91% of Today's Home Foreclosures were either Canceled or Postponed for one Auction Company

Theres something about this.....

There are literally thousands of foreclosures that haven't come to market. Looks like the banks are holding back on them for some reason.

Wish I knew what their agenda was..

Well I knew the banks not too long ago would just have the properties revert back to them - it was a major land grab. Now they aren't even doing that - something is up.....

Just a game.
Sales occur between banks. Bank A sells to bank B for a 1% mark up. A month later bank B sells back to bank A for a 1% mark up.

That way they can still claim home prices are steady.
If joe public was the only buyer he would bid auctual price.

Then the bank's balance sheet of foreclosed homes would look like shit.

They're holding onto the mortgages because, by holding them, they can keep a false value on their books, inflating their balance sheet.

If they sell the houses, they realize a huge loss. Looks bad for the shareholders.

Last Edited by Revbo™ on 06/16/2010 11:43 AM

The county I live in held an auction back in Feb. on 400+ homes with the buyer responsible for any liens, taxes and unpaid mortgage.
Not one home was sold.
They put the houses up again last week free and clear of everything but the taxes owed.
They only sold about a 1/3 of the properties. Some prooperties went for only 3 or 4 thousand bucks.
A friend of mine bought her dream house for $22K free and clear.

Funny that you post that. Our friends were told to be out of their home by July 1st because their house was going up for auction June 13th. They get a call on June 11th that the auction had been cancelled because they didn't know who owned the deed.

Even more peculiar is the second mortgage holder had no idea the first mortgage holder was foreclosing on the house.

Something is going on for sure within the banking industry related to mortgages.

Correction... they didn't know who held the deed.

What state/county?

After looking at Trinity's post about selling assets in the SW while you can, I wonder if the banks know there will be evacuations and they know they'll be sitting on a lot of unpaid mortgages and abandoned homes?

I checked a bit more - it would only let me go back 15 days in the past. On June 1st 80% of the scheduled foreclosures took place. It appears the actual follow through of the sales is slowing down. I'll keep an eye on this in the future becuase it is interesting. In April I personally witnessed close to 200 houses get sold - almost all of them reverting back to the lenders, very, very few cancellations and postponements that day.

Sorry...I wrote my post from memory and made a few mistakes...the failed auction was last fall and it was 500+ homes.
I live in Monroe county in Pa.
[link to www.poconorecord.com]

WOW - thats a great deal for your friend but I feel so bad for those who lost their homes to this great fraud.....

The banks holding the notes are subsidized to approx 95% of the homes value. So, if the accept a short sale they're made whole. If they foreclose they're not and yes, they take it in the shorts on their books.

The next big nuke is going to be with the commercial market. They're extending the foreclosures and extending the notes but eventually all the inventory will come due.

The banks haven't lost one penny. I have absolute proof that my loan was sold for full value (95% of all home loans have been) - which, guess what - that means my bank was PAID for that note - the debt with my bank has been settled - BUT it goes on further - the trust (a group of banks) that bought the note SOLD it to other investors so THEY got paid too. Which would be all well and fine except the originating bank 'forgot' to assign the instrument that allows enforcement of the note - so that they did not have to report to SEC or IRS that they had already been paid..... hmmmm smell like fraud to anyone yet? So who do I owe? The originating bank is hiding who I allegedly owe money to. Now why would they do that? Is there any legitimate reason to do that?

SO - the big question here - is why do the middle man banks, who didn't lose one penny, get paid insurance benefits when any homeowner defaults (up to 30 times the value of the house) AND receive TARP funds and other federal bailout money, while the investors and the homeowners get nothing but hit with higher taxes to pay those friggin banks? And then the banks want to take the house too? Is it reasonable for a bank to collect insurance money 30 times the value of the house AND take the house too? Try doing that with your insurance company and see where that gets you.....

The question all homeowners should be asking is WHO do I owe and how much do I owe? Its not what you think!

The banks not only end up with all the money, but with all the houses too. This is all a big fraud on the people of our country!

Cause this is important!

I remember reading that the lenders insure their loan so when someone defaults the banks are paid for their loan. Any money they make after that is gravy. It was in another thread on GLP. Does anyone know if this is true?

