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(NJ.com)   Half of New Jersey's foreclosed homes have vampires living in them. The other half have guidos   (nj.com) divider line 48
    More: Interesting, New Jersey, RealtyTrac, Cape May, court system  
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5785 clicks; posted to Main » on 08 Oct 2013 at 10:31 AM (41 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-10-08 08:40:19 AM
Well that way they don't have to be invited in.
 
2013-10-08 08:56:58 AM
So get the Sheriff and evict them.  This is happening because the banks don't care, or in some cases WANT somebody living there, even if they aren't paying.
 
2013-10-08 09:01:07 AM
milkthefranchise.com

Oh, how the mighty have fallen.  See, if you shut down the government, the GUIDOs can't afford to live anywhere else.
 
2013-10-08 10:35:01 AM
Sometimes the two are the same

www.examiner.com
 
2013-10-08 10:36:34 AM
Hey!  That's a great idea for a new reality show!  Vampires and Guido's living in a house together.  The loser gets drained each week.
 
2013-10-08 10:37:19 AM
As long as they're not cooking meth, it's better to have the house be lived in. The heat will be on, the pipes won't freeze, etc.

It is what happens during 72 hours before the occupants move out that's critical. If they're bitter about the situation, things can suck for the buyers.
 
2013-10-08 10:41:51 AM
What about reverse guido vampires!?!
 
2013-10-08 10:42:57 AM

nekom: So get the Sheriff and evict them.  This is happening because the banks don't care, or in some cases WANT somebody living there, even if they aren't paying.


Once a Vampire is invited in, it's difficult to rescind the invitation (regardless of what True Blood would have you believe).
 
2013-10-08 10:43:31 AM
From TFA, it takes almost 3 years for the average foreclosure to make its way through the courts in New Jersey.  Damn.
 
2013-10-08 10:44:56 AM
Immerse them in running water for three rounds.
 
2013-10-08 10:44:56 AM
How many of them have Jersey Devils?
 
2013-10-08 10:46:23 AM

orezona: What about reverse guido psychic vampires!?!

 
2013-10-08 10:48:10 AM

FrancoFile: From TFA, it takes almost 3 years for the average foreclosure to make its way through the courts in New Jersey.  Damn.


I couldn't believe that stat. 1002 days payment free on a house you are upside down in. If you were smart you could use this stat to your advantage.
 
2013-10-08 10:49:01 AM

H31N0US: As long as they're not cooking meth, it's better to have the house be lived in. The heat will be on, the pipes won't freeze, etc.

It is what happens during 72 hours before the occupants move out that's critical. If they're bitter about the situation, things can suck for the buyers.


That's why you wait for them to go out, break in to the house change the locks and then call the cops on the crazy people trying to get into your house when they come back.
 
2013-10-08 10:50:38 AM
christian zombie vampires
 
2013-10-08 10:50:51 AM
Stupid Americans! Get out of the banks country!
 
2013-10-08 10:54:06 AM
"...47 percent of foreclosed homes still have homeowners inside. "

You can't convince them to take personal responsibility for their lives - it should be no one's job to worry about these people.

/binders full of vampires
 
2013-10-08 10:54:45 AM
Apparently vampires don't sparkle when exposed to the sun, they turn orange.
 
2013-10-08 10:54:48 AM

FrancoFile: From TFA, it takes almost 3 years for the average foreclosure to make its way through the courts in New Jersey.  Damn.


Probably about the same everywhere.
It sure does suck for the neighbors because a house can go to total shiat in that time.
Then when someone buys the house on the cheap and doesn't do a damn thing to fix it up.............
 
2013-10-08 11:01:10 AM

URAPNIS: Then when someone buys the house on the cheap and doesn't do a damn thing to fix it up.............


Or, its some flipper who will do the bare minimum amount of shoddy work with low-grade materials. Who cares they aren't the ones living there, right?
 
2013-10-08 11:03:33 AM
[whynotboth.jpg]
 
2013-10-08 11:06:28 AM

URAPNIS: FrancoFile: From TFA, it takes almost 3 years for the average foreclosure to make its way through the courts in New Jersey.  Damn.

Probably about the same everywhere.
It sure does suck for the neighbors because a house can go to total shiat in that time.
Then when someone buys the house on the cheap and doesn't do a damn thing to fix it up.............


