I'm sorry; but I don't have sympathy for EVERY SINGLE PERSON losing their home!

By
Services for Real Estate Pros with Pacific Servicing

*Disclaimer* This is a topic I have been wanting to write about for quite some time, and whether you agree with my opinions or not, please take the time to read the reasons why, and digest the information, before commenting.

First off, let me start by telling you who this blog is NOT FOR:

  1. This blog is NOT FOR the wife who lost her husband in Iraq
  2. This blog is NOT FOR the family who's child was diagnosed with Cancer
  3. This blog is NOT FOR the dad who is working 3 jobs to support his wife & 3 children
  4. This blog is NOT FOR the consumer who was tricked into an Option Arm Loan, or one with an adjustable rate that is balooning out of control
  5. This blog is NOT FOR the consumer who lost his or her job, and is doing everything possible to make ends meet.
  6. This blog is NOT FOR the consumer who fell on hard times, and is doing their best to make ends meet
  7. This blog is NOT FOR the consumer trying to short sale their home to get out of a bad situation

I think you get the point on who this blog is NOT MEANT FOR. I could spend the next hour on #'s 8-30, but I covered enough to get the point across

Now, lets get to who this blog post IS FOR:

  1. This blog IS FOR the homeowner who refied 6 times, bought all the new toys, then let their home go
  2. This blog IS FOR the homeowner who hasn't had to make a payment in 2 years, and lives in the BANKS HOME free of charge, yet still complains about being broke (I have Strong disregard for this person)
  3. This blog IS FOR the homeowner who bought 3-4 homes to flip right at the peak, and got stuck with them yet still complains that they are being done an injustice!
  4. This blog IS FOR the homeowner who feels the need to "strip the home" as a final parting gift. Was it not enough you got to live for a year + in the home free of charge, and YOU are the one who defaulted, yet you feel the need to cost the bank $30,000-$50,000 by gutting the kitchen and baths, destroying the walls, kicking holes everywhere like a MISGUIDED CHILD.

I really will not get into too many details, as I could blog about this for hours. I think you now see the full jist of my thoughts and feelings on this topic. I can't stand that while honest hardworking folks such as myself work hard, make a good living, PAY THEIR MORTGAGE, and PAY THEIR TAXES on time, while we have folks abusing the system, dragging out their foreclosure, forcing the bank to go through a lengthy evicition when they ALREADY have been in the home 1 year + without making a payment. Is that not enough? Why do you choose to feel like the world owes you a huge favor. YOU took out the mortgage. YOU chose to to refi umpeen times. YOU chose to risk it all and buy several at 1 time, and YOU chose to further harm the bank, which in affect harms the economy, by stripping your property!

Look, I understand things can happen. And for everyone that falls under the "not for you" section, I have zero issues with you and completely can understand your situation! But when people abuse the system, haven't had to make a payment (in certain cases for 2 years!), and still choose to draw out the evicition, trash their homes, and what not, that is NOT OK in my book!

Whatever happened to morals? If you can't afford your payment, and can't work it out with the bank, find a rental you CAN afford and when the home is foreclosed on move out!!!! Why wait for the bank to kick you out via an eviction, why choose to be irresponsible and live off the economys dime? Why choose to gut your home, something I believe you should be thrown in jail for!!! Its time to learn a life lesson from this terrible experience and to move on!

So to wrap it up, this is my "shocker" blog of the week. The one that people will either love, or hate, I am not sure I will have to many neutral party comments :)

I AM SHOCKED THAT EVEN AFTER STATING TO READ THE BLOG IN ITS ENTIRETY BEFORE COMMENTING I AM STILL GETTING NEGATIVE COMMENTS 10% OF THE TIME! THIS BLOG IS MEANT TO CALL TO LIGHT THE PEOPLE WHOM ABUSE THE SYSTEM, NOT THE HARD WORKING HONEST HOMEOWNERS WHO FELL ON BAD TIMES.


Enjoy!

 

 

Posted by

 

 

Ryan Case - Partner

Pacific Servicing, LLC

Ryan@PacificServicing.com

(800) 313-9050 - Office

(951) 760-3170 - Mobile

(951) 501-2926 - Fax

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Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Dee Bundy and Leslie Leis Northern Colorado Home Team 09/15/2010 06:44 PM
  2. Jim Smith 09/16/2010 09:34 AM
  3. Ryan Case 09/16/2010 11:36 AM
Topic:
ActiveRain Community
Location:
California Riverside County Temecula
Groups:
Active Rain Newbies
California Dream Team
ETHICS and the REALTOR
Foreclosures, and the future of our market.
Investors
Tags:
foreclosure
cash for keys
bank owned
poor judgement

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Rainer
30,768
Ryan Case
Pacific Servicing - Temecula, CA

Comment 54 (Matt Kofsky) - If you are supporting people who gut homes, who pull out 100k helocs only to default the next month, people who file bk 2-3 times just to allow them more FREE time in a home that they haven't paid a mortgage payment on in 1-2 years, then I am really not sure how I would ever begin a response to that. Luckily, you are not the majority in terms of your opinion, Or this would be a scary society to live in! We have to hold people accountable!

