Comments for Bank Foreclosures Information http://www.bankforeclosuresinformation.com Information, Articles and News About Bank Foreclosures Sat, 07 Feb 2009 13:46:19 -0800 hourly 1 Comment on Will the $700B Bailout Really Help Homeowners Facing Foreclosure? by Grant Healy http://www.bankforeclosuresinformation.com/foreclosure-help/will-the-700b-bailout-really-help-homeowners-facing-foreclosure/comment-page-1#comment-606 Grant Healy Sat, 07 Feb 2009 13:46:19 +0000 http://www.bankforeclosuresinformation.com/?p=22#comment-606 Very interesting article, as are some of your other posts. I have bookmarked your great site for future visits. Very interesting article, as are some of your other posts. I have bookmarked your great site for future visits.

]]> Comment on Banks on the Brink of Disaster, Foreclosure Still Looming by Mortgage Foreclosure Agent http://www.bankforeclosuresinformation.com/foreclosure-crisis/banks-on-the-brink-of-disaster-foreclosure-still-looming/comment-page-1#comment-554 Mortgage Foreclosure Agent Mon, 26 Jan 2009 19:41:06 +0000 http://www.bankforeclosuresinformation.com/?p=81#comment-554 I am beginning to wonder what it will take to help stem the flow of foreclosures. The previous stimulus package didn't seem to work and by your estimation Wall Street doesn't have any solutions either. I hope someone can offer a viable solution soon! I am beginning to wonder what it will take to help stem the flow of foreclosures. The previous stimulus package didn’t seem to work and by your estimation Wall Street doesn’t have any solutions either. I hope someone can offer a viable solution soon!

]]> Comment on Dotzour’s Four-Part Solution in Mending the Foreclosure Crisis by tom loftus http://www.bankforeclosuresinformation.com/foreclosure-crisis/dotzours-four-part-solution-in-mending-the-foreclosure-crisis/comment-page-1#comment-377 tom loftus Mon, 05 Jan 2009 19:58:52 +0000 http://www.bankforeclosuresinformation.com/?p=64#comment-377 Taking exception to Dotzour's four part solution to the mortgage, items to supposedly be considered will not resolve the mortgage crises any more than what is already known about supply and demand. My suggestions are: 1. Create a rent to own covenant for homeowners who cannot afford higher rates or because of employment are not able to meet the payment requirements. At all costs, attempt to keep the house occupied reducing the potential for damage losses and the high cost of forced placed insurance. For those properties already foreclosed, rent or lease the property with an option to buy or simply lease the property. 2. Allow homeowners who are not able to meet higher payments to avail themselves of 50% of their 401k plans without the 10% penalty tax, and allow the regular tax to be paid over three to five years. Severe penalties can be assessed to anyone who voids the agreement. Tom Loftus Taking exception to Dotzour’s four part solution to the mortgage, items to supposedly be considered will not resolve the mortgage crises any more than what is already known about supply and demand.
My suggestions are:
1. Create a rent to own covenant for homeowners who cannot afford higher rates or because of employment are not able to meet the payment requirements. At all costs, attempt to keep the house occupied reducing the potential for damage losses and the high cost of forced placed insurance.
For those properties already foreclosed, rent or lease the property with an option to buy or simply lease the property.
2. Allow homeowners who are not able to meet higher payments to avail themselves of 50% of their 401k plans without the 10% penalty tax, and allow the regular tax to be paid over three to five years. Severe penalties can be assessed to anyone who voids the agreement.