No, in a lot of red states, the law is completely on the banks' side. Most don't require the case to go through the court system; they just file the foreclosure and the homeowner has to sue if they want to contest it. You get 30 days minimum notice before the foreclosure sale in Georgia, for example, and they can evict you immediately after that.
 
2013-10-08 11:06:57 AM
Guido: your tanning bed looks like a coffin!

Vampire: your coffin looks like a tanning bed!
 
2013-10-08 11:09:53 AM
Or my relatives, who are Asian, but immigrated to New Jersey decades ago and have since become Asian guidos - esp the kids.

But not vampires as far as I know.
 
2013-10-08 11:10:34 AM
hateandanger.files.wordpress.com

LOL!

/Vampires
 
2013-10-08 11:12:18 AM
Doe this mean lonely housewives across the country will be headed to NJ? Or are they all into that Grey guy now?
 
2013-10-08 11:18:10 AM

mbillips: URAPNIS: FrancoFile: From TFA, it takes almost 3 years for the average foreclosure to make its way through the courts in New Jersey.  Damn.

Probably about the same everywhere.
It sure does suck for the neighbors because a house can go to total shiat in that time.
Then when someone buys the house on the cheap and doesn't do a damn thing to fix it up.............

No, in a lot of red states, the law is completely on the banks' side. Most don't require the case to go through the court system; they just file the foreclosure and the homeowner has to sue if they want to contest it. You get 30 days minimum notice before the foreclosure sale in Georgia, for example, and they can evict you immediately after that.


yeah, same here, basically.  you get a period of time to cure the default, and then the foreclosure proceedings start, which end in a matter of days.  then, sheriff sale.

often, the only thing you can do is enter bankruptcy in that brief window.  and even bankruptcy is not as debtor friendly, since 2005.
 
2013-10-08 11:18:51 AM

pute kisses like a man: christian zombie vampires


are you the father? The father of nothing?
 
2013-10-08 11:23:00 AM

pute kisses like a man: christian zombie vampires


industrial-area.ruindustrial-area.ru
 
2013-10-08 11:24:36 AM
pute kisses like a man:
yeah, same here, basically.  you get a period of time to cure the default, and then the foreclosure proceedings start, which end in a matter of days.  then, sheriff sale.

often, the only thing you can do is enter bankruptcy in that brief window.  and even bankruptcy is not as debtor friendly, since 2005.


Depends on what your goal is.  If you aim to keep the house, BK can really only delay the foreclosure a bit, which can be helpful if you aren't paying and need the extra time to save up to secure another place to live.  Aside from the law, it really depends a lot on the market in the area.  As easy as it is to foreclose in most states, people are living without paying for YEARS because the banks are so far behind or don't want the property.
 
2013-10-08 11:33:17 AM
AAAAAA!!! OOOOOOOO!!! I'm livin' ova here!
 
2013-10-08 11:39:49 AM
Side note - median house price in NJ in the county I live in (median, mind you, not a skewed average) - is about $450,000.  Average property taxes are between $6,000-$10,000.  Up in the north end of the state, closer to NYC, taxes are even higher (houses run about the same).  A two bedroom rental in my county that is not Section 8 runs about $1,800 - $2,200.  A "middle class" family income in NJ is about 125,000/yr.  Meanwhile, most jobs pay less than $40,000/yr (or more than $90,000, with very little in between).

How anyone is not in foreclosure/Section 8 in this state is beyond me.

My husband and I just bought a house in MD.  My relatives from up north were amazed that it was only $250,000 (for a dinky house that needs about $30,000 worth of repairs/updating) and that my property taxes are only $3,000/yr.  So cheap, they say.  Agh.
 
2013-10-08 11:42:58 AM

FrancoFile: From TFA, it takes almost 3 years for the average foreclosure to make its way through the courts in New Jersey.  Damn.


A time long ago, I used to repo houses for banks in New Jersey.  When I first started, I felt like a complete shiat throwing people our of their houses.  after about 6 months, most of the time, I had no compassion.  They played the system for as long as they can.

Repo'd a house and the person being evicted, left for 3-4 hours. Came back and gave me a new address to a new house she had just closed on, she was away for so long enrolling her kids in a new private school.   quite a few stories like this.

