So, where are all the foreclosures?

[SD Realtor]

Gotya JP yeah there were some definite shenanigans that happened before hand. One (I guess you can call it poetic justice) piece about that is that they were in the process of short selling the home and the lenders just foreclosed right in the middle of the short sale process.

So I guess what you were pointing out is that a number of NODs are the results of potential fraud in the past. Yep I could not argue with that.

[danthedart]

[quote=SD Realtor]dan you bring up good points. I am trying to think of a better way to state what I am trying to say without calling it a premeditated plan.

Let me state it this way… without calling it a premeditated plan. I think that the lenders knew they had passed the point of no return and they knew that the government would have to bail them out. Also I am not so sure that they were able to do anything logistically faster in 2008 at all. I think that is a subjective point. In fact if they were able to do so, at least in San Diego county our inventory would have been substantially higher then it was in 2008 and it was not.

So I guess I should not as sound so black helicopter like in my post. However I do still believe even if it is not all orchestrated, it certainly is playing out in a very favorable way to the lenders. Wouldn’t you say? [/quote]

I agree 2008 is probably the fastest they could do, and I agree that it definitely is favorable for lenders to let the foreclosures “dribble out” but I don’t know if that’s necessarily what they’re going to do.

2008 rates of new REO listings would be more than fast enough to send the market spiraling downward again.

Mr. Mortgage thinks there’s going to be a huge wave of foreclosures coming this summer, so if that does happen… it was just the moratoriums that were holding back the REOs.

Fannie and Freddie recently lifted the foreclosure moratorium that I thought had been lifted in January. I didn’t know they had extended it. This extension of the moratorium without much public fanfare definitely does qualify as some funny business.

[danthedart]

[quote=SD Realtor]dan you bring up good points. I am trying to think of a better way to state what I am trying to say without calling it a premeditated plan.

Let me state it this way… without calling it a premeditated plan. I think that the lenders knew they had passed the point of no return and they knew that the government would have to bail them out. Also I am not so sure that they were able to do anything logistically faster in 2008 at all. I think that is a subjective point. In fact if they were able to do so, at least in San Diego county our inventory would have been substantially higher then it was in 2008 and it was not.

So I guess I should not as sound so black helicopter like in my post. However I do still believe even if it is not all orchestrated, it certainly is playing out in a very favorable way to the lenders. Wouldn’t you say? [/quote]

I agree 2008 is probably the fastest they could do, and I agree that it definitely is favorable for lenders to let the foreclosures “dribble out” but I don’t know if that’s necessarily what they’re going to do.

2008 rates of new REO listings would be more than fast enough to send the market spiraling downward again.

Mr. Mortgage thinks there’s going to be a huge wave of foreclosures coming this summer, so if that does happen… it was just the moratoriums that were holding back the REOs.

Fannie and Freddie recently lifted the foreclosure moratorium that I thought had been lifted in January. I didn’t know they had extended it. This extension of the moratorium without much public fanfare definitely does qualify as some funny business.

[danthedart]

[quote=SD Realtor]dan you bring up good points. I am trying to think of a better way to state what I am trying to say without calling it a premeditated plan.

Let me state it this way… without calling it a premeditated plan. I think that the lenders knew they had passed the point of no return and they knew that the government would have to bail them out. Also I am not so sure that they were able to do anything logistically faster in 2008 at all. I think that is a subjective point. In fact if they were able to do so, at least in San Diego county our inventory would have been substantially higher then it was in 2008 and it was not.

So I guess I should not as sound so black helicopter like in my post. However I do still believe even if it is not all orchestrated, it certainly is playing out in a very favorable way to the lenders. Wouldn’t you say? [/quote]

I agree 2008 is probably the fastest they could do, and I agree that it definitely is favorable for lenders to let the foreclosures “dribble out” but I don’t know if that’s necessarily what they’re going to do.

2008 rates of new REO listings would be more than fast enough to send the market spiraling downward again.

Mr. Mortgage thinks there’s going to be a huge wave of foreclosures coming this summer, so if that does happen… it was just the moratoriums that were holding back the REOs.

