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Foreclosure: GMAC halts sales, evictions.

With hundreds of South Florida foreclosures now caught in uncertainty, GMAC Mortgage stops evictions and temporarily halts sales of properties that it has taken back from homeowners in Florida and 22 other states.

Here's a link to the full story.

Categories: Foreclosure Crisis (84)
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How come there are no programs to assist investors?
I do not mean speculators os "flippers", I mean those who made their 20% deposit and intended to hold the properties for a while as rental units?

Bank of America's out-sourced foreclosure subsidiary came within 12 hours of allowing our home to be sold on the courthouse steps--even though we had an approved short sale buyer and the deal was being processed.

9 months after the short sale completed and the new owners were in our former home, we still received phone calls from B of A offering the Home Affordable Modification Program. They have subsidiaries to handle each of their lines of business, and the communication between them breaks down.

The B of A rep told us that they can reverse a sale made on the courthouse steps, and that they sometimes have to do it. But they also said that they are usually the buyer, anyway.

The banks lie....The lawyers who foreclose for the banks lie and pull fraudulent acts to foreclose for the banks. Nobama lies and has from the beginning. Why do you think he put America's #1 tax cheat in charge (Geithner) He protects the corruption in the banks and makes the American taxpayers continue to amass their wealth on corruption. He protects the scams on Wall Street the the rich get richer. This is never going to go away until Nobama does. People need to understand he is bankrupting America.....on purpose! 2 more years???? God give me strength! I see the circle of BS everyday because I am a full time Realtor of 20+ years. Nothing promised from the Schmuk House in DC has ever materialized. Recent example $1500 A/C rebates. Liars, liars. liars. liars, liars and liars!!!

In many cases, the mortgage companies have lost the initial mortgage documents (in the rush to slice-and-dice them into mortgage-backed securities). As such, most companies can't be sure that they are the lender who is legally entitled to foreclose on delinquent homeowners.

If your home is being foreclosed, make sure the bank has the proper documents they need to show the court in order for them to foreclose. A lot of mortgage companies file fraudulent affidavits with the court. Be sure you scrutinize everything they file with the court.

It is important to remember that at the root of every foreclosure is a broken promise. The bank loaned the borrower the money to purchase the property in exchange for the borrower's promise to repay the loan. If the borrower hadn't stopped making those payments--there would be no foreclosure.

The above examples of clear-cut crimes involving fraud and money laundering are not the only shortcomings of our major financial institutions. It is also the case that their insatiable appetite for short-term profits has led to them to make grossly negligent decisions, creating systemic risks and putting the entire American economy in jeopardy. Most people are familiar with how they consistently cut corners when making sub-prime loans during the housing bubble, making "liar's loans" where the borrower’s stated income was not verified [9], and creating/trading trillions in securities and derivatives based on these bad loans without any good means of assessing the risks involved.

The problem with your naive assessment TK, is that Obama has been in the White House for merely 20 months, meanwhile the problems with banks, short sales, etc, have been going on for far longer than that.

You let your dislike of Obama get in the way of facts. And you're a realtor? Yikes!

Munger Tells 25 Million Americans To "Suck It In", And To "Thank God For Bank Bailouts" As BRK Benefits From $95 Billion Of TARP Funding

During a discussion at the Universtiy fo Michigan, the 86 year old told the 25 million of Americans who comprise the 16.7% of the underemployed population in the country, to "suck it in and cope." Not only that, but apparently, all those who have been without a job for 99 weeks and more and no longer have recourse to insurance benefits, should "thank God for bank bailouts."

This means that ALLY will soon receive a BUYOUT offer from the USGOVT -OWNED General Motors, forcing the sale of mortgages in the FED'S PORTFOLIO causes an immediate loss. Somebody figured out that THE FED'S current portfolio if MARKED to MARKET has $Billion$ of PROFITS. Stay in your homes, hope that either FNMA or ALLY or another govt agency owns your seriously delinquent mortgage. To understand this concept better, stand on your head and look at the world upside down.

check out what's really happening

Fasthoo, who is now masturbating to a picture of Obama, can't get over the fact that the big I mean the big "O" and Dubya are cut from the same cloth. Both these men would would cut their own mother's throat to gain 100 votes. Bush started to eased the broom handle into your anal sphincter and Obama is now shoving it in so far that you can taste wood in the back of your throat. Bush sucked, but this administration is pushing the country over the edge and into the abyss. I hope somebody like general George Patton shows up and saves our sorry-asses.

