Walton County #1

[Miss Critter]

I don't have stats to back this up, but I think many lenders, if not most, are delaying the foreclosure process to avoid absorbing more properties into there REO inventory. Thoughts?

 

[scooterbug44]

I would guess that the 45 day holiday moratorium also dragged out foreclosures.

I don't know that the banks are slow because they want to keep them off the books, I think they are slow because they don't have the staff to properly process all of the foreclosures and short sales.

 

[30A Skunkape]

It seems a lot have been winterized and locked up. Sitting empty until the bank can come close to recovering the bad debt.

A bunch of those houses are going to seed, too. Have you seen the blighted neighborhood of abandoned houses on the south side of 98 just east of Buddy's in Inlet Beach? The scene literally looks like a post Katrina neighborhood.

 

[AAbsolute]

Almost without exception, our evolving societal morays and trends toward tolerance have produced good changes. Examples are outlooks on divorce, sexual orientation, pre-marital sex, race, religious beliefs, abortion etc. But, IMHO, unfortunately the stigma that used to be attached to bankruptcy and foreclosure has been minimalized. I realize the effects on credit scores, but the feeling of"shame" the borrower should try to avoid doesn't exist anymore. I don't wish any psychological distress upon anyone or their family, but financial failure has resulted in a blame game instead of an act of taking personal responsibility. I'm not sure that a Sowal property owner that lives in Atlanta and can mail his keys to the bank (jingle mail) and take a hit to his credit score, represents adequate motivation in an era of blame someone else. All property owners suffer from this behavior--its stark effect on values speak volumes. Victimless lifestyles and personal choices deserve tolerance. Unfortunate illness and job loss deserve compassion and support. Overindulgence, greed, and speculation deserve more of a consequence than now exists for the borrower. I would say the lender should share the consequences but we as taxpayers have already picked up that tab.

Ah ha, an Analyst and a Therapist. The world's first Analrapist.

 

[ClintClint]

Ah ha, an Analyst and a Therapist. The world's first Analrapist.

OOOOOH, that's gonna leave a stain.

 

[traderx]

OOOOOH, that's gonna leave a stain.

Or a strain.

 

[AAbsolute]

OOOOOH, that's gonna leave a stain.

I confess, I'm a complete sucker for anything from Arrested Development.

 

[Bob]

Almost without exception, our evolving societal morays and trends toward tolerance have produced good changes. Examples are outlooks on divorce, sexual orientation, pre-marital sex, race, religious beliefs, abortion etc. But, IMHO, unfortunately the stigma that used to be attached to bankruptcy and foreclosure has been minimalized. I realize the effects on credit scores, but the feeling of"shame" the borrower should try to avoid doesn't exist anymore. I don't wish any psychological distress upon anyone or their family, but financial failure has resulted in a blame game instead of an act of taking personal responsibility. I'm not sure that a Sowal property owner that lives in Atlanta and can mail his keys to the bank (jingle mail) and take a hit to his credit score, represents adequate motivation in an era of blame someone else. All property owners suffer from this behavior--its stark effect on values speak volumes. Victimless lifestyles and personal choices deserve tolerance. Unfortunate illness and job loss deserve compassion and support. Overindulgence, greed, and speculation deserve more of a consequence than now exists for the borrower. I would say the lender should share the consequences but we as taxpayers have already picked up that tab.

punish the borrower, but recapitalize the lender?

 

[ClintClint]

punish the borrower, but recapitalize the lender?

I absolutely disagree with letting the lender off the hook, but unfortunately the decision has already been made to pass it off to the taxpayers.

 

[Bob]

i believe they are passing losses off to anyone willing to buy our debt and stupid enough to hang on to common stock....the future looks interesting...there's a good chance the word "default" will be morphed into pc doublespeak in the coming years, as our crushing debt will be selectively paid back under the juicy rationalization that only those aligned with uncle sam are worthy of repayment. same stupidity with entitlements...you will be "worthy" of payments if you have small net worth.