JPMorgan CHASE STOPS FORECLOSURES!!!

[tobee43]

Tobee... I wish our bills were not so high because our kids all live in the state. They could stay here and just pay utilities... but, with it being in NV and a large house the summer electric is like your winter! Moving to California in a few months and just nervous as all get out to leave this place. We wait and see.... seems like our life story lately.... waiting and waiting.....

i hear you the "waiting" game.....and i can imagine the utilites out there in NV...being really high in the summer months.

i'm in calif right now...i have't been able to look at the market much out here on the prices, but i know unemployment is now. but SHOOT...i went to the grocery store and it as $5 for bread!!!!! well NOT 5,,,but $4.89 holy cow!!!

i know it seems like a long wait, but it has to come...at some point right?

[racerartist]

Tobee... I wish our bills were not so high because our kids all live in the state. They could stay here and just pay utilities... but, with it being in NV and a large house the summer electric is like your winter! Moving to California in a few months and just nervous as all get out to leave this place. We wait and see.... seems like our life story lately.... waiting and waiting.....

[tobee43]

This is all interesting on how the banks are not going through with these foreclosures. Great for the people that want to stay in their house, but a pain for people like me that have to move on. I'm in Nevada...filed Chapter 7 and gave up the house. Now, we had not been making any payments on the house since last July... so we were 16 months behind, and during those 16 months we never received the NOD.... and the bank has been paying the taxes since June of this year. They filed a lift of stay Oct. 24th..... still nothing from the bank. We live in a resort community with a lot of HOA's and I do not want to have to continue to pay these for years possibly... we plan to move out of state. It is clear to me that they are dragging their feet for some strange reason and I can not think of what the advantage is to them to stretch the process out for years. Does anyone know of any ways to get the bank to just take the house and take our names off the deeds? What happens when we move and shut off all the utilities....and the pool turns green and I probably get fined from the HOA. Take my house... please!!

we were in the EXACT position as you EXCEPT NO HOA...thankfully.....

we GUESS our pool is green as emeralds....and we did in fact turn all the utilities off....however, a friend of ours told us about 2 weeks after we left the bank put notice up they had winterized the house and apparently, we left no oil in the tank, but the bank filled it and turned everything back on...or the house would have ended up cracked pipes etc....which since we left in dec., and gave them notice after our summons of foreclosure, they still waited and the area had wind chill factors of -20 degrees....so i'm thinking there were some issues to be dealt with.

if they had accepted or loan mod and didn't serve us to answer to vacate we would have stayed...but heat and electric cost $1100 alone just for 3 rooms at 62 degrees...so we left the state where we have no heat bills to contend with.

our stay was lifted months and months ago...maybe even well over a year now...and still nothing...we got word from up in that area that the banks are holding everything because they so over valued the properties that they are in trouble.

we still cannot understand about our property tho...it had pmi and they have a general progress according to fha to follow and they (the bank) and recoup their monies...so we really do not get it at all.

i started another thread a month or two ago....begging CHASE to please TAKE MY HOUSE!!! but it doesn't appear any time soon!!!

please keep in touch and let us know how you make out...so far anyone caught in this net has yet to be foreclosed on!!

[racerartist]

This is all interesting on how the banks are not going through with these foreclosures. Great for the people that want to stay in their house, but a pain for people like me that have to move on. I'm in Nevada...filed Chapter 7 and gave up the house. Now, we had not been making any payments on the house since last July... so we were 16 months behind, and during those 16 months we never received the NOD.... and the bank has been paying the taxes since June of this year. They filed a lift of stay Oct. 24th..... still nothing from the bank. We live in a resort community with a lot of HOA's and I do not want to have to continue to pay these for years possibly... we plan to move out of state. It is clear to me that they are dragging their feet for some strange reason and I can not think of what the advantage is to them to stretch the process out for years. Does anyone know of any ways to get the bank to just take the house and take our names off the deeds? What happens when we move and shut off all the utilities....and the pool turns green and I probably get fined from the HOA. Take my house... please!!

[tobee43]

They didn't stop foreclosures that were already in progress... they were only stopping "new" foreclosures.

jb, mine was "new"....it's going on 2.8 years now....and still no movement....

kev your property is PA....mine is in NJ...maybe they just don't like NJ...LOL!!! but they as of YESTERDAY still have not budged on the foreclosure. we are only speculating that the property MAY have run into some problems.

