Don't pay your mortgage. Make the bank produce the paper trail. They can't.

[David P. Valley]

All I can say is....Good Luck to all those low life scum bags who purchased homes they literally couldn't afford and are now playing games (acting stupid) with the banks and are requesting hard proof of their loan, which is costing me (and a lot of other honest taxpayers out there) lots of hard earned tax dollars, to assist them in paying off their damn houses.

Thanks for nothing, OSAMA.

There are millions of damn FREELOADERS in this country and I'm tired of paying out of my pocket to give to these freakin good for nothing LOSERS.

[jvogan]

I wouldn't quit paying my mortgage just yet...yes, there are a few dirtballs out there that have weaseled out of their mortgage...but banks and lawyers adapt quickly...MANY courts are now taking "electronic proof" that they are the valid owners of the note...it doesn't just disappear.

[Stephen W. Stanczyk]

I wonder how much will be owed when someone that uses this tactic attempts to sell the house. That sale is coming to a grinding halt until all monies owed plus penalties and interest are paid up per the note that would have been recorded at the county offices. Scam artists.

[Nick Gromicko]

Ahriman wants to end the days where you know and say "hi" to your local bank President each day.

I predict we'll see articles regarding consumers who paid off their mortgage but still can't get the lien removed.

The mess works both ways.

[Joseph Burkeson, CMI]

A new Florida twist... "The Rocket Docket"


As foreclosures mount, Florida court turns to 'rocket docket'
FORT MYERS, Florida (CNN) -- With eyes tearing, some stare off into space. Others sit quietly with an expressionless pain as they wait for the inevitable.

When you are called before this court, it's the end of the line. You are about to lose your home. This is foreclosure court in Fort Myers, Florida.
At this point in the legal process, all that's needed is a judge's signature.

CNN was in court Friday to witness the process, which takes seconds. It's called the "rocket docket." On some days the court hears up to 1,000 cases.

"It is a legal, procedural response to an overwhelming number of filings that unfortunately is necessary," Judge Hugh Starnes told CNN.

Watch 'rocket docket' at work »

The national rate of foreclosure jumped by 79 percent between December 2006 and December 2007, according to RealtyTrac, a company that compiles data on home foreclosures.

Foreclosures continued to climb in January, though at a slower pace than the month before. The number of filings was still 18 percent higher than it was in January 2008.

Lee County, Florida, is one of the hardest-hit areas in the country and presents a microcosm of the national housing dilemma. With home prices down about 50 percent from their peak and unemployment now at 10 percent, the area is littered with "For Sale" and "Auction" signs.

Many homes are overtaken by unkempt landscaping. Others are abandoned. Lockboxes are on doors everywhere.

See map of foreclosures by state »

The courtroom is a collection of economic horror stories.

Excerpt: http://www.cnn.com/2009/US/02/23/roc...rss_topstories

[Doug Edwards]

Wasn't but a few years ago we were getting asked by Realtors if we could wait until the closing to get paid because the buyer wanted (needed) to have the Home inspection paid out of the escrow account because they did not have any money. I always had to ask but never got a straight answer. "If they don't have the money to pay for a Home Inspection how in hell are they going to pay the monthly mortgage payment?" Fact is, they did not care, once they got their commission for the sale it was the bank's problem. There were all kinds of fancy deals being finessed around to get people "qualified" to get into a home. I did some but only on the guarantee if the deal fell through the Realtor would pay me. I never got stiffed but I did not like doing them and finally refused to do anymore.

I have done quite a few recently where the home was going into pre-foreclosure so they were selling fast and cheap just to avoid blowing up their credit. Houses are going fast around here and prices are fantastic if someone has the money or the huevos to borrow and can get it.

[Joseph Burkeson, CMI]

Originally Posted by dedwards

Wasn't but a few years ago we were getting asked by Realtors...

Back at the height of the buying frenzy in 2005 I belonged to a business leads group (like BNI) and there was a high rolling Wells Fargo mortgage specialist who was a member too. I remember one of his presentations where he claimed he had six different plans for people to purchase a home who had no job, no down payment or visible means of support. At the time he claimed he could virtually get a mortgage for almost anyone for any house.

Right after this particular presentation I knew were were very, very close to a top... But I had no idea how bad it would get. Thing is today, we may only be half way down, there is no way of telling where the bottom is.

Here in the Greater Tampa Bay area I am seeing houses selling at what they cost new in 2000, which I figured was the trend line. If that is the case it looks like we will be correcting below that line before it is all over.

[Doug Edwards]

JB,
I agree. I just did a condo Saturday for a couple (out of towners) who were buying it for vacation / investment. I did a records search on it and in 2006 it sold for over 400K and these folks picked it up for just over 200K. This was a cottage in a "village" over in Perdido Key "near" the water. These folks were telling me there were hundreds and hundreds of FL properties on the internet in just this same situation. Time to buy for anyone wanting to move up and have the denaros. Personally, I am not buying anything until I see where this storm is headed. Glad I got out of any personal debt last year. I got my mortgage all squared away a couple of years ago so I could coast to the end if need be.

[Brian E. Kelly]

Same here, houses are priced about half of the peak. And it is much harder to get a loan

[Doug Edwards]

I just pulled that record. The condo was built in 2001 and sold for around 200K then, rose to over 400K in five years and is now back approximately where it started eight years ago.

[Joseph Burkeson, CMI]

Originally Posted by dedwards

I just pulled that record. The condo was built in 2001 and sold for around 200K then, rose to over 400K in five years and is now back approximately where it started eight years ago.

Could there be another 20% to the downside left? Last year I was looking for a "V" bottom. The one that everyone said we here in Tampa Bay would get, Super Bowl & all. Well, it never materialized and regardless whether or not there is still another drop in the future, the recovery appears to be much more "L" shaped.

BTW I'm like you... No mortgage, if that weren't the case I'd be SOL and out looking for a job too.