Tom Loftus

]]> Comment on Three Ways to Solve the Foreclosure Problem by Minister C.J. Di Donna http://www.bankforeclosuresinformation.com/foreclosure-help/three-ways-to-solve-the-foreclosure-problem/comment-page-1#comment-363 Minister C.J. Di Donna Sat, 03 Jan 2009 22:15:32 +0000 http://www.bankforeclosuresinformation.com/?p=66#comment-363 Well over 700,000 American families ( many of moderate income) have lost their homes in America because they were tricked into believing that they only had to make the minimum interest-only payment (ARM Negative Loan) but were not told that (due to the high interest rate) most of it would be deferred until it reached a point (in most cases after 2 or 3 years) where it got so high (and to the dismay of the homeowner) that there is no equity left in the home and the bank (after receiving several years of 10’s of thousands of dollars in minimum interest only payments) becomes the new owner of the home and the homeowners (many with children, senior citizens and those families who are taking care of their elderly parents., not to mention the suffering caused by this uprooting for the cat’s and dog’s who no longer have a home) are forced to hand over the keys & move out and it didn’t cost the bank a single penny. Since I was 19 years of age, I was a proponent and attempted (back then) to convince U.S. Senator Jacob Javit’s to some how find a way to remove “In God We Trust” from the currency of our nation. In my opinion, it should be “In Money We Trust”. Our nation is based on Capitalism not God. In my opinion, “The Change We Need” from President elect Barack Obama which I doubt very much he will do since he is a proponent of Moratorium’s which has been proven to only delay the unavoidable, is to federally mandate long term loan modification’s (interest) on behalf of “all Americans” with Sub Prime and ARM Negative (minimum payment deferred (home equity destroyer) interest mortgage loans at a fixed rate for 40 or 50 year’s to spread out the payments. The majority of these loan’s (due to death, relocating of familie’s etc) would be paid off way before 40 or 50 years. Leaving it up to the bank’s to do this is akin to putting the fox in the hen house to protect them. “The Change We Need” must come from the Federal government. This sub prime mortgage mess would have never happened if “We the People” who do not have high paying jobs would have been granted the right to borrow a low interest home mortgage loan based on income directly from the Federal Reserve Bank which should be nationalized for the moderate income working class people of our nation who for too long have been enslaved by bank’s and lending institution’s by high interest rates on money that they receive at a low interest rate from the Fed. Our government will reap what is sow’s today and it would not surprise me that in the near future a 5th column in support of Al Qaida (“The enemy of my enemy is my friend”) will evolve within our own borders from some of the children of these American familie’s who watched our government bail out the bank’s & did nothing to help their parent’s from losing their homes to these very financial capatalist institution’s. Well over 700,000 American families ( many of moderate income) have lost their homes in America because they were tricked into believing that they only had to make the minimum interest-only payment (ARM Negative Loan) but were not told that (due to the high interest rate) most of it would be deferred until it reached a point (in most cases after 2 or 3 years) where it got so high (and to the dismay of the homeowner) that there is no equity left in the home and the bank (after receiving several years of 10’s of thousands of dollars in minimum interest only payments) becomes the new owner of the home and the homeowners (many with children, senior citizens and those families who are taking care of their elderly parents., not to mention the suffering caused by this uprooting for the cat’s and dog’s who no longer have a home) are forced to hand over the keys & move out and it didn’t cost the bank a single penny.
Since I was 19 years of age, I was a proponent and attempted (back then) to convince U.S. Senator Jacob Javit’s to some how find a way to remove “In God We Trust” from the currency of our nation.

In my opinion, it should be “In Money We Trust”.

Our nation is based on Capitalism not God.

In my opinion, “The Change We Need” from President elect Barack Obama which I doubt very much he will do since he is a proponent of Moratorium’s which has been proven to only delay the unavoidable, is to federally mandate long term loan modification’s (interest) on behalf of “all Americans” with Sub Prime and ARM Negative (minimum payment deferred (home equity destroyer) interest mortgage loans at a fixed rate for 40 or 50 year’s to spread out the payments.

The majority of these loan’s (due to death, relocating of familie’s etc) would be paid off way before 40 or 50 years.

Leaving it up to the bank’s to do this is akin to putting the fox in the hen house to protect them.
“The Change We Need” must come from the Federal government.

This sub prime mortgage mess would have never happened if “We the People” who do not have high paying jobs would have been granted the right to borrow a low interest home mortgage loan based on income directly from the Federal Reserve Bank which should be nationalized for the moderate income working class people of our nation who for too long have been enslaved by bank’s and lending institution’s by high interest rates on money that they receive at a low interest rate from the Fed.

Our government will reap what is sow’s today and it would not surprise me that in the near future a 5th column in support of Al Qaida (“The enemy of my enemy is my friend”) will evolve within our own borders from some of the children of these American familie’s who watched our government bail out the bank’s & did nothing to help their parent’s from losing their homes to these very financial capatalist institution’s.

]]> Comment on New York: Swimming In Foreclosures by Minister C.J. Di Donna http://www.bankforeclosuresinformation.com/new-york/new-york-swimming-in-foreclosures/comment-page-1#comment-362 Minister C.J. Di Donna Sat, 03 Jan 2009 22:12:51 +0000 http://www.bankforeclosuresinformation.com/?p=57#comment-362 Our government will reap what is sow's today and it would not surprise me that in the near future a 5th column in support of Al Qaida (“The enemy of my enemy is my friend”) will evolve within our own borders from some of the children of these American familie's who watched our government bail out the bank's & did nothing to help their parent's from losing their homes to these very financial capatalist institution's. Our government will reap what is sow’s today and it would not surprise me that in the near future a 5th column in support of Al Qaida (“The enemy of my enemy is my friend”) will evolve within our own borders from some of the children of these American familie’s who watched our government bail out the bank’s & did nothing to help their parent’s from losing their homes to these very financial capatalist institution’s.

