| Posted By |
Message |
| Pages: 1 [2] 3 |
Faithx2
All good things in 2016!!
Member since 8/05 20181 total posts
Name:
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
Posted by prncsslehcar
I have to say that after reading more about this case, I have finally come to form an opinion. And quite honestly, I completely disagree with this ruling. I really think it was completely out of line for this judge to erase the entire mortgage. That's absolutely nuts. If you buy a house, you should be responsible for paying for it. I don't care what lengths they went to to make sure they didn't foreclose, they still owe the money on the house. They knew what they were doing when they bought it, and should be responsible for seeing out that commitment. That being said, I would agree with lowering the interest rate, as I do feel for the couple and the fact that they actively tried to find a solution to the problem. But then again, there's a million other stories out there just like this couple's, and what are we going to do, relieve all those people of their mortgages? I just think it's setting a bad precedence. I understand slapping the lender on the wrist, but the ramifications of it are pretty costly, imo.
Absolutely Rachel! ITA!!
|
Posted 11/29/09 9:58 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource |
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
Posted by DancinBarefoot
First of all, unless you know the judge personally, to say he is horrible is out of line. As to what the hell he was thinking, IMHO, his decision outlines EXACTLY what he was thinking. The bank LIED to the homeowners AND to him. The bank "pretended" to offer the family a deal and only after they were backed into a corner did they admit the homeowner did NOT default on the repayment agreement, but instead the bank didn't give it to them until after the first payment was due.
I don't need to know him personally to determine that this is a HORRIBLE ruling. Absolutely ridiculous.
The bottom line is the buyers fell behind on their payments. If you fall behind, you run the risk of losing your house.
A bank is not required to try to make the payments work for the buyers after they are delinquent. Many banks may want to try to work with buyers because foreclosing is expensive. But a bank has every right to foreclose on someone's home for repeated missed payments.
Pay your loan. This is an absolutely ridiculous ruling.
I guess I should stop paying my mortgage and hope another stupid judge can wipe off my debt.
Message edited 11/29/2009 10:30:39 PM.
|
| Posted 11/29/09 10:30 PM |
| |
|
DancinBarefoot
06ers Rock!!
Member since 1/07 9534 total posts
Name:
The One My Mother Gave Me ;-)
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
Posted by ave1024
A bank is not required to try to make the payments work for the buyers after they are delinquent. Many banks may want to try to work with buyers because foreclosing is expensive. But a bank has every right to foreclose on someone's home for repeated missed payments.
The bank is REQUIRED to work with homeowners to prevent forfeiture of their home. That is the ENTIRE point of the new foreclosure laws.
For a bank representative to come into court and tell the judge they offered the homeowner a forebearance agreement that the homeowner IMMEDIATELY defaulted on, when IN FACT, said agreement was only sent to the homeowner AFTER the due date for the first payment, thereby guaranteeing the homeowner would default, is "inequitable, unconscionable, vexatious and opprobrious." - both in the act to the homeowner, and the outright LIE to the court.
|
| Posted 11/29/09 10:40 PM |
| |
|
DancinBarefoot
06ers Rock!!
Member since 1/07 9534 total posts
Name:
The One My Mother Gave Me ;-)
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
Posted by ave1024
I don't need to know him personally to determine that this is a HORRIBLE ruling. Absolutely ridiculous.
ridiculous ruling.
You didn't say the ruling was horrible, you said HE was horrible
I guess I should stop paying my mortgage and hope another stupid judge can wipe off my debt.
And now here you are calling him stupid.
I shall repeat what I said, unless you know the judge personally, to say he is horrible is out of line, and calling him stupid is just as bad.
Message edited 11/29/2009 10:42:51 PM.
|
| Posted 11/29/09 10:42 PM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
Posted by DancinBarefoot
The bank is REQUIRED to work with homeowners to prevent forfeiture of their home. That is the ENTIRE point of the new foreclosure laws.
They have to try to allow the buyer to get a modification, but that doesn't mean a modification is going to either be approved, or go through. They don't even have to meet with the buyers in person. It just has to be done in writing.