Foreclosure Defense attorneys believe it is true but I haven't seen or know of any actual facts on this. Was hoping my securitization audit might uncover something like this but still waiting on the rest of the package from the attorney.....

In fact - the DVD I have of an attorney's seminar says the insurance is for 30 times the value of the homes!

These Foreclosure posts and the rape of the American people should be getting tons of responses, but no one seems to care.

I believe the banks are getting 80% return on the difference between the foreclosure auction price and the amount of the original loan through the FDIC. So say a house sells for 150,000 at auction, but the original loan was for 350,000, they get that 150,000 it sold for plus the 200,000 difference in addition to all the payments you have been making through the years. There's also a lot of other ways for the banks to make up the money, they are not losing a penny. The homeowners and American people are getting royally screwed and its time people wake up to this racket!!!

The banks really have no incentive to do short sales, only to keep the numbers of sales up versus foreclosures in my opinion. The number of homeowners able to qualify for a modification to keep their home is also insanely low, the banks have no incentive to work with people.

If the government actually cared they would get rid of these insurance and other scams the banks are pulling over our heads, but unfortunately guess who controls the governments interests, yes the Banks lol. Its all just a huge money grab passing money from one bank to another bank while the hardworking people that have been paying on their homes for years and doing the right thing get kicked out to the street while all the jobs are outsourced. What happened to this country? Why are people not upset? It seems like as long as Facebook and Americon Idol/Jersey Shore are around the masses are clueless to the rape.

If the bailouts weren't enough to piss off the average American, these foreclosures should be.


"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
Thomas Jefferson, (Attributed)
3rd president of US (1743 - 1826)

it's all a game...they play. 66 back out of 1035 is a low number. i don't beleive that... should be about one half the bank buys back or goes back to them.. so who buying this houses? they're propping those numbers up big time, read the fine print.. it's probably an estimate

it's a RACKET! and will drive you crazy. you're right no one cares. i promise. they really don't.

It took forever and they still don't have it right....

A re-structure is possible if you have the tenacity.

I got three hundred bucks chopped off my mortgage payment.

I lost my home to foreclosure.

The 2nd mortgage holder paid off the 1st mortgage holder and did sell it at auction.

But get this--they threatened to try to make me pay the difference in what was owed and what they sold it for!
I had to file bankruptcy to prevent that.

Worst time of my life by far.

If the gov't wanted to get the economy going again, they would see that the bank will sell you YOUR house for what they will sell it to a stranger for.

House worth $100,000, but your loan is for $250,000? Your mortgage is reset for the real value. People start shopping at Home Depot again and hire tradesmen to fix things.

We are now going to see the big homes in default as people won't pay the mortgage or taxes for a home now worth half its value.

In Arizona, your primary home is not subject to a deficiency lawsuit by the bank, but rental homes and raw land are. If you short sale, you may be liable for federal and state taxes on the difference between the sale and the note.

Now a lot of empty homes are being filled with Section 8 (low income and minority) renters, subsidized by any taxpayer who has still retained their job.

This thread gave me the motivation to figure out "Favorites".

My home is in foreclosure - so far they have cancelled the trustee sale once a month since the first date set for April 30. Now the sale is supposed to be Monday, August 2. We'll see if they go through with having the bank take it back. Meanwhile, we still are responsible for the property, have to keep the utilities on, etc. although we moved everything out almost two months ago.

In other words, I CAN'T GET THEM TO TAKE THE HOUSE! It is now worth less than half of what is owed on the mortgage.

PS - I haven't made a mortgage payment since December of 2008.

No mystery here guys.

If the Primary Lien-holder statutorily forecloses on a property,
they have to record a MUCH smaller number in their books.

Multiply that times DOZENS or HUNDRED of properties on one day,
the Bank that holds the Notes will dip below a specific threshold
of Assets/Lending ratio and BOOM! -- they get SEIZED by Obama's FDIC!

Throw in massive Deflation then immediate Hyper-Inflation on the
horizon, they'd rather hold on for another Obama Govt Bailout than
to take less for the tainted asset.

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