40 Month Low -- Due To Paperwork Delays

[Assasin]

Karl stop chat crap. A family member who got laid off in England went through it. The judge gave a minimal payment based on her unemployment and when she went back to work there was an order for it to be changed. That happen in England and that is one of the reason the mortgage companies in America is fighting for judge not to get to make that decision.

What deals were they given. Even if they go into Foreclosure and the back take the property, why is this compounded by adding interest to it afterwards? Explain that to me.

short sale and foreclosure are the final options for people who CANNOT AFFORD TO PAY.

Can you give me an example where the back fourclose on a property and then interest continue to be added on by the month or year?

Tell me what are the many options if you are 5 months behind on your mortgage and can't afford to pay it. Tell me about it, I can help a few people.

[Muadib]

your facts are meaningless.. what you have stated exists and has existed before in Jamaica and other countries..

Losing 40% of your GDP is however quite an accomplishment.. destroyed the previous record set by Manley in the 70s...

What about the PNP engenders reckless exuberance of such epic proportions ?

[Karl]

Karl stop chat crap. A family member who got laid off in England went through it. The judge gaver a minimal payment based on her unemployment and when she went back to work there was an order for it to be changed. That happen in England and that is one of the reason the mortgage companies in America is fighting for judge not to get to make that decision.

What deals were they given. Even if they go into Foreclosure and the back take the property, why is this compounded by adding interest to it afterwards? Explain that to me.

These are the final options for people who CANNOT AFFORD TO PAY.

Can you give me an example where the back fourclose on a property and then interest continue to be added on by the month or year?

Tell me what are the many options if you are 5 months behind on your mortgage and can't afford to pay it. Tell me about it, I can help a few people.

Your current words show the falacy in your former.
Clearly there was an abilty to service the arrangement - lower payment followed by increased payments.

Did you leave out that those lower payments were reasonably meet from unemployment cheques?

Nuh cum wid dat - There must have been shown an ability to service the loan payments. To suggest otherwise is false!

[Assasin]

"Your current words show the falacy in your former.
Clearly there was an abilty to service the arrangement - lower payment followed by increased payments. "

Tell me what US bank does that? That they take unemployment in consideration and when you find a job they raise the payment. Tell me one. The judges are not working in the bank's interest which makes a HUGE difference.

What US bank base people's payment on their unemployment check? Tell me that.

Let me ask you again WHAT ARE THE OPTIONS WHEN YOU ARE 5 MONTHS BEHIND AND YOUR INCOME CAN NO LONGER COVER YOUR MORTGATE IN THE US?

Let me also ask you again WHICH BANK FORECLOSE ON YOUR PROPERTY AND CONTINUE TO ADD INTEREST AND CHARGES AFTER FORECLOSURE. Tell me one.


Please answer for me.

[Karl]

"Your current words show the falacy in your former.
Clearly there was an abilty to service the arrangement - lower payment followed by increased payments. "

Tell me what US bank does that? That they take unemployment in consideration and when you find a job they raise the payment. Tell me one. The judges are not working in the bank's interest which makes a HUGE difference.

What US bank base people's payment on their unemployment check? Tell me that.

The concept you have above applies in the US.

In some cases arrangements are made to reorganise the mortgage loan whereby low payments are granted for an agreed period and at the end of that period there is a review or at the end of that period of low payments there is an increased payment. In this latter case the increased payment was a pre-arranged as a part of the original agreement on reorganisation.

In the US, I do not know of a bank that considers unemployment income. ...but there are other government payments e.g. Social Security payments, that are considered.

The judges are not working in the bank's interest which makes a HUGE difference.

What you say above suggests there is a country where the judges work for 'the bank'. That appears to be giving a false impression.

I know of no country where the judge works for the bank or lending institution.

Let me ask you again WHAT ARE THE OPTIONS WHEN YOU ARE 5 MONTHS BEHIND AND YOUR INCOME CAN NO LONGER COVER YOUR MORTGATE IN THE US?

I shall name a few other options that are easily available...any others you may wish to knoiw demand fees for professional services and please remember each case is decided on its own merit.

There are personal arrrangements some private investors offer.

There is the "deed in lieu of foreclosure" which may or may not offer to the borrower forgiveness of the entire amounts owing.

There is always the option to sell the property to either cover only the what is owing + cost of selling...or selling for a profit.

Let me also ask you again WHICH BANK FORECLOSE ON YOUR PROPERTY AND CONTINUE TO ADD INTEREST AND CHARGES AFTER FORECLOSURE. Tell me one.

As far as I know all the banks add costs to foreclose and that includes administrative charges, legal fees and interest charges. There may be other charges depending on the process unique to the particular case.

In other words I do not know of a bank that does not charge the above.

After the property is foreclosed i.e. it now belongs to the entity that foreclosed, no other charges can accrue...i.e. any monies that may be due must be as a result of actions before the foreclosure was finalized.

