Irvine Housing Blog

So the new owner lost their prospective buyer.  I think Conejo Capital Partners may have a lawsuit against Michael “Were gonna sue everybody…” Pines.

At the very least, shouldn’t he get disbarred for advising his clients to commit a felony.

re: the article.  who the f would rent a house to these people?  what’s their FICO? 390?

I am assuming that you aren’t a lawyer.  Or, in any event, you aren’t familiar with foreclosures in California.

You do not need possession of the note to effect a lawful non-judicial foreclosure in California.  In fact, one attorney who was behind this movement lost his law license after filing thousands of these lawsuits in California.  He also settled with the state of California by agreeing to pay over $1 million dollars in restitution to defaulted borrowers who paid him.

I was a lawyer representing servicers and lenders in many of these lawsuits that were filed against my clients.  I will tell you that we had EVERY SINGLE NOTE in our possession in these cases in the event some judge actually said that we had to “produce the note.”  But, that is not the law and we were NEVER, not one time, required to “produce the note.”

This is a dead movement.  The argument has shifted to one of assignments (this is why the paperwork is an issue). This argument will also fail for these defaulted borrowers.  At best for these defaulted borrowers, it will simply delay lawful foreclosures.

Well for all of this obvious “fraud” that ignited the nation’s righteous indignation a couple of weeks ago - it sure is becoming less and less of a story these days.  You know the media is out there looking for victims to create a great sensational story.  It seems that they sure aren’t finding a whole lot…

So what if the paperwork was “robosigned” - it doesn’t change the fact that you stopped paying your damn mortgage 2 years ago.

I am tired of hearing about this non-issue.  Let the foreclosures resume immediately.  Hire more robosigners and get these people out of our houses.

There are legal procedures and mechanisms in place in the event that a note is lost or destroyed.  It’s an easy fix. But again, I never handled a case where we didn’t have possession of the note and I handled a lot of cases.

Based on what you have stated, I’m not sure what grounds there are for your statement that “all of the holders of the securitized mortgages will attempt to put those back to the banks.” Simply because there are delays in foreclosures and uncertainty in real estate markets?

But you are right, this is good for the legal business right now.

Mortgage debt in Spain is like student loan debt here - it’s yours, forever!

I’m waiting for a website to come along that will take your zip code and lender and give you “Average Squatting Time” based on your situation. The real time AST could help individuals decide whether or not to squat. Advertisement space on the site could be sold to attornies, BMW dealerships and RV dealerships.

What’s the average eviction time for renters?  Couple months?

S:

In my experience, each and every one of the heloc abusers I’ve personally met is a member of your generation.

Every one.

From paying their kids’ student loans and college costs (rather than require their kids to work through school or earn grants) to plastic surgery to spa vacations to Escalades or tricked-out Explosions with spinner rims to $100k per year living expenses to continue the facade despite a job loss - yep - your generation did it all.

It was as though these people were either tempting fate or trying to establish their own reality….very sad and I fear for my country.

Made me laugh

Hee-hee!

Banks make money by lending it. If there is a lack of customers with sufficiently high scores, the banks will adjust their standards downward accordingly. If nearly everyone has garbage credit, then garbage is the new normal, and will be deemed creditworthy.

I believe what you propose in jest will actually be the case. Borrowers more than 2 years out of foreclosure will be eligible for decent rates.

Dude,
WTF are you talking about?
Can’t you read?
I sad I’m a victim because I don’t want to buy a house at the WTF price and banks prevent prices from coming down! I’ve been renting since 2004 and patiently waiting for the unavoidable correction. Now, thanks to amend-extend-pretend by the banks and all this foreclosure-gate bulls…t lately, who knows how much longer this will drag. What knife catching action are you talking about? I could buy the house I rent in Irvine for cash - but I refuse, because of the above…. So, thanks for adding insult to the injury!

I can’t say whether it is so or not, but there is a notable difference between the U.S. and Japan.  We are experiencing population growth—and in particular, population growth of young people.

While we have our own demographic mess coming, it is much less severe than Japan’s.

Our population-growth ponzi scheme may work for many more decades before leaving some (potentially as-yet unborn) generation holding the empty bag.

Or it may all blow up in the next couple of decades if we do something to make the U.S. an undesirable place for immigrants.  (Since our birth rate isn’t high enough even to keep a constant population, let alone a growing one).

I’m definitely an amateur here, since I was still in school the last time buying property made a lick of sense…

But, the article says that people will be able to buy title insurance on these properties… but does title insurance routinely protect against all possible problems?  Or are there exceptions, like in all of the other types of insurance that I carry?

Also, limitations?  Is the coverage just for purchase price?  Would it also cover the cost of any legal action?