How Long Does It Take Before the Bank Takes The Houses Back?

[fromsdtomenifee]

Texted was messed up. I’ll retype. You can delete this. Thanks!

[UCGal]

This has been a common observation by Piggs. Banks are not moving homes from the NOD stage to the REO stage. The “shadow inventory” isn’t the banks owning and holding the houses – it’s the houses they should have – by all rights – foreclosed on.

The argument is that they are trying to work loan mods, or that they’re backlogged, or that there were moratoriums… There’s also the fact that the banks that service the mortgage probably don’t OWN the mortgage… so the process of taking a home back needs approval from the owners.

But I suspect it has a lot more to do with the fact that when a house goes back to the bank – it has to be marked to current value – not the inflated value it had previously been mortgaged at. Banks and mortgage owners don’t want to mark down those losses.

[UCGal]

This has been a common observation by Piggs. Banks are not moving homes from the NOD stage to the REO stage. The “shadow inventory” isn’t the banks owning and holding the houses – it’s the houses they should have – by all rights – foreclosed on.

The argument is that they are trying to work loan mods, or that they’re backlogged, or that there were moratoriums… There’s also the fact that the banks that service the mortgage probably don’t OWN the mortgage… so the process of taking a home back needs approval from the owners.

But I suspect it has a lot more to do with the fact that when a house goes back to the bank – it has to be marked to current value – not the inflated value it had previously been mortgaged at. Banks and mortgage owners don’t want to mark down those losses.

[UCGal]

This has been a common observation by Piggs. Banks are not moving homes from the NOD stage to the REO stage. The “shadow inventory” isn’t the banks owning and holding the houses – it’s the houses they should have – by all rights – foreclosed on.

The argument is that they are trying to work loan mods, or that they’re backlogged, or that there were moratoriums… There’s also the fact that the banks that service the mortgage probably don’t OWN the mortgage… so the process of taking a home back needs approval from the owners.

But I suspect it has a lot more to do with the fact that when a house goes back to the bank – it has to be marked to current value – not the inflated value it had previously been mortgaged at. Banks and mortgage owners don’t want to mark down those losses.

[UCGal]

This has been a common observation by Piggs. Banks are not moving homes from the NOD stage to the REO stage. The “shadow inventory” isn’t the banks owning and holding the houses – it’s the houses they should have – by all rights – foreclosed on.

The argument is that they are trying to work loan mods, or that they’re backlogged, or that there were moratoriums… There’s also the fact that the banks that service the mortgage probably don’t OWN the mortgage… so the process of taking a home back needs approval from the owners.

But I suspect it has a lot more to do with the fact that when a house goes back to the bank – it has to be marked to current value – not the inflated value it had previously been mortgaged at. Banks and mortgage owners don’t want to mark down those losses.

[UCGal]

This has been a common observation by Piggs. Banks are not moving homes from the NOD stage to the REO stage. The “shadow inventory” isn’t the banks owning and holding the houses – it’s the houses they should have – by all rights – foreclosed on.

The argument is that they are trying to work loan mods, or that they’re backlogged, or that there were moratoriums… There’s also the fact that the banks that service the mortgage probably don’t OWN the mortgage… so the process of taking a home back needs approval from the owners.

But I suspect it has a lot more to do with the fact that when a house goes back to the bank – it has to be marked to current value – not the inflated value it had previously been mortgaged at. Banks and mortgage owners don’t want to mark down those losses.

[fromsdtomenifee]

My original post was quite long, but in a nutshell I was venting my frustration at the fact that there are over a handfull of homes on my street that are in some sort of foreclosure….5 of them have been scheduled for trustee sales over and over, and they are always delayed. They have not made a payment in a year, or almost a year,and it’s frustrating. They don’t pay their mortgage, property taxes, or HOA fees…but yet they STILL stay in their house. Some have even trashed the homes and they still stay – they just ignore the HOA fines and do whatever they please.

I know things happen, but jeebus! If you can’t/won’t/stop paying then make arrangements and move on. This staying until you’re kicked out crap is really getting frustrating. People want to buy these homes, but the banks let people stay for free….for how long? Who knows.

[fromsdtomenifee]

My original post was quite long, but in a nutshell I was venting my frustration at the fact that there are over a handfull of homes on my street that are in some sort of foreclosure….5 of them have been scheduled for trustee sales over and over, and they are always delayed. They have not made a payment in a year, or almost a year,and it’s frustrating. They don’t pay their mortgage, property taxes, or HOA fees…but yet they STILL stay in their house. Some have even trashed the homes and they still stay – they just ignore the HOA fines and do whatever they please.

I know things happen, but jeebus! If you can’t/won’t/stop paying then make arrangements and move on. This staying until you’re kicked out crap is really getting frustrating. People want to buy these homes, but the banks let people stay for free….for how long? Who knows.

