Comments on: How One Borrower Beat The Bank At The Foreclosure Game. http://www.mytwodollars.com/2008/07/30/how-one-borrower-beat-the-bank-at-the-foreclosure-game/ A place to discuss money...for the rest of us. Mon, 23 Nov 2009 05:09:30 -0500 hourly 1 By: peggy http://www.mytwodollars.com/2008/07/30/how-one-borrower-beat-the-bank-at-the-foreclosure-game/comment-page-1/#comment-31538 peggy Sat, 14 Feb 2009 06:11:57 +0000 http://www.mytwodollars.com/?p=1592#comment-31538 I say hooray for the lucky homeowner. I beat several credit card cases in court against me because the debt?? had been sold several times and I demanded the original contract with my signature thus proving I was in default of the contract they were accusing me of defaulting on. They didn't have it. I won !! Yeah. Most of the time they don't have it. You cannot haul someone into court claiming they are in default of a contract IF you don't have the contract. DUH !! I say hooray for the lucky homeowner. I beat several credit card cases in court against me because the debt?? had been sold several times and I demanded the original contract with my signature thus proving I was in default of the contract they were accusing me of defaulting on. They didn’t have it. I won !! Yeah.

Most of the time they don’t have it. You cannot haul someone into court claiming they are in default of a contract IF you don’t have the contract. DUH !!

]]> By: David Carter http://www.mytwodollars.com/2008/07/30/how-one-borrower-beat-the-bank-at-the-foreclosure-game/comment-page-1/#comment-28311 David Carter Fri, 22 Aug 2008 19:32:14 +0000 http://www.mytwodollars.com/?p=1592#comment-28311 I don't think that lady should have gotten her mortgage reduced or free a/c etc. Just b/c an employee at a company makes a mistake, doesn't mean the company should give the customer the item for free. I can see it w/ small amounts of money or something, but not w/ a house. If the lady was not paying, she should be foreclosed on. What if you payed some1 to shred the banks paperwork, should you then get your house for free? I don’t think that lady should have gotten her mortgage reduced or free a/c etc. Just b/c an employee at a company makes a mistake, doesn’t mean the company should give the customer the item for free. I can see it w/ small amounts of money or something, but not w/ a house. If the lady was not paying, she should be foreclosed on. What if you payed some1 to shred the banks paperwork, should you then get your house for free?

]]> By: Valances http://www.mytwodollars.com/2008/07/30/how-one-borrower-beat-the-bank-at-the-foreclosure-game/comment-page-1/#comment-27901 Valances Sat, 02 Aug 2008 04:19:38 +0000 http://www.mytwodollars.com/?p=1592#comment-27901 Even though we are told of instances of foreclosure in terms of statistics, to so many, it’s a story of a family member or friend that they know. I’m not sure who to blame - the owner who could’ve taken different actions to avoid foreclosure or the banks and government who do such a poor job of keeping homeowners informed with all their small-print info. It’s a spiral where everyone is chasing and blaming someone else. But one thing that we all can agree on in difficult times like this is that it’s a downward spiral that is collectively drowning us as a whole nation that once was prosperous and less wounded. Even though we are told of instances of foreclosure in terms of statistics, to so many, it’s a story of a family member or friend that they know.

I’m not sure who to blame – the owner who could’ve taken different actions to avoid foreclosure or the banks and government who do such a poor job of keeping homeowners informed with all their small-print info.

It’s a spiral where everyone is chasing and blaming someone else. But one thing that we all can agree on in difficult times like this is that it’s a downward spiral that is collectively drowning us as a whole nation that once was prosperous and less wounded.

]]> By: Four Pillars http://www.mytwodollars.com/2008/07/30/how-one-borrower-beat-the-bank-at-the-foreclosure-game/comment-page-1/#comment-27859 Four Pillars Thu, 31 Jul 2008 03:20:42 +0000 http://www.mytwodollars.com/?p=1592#comment-27859 Bizarre story - of course they can't foreclose if they can't prove they have the right house! Mike Bizarre story – of course they can’t foreclose if they can’t prove they have the right house!

