Bank sells home for 1/3 value, kicks out owner without notice... by piratenews

REAL WORLD EVENT DISCUSSIONS

Bank sells home for 1/3 value, kicks out owner without notice...

POSTED BY: PIRATENEWS
UPDATED: Friday, August 21, 2009 01:58
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VIEWED: 635
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Thursday, August 20, 2009 2:47 AM

John Lee, conspiracy therapist at Hollywood award-winner History Channel-mocked SNL-spoofed PirateNew.org wooHOO!!!!!!

www.nbcmiami.com/news/local-beat/Womans-House-Mistakenly-Auctioned-by-
Bank-53583357.html

Proof that the "Federal" Reserve Ponzi Scheme allows banks to short sell homes for 10-cents on the dollar and still make a profit.

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Thursday, August 20, 2009 4:29 AM

DREAMTROVE

Inexplicably accompanied by a picture of drew barrymore with a hotdog

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Thursday, August 20, 2009 4:40 AM

ANTHONYT

Freedom is Important because People are Important

Hello,

Ten cents on the dollar is 1/10 value.

Selling a home at 1/3 value is proof of about 33 cents on the dollar.

I suffer from crippling math deficiencies. Do we share that trait?

--Anthony

"Liberty must not be purchased at the cost of Humanity." --Captain Robert Henner

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Thursday, August 20, 2009 4:55 AM

KWICKO

"We'll know our disinformation program is complete when everything the American public believes is false." -- William Casey, Reagan's presidential campaign manager & CIA Director (from first staff meeting in 1981)

Quote:
Originally posted by dreamtrove:
Inexplicably accompanied by a picture of drew barrymore with a hotdog

And that's a bad thing... how, exactly?

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Thursday, August 20, 2009 4:57 AM

KWICKO

Quote:
Originally posted by AnthonyT:
Hello,

Ten cents on the dollar is 1/10 value.

Selling a home at 1/3 value is proof of about 33 cents on the dollar.

I suffer from crippling math deficiencies. Do we share that trait?

--Anthony

"Liberty must not be purchased at the cost of Humanity." --Captain Robert Henner

Thank you, T. I had the same reaction. PN doesn't really do well with numbers; he's more of an acronym kind of guy. Last I heard, there were something like 947 trillion Mexican Jews poised to invade the USA ASAP CAFTA-NAFTA-SHAFTA DOA DUI IOU RIP KKK NWO.

Mike

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Thursday, August 20, 2009 6:28 AM

PIRATENEWS

John Lee, conspiracy therapist at Hollywood award-winner History Channel-mocked SNL-spoofed PirateNew.org wooHOO!!!!!!

Haven't seen the million hours of infomercials on buying a new house for $100?

Fractional reserve banking allows local banks to load $1,000 dollars for every $100 on deposit.

Derivatives allow the big banks to loan $10,000 for every $100 on deposit.

Wall Street banks can loan unlimited money for short sales.

Frakkin MLM Ponzi scams.

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Thursday, August 20, 2009 6:37 AM

NIKI2

Gettin' old, but still a hippie at heart...

That's one I don't get. I saw where some homes are being foreclosed on, then sitting idle I don't think the Fed has much to do with this, I think if you want to blame anyone, blame the banks. I still don't see how they profit; if they'd refinance the homes, they'd get full value or something close to it; selling a home worth thousands or hundreds of thousands of dollars for something like $100 doesn't do the bank any good, obviously. Can someone tell me how they profit from this kind of activity?

They SAID it was because the houses weren't worth the money to fix them, pay back taxes, auction them, etc. Are they just waiting for housing prices to go up? If so, they are losing a ton in interest, among other things.

This particular situation I think doesn't pertain to the debate at large; it was a clerical error, and anyone who received such treatment was bound to fight it and win. I chalk this up to human error and I don't think has anything to do with the issue at large.

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Thursday, August 20, 2009 7:00 AM

HERO

Quote:
Originally posted by Niki2:
I chalk this up to human error and I don't think has anything to do with the issue at large.

It was not a bank error.