1. our mortgage truly could be one of the mortgages that have been falsified and they continue to have problems with the documents
2. there are so many problems, water issues, septic, leech field, cracked foundations, leaking underground oil tank, black mold..on and on...they make think it's not marketable?

of course, we cannot get any direct answer from chase.

last week someone we knew stopped by the house...the bank has a sign up on the door...they have continued to maintain the property from the outside as far as the person was able to see. we also check the sheriff's sale site regular and it's still NOT listed...so we continue to wait.... and wait and wait.

[justbroke]

I'm in PA and Chase has most certainly not stopped my foreclosure proceedings. I even declared bk but they filed for relief for the stay just last week.

They didn't stop foreclosures that were already in progress... they were only stopping "new" foreclosures.

[KevFinnerty]

Chase didn't ask for a relief of stay... but I filed as retaining the house and changed to surrender at the 341 meeting.

I have a thread about the intentions part of my bk filing - just got a HUGE shock when I looked over my documents that were filed prior to my 341 meeting tomorrow. My atty/paralegal had it filled out as "retained" but left the rest of that blank. I originally questioned that since it is my hope that the trustee takes the house & sells it but I get my homestead exemption. It was explained to me that it needed to be filled out as "retained" and that the rest is purposely left blank and is discussed at the 341 meeting.

I never looked over the papers that were actually filed - until tonight - I assumed they were the same as what I was shown b4 going in to sign them. But now I see that they filled in the blank parts as retaining/other to "sell property" and then checked it as "not claimed as exempt". I am literally freaking out right now, at 2 am, the day prior to my 341 meeting.

From your post though it sounds like this can be changed at the 341 meeting itself??? (whew)?? I really need my atty to explain this.

[KevFinnerty]

These are the "lucky" 23:

Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin.

I'm in PA and Chase has most certainly not stopped my foreclosure proceedings. I even declared bk but they filed for relief for the stay just last week.

[tobee43]

I haven't been listening to the news or on the computer the last week or so and now I hear this. WOW! Unfortunately, my state isn't listed as one of the 23 where foreclosures are halted. But...I haven't made a mortgage payment since May and I still haven't heard ANYTHING from BOA. I ponder if this will still somehow slow them down with my FC to cross their "I's" and dot their "T's"....hey that's funny...that's what the bank's are screwing up on too...simple English and writing skills. I'm still in my house and plan to stay here until our auction date...whenver that will be as we haven't even gotten a relief from stay yet (we're in an active 13).

bill....the word i saw on cnn yesterday is the situation is extending the number of states included daily.

[tobee43]

I don't see any hordes of people getting their homes for free. In a recent Florida Bankruptcy case, the Trustee went specifically after those facts and lost. The Judge mentioned that the mere fact that a mortgage was recorded and not "satisfied" is fact positive that the property is encumbered. The Trustee had tried to show that the mortgage was already paid for and that the property should be free and clear of liens -- in order for the Trustee to sell the property, of course.

Foreclosure attorneys are chomping at the bits because there is a lot of "work" out there! They typical charge $1,500 for a foreclosure defense here in Florida, and can keep a homeowner in their home for 1-2 years! That is certainly worth it. Some of the attorneys are actually trying to get a case where they can get the home free and clear, but that has NOT happened. Still goes back to the fact that there is a mortgage, it was recorded, and despite the fact that the "mortgage" was sold, the mortgage was not satisfied.

For some reason, there are many that seem to jump to the conclusion that the mortgage is satisfied and paid for, because someone else purchased the mortgage. The fact is, that the buyers, whether asset-backed securities or traditional mortgage transfers (sales), are not buying the home. They are buying the rights to the proceeds and the terms of the promissory note. In other words, they are buying it to be paid the interest over the term of the note... they didn't "purchase" the property.

yes, jb, i think many believe that is what the results of this situation will conclude....no way....no one is getting their home for free. we all know we purchased them...and could have cared less as to who was holding the paper at the time.

and, now although, i'm quite certain that my house is one that is included in this situation, it's just a matter of the banks actually figuring out who is it that owns the property. once that do i'm certain this moratorium on the halting of the foreclosures will be lifted.

