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  • April 13, 2009 at 1:25 PM #380736
    jpinpb
    Participant

    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.

    April 13, 2009 at 3:55 PM #380194
    Rt.66
    Participant

    Armed as we are with all these facts about the “shadow inventory” and the coming storm of resets and the last two months setting records for NODs, someone will still post a:

    “Is now a good time to buy?” thread. And many over-eager house wanters will give their pro oppinion as to why you needn’t be concerned with 80k houses in CA’s shadow inventory or 15% unemployment or a complete global financial melt-down. Realtors will have many a “now’s a good time to buy” type replies, as always.

    RTC-2 is my guess on what the banks are waiting for. TPTB have kept housing artificially high for a year and a half into the bursting bubble. Think of how many knife catchers the bank are profiting from because of that subterfuge.

    Geithner will eventually come out with RTC-2 and take the houses off the bank’s books at some inflated fantasy price and then auction them off fast, furious and cheap. Then recovery can start.

    April 13, 2009 at 3:55 PM #380467
    Rt.66
    Participant

    Armed as we are with all these facts about the “shadow inventory” and the coming storm of resets and the last two months setting records for NODs, someone will still post a:

    “Is now a good time to buy?” thread. And many over-eager house wanters will give their pro oppinion as to why you needn’t be concerned with 80k houses in CA’s shadow inventory or 15% unemployment or a complete global financial melt-down. Realtors will have many a “now’s a good time to buy” type replies, as always.

    RTC-2 is my guess on what the banks are waiting for. TPTB have kept housing artificially high for a year and a half into the bursting bubble. Think of how many knife catchers the bank are profiting from because of that subterfuge.

    Geithner will eventually come out with RTC-2 and take the houses off the bank’s books at some inflated fantasy price and then auction them off fast, furious and cheap. Then recovery can start.

    April 13, 2009 at 3:55 PM #380655
    Rt.66
    Participant

    Armed as we are with all these facts about the “shadow inventory” and the coming storm of resets and the last two months setting records for NODs, someone will still post a:

    “Is now a good time to buy?” thread. And many over-eager house wanters will give their pro oppinion as to why you needn’t be concerned with 80k houses in CA’s shadow inventory or 15% unemployment or a complete global financial melt-down. Realtors will have many a “now’s a good time to buy” type replies, as always.

    RTC-2 is my guess on what the banks are waiting for. TPTB have kept housing artificially high for a year and a half into the bursting bubble. Think of how many knife catchers the bank are profiting from because of that subterfuge.

    Geithner will eventually come out with RTC-2 and take the houses off the bank’s books at some inflated fantasy price and then auction them off fast, furious and cheap. Then recovery can start.

    April 13, 2009 at 3:55 PM #380702
    Rt.66
    Participant

    Armed as we are with all these facts about the “shadow inventory” and the coming storm of resets and the last two months setting records for NODs, someone will still post a:

    “Is now a good time to buy?” thread. And many over-eager house wanters will give their pro oppinion as to why you needn’t be concerned with 80k houses in CA’s shadow inventory or 15% unemployment or a complete global financial melt-down. Realtors will have many a “now’s a good time to buy” type replies, as always.

    RTC-2 is my guess on what the banks are waiting for. TPTB have kept housing artificially high for a year and a half into the bursting bubble. Think of how many knife catchers the bank are profiting from because of that subterfuge.

    Geithner will eventually come out with RTC-2 and take the houses off the bank’s books at some inflated fantasy price and then auction them off fast, furious and cheap. Then recovery can start.

    April 13, 2009 at 3:55 PM #380830
    Rt.66
    Participant

    Armed as we are with all these facts about the “shadow inventory” and the coming storm of resets and the last two months setting records for NODs, someone will still post a:

    “Is now a good time to buy?” thread. And many over-eager house wanters will give their pro oppinion as to why you needn’t be concerned with 80k houses in CA’s shadow inventory or 15% unemployment or a complete global financial melt-down. Realtors will have many a “now’s a good time to buy” type replies, as always.

    RTC-2 is my guess on what the banks are waiting for. TPTB have kept housing artificially high for a year and a half into the bursting bubble. Think of how many knife catchers the bank are profiting from because of that subterfuge.

    Geithner will eventually come out with RTC-2 and take the houses off the bank’s books at some inflated fantasy price and then auction them off fast, furious and cheap. Then recovery can start.

    April 13, 2009 at 4:09 PM #380209
    jpinpb
    Participant

    Scarlet – I can believe it. RTC-2 will unveil itself, I’ll venture a guess, about the time the Alt-As start recasting/resetting.

    I have to say/repeat, they are doing all they can to not let the bubble pop and just let the air out slowly and that’s what’s happening, dragging it out. I’ve gotta give them that. This could have imploded into one gigantic mess.