By law, we had to move the occupants property to a new place of their choosing or we'd house it in a storage facility for 30 days.

Quite a few good stories from those days.  Property inspections after the evictions, destroyed properties, having to clean out a crack joints, missing pipes, electrical wires.

Pulling up to met the Sheriff and the neighborhood was filled with fire trucks with the evicted on the front porch having lit the place on fire, screaming "if i can't have it, no one will".

last repo I ever worked, bitter divorce.  wife shot the husband about 2 miles from the house in the middle of the repo and moving. Defense tried to call me to testify for her.  after talking with me, all i could do was provide evidence to throw her under the jail.

/probably 10% of the cases I worked would pull at your heart.
 
2013-10-08 11:54:07 AM
toetag:
A time long ago, I used to repo houses for banks in New Jersey. When I first started, I felt like a complete shiat throwing people our of their houses. after about 6 months, most of the time, I had no compassion. They played the system for as long as they can.

I don't blame them for playing a system where the rules are "David vs. Goliath, no slings allowed, Goliath gets the first hit, and no running away".  What choice do they have?  The banks "play the system" every day, to the point of essentially paying politicians to write laws in their favour, and then breaking those laws with near-impunity.

The fact that the media refer to people living in their own homes as "vampires" just shows how profoundly unfair it all is.
 
2013-10-08 12:08:18 PM
images1.wikia.nocookie.net
 
2013-10-08 12:12:34 PM

No Such Agency: The fact that the media refer to people living in their own homes as "vampires" just shows how profoundly unfair it all is.


Slight problem with this if they owe money on the house. Which is why they're being foreclosed. I'm not defending the banking industry. They hold the housing market hostage and drive prices up because, if you don't borrow over your head to buy that house, someone else will. At the very least, mortgage interest should not be tax deductible. That is simply stealing from the taxpayer to pay the banks.

I digress. If you don't want to be foreclosed upon, don't borrow 80% of your house's value. Borrow 50% or less and make sure you can afford a year out of work.

This of course means offering less money for that house. And this is one thing that the banks, NAR and local municipal governments do not want.
 
2013-10-08 12:23:07 PM

No Such Agency: toetag:
A time long ago, I used to repo houses for banks in New Jersey. When I first started, I felt like a complete shiat throwing people our of their houses. after about 6 months, most of the time, I had no compassion. They played the system for as long as they can.

I don't blame them for playing a system where the rules are "David vs. Goliath, no slings allowed, Goliath gets the first hit, and no running away".  What choice do they have?  The banks "play the system" every day, to the point of essentially paying politicians to write laws in their favour, and then breaking those laws with near-impunity.

The fact that the media refer to people living in their own homes as "vampires" just shows how profoundly unfair it all is.



<insert comment about tiny violin and something about music>

I wont defend banks at all. Blaming the bank is over rated.  There are other factors at work.  Loss of job, medical issues or got hooked on crack are some decent examples that don't even go the "play the system" route.  Not every foreclosure is do to evil banks.

As for paying politicians to make laws in theirfavor, I don't think i could name a single industry/corporation/trade group that doesn't at some level.
 
2013-10-08 12:23:31 PM
Vampires or guidos... I'll take vampires. I already eat a lot of garlic.
 
2013-10-08 12:23:45 PM

FrancoFile: From TFA, it takes almost 3 years for the average foreclosure to make its way through the courts in New Jersey.  Damn.


I know a few "vampires" personally.  One was in foreclosure for almost a year until his application for the HARP program came through & got his house back--they reworked his entire financing (even though his credit was now in the trash), lowered his payments, and his interest rate.   He had signed a re-fi agreement in 2008 for 8.9% interest and qualified under some sort of predatory lender clause.

The other was a former real-estate agent who lived in her house for 2 1/2 years after it was foreclosed on.  Lived mortgage-free for 3+ years, saving up her money to buy a condo outright so she'd never have to pay mortgage again.

Sometimes the system works for people who need it, sometimes it gets abused by lowlifes.
 
