OWNER HASN'T PAID MORTGAGE IN 3 YEARS......B of A OUT TO LUNCH

By
Real Estate Broker/Owner with People first then business! Ran Right Realty Riverside, Ca BRE LIC #636943

I was talking with my fellow Real Estate agent the other day. You know how you share and bring each other up to speed on what is going on. She tells me that she has a client who hasn't paid on their mortgage for 3 years and counting.

Of course I start asking all these questions. The Bank is yes, you guessed it Bank of America. I actually hate saying their name because America deserves better than this bank. Anyway, I find out that the bank hasn't even sent them a delinquency notice. You know the one that says we haven't received your payment and if we are in error, please disregard this notice and thank you.

I have mixed feelings about this. On one hand, I am happy in a strange way that someone has not been booted out and is able to ride out the economic storm that has hit this country. Of course on the other hand, the obvious not paying for your way through life is not appropriate.

Millions of foreclosures are taking place across this nation. I have shared that if it was in the hundreds of thousands, then we would believe that these unfortunates lost their jobs and losing their homes is the naturally course of events to follow.

When you hear that it is in the tens of millions and growing with no end in sight, then there is something wrong with the system some where. An example is that I read a certain Wall street company artificially drove up demand for poor loans being sold as securities and then took out insurance against them failing. They collected nearly 3 billion dollars using this ploy.

Its like food poisoning. Tens of millions of people just don't get sick randomly. They must have all consumed the same thing. So it is with this banking fiasco.

There you have it. The bank is inept, the system that runs the banks are dishonest and the government is powerless to do anything about it and the regulators appointed nap and collect huge salaries while all this is going on.

Finding out about things after the fact tends to be the way human nature and this country learn things. Paying people to watch over our interests now requires people to watch over the people and so on.

Perhaps the guy who hasn't paid his mortgage for 3 years and counting is getting justice?

 

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Rainer
87,178
Luz Ibarra Ceballos
KW Realty Phoenix - Phoenix, AZ

Wow. It doesn't surprise me that this can actually happen. The banking fiasco is so convoluted and extreme, if I was in charge of fixing it, I wouldn't even know where to begin! I still think I'd do a better job at fixing it than what's going on right now, though.

Feb 15, 2011 09:59 AM #1
Ambassador
1,344,879
Norma Toering
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes & Beach Cities Homes in L.A. CA

I know of a similar situation--two years and counting. 

Feb 15, 2011 10:00 AM #2
Rainmaker
1,319,906
Richie Alan Naggar Author PEARLS SERIES of books
People first then business! Ran Right Realty Riverside, Ca - Riverside, CA
on LIFE and LOVE plus Real Estate too!

Luz....for Vice President of Real Estate Affairs.....She has a good heart and an earnest desire to use it. That would help to start to clear things up until others can come along.  Best

Norma...it is not normal....but it may be quickly becoming common place. What to make of it? I don't know. But it sure says a lot about the higher ups....thank you

Feb 15, 2011 10:22 AM #3
Rainmaker
617,662
Deborah Byron Leffler BzyBee Real Estate Lady!
Keller Williams Realty Boise - Nampa, ID

I hate the descrepancies....and then I have clients who after 4 missed payments are getting NOD's!!! It hardly seems fair!   I have a friend whose Dad died over 5 years ago and payments havent' been made since...and still no NOD filed!    They no longer live in the house but needless to say the house is deteroriating!!!

Feb 15, 2011 10:27 AM #4
Rainer
276,890
Kathryn Maguire
GreatNorfolkHomes.com (757) 560-0881 - Chesapeake, VA
Serving Chesapeake, Norfolk, VA Beach

Unbelievable.  Too big to fail?  I think we did ourselves a disservice by not letting them fail and letting them understand the nature of risk.

Feb 15, 2011 10:41 AM #5
Rainmaker
544,972
Cynthia Larsen
Safe Haven Realty - Cotati, CA
Independent Broker Serving Sonoma County, CA

How does somebody get lost in the system like that? BofA is too big for its britches.

Feb 15, 2011 10:49 AM #6
Rainmaker
1,319,906
Richie Alan Naggar Author PEARLS SERIES of books
People first then business! Ran Right Realty Riverside, Ca - Riverside, CA
on LIFE and LOVE plus Real Estate too!

Deborah..my favorite honey bee...Just what the heck is going on?...How about before any executive at the bank of A gets their next pay check, they have to earn it first. I mean, did I miss something here? If I don't work and perform, I don't get paid. Thank you

Kathryn...dear girl...you may have a point here. When they "faint" (fail) they will be taken to ER where they will be examined for the cause of the sickness. Then, we can begin the recovery process. Until then, the patient is on meds....LOL

Cynthia...when I was growing up and you boo-boo on anything, I got called to the carpet. I thought that is how people grow and learn? It may not be pleasant, but the system works if you use it. Perhaps people like this system broken because for some powerful few people out there...it is making them fortunes...Ponder this

Feb 15, 2011 11:01 AM #7
Rainmaker
256,793
Tim Bradley
Contour Investment Properties - Jackson Hole, WY
Commercial Real Estate Expert in Jackson Hole, WY

Hope they are saving up those missed payments for the lawsuit which will arrive in the mail one day...

Feb 15, 2011 11:28 AM #8
Rainmaker
1,319,906
Richie Alan Naggar Author PEARLS SERIES of books
People first then business! Ran Right Realty Riverside, Ca - Riverside, CA
on LIFE and LOVE plus Real Estate too!

You know if its not one thing, its another. Welcome to the wonderful world of our economy. it is like having to choose the lesser of the two evils....each one comes with a new set of problems.....thank you Tim

Feb 15, 2011 12:01 PM #9
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Rainmaker
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Richie Alan Naggar Author PEARLS SERIES of books

on LIFE and LOVE plus Real Estate too!
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