You make it sound like a bank can never foreclose on a house. In the end it is not up to the bank to modify the loan, it's up to the buyers to do their work to get the loan modified. The buyers have to do their due dilligence.
The federal workout program says a modification would be allowed if they can get the payments below 38% of their monthly household income with lengthening terms up to 40%. What if the buyer doesn't qualify for these terms? Is the bank still not allowed to foreclose?
It's absolutely ridiclous. This judge is ridiulous. Its a ridiculous ruling. Everything about the story is ridiculous.
It's one thing if you want to fine a bank 10k or 20k for improper conduct. But to wipe out over 500k of debt is totally assinine.
|
| Posted 11/29/09 10:58 PM |
| |
|
|
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
People.
No one knows the whole story here. But Darlene/DancinBarefoot is very much on the money.
One day one of you may unwillingly be in the media and have a half of a story out there for the whole world to see. And there will be people making judgments and forming harsh opinions on you.
|
| Posted 11/29/09 11:01 PM |
| |
|
DancinBarefoot
06ers Rock!!
Member since 1/07 9534 total posts
Name:
The One My Mother Gave Me ;-)
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
Posted by ave1024
Posted by DancinBarefoot
The bank is REQUIRED to work with homeowners to prevent forfeiture of their home. That is the ENTIRE point of the new foreclosure laws.
They have to try to allow the buyer to get a modification, but that doesn't mean a modification is going to either be approved, or go through. They don't even have to meet with the buyers in person. It just has to be done in writing.
You make it sound like a bank can never foreclose on a house. In the end it is not up to the bank to modify the loan, it's up to the buyers to do their work to get the loan modified. The buyers have to do their due dilligence.
The federal workout program says a modification would be allowed if they can get the payments below 38% of their monthly household income with lengthening terms up to 40%. What if the buyer doesn't qualify for these terms? Is the bank still not allowed to foreclose?
It's absolutely ridiclous. This judge is ridiulous. Its a ridiculous ruling. Everything about the story is ridiculous.
It's one thing if you want to fine a bank 10k or 20k for improper conduct. But to wipe out over 500k of debt is totally assinine.
Yes, it is up to the homeowners to do their due diligence, but if you read the judge's decision you would see that the bank FLATLY REFUSED to do anything - including approving a short sale.
And there you go again, calling the judge names. I will once again repeat myself . . . unless you know the judge personally to say he is "horrible" "stupid" and/or "ridiculous" is out of line.
|
| Posted 11/29/09 11:10 PM |
| |
|
HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
Posted by lipglossjunky73
People.
No one knows the whole story here. But Darlene/DancinBarefoot is very much on the money.
One day one of you may unwillingly be in the media and have a half of a story out there for the whole world to see. And there will be people making judgments and forming harsh opinions on you.
why is it suddenly NOT OK to form opinions on this topic but on the 28943894836 other threads about news stories it is?  because someone on here might *know* the people personally?
I don't get it...
|
| Posted 11/29/09 11:13 PM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
so DancinBareFoot:
You think it's perfectly OK for a homeowner to be delinquent on their house for FOUR YEARS?
If you read the judge's decision, it's shown that the homeowners have been delinquent since November of 2005! IndyMac sued this couple back in November of 2005 when they were FIRST delinquent. Thats FOUR YEARS where the homeowners could have remedied the situation!
These new foreclosure laws only went into effect recently. What happened to all those months of missed payments? How much money has this bank already LOST in interest payments?
Plus to add fuel to the fire, IndyMac turned into one of the largest bank failures and was siezed by the government and the FDIC.
So not only is the 500k loss a problem for the bank... it's now a problem for the FDIC (which has already taken some big hits).
It seems obvious to me that these homeowners were trying to get a free ride for doing nothing all these years, and thanks to a generous (and ridiculous) judge, they received the ultimate gift.
Thanks Spinner! 
|
| Posted 11/29/09 11:20 PM |
| |
|
|
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
Posted by HeathKernandez
Posted by lipglossjunky73
People.