Quote:

A mistake in the Miami-Dade Clerk's Office appears to be behind the mishap, which landed Ramirez homeless for more than 24 hours.

Simple error. Pay her for damages and little little extra for all the hassle and call it even.

H

"Hero. I have come to respect you"- Chrisisall, 2009.

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Thursday, August 20, 2009 7:01 AM

BYTEMITE

I can say, without a doubt, that I know that cities, banks, and state and government agencies will often work together to try to find loopholes to cheat innocent property owners out of their land.

It's not the upfront investment, it's what they plan to do with the land after where the money comes in.

But this might be a different case. Residential zoning, right? Really not much you can do with that that falls under the case scenario I described.

Is what's being described that banks are taking advantage of both fears of the housing crash and decreasing home values, preying upon homeowners who just want to get out quick by offering a pittance for homes worth far more than banks pay for them?

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Thursday, August 20, 2009 7:01 AM

HERO

Quote:
Originally posted by dreamtrove:
Inexplicably accompanied by a picture of drew barrymore with a hotdog

I thought it was part of the story.

H

"Hero. I have come to respect you"- Chrisisall, 2009.

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Thursday, August 20, 2009 9:40 AM

DREAMTROVE

Quote:

Originally posted by sniperkitty:

Quote:

Originally posted by dreamtrove:
Inexplicably accompanied by a picture of drew barrymore with a hotdog

And that's a bad thing... how, exactly?

Because she's not here, in my room, or naked, there's no video... Um, Nice tina fey with a banana if you click through...

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Thursday, August 20, 2009 9:43 AM

DREAMTROVE

Hero,

lol

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Thursday, August 20, 2009 10:34 PM

JEWELSTAITEFAN

Quote:
Originally posted by Niki2:
That's one I don't get.

Don't get? The bank loans out $100,000 and it costs them $1,000 of funds deposited. If they sell for 33,000 and get a mortgage from it, they have a 33K loan, and the $3,000 per year in interest (or maybe only $1,500 per year at 5%), and they get to use their $1,000 for other uses, it's not obligated to the original mortage anymore. The new mortgage easily covers the costs. The bank is not in the reel estate business - waiting for the market to miprove to sell the property at a higher value is not in their interests. Money is their business - they need the money to flow to make more money.

Quote:
I saw where some homes are being foreclosed on, then sitting idle I don't think the Fed has much to do with this, I think if you want to blame anyone, blame the banks. I still don't see how they profit; if they'd refinance the homes, they'd get full value or something close to it; selling a home worth thousands or hundreds of thousands of dollars for something like $100 doesn't do the bank any good, obviously. Can someone tell me how they profit from this kind of activity?

They SAID it was because the houses weren't worth the money to fix them, pay back taxes, auction them, etc. Are they just waiting for housing prices to go up? If so, they are losing a ton in interest, among other things.

This particular situation I think doesn't pertain to the debate at large; it was a clerical error, and anyone who received such treatment was bound to fight it and win. I chalk this up to human error and I don't think has anything to do with the issue at large.

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Friday, August 21, 2009 1:58 AM

FREMDFIRMA

Oh believe it, thing is if you are currently upside - have something with a value higher than the remaining bill - the banks are foaming at the mouth trying like HELL to take it from you.

Changing your payment date/amount without notice, "accidently" cashing your payment check for 1/10th value, changing terms and mailing the letter to your old address from before you bought the place, you name it, they'll do it, and Citigroup is the very worst of em all for it.

You'd find it hard to believe the crap they constantly and consistently pull on my ex, that was WHY I paid my lawyer to insert a provision on the original agreement that selling the loan to citigroup or any of their affiliates would constitute breach of the whole and void the contract, only to find after they did it that it would cost more to enforce that provision than to pay off the damn loan - our legal system is a rigged game folks, never you forget it.

That said, she does know how to cheat back enough to keep her property, and takes a very proactive stance about it, much to their ire - besides which if it comes to cases they'll be dealing with ME cause I hold a bitter grudge about that bit of bastardy, whether it's technically my problem or not.

-F

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