Fannie and Freddie recently lifted the foreclosure moratorium that I thought had been lifted in January. I didn’t know they had extended it. This extension of the moratorium without much public fanfare definitely does qualify as some funny business.

[danthedart]

[quote=SD Realtor]dan you bring up good points. I am trying to think of a better way to state what I am trying to say without calling it a premeditated plan.

Let me state it this way… without calling it a premeditated plan. I think that the lenders knew they had passed the point of no return and they knew that the government would have to bail them out. Also I am not so sure that they were able to do anything logistically faster in 2008 at all. I think that is a subjective point. In fact if they were able to do so, at least in San Diego county our inventory would have been substantially higher then it was in 2008 and it was not.

So I guess I should not as sound so black helicopter like in my post. However I do still believe even if it is not all orchestrated, it certainly is playing out in a very favorable way to the lenders. Wouldn’t you say? [/quote]

I agree 2008 is probably the fastest they could do, and I agree that it definitely is favorable for lenders to let the foreclosures “dribble out” but I don’t know if that’s necessarily what they’re going to do.

2008 rates of new REO listings would be more than fast enough to send the market spiraling downward again.

Mr. Mortgage thinks there’s going to be a huge wave of foreclosures coming this summer, so if that does happen… it was just the moratoriums that were holding back the REOs.

Fannie and Freddie recently lifted the foreclosure moratorium that I thought had been lifted in January. I didn’t know they had extended it. This extension of the moratorium without much public fanfare definitely does qualify as some funny business.

[danthedart]

[quote=SD Realtor]dan you bring up good points. I am trying to think of a better way to state what I am trying to say without calling it a premeditated plan.

Let me state it this way… without calling it a premeditated plan. I think that the lenders knew they had passed the point of no return and they knew that the government would have to bail them out. Also I am not so sure that they were able to do anything logistically faster in 2008 at all. I think that is a subjective point. In fact if they were able to do so, at least in San Diego county our inventory would have been substantially higher then it was in 2008 and it was not.

So I guess I should not as sound so black helicopter like in my post. However I do still believe even if it is not all orchestrated, it certainly is playing out in a very favorable way to the lenders. Wouldn’t you say? [/quote]

I agree 2008 is probably the fastest they could do, and I agree that it definitely is favorable for lenders to let the foreclosures “dribble out” but I don’t know if that’s necessarily what they’re going to do.

2008 rates of new REO listings would be more than fast enough to send the market spiraling downward again.

Mr. Mortgage thinks there’s going to be a huge wave of foreclosures coming this summer, so if that does happen… it was just the moratoriums that were holding back the REOs.

Fannie and Freddie recently lifted the foreclosure moratorium that I thought had been lifted in January. I didn’t know they had extended it. This extension of the moratorium without much public fanfare definitely does qualify as some funny business.

[jpinpb]

Fraud, but also the length of time it took the bank to decide to foreclose. The boyfriend sold it to the girlfriend for what, like 100k over just 3 months later. Not on SDL, but it shows on Redfin. Then they pretty much lived there and stop paying for like almost year, eventually attempting a short sale.

I guess when they listed it, the bank let them continue to stay, and maybe they even paid a little something. But that whole process took a very long time before the bank said screw it and did the foreclosure. I mean, inordinate.

Padre – the NOD was filed 4/16/08. They had not been paying for many months before that. The bank took it back in August 2008, and then it immediately sold for 820k. And while it seems it just took only 4 months from NOD to foreclosure, the payments stopped well before April ’08.

[jpinpb]

Fraud, but also the length of time it took the bank to decide to foreclose. The boyfriend sold it to the girlfriend for what, like 100k over just 3 months later. Not on SDL, but it shows on Redfin. Then they pretty much lived there and stop paying for like almost year, eventually attempting a short sale.

I guess when they listed it, the bank let them continue to stay, and maybe they even paid a little something. But that whole process took a very long time before the bank said screw it and did the foreclosure. I mean, inordinate.

Padre – the NOD was filed 4/16/08. They had not been paying for many months before that. The bank took it back in August 2008, and then it immediately sold for 820k. And while it seems it just took only 4 months from NOD to foreclosure, the payments stopped well before April ’08.