Is it against the law to find a bank envelope of money on the ground outside Chase Bank's front doors, and keep it? Of Course not! Is it UNETHICAL and IMORALLY wrong? ABSOLUTELY..


Is it against the law to pull out 100k in a heloc, knowing you plan on never making a payment on it? Or how about the people that Short Sold their home to themselves through a family member, without proper disclosure to the bank? How about that? If you take nothing else away from this blog at least understand people need to take ACCOUNTABILITY and learn to DO THE RIGHT THING, regardless if they are "breaking the law"

Sep 16, 2010 10:13 AM #55
Rainer
136,154
Brent & Deb Wells
RE/MAX Four Corners - Prosper, TX
Your Collin County Realtors

Ryan,

I think you nailed most of it, I might sum it up with 'personal responsibility'. Take charge off your life and be accountable for the decisions you make. No one owes you a safety net.

You get massive kudos for bravery today!

-Brent

Sep 16, 2010 10:30 AM #56
Rainer
30,768
Ryan Case
Pacific Servicing - Temecula, CA

Thanks Brent, I knew I would get a few negative comments, its part of life I guess, I am not one to hide behind my true feelings. And to everyone else, I will be at RainCamp in San Jose, No doubt with a target on my back, 2 featured blogs in a week, both contoversial topics, with the other blog being about Unethical REO Listing Agents.

Sep 16, 2010 10:45 AM #57
Ambassador
1,476,776
Renée Burrows
Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate - Las Vegas, NV
Las Vegas Real Estate Broker - www.urLVhome.com

I think I am falling in love with you Ryan.  You need to quit making sense :)

Subscribing to you and I am going to ask you to be a contributor to my outside blog as many things you have posted are relevent to Las Vegas

Sep 16, 2010 11:11 AM #58
Rainmaker
57,673
Juanita Thompson
Sumter, SC

Ryan, two thumbs up here.  Decisions have consequences -- understanding that is an essential part of growing up.  Unfortunately some people just never grow up.

It is an opinion, it's your opinion, you're entitled to it and you have the freedom to express it.  Some people will disagree.

Not me, though.  I think you nailed it.  Hooah.

Sep 16, 2010 11:30 AM #59
Rainmaker
161,050
Ryan Case
SCA Real Estate - Anaheim, CA
877-828-0710

Overall your comments and feedback are great! You took the time to stick your neck out, and I am sure you will have a bullseye on you at Raincamp, but I'll be right next to you :)

 

GREAT BLOG POST!!!!!!!!!

Sep 16, 2010 11:34 AM #60
Rainmaker
161,050
Ryan Case
SCA Real Estate - Anaheim, CA
877-828-0710

And also you are getting reblogs, something that tells me your blog was well received in the community :)

Sep 16, 2010 11:35 AM #61
Rainmaker
219,651
John MacArthur
Century 21 New Millennium - Washington, DC
Licensed Maryland/DC Realtor, Metro DC Homes

Ryan....of course, you will receive accolades from this group. Some even have lauded your courage(?). Moat of the people that will read this are quite aware of all the horrors you describe.  It is good to vent.  Of course, some comments reveal that the person responding is clueless. the pompous fellow that feels nothing is amiss if people are doing things within their legal rights.

It is in your mortgage...you can not willfully do anything that will reduce the value of the property. It is a violation of the terms of your loan to trash the house. 

While I agree with your post and share your angst, I don't think the general public gives a damn one way or another unless one of these devalued properties impacts their homes market value.

Sure, we all have dealt with the folks that used the home as an ATM. Sure, most of us have little sympathy for anyone that has abused the system.

That angst and a buck might get you a cup of coffee. 

Sep 16, 2010 12:03 PM #62
Anonymous
Anonymous
Barbara Hensley

Hear!  Hear!  There will always be people who learn to work the system.  Great points.

Sep 16, 2010 12:43 PM #63
Rainer
70,825
Donald Tepper
Long and Foster - Fairfax, VA

I fully agree. One of the things I'm concerned about is that this corrosive lack of responsibility is spreading throughout the country. Geez--do you remember 15 or 20 years ago when a foreclosure was not only rare but frowned upon? Now there are folks who are wearing foreclosures like badges of honor. They worked the system, and walked away from a huge mountain (steaming pile) of their own debt. Yeah, for those who say it was legal, in some cases it was. (But let's not get into issues of mortgage fraud and stated income loans and all that.) But now, more and more people are looking around, seeing others doing it, seeing little or no criticism, seeing some even applauded for doing it, and are increasingly tempted themselves.

