[strider3700]

First off lets slam the tenant

She's lived in a home for 38 years but needed to take out a 30 year loan to pay the rest of it off? What the hell type of mortgage did she get almost 40 years ago?

She borrowed $56,000in the same year that her house was valued at just over half of that? And what was this going to be spent on? I seriously doubt she overpaid so much on her mortgage in 1970 that this money was for the house.

Now lets slam the bankers

Who the fuck gives a 30 year mortgage to someone 90 years old? Hell going off average life expectancies she's already on borrowed time.

How can they justify loaning that much money when the home is worth so little.

[seazar]

It's criminal - someone should be going to jail over this one!

[3rensho]

$this->bbcode_second_pass_quote('oilluber', '
')gun control ??
More a sign of the easy availability of guns.

[Denny]

Something's pretty peculiar here. That home has to be worth much more than the $31,000 appraised value. You can't buy a chicken coop anymore in a city for that amount.

For sure, it would have to worth $125,000 or more, unless the insides have been burned out?

Its a detached home with a normal size lot in the picture.

[IndigoMoon]

$this->bbcode_second_pass_quote('Denny', 'S')omething's pretty peculiar here. That home has to be worth much more than the $31,000 appraised value. You can't buy a chicken coop anymore in a city for that amount.
For sure, it would have to worth $125,000 or more, unless the insides have been burned out?
Its a detached home with a normal size lot in the picture.

[DryGuy]

Man I don't want to seem cold...but... you really should have your house paid off half way to 90 years old.
Suicide ... you either do it ...or you don't.... there is no try.

[ReverseEngineer]

$this->bbcode_second_pass_quote('DryGuy', 'M')an I don't want to seem cold...but... you really should have your house paid off half way to 90 years old.
Suicide ... you either do it ...or you don't.... there is no try.

[MarkJ]

$this->bbcode_second_pass_quote('Denny', 'S')omething's pretty peculiar here. That home has to be worth much more than the $31,000 appraised value. You can't buy a chicken coop anymore in a city for that amount.

For sure, it would have to worth $125,000 or more, unless the insides have been burned out?

Its a detached home with a normal size lot in the picture.

[jasonraymondson]

I am still trying to figure out how you attempt suicide by shooting yourself in the shoulder?

Even for a 90 year old women, how is that attempting suicide?

[dinopello]

It had a happy ending though !

$this->bbcode_second_pass_quote('', 'F')annie Mae said it will set aside the loan of a woman who shot herself as sheriff's deputies tried to evict her from her foreclosed home.

On Friday, Fannie Mae spokesman Brian Faith said the mortgage association had decided to halt action against Polk and sign the property "outright" to her.

"We're going to forgive whatever outstanding balance she had on the loan and give her the house," Faith said. "Given the circumstances, we think it's appropriate."

[firefly]

Couldn't buy this kind of advertising for 45,000 dollars.

Fannie mae is not a nice guy despite this.

[Sixstrings]

From the second linked story on this:

$this->bbcode_second_pass_quote('', 'H')e hurried downstairs and let the deputies in. He said they told him they found Polk's car keys, pocketbook and life insurance policy laid out neatly where they could be found, suggesting that she intended to kill herself.

Deputies had tried to serve Polk's eviction notice more than 30 times before Wednesday's incident, Sommerville said. She never came to the door, but the notes the deputies left would always disappear, so they knew she was inside and ambulatory, he said.

[mos6507]

$this->bbcode_second_pass_quote('Sys1', 'S')he should have shot on the policemen before attempting to kill her.

[emersonbiggins]

$this->bbcode_second_pass_quote('oilluber', '
')
gun control ??
More a sign of the easy availability of guns.

[InToWishin]

I'm sort of interested in dynamics of a foreclosure especially with regard to what happens to the bank when they trade a steady stream of income for a property (say a skyscraper or a church or a shopping mall or a hotel) that costs money in the form of utility bills, maintenance and taxes even when idling on the market. Can anybody help me with more about these details? Thanks.

[perdition79]

The banks will dump those foreclosed commercial properties for pennies on the dollar, to cut their losses. Houses in Detroit can be had for a buck, just because the bank can't afford the few grand a year it costs to hold onto them. Check Realtor.com for lowest-price houses in Detroit, MI. It's funny and sad at the same time.

[InToWishin]

Edith to Archie: "Oh, but Archie, what about the commercial foreclosures? Those could cost 10s to 100s of millions."

$this->bbcode_second_pass_quote('', '[')u]Commercial foreclosures increase in Dallas-Fort Worth
... According to a report released by Foreclosure Listing Service Inc., Dallas-Fort Worth commercial real estate foreclosure postings have increased 32 percent above the same time a year ago.

[seahorse]

As a lawyer, in my personal experience in my local area, banks are reluctant to sell foreclosed homes and are in fact, holding onto them and continuing to "book" them with inflated values. Here's a post I made on the subject:

$this->bbcode_second_pass_quote('', 'O')n the ongoing residential bust, I always wondered why banks weren't simply willing to pull the trigger and get rid of the foreclosed homes for whatever they could get. Well, its not that simple, bc in the end, they don't have enough capital to allow them to get rid of them. They have to hold the houses and claim a false value on the defaulted properties hoping they can sell them later at the price they have in the properties - Enron banking style.

Why must they show them on their books with false inflated values? Keep in mind the assets and liabilities of a bank. Deposits are liabilities that in addition they have to pay interest on. Loans are considered assets, as long as they are good. Basically, the assets and liabilities of a bank must maintain a certain proportion, otherwise, they are bankrupt. So, when a bank forecloses, they take the house back, replacing the asset value of the good loan with the asset value of the home they are holding - if they take a loss on the home or mark it down to its true deflated value, it reduces their assets.

[InToWishin]

$this->bbcode_second_pass_quote('', '[')u]Foreclosure crisis creates unique hardships for apartment renters

South Florida apartment renters can face grim living conditions when their landlords enter foreclosure and stop paying bills. Some are taking matters into their own hands.
BY MONICA HATCHER
mhatcher (at) MiamiHerald.com
Dec 17, 2008

After working a full day and tending to her three children, the last thing Latasha Jones felt like doing was making the rounds in her apartment complex to collect contributions for the building's water bill. But she had no choice -- the landlord, in foreclosure, had abandoned the building and stopped paying it.

More than once over the past year, tenants of the 11-unit Liberty City complex had come home to find the water shut off. Eventually, they stopped paying rent and took the matter into their own hands, forming a kind of rudimentary condo association to manage the property at 1575 NW 69th St.

...

[InToWishin]

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