]]> Comment on New York: Swimming In Foreclosures by Minister C.J. Di Donna http://www.bankforeclosuresinformation.com/new-york/new-york-swimming-in-foreclosures/comment-page-1#comment-361 Minister C.J. Di Donna Sat, 03 Jan 2009 22:04:08 +0000 http://www.bankforeclosuresinformation.com/?p=57#comment-361 Well over 700,000 American families ( many of moderate income) have lost their homes in America because they were tricked into believing that they only had to make the minimum interest-only payment (ARM Negative Loan) but were not told that (due to the high interest rate) most of it would be deferred until it reached a point (in most cases after 2 or 3 years) where it got so high (and to the dismay of the homeowner) that there is no equity left in the home and the bank (after receiving several years of 10's of thousands of dollars in minimum interest only payments) becomes the new owner of the home and the homeowners (many with children, senior citizens and those families who are taking care of their elderly parents., not to mention the suffering caused by this uprooting for the cat's and dog's who no longer have a home) are forced to hand over the keys & move out and it didn't cost the bank a single penny. Since I was 19 years of age, I was a proponent and attempted (back then) to convince U.S. Senator Jacob Javit's to some how find a way to remove "In God We Trust" from the currency of our nation. In my opinion, it should be "In Money We Trust". Our nation is based on Capitalism not God. In my opinion, "The Change We Need" from President elect Barack Obama which I doubt very much he will do since he is a proponent of Moratorium's which has been proven to only delay the unavoidable, is to federally mandate long term loan modification's (interest) on behalf of "all Americans" with Sub Prime and ARM Negative (minimum payment deferred (home equity destroyer) interest mortgage loans at a fixed rate for 40 or 50 year's to spread out the payments. The majority of these loan's (due to death, relocating of familie's etc) would be paid off way before 40 or 50 years. Leaving it up to the bank's to do this is akin to putting the fox in the hen house to protect them. "The Change We Need" must come from the Federal government. This sub prime mortgage mess would have never happened if "We the People" who do not have high paying jobs would have been granted the right to borrow a low interest home mortgage loan based on income directly from the Federal Reserve Bank which should be nationalized for the moderate income working class people of our nation who for too long have been enslaved by bank's and lending institution's by high interest rates on money that they receive at a low interest rate from the Fed. Well over 700,000 American families ( many of moderate income) have lost their homes in America because they were tricked into believing that they only had to make the minimum interest-only payment (ARM Negative Loan) but were not told that (due to the high interest rate) most of it would be deferred until it reached a point (in most cases after 2 or 3 years) where it got so high (and to the dismay of the homeowner) that there is no equity left in the home and the bank (after receiving several years of 10’s of thousands of dollars in minimum interest only payments) becomes the new owner of the home and the homeowners (many with children, senior citizens and those families who are taking care of their elderly parents., not to mention the suffering caused by this uprooting for the cat’s and dog’s who no longer have a home) are forced to hand over the keys & move out and it didn’t cost the bank a single penny.
Since I was 19 years of age, I was a proponent and attempted (back then) to convince U.S. Senator Jacob Javit’s to some how find a way to remove “In God We Trust” from the currency of our nation.

In my opinion, it should be “In Money We Trust”.

Our nation is based on Capitalism not God.

In my opinion, “The Change We Need” from President elect Barack Obama which I doubt very much he will do since he is a proponent of Moratorium’s which has been proven to only delay the unavoidable, is to federally mandate long term loan modification’s (interest) on behalf of “all Americans” with Sub Prime and ARM Negative (minimum payment deferred (home equity destroyer) interest mortgage loans at a fixed rate for 40 or 50 year’s to spread out the payments.

The majority of these loan’s (due to death, relocating of familie’s etc) would be paid off way before 40 or 50 years.

Leaving it up to the bank’s to do this is akin to putting the fox in the hen house to protect them.
“The Change We Need” must come from the Federal government.

This sub prime mortgage mess would have never happened if “We the People” who do not have high paying jobs would have been granted the right to borrow a low interest home mortgage loan based on income directly from the Federal Reserve Bank which should be nationalized for the moderate income working class people of our nation who for too long have been enslaved by bank’s and lending institution’s by high interest rates on money that they receive at a low interest rate from the Fed.

