American Morning

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August 13th, 2009
11:46 AM ET
soundoff (15 Responses)
  1. jay m

    Obama is trying to help struggling homeowners, but the same idiots are still in charge at the banks.

    August 16, 2009 at 1:36 am |
  2. MrC59

    the bank did wrong and be held resposible for back taxes,damage, and fines. thentake all the homeless or low income to be able to homestead the lot and home. if this was ,maybe i could afford a home for my family of 5. remember the big bonuses the banks put in their pockets !

    August 15, 2009 at 11:06 am |
  3. Jonathan


    First thing to understand – foreclosure is NOT a process, it is a single event which happens at the FORCLOSURE SALE. It's true that there is a process in order for the sale to happen, but the sale is the foreclosure. This is true in all 50 states. Until that sale happens, the homeowners have legal title to the house, so there is no court that can evict them since they are on title. After the sale, the person/entity that submits the winning bid at the foreclosure sale (which is usually the bank) ends up with the title, or the rights to it.

    Now some states have redemption periods. It doesn't matter how long the redemption period is, the homeowners remain in title , therefore they cannot be evicted, until that period is over and then title is transferred to the new owner. If there is no redemption period in the state, then title is transferred immediately (usually a 1-5 days).

    It is not until title is transferred, that the bank can evict the former owners.

    These people in the story could NOT have been legally evicted. You see, once the sale is completed (were talking 10 minutes max), the foreclosure process is completed as far as the bank is concerned. Local counties just have to process paperwork and must give title to the new owner. The bank can't go back and say they don't want the title now.

    In other words, the bonk can only stop the foreclosure process BEFORE the sale, but at that time, they don't have title, so they can't evict anyone.

    The homeowners probably misread their paperwork (as most people do) and thought that they had a deadline to move. Most people have little knowledge of the foreclosure process – including the people that reported this story (and some of you that have responded to this story).

    It's a good idea for anyone facing foreclosure to contact a FREE legal counselor or attorney, contact HUD and PLEASE, PLEASE, PLEASE stay away form those loan modification scams where you have to pay any money up front.

    REMEMBER – BANKS DO NOT WANT YOUR HOUSE. They want you to stay in the house and keep paying the mortgage- this is how they make their money.

    August 15, 2009 at 12:48 am |
  4. Vlin

    Note to boneheads: Obama didn't award the financial industry the billions of dollars – that would be Bush et al pre January 2009

    August 14, 2009 at 9:01 pm |
  5. Tony T.

    The home was likely torn apart and destroyed on the inside which is the reason the bank dropped the foreclosure. And it was the former residents whom did the damage.

    August 14, 2009 at 7:50 pm |
  6. Gayle

    It is so sad that so many uninformed people are screaming about the ruination of our country just because the economy is in bad shape, or because congress may or may not pass a bill they disagree with. Banks being allowed to do whatever they like to make money off of the middle class is what got us into this mess. It has been the Republicans who have consistently fought regulation of the big corporations who stomp on the rest of us. The ones screaming about their love of the constitution latch onto catch phrases they barely understand .(fed to them by the likes of Rush Limbaugh) to back up totally unreasonable arguments. This great country has weathered worse than this. Stop whining and show a little support for your President, just as you asked the rest of us to do when we apposed Bush's war. It is not the peaceable tone that our President uses when dealing with other countries that threatens the strength of the US, it is the fearful screaming of those who refuse to have a little faith that Obama wants what is best for the country as a whole, not just you personally. The awful truth is that one cannot reason someone out of an opinion who did not use reason to form that opinion; so the ranters of the spoon-fed anti-Obama crowd cannot be reasoned with.

    August 14, 2009 at 6:51 pm |
  7. Angela

    This is awful–talk about adding insult to injury. I strongly feel that once a bank begins the foreclosure process that they should be held liable for all fine and fees associated with the property and additionally, they should see the process through or work with the family to keep their home. With as many homeless people as we have in this country, to let a home fall into such a state of disrepair is just sickening.

    August 14, 2009 at 6:39 pm |
  8. michele

    this story made me sick to my stomach! just in credit card fees the banks made $38 million and some idiot from the banking industry has the nerve to think we are dumb enough to believe that the banks are abandoning the homes because of lack of money to complete the foreclosure process!! READ YOUR MORTGAGE DOCUMENT! if you default on your mortgage, the bank gets possess! Each bank that is doing this to the homeowners who went into foreclosures should be kept in the news until this practice is corrected.
    CNN and others give more press to PETA and dog lovers than they do this!