No one knows the whole story here. But Darlene/DancinBarefoot is very much on the money.
One day one of you may unwillingly be in the media and have a half of a story out there for the whole world to see. And there will be people making judgments and forming harsh opinions on you.
why is it suddenly NOT OK to form opinions on this topic but on the 28943894836 other threads about news stories it is? because someone on here might *know* the people personally?
I don't get it...
People can do whatever they want. I never said it was not OK. But people should do it knowing that they don't know the whole story. That shouldn't be too much of a shocker. Neither do the other people on the other 28943894836 threads. I don't know the people personally, but I know a little more about the story. I am not forming an opinion either way because although I know a little more of the story I don't know enough to start getting all riled up in one direction or another. Why is it suddenly not OK to remind people that we are discussing a story filtered through the workings of the media, like every other story under the sun?
|
| Posted 11/29/09 11:23 PM |
| |
|
HeathKernandez
Our Ron is an awesome Ron
Member since 4/07 9091 total posts
Name:
baby fish mouth
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
Posted by lipglossjunky73
Posted by HeathKernandez
Posted by lipglossjunky73
People.
No one knows the whole story here. But Darlene/DancinBarefoot is very much on the money.
One day one of you may unwillingly be in the media and have a half of a story out there for the whole world to see. And there will be people making judgments and forming harsh opinions on you.
why is it suddenly NOT OK to form opinions on this topic but on the 28943894836 other threads about news stories it is? because someone on here might *know* the people personally?
I don't get it...
People can do whatever they want. I never said it was not OK. But people should do it knowing that they don't know the whole story. That shouldn't be too much of a shocker. Neither do the other people on the other 28943894836 threads. I don't know the people personally, but I know a little more about the story. I am not forming an opinion either way because although I know a little more of the story I don't know enough to start getting all riled up in one direction or another. Why is it suddenly not OK to remind people that we are discussing a story filtered through the workings of the media, like every other story under the sun?
why remind "people?" "People" have opinions, ALWAYS HAD on this site... I just thought it was weird that all of sudden this one, which doesn't seem like too much of a heated argument aside from btwn 2 people, that we all have to be reminded that the media is reporting it.
just seemed weird to me..
personally, I'm happy for them. Don't know the whole story but I'm not very happy with banks these days neither so more power towards the little person.
Just found it strange that out of all threads a reminder needed to be said...
Message edited 11/29/2009 11:32:14 PM.
|
| Posted 11/29/09 11:29 PM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
Posted by lipglossjunky73
Why is it suddenly not OK to remind people that we are discussing a story filtered through the workings of the media
We don't have to worry about media spin when we have the exact copy of the decision right here.
http://www.nycourts.gov/reporter/3dseries/2009/2009_52333.htm
So we can scrutinize the decision all we want since there really is no spin to speak of.
I like this exerpt: "The Court found IndyMac's position to be deeply troubling, especially since a plethora of sub-prime loans in this County's Foreclosure Conference Part have been successfully modified with the lender's reliance upon the income of non-obligors who reside in the premises under foreclosure."
What is this judge doing? Running for office with this type of statement?
How can you find what a bank is doing "deeply troubling" when they are acting in full conformity of the law? 
Message edited 11/29/2009 11:32:51 PM.
|
| Posted 11/29/09 11:31 PM |
| |
|
|
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
Posted by HeathKernandez
Posted by lipglossjunky73
Posted by HeathKernandez
Posted by lipglossjunky73
People.
No one knows the whole story here. But Darlene/DancinBarefoot is very much on the money.
One day one of you may unwillingly be in the media and have a half of a story out there for the whole world to see. And there will be people making judgments and forming harsh opinions on you.
why is it suddenly NOT OK to form opinions on this topic but on the 28943894836 other threads about news stories it is? because someone on here might *know* the people personally?
I don't get it...
