Last week, I was talking on the phone to a
realtor friend in Colorado Springs, CO, regarding the housing
market there. He reported that as in most areas, things don't
look good, and that foreclosures fill the listings of for-sale
homes. I asked about whether the "walk away" phenomenon was
common there, and he replied that people were stopping payments
on their mortgages, but that rather than "walking away," they
were staying put in their houses... without paying a dime.
Why should they? Here is what is happening in COS:
some time of non-payment and multiple threats of foreclosure,
the banks finally initiate the foreclosure process, and put the
house up for sale. All the while the squatters are permitted to
remain in the house at no cost. They don't even pay the property
tax because they know that the bank will ultimately be liable
for paying the bill.
Then - here's the utterly
outrageous part - once the house finally sells, the bank pays a
real estate agent a fixed fee to visit the house to see if it
has been vacated yet. If not yet vacated, and they almost never
are, the bank then pays the agent to go back to the house, knock
on the door, and hand the law-breaking squatter a check for a
couple thousand dollars to leave within a prescribed amount of
time, and to promise not to destroy the property on the way out.
Yup, that's right. Now, not only are these cretins living
scot-free while we tax payers ultimately pick up the tab via the
TARP boondoggle, but then they get paid, again by us, to finally
leave. Word is out on the street that this is how the game is
played. If it's happening in Colorado Springs, it's happening in
your town as well.
Holy crap! What kind of
society have we created????? ***holes in Congress dream up these
schemes along with their "wizards of smart" advisors in order to
suck up to a certain voter base, and then when it all fails they
blame it on the dolts that were stupid enough to participate.
Meanwhile, the same crop of politicians who claim to want to
punish the bankers and financial gurus pass more laws to print
money at Treasury and funnel it to those same bankers and
financial gurus. Trillion$ of new dollar$ are created from thin
air and handed out, while each new dollar printed dilutes the
value of the dollars in our pockets.
already gone to prop up foreign banks that we convinced to play
along, and now there is news that the U.S. will likely be
guaranteeing banks in Afghanistan! Again, Holy crap!!!!
- Kirt Blattenberger
RF Cafe Progenitor & Webmaster