]]> Comment on Three Ways to Solve the Foreclosure Problem by Robert http://www.bankforeclosuresinformation.com/foreclosure-help/three-ways-to-solve-the-foreclosure-problem/comment-page-1#comment-292 Robert Thu, 25 Dec 2008 13:14:20 +0000 http://www.bankforeclosuresinformation.com/?p=66#comment-292 Top post! I absolutely loved it, hope to read more posts like this in 2009! Merry Christmas and Prosperous New Year. Top post! I absolutely loved it, hope to read more posts like this in 2009! Merry Christmas and Prosperous New Year.

]]> Comment on New Jersey Bank Foreclosures- Not so bad, Not so Good by Prof. Samuel D. Bornstein http://www.bankforeclosuresinformation.com/new-jersey/new-jersey-bank-foreclosures-not-so-bad-not-so-good/comment-page-1#comment-276 Prof. Samuel D. Bornstein Wed, 24 Dec 2008 17:19:23 +0000 http://www.bankforeclosuresinformation.com/?p=15#comment-276 Under normal circumstances, small business owners are generally optimistic about our future. Today, the situation is different. As an analogy, we take an annual physical exam, even though we feel fine. However, the Blood Test usually identifies whether we are ill or healthy. Recently, the National Association for the Self-Employed (NASE) ran a survey which I created to diagnose the small business involvement in ALT-A and Option ARMs mortgages. The results were astounding. You will note that these are the most “TOXIC” mortgages that will be RESETING in 2009 through 2012. The main problem is that 80-90% elected to make the “minimum” payments on these mortgages, thereby allowing the principle to grow and bring them into negative amortization whereby the principle was more than the original mortgage. The problem with RESET or RECAST is that now, these borowers must pay off the principle in the remaining term of the mortgage. No matter what the interest rate is modified to, the monthly payment will SKYROCKET to unsustainable amounts. It is a tragedy when an individual borrower defaults on the mortgage and loses his/her home. The tragedy is magnified when the borrower is a small business owner, employing from 1 to 10 employees. The loss of jobs related to mortgage defaults and the resulting business failures will further weaken our economy and prolong the recession. Job retention is as important as job creation. The small business owners are at great risk for their survival, as they must contend with personal and business debt, the recession, and the continuing forces of small business failure which have been exacerbated by the credit crunch and financial crisis. The economic downturn will dramatically increase the rate of small business failure and job losses. I am a Professor of Accounting and Taxation at Kean University School of Business in Union, NJ. On 4/16/08, I testified before Senator John F. Kerry’s US Senate Committee on Small Business and Entrepreneurship. I have researched the Foreclosure Crisis, and believe that you may find the following interesting as it relates to the PAY OPTION ARMs piece. I authored a survey of small business owners which was run by the Association for the Self-Employed (NASE) which determined the involvement of the small business community in these TOXIC Mortgages that are about to RESET in the 2nd Wave of Foreclosures due in 2009.. NASE issued a Press Release on 11/21/08. The survey appears on their website at http://www.nase.org Many fail to realize that there are millions of self-employed micro-businesses, who employ from 1-10 employees, that are holding these mortgages that are going to reset in 2009 through 2012. These borrowers are Prime and Near-Prime borrowers who hold ALT-A, Option ARMs, Interest-Only mortgages. There are $1 Trillion ALT-As, and $500-600 Billion Option ARMs. So, here we have a major problem… These millions of small business owners will lose their homes, their business may fail, and their employees will go job-less. Obviously, the recession will exacerbate these problems. Although President-Elect Obama is stressing the need to create 3 million new jobs, we must understand that “JOB RETENTION IS AS IMPORTANT AS JOB CREATION”. According to this survey, it is estimated that 3,709,800 small business owners hold Alt-A and other toxic mortgages, and 1,279,800 are already delinquent as they have missed one to three or more monthly mortgage payments at mid-November, before the expected Resets that are scheduled to begin in 4th Quarter 2008 through 2012. Conclusion Small business is the job creation engine of our economy. Proactive efforts must be taken to provide small business owners with immediate and specific financial guidance, combined with other measures, to avoid default on mortgages and other debts in this critical and challenging financial crisis. Thank you, Samuel D. Bornstein Professor of Accounting & Taxation Kean University, School of Business, Union, NJ bornsteinsong@aol.com 732-493-4799 Under normal circumstances, small business owners are generally optimistic about our future. Today, the situation is different. As an analogy, we take an annual physical exam, even though we feel fine. However, the Blood Test usually identifies whether we are ill or healthy. Recently, the National Association for the Self-Employed (NASE) ran a survey which I created to diagnose the small business involvement in ALT-A and Option ARMs mortgages. The results were astounding.