    August 14, 2009 at 7:26 am |
  9. Joe Polzien

    Ms Romans made a comment about Colonieal Bank today and said you were watching it.
    Well I have/had a mortgage with Taylor Bean & Whitiker.
    Tried to make my payment on the web and could not access there site. Tried calling and no answere. After searching the websaw some items stating it was reaided in along with Coloniel Bank and the Feds have shut it down.
    After searching, located a phone number for FHA in Denver, called it and was advised that in fact it was true and that all mortgages were in the process of being given over to Bank of America.
    Now should I wait to be contacted to pay my mortgage or what????

    August 14, 2009 at 7:08 am |
  10. Bernice

    I have a pretty good thought here... I watched a story on the news station, just a short while back, where a man broke the pad locks off of a foreclosed home, moved in, setting up house, and went as far as having the utilities hooked up! He finally got his dreamhome! They found him living in this home (thank goodness), and had him removed immediately. The thought here is, however, if you move into one of these home....un-noticed, for a longer period of time, DOMAIN just may give the thieves the rights now to apply for the title, now being the homeowner, and not the thief. Just another thought here .... How would you, the neighbor, even know? You wouldn't. They seem to be taking from the richer population to give to the less fortunate poulation, as I see it, so who will stop them when all of the minorities start moving into these homes and aquiring them legally, by stealing them in the first place? In other words, now is your chance to finally own that "dreamhome"?? And, the taxpayers could end up being the people who "flip the bill" and have to pay for it!! Everyone, please pay very close attention to what's going on around you. We, as Americans, just may lose everything while this administration is in office.

    It's a wonder that we are not suffering from SEVERE earthquakes due to our forefathers rolling over in thier graves today. Everything that we worked so very hard for...all going up in smoke. And he wants to keep blaming the Bush clan? Who's he trying to fool anymore? This administration has saved frogs, turtles, horses, fishies, and even mice! But, when is going to do what he was hired to do? JOBS! JOBS! JOBS! He has sent SOOOOOOOO much money to other countries, so we, the helpful Americans, could help to feed and take care of them. WE CAN BARELY FEED OURSELVES PEOPLE! We need change! (again)!!

    Do as many are doing now. Go to your post office and pick up a voters registration card, fill it out, and change your party! Mail it in to your local courthouse! If the Republican Party is tooo much for you (which many are actually great people), then lean more towards Independant! Protect and save our country! This is OUR land and we, as Americans, were raised to believe it was worth protecting! So, PROTECT IT! Now is the time to do that! Please wake up America, and protect the land that we love!

    Keep a very close eye on the foreclosed homes in your areas. Help to protect them! Neighborhood watch programs could help. If you do not, who knows who your next neighbors may be! Chilly thought.

    August 14, 2009 at 5:57 am |
  11. Joy Hays

    I have to agree. If the Bank takes back the home they should release the owners. After all they are putting the owners on the street. Our economy is so bad people are losing their jobs and homes.

    If they have no where to go how does the bank expect these people to pay for the remaining mortgage?

    Message to banks: Why not start working with those who have reached trouble times,stop foreclosures and work out a deal so people dont end up on the street. Heck if they cant afford to pay why not give them a job to pay off the morgage & to feed their families. Like cleaning at the bank or Maintaining their property (homes) such as new roof or maybe paving their drive ways.Helping neighborhood better itself and not allowing so many for sale signs,,,,in exchange for the morgage payments

    August 13, 2009 at 11:56 pm |
  12. joe

    Nice going Obama. Other countries are already exiting recession and the trillions Mr. Obama has spent without understanding the consequences have gotten us no where as evidenced by the increasing foreclosures (as well as the poor retail reports today) – Wow, trillions for nothing!

    August 13, 2009 at 6:30 pm |
  13. D. Porter

    It sickens me that the banks go through all the trouble to evict these home-owners instead of working with them in the first place. Then they (the banks) do NOTHING with the property and allow them to fall into disrepair.

    Options: When the bank fails to finalize the foreclosure:

    These properties should be given back to the original owners if the banks don't want to finalize the foreclosure within a set timeframe.

    If they don't want the property – then they should be bull-dozed.

    It strikes me as odd that the original home-owner would be held responsible when the bank evicted the owners – I always thought the bank owned the house until the loan was paid off. Once the bank evicts the owner/loanee for non-payment they are taking back possession of the asset that was listed on the title – i.e THE BANK OWNS IT AN D IS RESPONSIBLE.

    August 13, 2009 at 3:51 pm |
  14. Reetesh Sood

    Can you elaborate on that a bit more? What do you mean "Banks Abandone Foreclosed Homes" ? Sones toogood to be true

    August 13, 2009 at 12:51 pm |
  15. MELODY

    Slap a lawsuit on the bank for false eviction in the amount left on mortagage, city fines, back taxes, emotional distress, and what ever else can think of. Something will stick! It amagezes as well as angers me that the financial industry can rip off and rob ppl blind legally. How much money is enough for these vultures.

    August 13, 2009 at 12:08 pm |