2013-10-08 12:26:45 PM

nekom: So get the Sheriff and evict them.  This is happening because the banks don't care, or in some cases WANT somebody living there, even if they aren't paying.


 bit more complex than that, but the stupidityof the banks in handling foreclosures is astounding.  The fact is a house begins to deteriorate in many way the second it is abandoned.  Given what the banks have to pay for upkeep, taxes utilties etc, it would be Most cost effective to just re-fi the house to a payment the home owner can afford, or barring that arrange a short sale, or rent the house to its former owners.

the least efficent thing possible to do is to foreclose, which is a judicial process, then get the sherriff to vacate the former owners, then auction the property (at which the bank will almost certainly be the high bidder and have to take title to the property and pay the poperty taxes and upkeep.   THEN they have to let the house sit idle during the "redemption period" which most state have.  This is a time period, usually 6 months, during which the former owner has the right to redeem the house from the winning bidder at the foreclosure auction by giving them cash equal to thier high bid (which is why your dream of becoming a real estate mogul by buying foreclosed homes at auction for $100 will never work) .  Once they've done all that, FINALLY they can sell the property as an OREO and get, probably no more than 60-75% of Fair market vlaue for it.

The so many banks engage in this economic stupidty ties back to the fact the the folks owning the mortgage (the bank) are not generally  the ones servicing  the mortgage (ie collecting payments paying taxes out fo escrow, handling things like work-outs and foreclosures)   and these Servicng companies have contracts with the mortgage holders that give them far higher fees for handling foreclosures than they do for doing work-outs or short sales.  In those cases,the servicer actually stands to LOSE money, so they basically make them impossible and then report back to the banks "well, we tried, but sadly we have to foreclose now"

The extremely perverse economic incentive for servicers is the largest single contributing factor to the continuing disater occuring in our housing markets.
 
2013-10-08 12:32:09 PM
cdn.crushable.com
 
2013-10-08 12:37:24 PM

Tom_Slick: FrancoFile: From TFA, it takes almost 3 years for the average foreclosure to make its way through the courts in New Jersey.  Damn.

I couldn't believe that stat. 1002 days payment free on a house you are upside down in. If you were smart you could use this stat to your advantage.


I worked with a friend who was trying to do a work out with BOA.  For nigh two years every time she called BOA she was given to a new person who told her something completely different from the last person. she jumped through every hoop for over a year and at the last minute they decided they needed one more document and faxed it to her Husband's cell phone number and then denied the entire package when she didn;t respond in 24 hours (all deliberate in my expert legal opinion.

She spent another six months fighting that (and being told serveral times that becuase it was clearly BOA's error, they would re-instate the modification process.) Until one day the lawyers showed up and tried to show some people her house which, unbeknowst to her had been set for auction (even though foreclosure proceedings had never been initiatied).  after 3 more moths of this she finally said fark this noise and moved out mailed BOA a registered letter with  the keys and a quitclaim deed, called her contacts at BOA and told them what she'd done and formally ended the mod process and moved elsewhere.   About a month ago, more than a year after she vacated the property, she gets a call from BOA giving her the "great news" that she's been approved for a short sale and now all she needs to do is get her house ALL fixed up to thier standards, put it on the market, find a buyer and close a deal that they could take up to three months to approve or deny.

I think she told them to go fark themselves in at least  six languages...(she's very smart)
 
2013-10-08 01:00:34 PM
 farm4.staticflickr.com
"Can yooz tells me which ones have deh vampirses in them? I cannot holds a cross AND A pair of wire-cutters while stripping out wiring at deh same times."
 
2013-10-08 02:12:22 PM
H31N0US:
If you don't want to be foreclosed upon, don't borrow 80% of your house's value. Borrow 50% or less and make sure you can afford a year out of work.

These standards would prevent the vast majority of people from ever owning a home.  I have what most Americans would consider a "very good job", make decent money, and my wife also works.  It was still a real challenge (saved like mad for years while I was single, and then some more before we had a kid) to save a 15% down-payment on a starter home in a medium sized city in Ontario where real estate values haven't gone totally berserk.  We didn't buy beyond our means, we're not house poor, we're just regular folks in a modest home in a city where we can work.  Pricing people like us completely out of the real-estate market would be unfortunate.
 
2013-10-08 02:38:26 PM

No Such Agency: These standards would prevent the vast majority of people from ever owning a home.


At current loan-inflated prices, yes. Remember: prices are where they are because loans are available. The availability of these loans drives the cost of housing, building etc up. Simple inflationary economics.
 