Mike

]]> By: Kate http://www.mytwodollars.com/2008/07/30/how-one-borrower-beat-the-bank-at-the-foreclosure-game/comment-page-1/#comment-27857 Kate Wed, 30 Jul 2008 19:36:36 +0000 http://www.mytwodollars.com/?p=1592#comment-27857 Interesting. No, of course the bank should not be allowed to foreclose without presenting the proper documentation. It's the bank's responsibility to keep their paperwork in order. Paperwork is the lifeblood of lending institutions as much as money itself is. In this case, the borrower got very lucky. It doesn't put defaulting borrowers in the right, but it sure let's them off the hook. Sure would be nice if my bank lost the docs on our loan. Interesting. No, of course the bank should not be allowed to foreclose without presenting the proper documentation. It’s the bank’s responsibility to keep their paperwork in order. Paperwork is the lifeblood of lending institutions as much as money itself is. In this case, the borrower got very lucky. It doesn’t put defaulting borrowers in the right, but it sure let’s them off the hook. Sure would be nice if my bank lost the docs on our loan.

]]> By: David http://www.mytwodollars.com/2008/07/30/how-one-borrower-beat-the-bank-at-the-foreclosure-game/comment-page-1/#comment-27856 David Wed, 30 Jul 2008 17:25:32 +0000 http://www.mytwodollars.com/?p=1592#comment-27856 Dont we all Ashley! I read a story the other day about a bank making a call on a car they were financing, even though the person had never missed a payment. These banks are getting desperate! Dont we all Ashley! I read a story the other day about a bank making a call on a car they were financing, even though the person had never missed a payment. These banks are getting desperate!

]]> By: Ashley @ Wide Open Wallet http://www.mytwodollars.com/2008/07/30/how-one-borrower-beat-the-bank-at-the-foreclosure-game/comment-page-1/#comment-27855 Ashley @ Wide Open Wallet Wed, 30 Jul 2008 16:38:56 +0000 http://www.mytwodollars.com/?p=1592#comment-27855 I don't see how they can take away someone's house without documents saying they can. Think about where that could lead. yikes. Those homeowners are just lucky fools! hehehe. I wish someone would lose my papers. I don’t see how they can take away someone’s house without documents saying they can. Think about where that could lead. yikes. Those homeowners are just lucky fools! hehehe. I wish someone would lose my papers.

]]> By: Nick http://www.mytwodollars.com/2008/07/30/how-one-borrower-beat-the-bank-at-the-foreclosure-game/comment-page-1/#comment-27853 Nick Wed, 30 Jul 2008 15:45:11 +0000 http://www.mytwodollars.com/?p=1592#comment-27853 If the bank can't prove that they are entitled to the mortgage payments, they sure should not be able to foreclose on a house for missed mortgage payments! What if this bank is allowed to continue foreclosing and another bank claiming to own the mortgage comes along and tries to collect? If neither bank can prove it has possession of the paperwork and is legally entitled to the homeowners' money, then neither should be allowed to take the home to a sheriff sale and have it sold to satisfy a mortgage it may not own. Having possession of the contract or the assignment of the contract is a pretty standard legal challenge to a party's ability to sue in the first place for breach of contract. Homeowners should use the defense even if they are behind on payments -- who's to say they've been making the payments to the right bank all along? But I certainly agree with you in opposing taxpayer funded bailouts. Neither banks nor borrowers should have their poor financial decisions rewarded by all of us who aren't struggling financially due to the conservative choices we made while everyone else was "getting drunk." If the bank can’t prove that they are entitled to the mortgage payments, they sure should not be able to foreclose on a house for missed mortgage payments! What if this bank is allowed to continue foreclosing and another bank claiming to own the mortgage comes along and tries to collect? If neither bank can prove it has possession of the paperwork and is legally entitled to the homeowners’ money, then neither should be allowed to take the home to a sheriff sale and have it sold to satisfy a mortgage it may not own.

Having possession of the contract or the assignment of the contract is a pretty standard legal challenge to a party’s ability to sue in the first place for breach of contract. Homeowners should use the defense even if they are behind on payments — who’s to say they’ve been making the payments to the right bank all along?

But I certainly agree with you in opposing taxpayer funded bailouts. Neither banks nor borrowers should have their poor financial decisions rewarded by all of us who aren’t struggling financially due to the conservative choices we made while everyone else was “getting drunk.”

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