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Home Equity Loan Non-payment - Was Foreclosure The Right Action to Take? Archived From: Finance

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alert mods    
   posted: Oct. 31, 2007 @ 2:05a

Text

looks like the guy got his house back


alert mods    
   posted: Oct. 31, 2007 @ 4:28a

I'm actually disappointed that the transaction was unraveled. I suppose in this one circumstance it's a nice, human thing to do...but:
I just hope that people don't start getting the idea that any sob story will result in unraveling their own foreclosure.

As others pointed out, I find it hard to believe that all the phone calls and certified mail weren't enough. On top of that, once the NOD is filed, all sorts of sharks will circle and start visiting the house, leave personal notes, etc in an effort to get their hands on the house before it goes for public auction. I REALLY doubt the homeowner had NO clue.


alert mods    
   posted: Oct. 31, 2007 @ 6:52a

Believe me, this was anything but voluntary on anyones part. The foreclosure investors have been barraged by the media, likely had a few attys knocking down their door, and KNEW they would be subject to massive scrutiny about this (and their other) deals. Getting out of this mess was the smartest thing they could do.

This was all worked out behind the scenes between Countrywide and the foreclosure investors, both realized what a nightmare this situation could be if left alone (and the inquiries, Senate hearings, etc a story like this could spawn) and they agreed to a private resolution to take the attention off them...from the article:

Kevin Eikenberry, a Walnut Creek attorney who represents the two companies that bought the house, said his clients reviewed media coverage in The Chronicle and on KGO-TV and decided to return the house for the $190,300 they had paid plus expenses and a small profit. Countrywide will refund the companies' money and pay for the expenses and profit.


alert mods    
   posted: Oct. 31, 2007 @ 7:37a

civ2k1 said:I'm actually disappointed that the transaction was unraveled. I suppose in this one circumstance it's a nice, human thing to do...but:
I just hope that people don't start getting the idea that any sob story will result in unraveling their own foreclosure.

As others pointed out, I find it hard to believe that all the phone calls and certified mail weren't enough. On top of that, once the NOD is filed, all sorts of sharks will circle and start visiting the house, leave personal notes, etc in an effort to get their hands on the house before it goes for public auction. I REALLY doubt the homeowner had NO clue.

in one instance like this it's easy to do. if there are a lot of foreclosures the media won't make a big deal about every single one and no one else will care so the bank will enforce the loan


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