2013-10-08 05:53:25 PM

nekom: pute kisses like a man:
yeah, same here, basically.  you get a period of time to cure the default, and then the foreclosure proceedings start, which end in a matter of days.  then, sheriff sale.

often, the only thing you can do is enter bankruptcy in that brief window.  and even bankruptcy is not as debtor friendly, since 2005.

Depends on what your goal is.  If you aim to keep the house, BK can really only delay the foreclosure a bit, which can be helpful if you aren't paying and need the extra time to save up to secure another place to live.  Aside from the law, it really depends a lot on the market in the area.  As easy as it is to foreclose in most states, people are living without paying for YEARS because the banks are so far behind or don't want the property.


depends on your debts.  if you have low income, bankruptcy can help a lot with your unsecured debt.  you might have enough to go forward with the mortgage service once you discharge a lot of other debts.  if you can't do chapter 7, then chapter 13 can give you 3-5 years of no interest mortgage service.  since many bankruptcies arise out of an unexpected catastrophe, this can be enough to weather the storm, sometimes, hopefully.

either way, i only meant to say, bankruptcy is often the only way to stall the foreclosure.

***

on another note, there are many improper foreclosures, and with bankruptcy  you have a chance to mount a defense.  you would be surprised how many defaults are manufactured by an over-aggressive mortgage servicing company.

a perfect example (based on a real case):

borrower sends regular mortgage payment near the due date (but still on time).  mortgage servicer waits a day or two to process the payment.  thus, the payment was processed late.  servicer removes the late charge fee, applies the remaining as principal.

no notice is given to borrower.  thereafter, borrower keeps paying on time, but, for the regular amount.  servicer processes it as an incomplete payment, withdraws an amount as a fee.  the borrower is now in default.  still no notice to borrower.  thus, every new payment is incomplete, making it late.  a few months like this, the fees are dramatically increasing each month.  this is not reflected in any way to the borrower.

now the servicer orders drive by inspections of the property, taking the charges out of each new payment.  there could be several inspections in a year.  still, no notice to the borrower.  and each new fee increases the disparity between the amount paid and the monthly amount due, thus creating more and more fees.

a year or two of this passes.  servicer sends default notice to borrower, saying borrower is thousands in default.  borrower can't put together the money. tries frantically to cure the problem with the servicer, but is not a lawyer, so does nothing productive.

the cure period passes, and the foreclosure proceedings begin.  again, without a lawyer, screwed.  around here is where a lawyer would get a call, and it will take a lot more effort than it would have had the person called at the first default letter.

and this all begin because a payment was close enough to the due date, that the borrower could wait a day and manufacture a late charge.  which could easily turn into 5,000-10,000 in fees in a couple of years.  and never tell you about it.

of course, this is all against the contract.  but, the servicer could care less.  the servicer has two ways to get paid.  a fraction of a percent of every mortgage payment, or all costs for enforcing a mortgage.  also, the servicer can generally buy up defaulted mortgages for pennies.  so, the servicer makes the most money by making you fail while not paying the noteholders (which is probably your retirement fund, since they seemed to love buying mortgage backed securities... or ireland and iceland).

here is the worst part, the noteholders generally indemnify the servicer for all their costs and legal fees.  which means, even for a BS foreclosure, the servicing company isn't even paying for it.

there's a really good house report on the issue.  also, read some of judge magner's opinions, from the eastern district of louisiana (she has some posted on the website for the court), where she hit wells fargo for 5 million in sanctions for basically the above (i think the bank ordered several appraisals while the city was on mandatory evacuation for katrina, among other completely bs ways to manufacture a default).
 
2013-10-08 07:38:47 PM
"One of every two New Jersey homes that has gone through foreclosure and is now owned by a bank still has its previous owners living there."

"The real estate tracking company also looked at "zombie foreclosures," in which the home is in pre-foreclosure status but the owners have already moved out."


So we should be concerned that people are living in homes after foreclosure, but we should also be concerned that people aren't living in foreclosed homes. I am taking this article so seriously.
 
2013-10-08 11:50:06 PM
The residents get taken for chumps, but they are the vampires and not the banks?  And what's with the 'Corporate Giants: Environmental Stewards' article?

Some Volkischer Beobachter-worthy spin on that website.
 
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