fraud on the downside

[nathaniel 0]

I don't suppose this is really a surprise to anyone.

http://news.cincinnati.com/apps/pbcs.dll/article?AID=/20071214/NEWS01/712140365/-1/CINCI

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Complaints about the vacant house at Cary Avenue and West North Bend Road in College Hill have been piling up for more than two years:

Weeds have grown so high that they've become a traffic hazard. Fast-food bags and juice bottles are strewn over the property. Windows are broken, and the fence is falling down.

And more than once, building inspectors have arrived to find the front door open.
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Finally, in September, the city condemned the building and issued an arrest warrant for Demetria Hinkston, the owner of record.

But Hinkston said she moved out after her bank filed for foreclosure in 2004 and hasn't lived there since.

http://www.businessweek.com/magazine/content/08_02/b4066046083770.htm

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In 1998, Elizabeth M. Manuel obtained a $34,500 mortgage on the property from IMC Mortgage (since acquired by Citibank). By 2002, the loan had been sold into a securitization trust administered by Chase Manhattan (now JPMorgan Chase) as trustee. It also went into default, and Chase began foreclosure proceedings. In a court filing, Manuel (who could not be located for comment) said she left the home while the foreclosure action was pending. More than five years later, though, the title remains in her name. The house, although still standing, has become a fire-gutted wreck.

In May 2007, Nowak issued a default judgment against Chase for $9,000. But these cases can be notoriously difficult to untangle. Thomas A. Kelly, a spokesman for the bank, notes that Chase sold its trustee business to the Bank of New York Mellon (BK) in October, 2006, and couldn't locate anyone at Chase able to comment. But he reiterates the industry view that Chase can't be held responsible for maintaining a property it never owned. He acknowledges that if a home didn't seem worth taking as collateral, the bank may have made a decision to "just walk away."

Is is fair to hold lenders and lienholders responsible after foreclosure?

My advice is to do what your parents did; get a job, sir. The bums will always lose. Do you hear me, Lebowski?

[Unstable 9]

yeah, fraud has slowed down on the private con-artist sector, but it's very alive and well in Corporate America and definatly in the legal sector especially to screw out poor college kids and widows.


I HAVE PROOF RIGHT HERE!!!

That should kick up some good ol' mud for the SC.

=========Shaun ==========

[Andrewwhyte 1]

I am not quite sure why these people didn't remain in the house after proceedings began. If I was in that situation I think I would stop making all payments but would live there rent free for as long as I could.

[nathaniel 0]

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I am not quite sure why these people didn't remain in the house after proceedings began. If I was in that situation I think I would stop making all payments but would live there rent free for as long as I could.

I think there's a good chance that a $35000 house in Buffalo required more than its worth in maintenance in order to stay living there. Alternately, someone has to pay to demolish it and cart off the debris.

My advice is to do what your parents did; get a job, sir. The bums will always lose. Do you hear me, Lebowski?