True Foreclosure Story - Case #1001 - Oto Coberg

Project Foreclosure invites Oto Coberg to the studios to tell his foreclosure story.

Category:

News & Politics

Tags:

• project
• foreclosure
• mortgage
• bankruptcy
• real
• estate
• short
• sale
• lien
• stripping
• loan
• modification
• bank
• of
• america

[Cosairman]

@TomLandryHwy I would like you to watch Bob Simpson (IMBA) Its just 20mins long

He is in charge of the lending institutions in Chicago.

He blames a lot on the banks.Its in 4 small parts.

If you wish, let me know what you think.

Cheers!

[TomLandryHwy]

@Cosairman IT was greed, no doubt about.. Buyer beware is the best policy, nobody that is selling you something is your friend and you should never need them to be.. I don't mean to seem cold but who evr is right it is a horrible mess...It was bad business for the banks to do this and stupid, but greed is not illegal. Nobody held a gun to the borrower and said sign this NOTE. I'm watching Gordon Gecko

[Cosairman]

@TomLandryHwy PART 3

I can understand Ireland, Iceland,Spain+Japan having a property boom/bust.

These are relatively Postwar + Post 1980s+1990s countries and were not used to money..No excuse though.Cannot understand is why America?It is a 230 yr old nation which was in control and understood money for over 2 centuries. New World order maybe rigged by the banks and Governments which explains why all this is happening.The debate will go on with everyone's having point of view to all this

Cheers!

[Cosairman]

@TomLandryHwy PART 2

Yes,people must take responsibilities for their actions. From the way the banks are behaving they dont have to be responsible for theirs.They will get Government help,which will help their nose thumbing.

What I find striking is that the banks,and US financial advisor's had overall knowledge of the US economy from 1999-2005 to evaluate how the US was performing and to keep control of the housing market.

Banks got caught up in the frenzy which they ought to have controlled.

[Cosairman]

@TomLandryHwy

PART 1

What U say is correct.

Have watched videos like this already and 1 party blames the other...Home owners v the banks.

I grew up with the prudence of saving+living according to your means. This was lost on people like himself.

However the old rules of prudent bank lending went hand in hand with the prudent saver.Banks always made sure U had a good income with savings and lent 4 times your annual income over a 20-25 yr term.Therefore the houses would have been half the price.

[TomLandryHwy]

THESE MORTGAGES COST MONEY TO KEEP !! DO YOU UNDERSTAND? iT IS NOT YOUR HOUSE WHEN U GO INTO DEBT FOR IT.

[TomLandryHwy]

If he has an FHA loan they can maybe split the principal and he can pay the lower monthly payment for the first part of the principal and then the second part later can be worked out with the HUD auth, but is due at the time the 1st lien is paid off unless HUD will work a deal. There has not been one that has gone that far yet, so we don'f know what will happen for HAMP assitance for the 2nd lien also called partial claim...

[TomLandryHwy]

He can't make new terms under his contract based on his opinion that the bank has made profit and they need to share it with him. This man is rediculous. Yes we want money in our ( BoA ) pocket that is what a bank is. Buyer beware is the best course of action. If these borrowers had a higher IQ before they decided to go into 100k 's of debt then the bank s would have been powerless and changed their habits. We do look out for our own profits, it is called capitalism and made the US great.

[TomLandryHwy]

@Cosairman This is his fault for not reading his note and being totally self- reliant. This was an investment and he lost. If a Mortgage servicer goes bank rupt it is passed to another servicer. The banks were ready to let the houses go into foreclosure but now we are paying for these greedy borrowers . He was flipping houses and lost, the risk is his. He knows whether he can pay the Note or not. If he knew they beefed up his income then he should know that he can not pay.. It is all his fault

[Cosairman]

@SeaWolfe59 Part 2.

The government of USA+Ireland didnt check or regulate the dependency on the construction Industry which was high.Also did not address the imports from China in excess to our exports.Why was all this allowed to happen?Of course peoples diligence in their financial affairs is paramount but our income/wealth comes from our economic activity which needed diligent observation from our governments,Industrial analysts and the banks.

Watch "Whining couple on late late show"

Cheers!