You will note that these are the most “TOXIC” mortgages that will be RESETING in 2009 through 2012. The main problem is that 80-90% elected to make the “minimum” payments on these mortgages, thereby allowing the principle to grow and bring them into negative amortization whereby the principle was more than the original mortgage. The problem with RESET or RECAST is that now, these borowers must pay off the principle in the remaining term of the mortgage. No matter what the interest rate is modified to, the monthly payment will SKYROCKET to unsustainable amounts.

It is a tragedy when an individual borrower defaults on the mortgage and loses his/her home. The tragedy is magnified when the borrower is a small business owner, employing from 1 to 10 employees. The loss of jobs related to mortgage defaults and the resulting business failures will further weaken our economy and prolong the recession.

Job retention is as important as job creation. The small business owners are at great risk for their survival, as they must contend with personal and business debt, the recession, and the continuing forces of small business failure which have been exacerbated by the credit crunch and financial crisis. The economic downturn will dramatically increase the rate of small business failure and job losses.

I am a Professor of Accounting and Taxation at Kean University School of Business in Union, NJ.
On 4/16/08, I testified before Senator John F. Kerry’s US Senate Committee on Small Business and Entrepreneurship. I have researched the Foreclosure Crisis, and believe that you may find the following interesting as it relates to the PAY OPTION ARMs piece.

I authored a survey of small business owners which was run by the Association for the Self-Employed (NASE) which determined the involvement of the small business community in these TOXIC Mortgages that are about to RESET in the 2nd Wave of Foreclosures due in 2009.. NASE issued a Press Release on 11/21/08. The survey appears on their website at http://www.nase.org

Many fail to realize that there are millions of self-employed micro-businesses, who employ from 1-10 employees, that are holding these mortgages that are going to reset in 2009 through 2012. These borrowers are Prime and Near-Prime borrowers who hold ALT-A, Option ARMs, Interest-Only mortgages. There are $1 Trillion ALT-As, and $500-600 Billion Option ARMs.

So, here we have a major problem… These millions of small business owners will lose their homes, their business may fail, and their employees will go job-less. Obviously, the recession will exacerbate these problems. Although President-Elect Obama is stressing the need to create 3 million new jobs, we must understand that “JOB RETENTION IS AS IMPORTANT AS JOB CREATION”.

According to this survey, it is estimated that 3,709,800 small business owners hold Alt-A and other toxic mortgages, and 1,279,800 are already delinquent as they have missed one to three or more monthly mortgage payments at mid-November, before the expected Resets that are scheduled to begin in 4th Quarter 2008 through 2012.

Conclusion

Small business is the job creation engine of our economy. Proactive efforts must be taken to provide small business owners with immediate and specific financial guidance, combined with other measures, to avoid default on mortgages and other debts in this critical and challenging financial crisis.

Thank you,

Samuel D. Bornstein
Professor of Accounting & Taxation
Kean University, School of Business, Union, NJ bornsteinsong@aol.com

732-493-4799

]]> Comment on New State Legislation Aims to Stop Foreclosures by Sharp Foreclosure Facts That.. » Blog Archive » Foreclosure for sale http://www.bankforeclosuresinformation.com/stop-foreclosures/new-state-legislation-aims-to-stop-foreclosures/comment-page-1#comment-209 Sharp Foreclosure Facts That.. » Blog Archive » Foreclosure for sale Wed, 10 Dec 2008 01:52:30 +0000 http://www.bankforeclosuresinformation.com/?p=51#comment-209 [...] As more homeowners stand to lose their homes due to foreclosures, state legislators scramble to enact bills to help these beleaguered homeowners. More Foreclosure News… [...] [...] As more homeowners stand to lose their homes due to foreclosures, state legislators scramble to enact bills to help these beleaguered homeowners. More Foreclosure News… [...]

]]> Comment on Foreclosure Homes Reach Record 1.2M by Total accsess visa, plains commerce bank need information? http://www.bankforeclosuresinformation.com/foreclosure-rates/foreclosure-homes-reach-record-12m/comment-page-1#comment-44 Total accsess visa, plains commerce bank need information? Wed, 10 Sep 2008 09:19:25 +0000 http://www.bankforeclosuresinformation.com/?p=16#comment-44 [...] Foreclosure Homes Reach Record 1.2M [...] [...] Foreclosure Homes Reach Record 1.2M [...]

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