People can do whatever they want. I never said it was not OK. But people should do it knowing that they don't know the whole story. That shouldn't be too much of a shocker. Neither do the other people on the other 28943894836 threads. I don't know the people personally, but I know a little more about the story. I am not forming an opinion either way because although I know a little more of the story I don't know enough to start getting all riled up in one direction or another. Why is it suddenly not OK to remind people that we are discussing a story filtered through the workings of the media, like every other story under the sun?
why remind "people?" "People" have opinions, ALWAYS HAD on this site... I just thought it was weird that all of sudden this one, which doesn't seem like too much of a heated argument aside from btwn 2 people, that we all have to be reminded that the media is reporting it.
just seemed weird to me..
personally, I'm happy for them. Don't know the whole story but I'm not very happy with banks these days neither so more power towards the little person.
Just found it strange that out of all threads a reminder needed to be said...
Nope - I do it all the time  Most news stories are like that and it annoys me. I always tell people if they can to do their own research and get a better sense of what's going on. I'm rarely out of character 
|
| Posted 11/29/09 11:36 PM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
Posted by DancinBarefoot
you would see that the bank FLATLY REFUSED to do anything - including approving a short sale.
And since when is it LAW that a bank MUST approve a short sale?
Do you really think if somebody is upside down 200k on their house that the bank is REALLY going to forgive 200k in debt?
Do you really expect a bank to do that? They will want the house because in the end it will cost them less to foreclose on the house than to forgive that amount of debt.
|
| Posted 11/29/09 11:37 PM |
| |
|
Celt
~~~~~~~~~~
Member since 4/08 7758 total posts
Name:
colette
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
This thread is getting really weird. 
|
| Posted 11/29/09 11:44 PM |
| |
|
CkGm
They get so big, so fast :(
Member since 5/05 13848 total posts
Name:
Christine
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
Posted by ave1024
Posted by DancinBarefoot
you would see that the bank FLATLY REFUSED to do anything - including approving a short sale.
And since when is it LAW that a bank MUST approve a short sale?
Do you really think if somebody is upside down 200k on their house that the bank is REALLY going to forgive 200k in debt?
Do you really expect a bank to do that? They will want the house because in the end it will cost them less to foreclose on the house than to forgive that amount of debt.
I don't agree with the name calling since we don't know the judge personally HOWEVER, I agree with everything else you have said. I know its not popular opinion these days but I am sickened that a bunch of people were "fooled" by banks to take out more money than they knew they could afford and now they feel the pressure. Sorry but you are right- I don't see how the banks who are out to make a profit, not be mom and dad here, are now supposed to be supporting homeowners who suddenly find themselves unable to make payments. Owning a home is an investment, A RISK, one that you willing take when you sign a mortgage. I am sorry for this family and their troubles but I don't think forgiving them a 500,000 loan is the way to make the big, bad banks WHO ARE OUT TO MAKE A PROFIT HERE change their ways.
Message edited 11/29/2009 11:47:50 PM.
|
| Posted 11/29/09 11:47 PM |
| |
|
|
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
Posted by colette
This thread is getting really weird.
Even weirder is the recent news clip on this case!
|
| Posted 11/30/09 12:10 AM |
| |
|
|
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
Posted by ave1024
Posted by DancinBarefoot
you would see that the bank FLATLY REFUSED to do anything - including approving a short sale.
And since when is it LAW that a bank MUST approve a short sale?
Do you really think if somebody is upside down 200k on their house that the bank is REALLY going to forgive 200k in debt?
Do you really expect a bank to do that? They will want the house because in the end it will cost them less to foreclose on the house than to forgive that amount of debt.
It is not like the bank's only 2 choices were to forgive 200K in debt or foreclose.
Aren't you the person who often says to sue credit card companies? Why do you have no problem collecting punitive damages from credit card companies yet it's "ridiculous" when a judge who sees these issues from the same banks every day rules against the bank?
Judge Spinner is not running for office. He is already there.
Message edited 11/30/2009 12:42:03 AM.
|
| Posted 11/30/09 12:25 AM |
| |
|
DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
Posted by rojerono
I'm with DancinBarefoot on this one.