[fromsdtomenifee]

My original post was quite long, but in a nutshell I was venting my frustration at the fact that there are over a handfull of homes on my street that are in some sort of foreclosure….5 of them have been scheduled for trustee sales over and over, and they are always delayed. They have not made a payment in a year, or almost a year,and it’s frustrating. They don’t pay their mortgage, property taxes, or HOA fees…but yet they STILL stay in their house. Some have even trashed the homes and they still stay – they just ignore the HOA fines and do whatever they please.

I know things happen, but jeebus! If you can’t/won’t/stop paying then make arrangements and move on. This staying until you’re kicked out crap is really getting frustrating. People want to buy these homes, but the banks let people stay for free….for how long? Who knows.

[fromsdtomenifee]

My original post was quite long, but in a nutshell I was venting my frustration at the fact that there are over a handfull of homes on my street that are in some sort of foreclosure….5 of them have been scheduled for trustee sales over and over, and they are always delayed. They have not made a payment in a year, or almost a year,and it’s frustrating. They don’t pay their mortgage, property taxes, or HOA fees…but yet they STILL stay in their house. Some have even trashed the homes and they still stay – they just ignore the HOA fines and do whatever they please.

I know things happen, but jeebus! If you can’t/won’t/stop paying then make arrangements and move on. This staying until you’re kicked out crap is really getting frustrating. People want to buy these homes, but the banks let people stay for free….for how long? Who knows.

[fromsdtomenifee]

My original post was quite long, but in a nutshell I was venting my frustration at the fact that there are over a handfull of homes on my street that are in some sort of foreclosure….5 of them have been scheduled for trustee sales over and over, and they are always delayed. They have not made a payment in a year, or almost a year,and it’s frustrating. They don’t pay their mortgage, property taxes, or HOA fees…but yet they STILL stay in their house. Some have even trashed the homes and they still stay – they just ignore the HOA fines and do whatever they please.

I know things happen, but jeebus! If you can’t/won’t/stop paying then make arrangements and move on. This staying until you’re kicked out crap is really getting frustrating. People want to buy these homes, but the banks let people stay for free….for how long? Who knows.

[Allan from Fallbrook]

I’m coaching a kid whose family is at 18 months and counting since their last mortgage payment (Fallbrook/Valley Center area).

They received NOD six months in and haven’t made a payment for a year following and still no Notice of Trustee sale from the bank.

Talking to the dad, he indicated that he actually hasn’t heard anything from the bank since the NOD and is treating no news as good news. I asked him if thought about calling the bank and asking what is up and his response was, “Hell, no!”. He figures better to leave well enough alone.

Pretty amazing when you think about it. This isn’t the only family I know of in this situation. I know no less than six people in Temecula/Murrieta area in roughly the same boat.

[Allan from Fallbrook]

I’m coaching a kid whose family is at 18 months and counting since their last mortgage payment (Fallbrook/Valley Center area).

They received NOD six months in and haven’t made a payment for a year following and still no Notice of Trustee sale from the bank.

Talking to the dad, he indicated that he actually hasn’t heard anything from the bank since the NOD and is treating no news as good news. I asked him if thought about calling the bank and asking what is up and his response was, “Hell, no!”. He figures better to leave well enough alone.

Pretty amazing when you think about it. This isn’t the only family I know of in this situation. I know no less than six people in Temecula/Murrieta area in roughly the same boat.

[Allan from Fallbrook]

I’m coaching a kid whose family is at 18 months and counting since their last mortgage payment (Fallbrook/Valley Center area).

They received NOD six months in and haven’t made a payment for a year following and still no Notice of Trustee sale from the bank.

Talking to the dad, he indicated that he actually hasn’t heard anything from the bank since the NOD and is treating no news as good news. I asked him if thought about calling the bank and asking what is up and his response was, “Hell, no!”. He figures better to leave well enough alone.

Pretty amazing when you think about it. This isn’t the only family I know of in this situation. I know no less than six people in Temecula/Murrieta area in roughly the same boat.

[Allan from Fallbrook]

I’m coaching a kid whose family is at 18 months and counting since their last mortgage payment (Fallbrook/Valley Center area).

They received NOD six months in and haven’t made a payment for a year following and still no Notice of Trustee sale from the bank.

Talking to the dad, he indicated that he actually hasn’t heard anything from the bank since the NOD and is treating no news as good news. I asked him if thought about calling the bank and asking what is up and his response was, “Hell, no!”. He figures better to leave well enough alone.

Pretty amazing when you think about it. This isn’t the only family I know of in this situation. I know no less than six people in Temecula/Murrieta area in roughly the same boat.

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