Great post.

Sep 16, 2010 01:13 PM #64
Rainmaker
96,243
Mindy Sylvester
MVP Realty - Naples, FL
Naples Fl Real Estate

"Empathy means you're human. Sympathy means you're about to make a mistake."

I think comments like Fred Griffin's are valid, though -- when people do this on a corporate level, there are no consequences for them. The real lesson of the American criminal justice system seems to be "commit the biggest possible crimes...we have zero tolerance for petty thieves here."

Still, crime is crime is crime.

Sep 16, 2010 01:29 PM #65
Rainmaker
107,473
Matt Kofsky
Transaction Realty 500 Reno, Nv. - Reno, NV

Ryan, you seem to lump people who do illegal activities in with people who do legal activities that you do not like.    

Sep 16, 2010 02:51 PM #66
Rainer
127,421
Dan Quinn
Prudential PenFed Realty - Silver Spring, MD
Dan Quinn

Good for you Ryan - calling a spade a spade.  I think I could write a book on all the abuse I have seen with these "walkaways" in the short sale and foreclosure arena. 

I am looking forward to when the banks are stabilized and have the capability to go after these people and prosecute them.  It will happen, it is only a matter of time.

Sep 16, 2010 04:50 PM #67
Rainmaker
52,331
Sandra J. Steele
Wise Choice Properties, Sedona/Verde Valley Branch - Cottonwood, AZ
Integrity, Knowledge and years of experience!!!

This is a very touchy subject and there are so many variables.  The government, the banks, the homeowners, the short sale & the foreclosures.  WOW what a mess we are in.

 

Sep 17, 2010 12:26 AM #69
Ambassador
2,416,558
Patricia Kennedy
Evers & Company Real Estate, Inc. - Washington, DC
For Your Home in the Capital

Wow, Ryan!  I get the impression that this is a rnat that's been a long time coming!  And you probably won't find a lot of people around here who will give you an arguement.

Sep 17, 2010 09:05 PM #70
Rainmaker
137,071
David Krushinsky
AmeriFirst Financial, Inc. - NMLS 202115 - Phoenix, AZ

It's pretty amazing the "entitlement" that some feel they deserve.  I say rip the band aid off and let's move forward.

Sep 18, 2010 04:01 PM #71
Rainmaker
345,613
Rodney Mason
Prospect Mortgage - Atlanta, GA
FHA 203K, USDA, VA, HomePath Renovation Specialist

Great post.  Personal responsibility seems to be out the window for some people.  I attend most all of my closings and I never saw anyone signing docs under any type of duress.  They were all very willing and none ever put up any resistance. 

When you borrow something, it is your responsibility to return it.  It's not much more complex than that.  Some areas were more hit than others by people who bought on the speculation of huge profits.  In the end, they only wanted the gains but not the risk associated with it.   

Sep 19, 2010 01:42 PM #72
Rainmaker
83,150
Dana Voelzke
Citibank N.A. (203) 733-9408 - Fairfield, CT
Fairfield County CT Home Lending Officer

Yes, we need more personal responsibility. I have had some homeowners in trouble sit down at my desk and say "I didn't think they would give me the mortgage, but they did." I sure hope this becomes a lesson learned. Somehow I don't think all the new regulations are going to eliminate this problem from happening again.

Sep 30, 2010 01:39 AM #73
Ambassador
685,028
Charita Cadenhead
Keller Williams Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

Ryan I think that you clearly saved your butt from being thrown to the sharks when you made the distinction between those who are targets of your post and those who are not.

I will agree to the degree that it is undeniable that some people are milking the system for all that they can get.  I agree that some are behaving irresponsibly and making  bad matters worse.  In light of that, I am glad that you did not clumped in a single category, everyone who has defaulted on a mortgage loan.

ActiveRain is about creating a dialogue and I can certainly say that you have done a bang up job in doing that.  Your post of on 1/2 cynical.

Oct 03, 2010 07:48 AM #74
Rainer
234,825
Daniel H. Fisher
www.FisherHermanRealty.com (704) 617-3544 - Charlotte, NC
MCRP - Charlotte Real Estate, NC or SC
 

I can't imagine what it feels like to lose a home.  If it is painful, perhaps the person is truly experiencing a hardship.  Investors who lose a home and homes that are lost as a result of inflated prices resulting from unscrupulous lending practices, overbuilding and structural issues in the market are a little less clear.  For the homeowner to take the full blame of the failure, could be seen as unfair - even if they contributed to the problem.

It will be nice when saving is back up, steady payments allow the "upside down" homeowner to sell and the market becomes more liquid again.

Aug 20, 2011 11:13 AM #75
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