Money for nothing and a house for free!
Posted by admin on November 7th, 2009
Here is a story representative of the people that need our prayers . . . and they need justice. Is our country so far amiss that this is allowed to happen without recourse?
I am 62 and have owned an over-the-water duplex in Marin County for 13 years. In 2007, I contracted a staph infection in my knee after an arthroscopic surgery at St. Francis hospital. The infection required an additional 4 surgeries to rid the infection, followed by a total knee replacement. I was bedridden for nearly six months followed by six months of rehab.
At the same time I became ill, my neg-am adjustable loan reset, and my mortgage payment tripled virtually with no notice. The bank, at that time IndyMac, and later OneWest, would not negotiate with me at all.
They filed an NOD, and followed with NOS with a sale date in Mid-March. I filed a Chapter 7 the day before the sale. The bank then filed for relief of stay, and submitted an erroneous appraisal to convince the court that there was no equity and therefore they should be allowed to proceed with the sale.
The appraisal was for a 4bd/2ba 2200 sqft property. Mine is a 6bd/4ba 3045sqft property. I advised the Trustee as to the bogus appraisal, but somehow, they approved the relief of stay – BUT only giving them permission to refile an NOD, followed by another NOS – specifically to allow me time (about 4 mos)to sell the property.
Without anyone’s knowledge, and none of the required filings, the bank sold the property for $1.0M. It had appraised in 2007 for $2.7M and the Trustee signed a listing agreement at $2.8M. We appealed the sale, but the Judge decreed that the buyer was in good faith, the sale would stand, and I could recover my losses from the bank.
In the meantime, I have been evicted – out of here by Monday. The trustee also seized my ’57 T-Bird that my Dad bought new, and a 30′ Catalina sailboat that I have owned for 28 years, as now I have no equity and no cash.
The law firm representing the bank has acknowledged misleading the Trustee, and all of these errors are well documented.
To add insult to injury, the property was then sold for $300,000 to a local company . . . sounds like money laundering. We have tried locating the company purchasing these homes at these low costs to little avail; they are flying under the radar, but we will scope them out. This is especially questionable because the area in question has dropped little in value; it is desirable on the world market.
A group in Marin County is behind this gentleman and is encoraging him to file a complaint with his local District Attorney’s office, which he will do if we have to drive him there!
The same group that purchased the above-mentioned home also purchased a home for $387,680 and is now offering it around $200,000 at a foreclosure auction on the assumption that it will create a buying frenzy.
By retreating to outsider angst the left forgets one of the most exciting lessons of the Obama campaign: that ordinary people working for common purpose wield tremendous power. For those of us who work for our income and have modest means, it was unbelievable to watch ourselves become donors to a political campaign and find that those donations made a difference.
The Nation
Tags: bank seizures, foreclosure, home at auction, illegal foreclosures