I have a truck loan with Gmac...Now Ally financial and have been late thirty days for a few months...They call ten times a day nd I told them things were a little slow but I always pay and intend to keep paying...If things got that bad I would surrender the unit without issue...But they tried to repo anyway..I told them that what they were doing was against the law and they again sent a repo agent out..I was never more than 1 payment behing and always returned calls and communicated with them...Then found out that the problem they had was that I had a zero interest loan and they made no money off me...they tried to repo the unit in order to make me sign a loan with an interest rate to make money off me...I made sure I got the loan current and they still harrass me several times a week...

why are there any companys still making a living on peoples need to have to have a place to live.they've already resold most homes over and over so much i mean how much do they want of this world.are we ever going to make it to the future where everyone has a home healthcare and jobs for all that means something other than taking advantage of peoples needs?looks like they're trying to keep us in the dark there no one left with vision to make the transformation to the future,or just people saying you can't do that.of corse they can't they're not leaders or americans because americans get things done,there is always a way and we've always found it,thats what americans do

I have tried to do a modification with PNC Bank two times. First time, July 2009, I had been unemployed 18months and did not qualify for their hardship program. The second time, Dec 2009 I had negative $100 cash flow. In July I went to mediation with PNC and their lawyers and my lawyer, and gave them all my financials and they needed 2 more pieces of info and told me they would contact me later that day so I could email the info. I haver heard from them. August 20 I told my lawyer and he resent all the updated financials to the banks lawyer per their request and their lawyer has not forwarded anything to the bank. And I know that because I called PNC loss mitigation dept and they my financial information from 11 months ago.

I am a recently widowed father of 4 kids between the ages of 9 and 16. I am working part time and with my kids death benefits from their mom dying I finally have positive cash flow. I have a court date in 2 weeks to let me know my next step(foreclosure/short sale). I actually am probably one of the few people who are not upside down on their loans, but just had a difficult time with things. My house is worth about $100,000 than what is owed.

1FastHoo.....Comment on the article not my opinion thats how this forum works. Busy bodies like you who have nothing better to do but comment on other comments get under everyones skin. If you don't like my opinion stay off the freakin keyboard. The real estate industry would have worked itself out by now if we did not have someone in the Schmuk House dragging it on now for 20 months. That should have been #1 priority and it still has yet to be addressed. So far I have not seen anything positive come from your commador and thief. Another 20 months of this crap and you too will be in a government subsidized food line now mind your own business Mr. know it all.

Daviedave12 and olga

You both are full of bat-crap rightwing nonsense! You all need to Get OFF of AM Radio, Fixed News, stop drinking the Kool-Aid, study history and get your moronic brains together. You all are just plain STUPID like the rest of the Tea Klan!

How To Resolve The Foreclosure Mess

This is how we should resolve this.

* For each and every loan that was not properly conveyed into the MBS trusts and cannot be proved to have been properly conveyed, the purchasers of such MBS have every right to sue the banks that created these MBS for fraud. They received a representation and warranty that the deeds and notes were taken in good recordable form. They were not. This is fraud - period - which entitles them to force the bank involved to either fix the problem (if it can) or buy back the MBS at par. They should immediately do so.

* For each and every loan that was not properly conveyed into the trust the net effect is that the mortgage (deed) and note have been split. This is a permanent deficiency. The buyer of the home therefore has title and he paid with an unsecured loan.

Don't try this type of disrespect with a stolen can of peas in a store b/c you'll go to jail.....not these crooks

GMAC Mortgage Now Blames Eviction Halt On "Technical Defect", Says It Meant No "Disrespect" To US Judicial System

No, alleged theft and unprecedented crime at never before seen levels, certainly mean no disrpected to the US judicial process. After all, who has any respect for that institution anyway? Let's not forget that in two months the SCOTUS will side with the Federal Reserve in the Pittman case, thereby eliminating any threat that someone who misappropriates hundreds of billions of "other people's money" based on a "technical defect" will ever have any (dis)respect for American laws. Also, let's not foget that the earlier finding of Court Fraud was targetted at JPM/WaMu, we are not sure why GMAC is suddently so defensive.

The truth of the matter is that there is blame for everyone to go around, both the borrow and the lenders are at the root of the original problem, not to mention the federal reserve for lowering interest rates to unpresendented levels.

REO agents are going to be severely impacted because freezing the forelcosures is basically like freezing their pay checks.

This is pretty strange to know that there are no programs to aid investors !!!
It should be reviewed and a proper solution should be built.

we also need not block, let them together with their western teacher rot down as soon as possible, together, pishing just don't put the whole of China are dragged in. We will be with these voluntary towards rotten people remain isolated.

I really appreciate your hard work founding all that information and make it one nice written and most of all I will share it with my college class group in facebook. Thank you for taking your time to write down this article. I am simply out of words after reading your blog.

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You've got the job of managing your money. No one in school taught you how. But you and I, we can teach each other, how to handle it, how to save for retirement, how to make money last, how to educate the kids, how to make a budget work. The conversations I have with my readers are fun. Money's important, but discussing it does not have to be boring.

Harriet Johnson Brackey Harriet Johnson Brackey, the personal finance columnist for the Sun Sentinel, is an award-winning business reporter. Her columns for 2008 were named "The Best in the Business," a national award chosen by her colleagues at the Society of American Business Editors and Writers.

Brackey has worked at Business Week magazine and at USA TODAY, where she was a founder and part of the original staff of the Money section at the country's first national newspaper. After nearly 11 years there - spent covering the 1980s bull market, the insider trading scandals, the 1987 crash - Brackey left Washington, D.C., and came to The Miami Herald. She spent the next decade writing a column about personal finance that chronicled the stock market's Internet boom and bust, as well as the popular Money Makeover features.

Brackey also has done commentaries for Marketplace Money, which airs on National Public Radio and The Nightly Business Report which is broadcast on more than 250 PBS television stations nationwide. She also has been a radio guest on WLRN’s Miami Herald News.
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