[Assasin]

"n some cases arrangements are made to reorganise the mortgage loan whereby low payments are granted for an agreed period and at the end of that period there is a review or at the end of that period of low payments there is an increased payment. In this latter case the increased payment was a pre-arranged as a part of the original agreement on reorganisation.

In the US, I do not know of a bank that considers unemployment income. ...but there are other government payments e.g. Social Security payments, that are used."

This is totally different. They will offer you a short period but the money is put on the BACK END OF YOUR LOAN. This is not normally more than six months and you have to pay if you don't get qualify for refinance at the end of six months. AGAIN THIS IS TOTALLY DIFFERENT.

So you do know some other arrangements. ...and the one you mentioned is not the only way the repayment can be structured. ...additionally there is even sometimes forgiveness of a portion of the loan.

judges represent their indepenent bodies. That is why the Mortgage industry don't want judges to decide foreclousure and you know that.

What they want and what holds are different things.

"Deed in Leiu" is still foreclosure. It makes it a little better for the buyer.

It is not.

"There is always the option to sell the property to either cover only the what is owing + cost of selling...or selling for a profit."

We know in most cases we are dealing with property that doesn't have the value and no profit. Yes banks will be quick to make deal if you can cover your original loan amount.

"As far as I know all the banks add costs to foreclose and that includes administrative charges, legal fees and interest charges. There may be other charges depending on the process unique to the particualar case."

Karl you know better. If you are in foreclosure you are given a date that it will take place and no further interest is added after that the sale. They may go after the amount that is owed after foreclosure but they no longer continue to add interest after the foreclosure for years as FINSAC and the other company did. This make it impossible pay it off.

Tell me one bank that add interest and charge after foreclosure process is completed.

Answered this already - Do not know of one institution that does this.

...but having said all the above, it is not what happens often. Most persons who fall into foreclosue lose the property. So in this our great USA the vast majority who fall into foreclosure procedings lose the property.

btw - You would have noticed that we gradually switched from the FINSAC situation to a concentration on foreclosures only. FINSAC was about business failures and failure to repay loans that were tied to those business failures.

[Muadib]

Monies due after foreclosure ???

Explain...

[Karl]

Monies due after foreclosure ???

Explain...

Not all obligations are necessarily forgiven on a foreclosure being concluded.

There could be a deficiency...and or fees owed arising from the foreclosure process.

[Muadib]

huh ?

Need more explanation... give me an example..

[Assasin]

there is money due that they can come after you for but show me a case where interest is accumulated after.

[Assasin]

First there is a big difference if you are 2 months behind and still have a job and can afford your mortgage than when you are in deep trouble and can't afford it anymore. In the US most people go in foreclosure lose their house and I am telling that may not be the case in other places as judges makes the difference for example in England.

Now with FINSAC, government make the interest rate which made it harder for more people to pay, The worthless bank as you call it went under, government took over the loan and gave the people a even higher interest rate and instead of working a deal with the balance, they continued to add interest and rate up to 10 years later and then sold it to an American company for even higher interest rate.

Now tell me there is nothing the government could do.

[Karl]

First there is a big difference if you are 2 months behind and still have a job and can afford your mortgage than when you are in deep trouble and can't afford it anymore. In the US most people go in foreclosure lose their house and I am telling that may not be the case in other places as judges makes the difference for example in England.

Now with FINSAC, government make the interest rate which made it harder for more people to pay, The worthless bank as you call it went under, government took over the loan and gave the people a even higher interest rate and instead of working a deal with the balance, they continued to add interest and rate up to 10 years later and then sold it to an American company for even higher interest rate.

Now tell me there is nothing the government could do.

Are those facts?

[Assasin]

you can check it for yourself. Who is responsible for setting interest rate? The interest rate was high in part to combat devaluation of the Jamaican dollar. FINSAC is a government entity that was set up to take and dispose of assets. It didn't stop putting interest on bad asset. Then they sold it to a Texas debt shark who became the biggest owner of assets in Ja. In the meantime they bail out their friends and a few others.

check for yourself and tell me if a fact or not.

[Karl]

you can check it for yourself. Who is responsible for setting interest rate? The interest rate was high in part to combat devaluation of the Jamaican dollar. FINSAC is a government entity that was set up to take and dispose of assets. It didn't stop putting interest on bad asset. Then they sold it to a Texas debt shark who became the biggest owner of assets in Ja. In the meantime they bail out their friends and a few others.

check for yourself and tell me if a fact or not.

How was FINSAC able to become involved with any entity's or any individual's loan obligations ?

How did assets fall under FINSAC's control?

How many entities ran into problems that for at least some time ended up under FINSAC's control?

How many entites or persons had loans modified (got a bail out as you term it)?

How many of these entities had assets disposed of by FINSAC?

[Assasin]

JRF is still one of, if not the biggest real estate holder in Ja so who much was bailed out? The bail out percentage was small, mostly politicans got bailed out.

I don't have the figures but I hope the Enquiry tell us everything also who got bailed out and how much, and what was the formula for a bail out.