[jpinpb]

Fraud, but also the length of time it took the bank to decide to foreclose. The boyfriend sold it to the girlfriend for what, like 100k over just 3 months later. Not on SDL, but it shows on Redfin. Then they pretty much lived there and stop paying for like almost year, eventually attempting a short sale.

I guess when they listed it, the bank let them continue to stay, and maybe they even paid a little something. But that whole process took a very long time before the bank said screw it and did the foreclosure. I mean, inordinate.

Padre – the NOD was filed 4/16/08. They had not been paying for many months before that. The bank took it back in August 2008, and then it immediately sold for 820k. And while it seems it just took only 4 months from NOD to foreclosure, the payments stopped well before April ’08.

[jpinpb]

Fraud, but also the length of time it took the bank to decide to foreclose. The boyfriend sold it to the girlfriend for what, like 100k over just 3 months later. Not on SDL, but it shows on Redfin. Then they pretty much lived there and stop paying for like almost year, eventually attempting a short sale.

I guess when they listed it, the bank let them continue to stay, and maybe they even paid a little something. But that whole process took a very long time before the bank said screw it and did the foreclosure. I mean, inordinate.

Padre – the NOD was filed 4/16/08. They had not been paying for many months before that. The bank took it back in August 2008, and then it immediately sold for 820k. And while it seems it just took only 4 months from NOD to foreclosure, the payments stopped well before April ’08.

[jpinpb]

Fraud, but also the length of time it took the bank to decide to foreclose. The boyfriend sold it to the girlfriend for what, like 100k over just 3 months later. Not on SDL, but it shows on Redfin. Then they pretty much lived there and stop paying for like almost year, eventually attempting a short sale.

I guess when they listed it, the bank let them continue to stay, and maybe they even paid a little something. But that whole process took a very long time before the bank said screw it and did the foreclosure. I mean, inordinate.

Padre – the NOD was filed 4/16/08. They had not been paying for many months before that. The bank took it back in August 2008, and then it immediately sold for 820k. And while it seems it just took only 4 months from NOD to foreclosure, the payments stopped well before April ’08.

[jpinpb]

Padre – here is another one:

3739 Balboa Terrace B is not fraud, but just bank delaying foreclosure.

They received their NOD in July 2008. Foreclosure was scheduled 12-22. It kept getting postponed. They have been attempting to sell since May 2008. Here we are in April 2009. It just recently went pending. It will be interesting to see at what it closes.

I only happen to remember this b/c I am in the area. But suffice to say that the banks are taking quite a while to foreclose. There are many more like this. It is not uncommon.

[jpinpb]

Padre – here is another one:

3739 Balboa Terrace B is not fraud, but just bank delaying foreclosure.

They received their NOD in July 2008. Foreclosure was scheduled 12-22. It kept getting postponed. They have been attempting to sell since May 2008. Here we are in April 2009. It just recently went pending. It will be interesting to see at what it closes.

I only happen to remember this b/c I am in the area. But suffice to say that the banks are taking quite a while to foreclose. There are many more like this. It is not uncommon.

[jpinpb]

Padre – here is another one:

3739 Balboa Terrace B is not fraud, but just bank delaying foreclosure.

They received their NOD in July 2008. Foreclosure was scheduled 12-22. It kept getting postponed. They have been attempting to sell since May 2008. Here we are in April 2009. It just recently went pending. It will be interesting to see at what it closes.

I only happen to remember this b/c I am in the area. But suffice to say that the banks are taking quite a while to foreclose. There are many more like this. It is not uncommon.

[jpinpb]

Padre – here is another one:

3739 Balboa Terrace B is not fraud, but just bank delaying foreclosure.

They received their NOD in July 2008. Foreclosure was scheduled 12-22. It kept getting postponed. They have been attempting to sell since May 2008. Here we are in April 2009. It just recently went pending. It will be interesting to see at what it closes.

I only happen to remember this b/c I am in the area. But suffice to say that the banks are taking quite a while to foreclose. There are many more like this. It is not uncommon.

[Author]

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