that example of what is transpiring here should result in, to say the least some rather interesting legal arguements. giving more money in atty's pockets!

one who think this is not between those debtors that listed their mortgages and got discharged, (in good faith), but between the investors and the banks and the courts.

justbroke: In any event, this doesn't quash the lien and note at all. It just ensures that the entity/person prosecuting the Foreclosure, is actually the RIGHT party to grant a judgment to! There was one case, I think in Florida as well, where the person had their home foreclosed while in Bankruptcy. Then, shortly after, the REAL HOLDER OF THE NOTE stepped forward! What a mess!

i think this is the perfect example of who's on first!!! and it's the debtor! LOL!!!

[Billssuck]

I haven't been listening to the news or on the computer the last week or so and now I hear this. WOW! Unfortunately, my state isn't listed as one of the 23 where foreclosures are halted. But...I haven't made a mortgage payment since May and I still haven't heard ANYTHING from BOA. I ponder if this will still somehow slow them down with my FC to cross their "I's" and dot their "T's"....hey that's funny...that's what the bank's are screwing up on too...simple English and writing skills. I'm still in my house and plan to stay here until our auction date...whenver that will be as we haven't even gotten a relief from stay yet (we're in an active 13).

[ozarkmiss]

Of course that is the voice of reason JB...

[justbroke]

"That means hordes of victims of predatory lending could end up owning their homes free and clear—while the financial industry could end up skewered on its own sword." I wonder if this is the reason my attys are hot to trot with litigation on my pending FC. The primary servicer was sold numerous times. Original lendor defunct. Their paperwork in order is dubious. (gmac now)

I don't see any hordes of people getting their homes for free. In a recent Florida Bankruptcy case, the Trustee went specifically after those facts and lost. The Judge mentioned that the mere fact that a mortgage was recorded and not "satisfied" is fact positive that the property is encumbered. The Trustee had tried to show that the mortgage was already paid for and that the property should be free and clear of liens -- in order for the Trustee to sell the property, of course.

Foreclosure attorneys are chomping at the bits because there is a lot of "work" out there! They typical charge $1,500 for a foreclosure defense here in Florida, and can keep a homeowner in their home for 1-2 years! That is certainly worth it. Some of the attorneys are actually trying to get a case where they can get the home free and clear, but that has NOT happened. Still goes back to the fact that there is a mortgage, it was recorded, and despite the fact that the "mortgage" was sold, the mortgage was not satisfied.

For some reason, there are many that seem to jump to the conclusion that the mortgage is satisfied and paid for, because someone else purchased the mortgage. The fact is, that the buyers, whether asset-backed securities or traditional mortgage transfers (sales), are not buying the home. They are buying the rights to the proceeds and the terms of the promissory note. In other words, they are buying it to be paid the interest over the term of the note... they didn't "purchase" the property.

[ozarkmiss]

"That means hordes of victims of predatory lending could end up owning their homes free and clear—while the financial industry could end up skewered on its own sword." I wonder if this is the reason my attys are hot to trot with litigation on my pending FC. The primary servicer was sold numerous times. Original lendor defunct. Their paperwork in order is dubious. (gmac now)

http://www.independentamerican.org/2010/10/05/homeowners-rebellion-could-62-million-homes-be-foreclosure-proof/

[justbroke]

There is also some concern that the mortgages were not transferred into the REMIC (MBS) before it was legally closed; denninger (market-ticker.org) has been talking about this a lot. There are a lot of cloudy issues here.

That is exactly my case now! I discovered that my ABS/MBS was allegedly in a 2006 series that closed in July 2006. However, I have an un-filed "assignment" that shows a transfer in November 2007. So, the REMIC is entirely wrong and it's not part of the pool legally. Should get interesting when they go to foreclose on my home. Maybe that's why they never recorded it. Besides, it is "MERS" acting as nominee, doing the assignment. Additionally, the original lender is defunct.

I also caught them in a lie -- fraudulent docs -- in the bankruptcy court. They submitted the Promissory Note in one Motion without any endorsements and "certified" it with stamps that it was the original. Then in another motion, they submitted the Note with "undated" endorsements and didn't certify it. What is wrong with these people?