    I’m not saying this is the right way. Maybe an explosion would have been better. Get that bandaid off real quick-like. And the long, drawn out way is likely going to impact us severely in other ways down the road as we pay the price for not letting it just explode.

    April 13, 2009 at 4:09 PM #380482
    jpinpb
    Participant

    Scarlet – I can believe it. RTC-2 will unveil itself, I’ll venture a guess, about the time the Alt-As start recasting/resetting.

    I have to say/repeat, they are doing all they can to not let the bubble pop and just let the air out slowly and that’s what’s happening, dragging it out. I’ve gotta give them that. This could have imploded into one gigantic mess.

    I’m not saying this is the right way. Maybe an explosion would have been better. Get that bandaid off real quick-like. And the long, drawn out way is likely going to impact us severely in other ways down the road as we pay the price for not letting it just explode.

    April 13, 2009 at 4:09 PM #380670
    jpinpb
    Participant

    Scarlet – I can believe it. RTC-2 will unveil itself, I’ll venture a guess, about the time the Alt-As start recasting/resetting.

    I have to say/repeat, they are doing all they can to not let the bubble pop and just let the air out slowly and that’s what’s happening, dragging it out. I’ve gotta give them that. This could have imploded into one gigantic mess.

    I’m not saying this is the right way. Maybe an explosion would have been better. Get that bandaid off real quick-like. And the long, drawn out way is likely going to impact us severely in other ways down the road as we pay the price for not letting it just explode.

    April 13, 2009 at 4:09 PM #380717
    jpinpb
    Participant

    Scarlet – I can believe it. RTC-2 will unveil itself, I’ll venture a guess, about the time the Alt-As start recasting/resetting.

    I have to say/repeat, they are doing all they can to not let the bubble pop and just let the air out slowly and that’s what’s happening, dragging it out. I’ve gotta give them that. This could have imploded into one gigantic mess.

    I’m not saying this is the right way. Maybe an explosion would have been better. Get that bandaid off real quick-like. And the long, drawn out way is likely going to impact us severely in other ways down the road as we pay the price for not letting it just explode.

    April 13, 2009 at 4:09 PM #380845
    jpinpb
    Participant

    Scarlet – I can believe it. RTC-2 will unveil itself, I’ll venture a guess, about the time the Alt-As start recasting/resetting.

    I have to say/repeat, they are doing all they can to not let the bubble pop and just let the air out slowly and that’s what’s happening, dragging it out. I’ve gotta give them that. This could have imploded into one gigantic mess.

    I’m not saying this is the right way. Maybe an explosion would have been better. Get that bandaid off real quick-like. And the long, drawn out way is likely going to impact us severely in other ways down the road as we pay the price for not letting it just explode.

    April 13, 2009 at 4:14 PM #380219
    SD Realtor
    Participant

    JP I hear what you are saying. I think there is another immense number of non performing homeowners who are not even in default yet. JP I know of some people who have not paid a cent since last April. The home is not NOD yet! I had a short sale awhile back that was in default for about 9 months. I know of a few other homes that are for sale and have been in default for close to a year as well. Repeatedly there have been delays in the trustee sales. Repeatedly failed attempts at loan workouts.

    I guess I have seen it so much that I am kind of immune to it.

    April 13, 2009 at 4:14 PM #380492
    SD Realtor
    Participant

    JP I hear what you are saying. I think there is another immense number of non performing homeowners who are not even in default yet. JP I know of some people who have not paid a cent since last April. The home is not NOD yet! I had a short sale awhile back that was in default for about 9 months. I know of a few other homes that are for sale and have been in default for close to a year as well. Repeatedly there have been delays in the trustee sales. Repeatedly failed attempts at loan workouts.

    I guess I have seen it so much that I am kind of immune to it.

    April 13, 2009 at 4:14 PM #380680
    SD Realtor
    Participant

    JP I hear what you are saying. I think there is another immense number of non performing homeowners who are not even in default yet. JP I know of some people who have not paid a cent since last April. The home is not NOD yet! I had a short sale awhile back that was in default for about 9 months. I know of a few other homes that are for sale and have been in default for close to a year as well. Repeatedly there have been delays in the trustee sales. Repeatedly failed attempts at loan workouts.

    I guess I have seen it so much that I am kind of immune to it.

    April 13, 2009 at 4:14 PM #380727
    SD Realtor
    Participant

    JP I hear what you are saying. I think there is another immense number of non performing homeowners who are not even in default yet. JP I know of some people who have not paid a cent since last April. The home is not NOD yet! I had a short sale awhile back that was in default for about 9 months. I know of a few other homes that are for sale and have been in default for close to a year as well. Repeatedly there have been delays in the trustee sales. Repeatedly failed attempts at loan workouts.

    I guess I have seen it so much that I am kind of immune to it.

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