Me too. Half of the issue IMO with this economy is that these banks are foreclosing on people left and right. If they worked out a way to get 1/2 payments, reduced payments etc. that would keep money coming in. Instead they took a hardline and now are handling millions of properties that are empty and making NOTHING. Also what is the difference of the average homeowner gettinga bailout or the government bailing out the banks to the tune of billions of dollars
|
| Posted 11/30/09 9:21 AM |
| |
|
Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
my thoughts:
the bank should of allowed a short sale in order to prevent foreclosure
Since they didn't i feel the bank is being irresponsible because foreclosure is not just kicking someone out of the house they can't pay but destroying the real estate market, neighborhoods and the economy in general.
I do think the judge's decision will be overturned because I feel legally you can not terminate a contract like that and I feel it sets a precedent for future rulings that could hurt the bank industry and mortgages that will trickle down to hurting the economy even further. I do agree banks should give at least a short sale option if not refinancing options (one or the other not both.) People need to learn to budget themselves and sometimes your status changes work wise, income, disability and a home is a home but if you see you can't afford it then sell it before getting into this position.
|
| Posted 11/30/09 9:22 AM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
As someone who deals with this every day- I was hoping this would send a message to the banks
Yet I get call from a client today that indymac called him and said do not make your last trial modification payment- we are not approving the mod
Part of the making home affordable program is making all 3 or 4 payments...they are trying to trick people into getting denied! Horrible!
|
| Posted 11/30/09 9:47 AM |
| |
|
Sash
Peace
Member since 6/08 10312 total posts
Name:
fka LIW Smara
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
Alll i want to know is how do I go about getting my mortgage relieved
I cant even get a modification
|
| Posted 11/30/09 10:11 AM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
Posted by Kerie-is-so-very
It is not like the bank's only 2 choices were to forgive 200K in debt or foreclose.
Aren't you the person who often says to sue credit card companies? Why do you have no problem collecting punitive damages from credit card companies yet it's "ridiculous" when a judge who sees these issues from the same banks every day rules against the bank?
Judge Spinner is not running for office. He is already there.
I am all for litigation when a company breaks the law.
But the last time I checked, I don't see where OneWest/IndyMac broke the law here. This is just another case of a customer not upholding their end of a legally binding contract, and expecting a bank to bow to their wishes, strongarming them by not paying their mortgage.
And in regards to me talking about sueing credit card companies, where did I say this? I have no problems going after banks when they fail to uphold the terms of their contracts with consumers. But if I recall correctly, the most recent credit card threads that I have participated in had to do with people being pizzed off at LAWFUL interest rate hikes, and I was siding with the banks on that (just like I am siding with the bank here).
Oh and I know Spinner was just re-elected. My sarcastic comment about him "running for office" must have been missed.
IMO this decision by the judge is a slap in the face to every Long Island homeowner who pays their mortgage and taxes on time.
|
| Posted 11/30/09 10:55 AM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
Posted by Beth
Yet I get call from a client today that indymac called him and said do not make your last trial modification payment- we are not approving the mod
Part of the making home affordable program is making all 3 or 4 payments...they are trying to trick people into getting denied! Horrible!
I am curious about something. From my research, the federal program still requires a homeowner to #1 be working, as the proposed modified payments still need to be under 38% of their gross income.
This couple wasn't working period, so I would take it they had no real income. What happens when a client cannot meet the qualifications of the making home affordable program? Isn't foreclosure the only real option? A bank isn't going to just sit there and get bent over by the client.
I don't see how the bank could have helped this couple if they weren't working. I'll ask this question again... why should a bank be strongarmed into accepting the terms of a shortsale that is over 200k upside down, when they can LEGALLY foreclose on the client, sell the house themselves, and take a far less loss.
|
| Posted 11/30/09 10:59 AM |
| |
|
annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
|
Re: Did anyone hear about the LI couple relieved of their mortgage?
Did Judge Spinner ever say the bank did anything illegal?
Sorry but a mortgage is a legally binding contract, it is the home owners responsibility to honor that contract.
|
| Posted 11/30/09 11:08 AM |
| |
|
| Pages: 1 [2] 3 |
