Manic Monday

by brandt

Uh oh.

Bank of America might be in some big trouble.

Brandt might be in some big trouble.

First, what did Bank of America and other big banks do? It’s all revolved around filing the foreclosures. Many bank employees and law firms were just signing the documents without reading them before submitting them to a judge. Given the economic crisis, you might say “Well, they probably get hundreds of those per day, with lots of legalese in the documentation. Of course they can’t read them all.” But that’s actually the problem. In essence, the banks are “suing” people for not making their payments, and thus, taking their homes. But signing the documents is like making an oath in court that all documentation is correct. To quote Stacy Johnson from the awesome site MoneyTalksNews,

“You’ve got a witness to a crime who can’t appear in person. They’re crippled and in the hospital. So he or she signs an affidavit that says I saw Mr. Smith commit that crime. I have personal knowledge of this. I examined the security video at my house, and I saw Mr. Smith commit that crime. And then, when you ask that witness about it, she says, “I just signed that document, I didn’t actually look at anything.”

That’s why you’re seeing Bank of America freezing their foreclosures. They realize they’re in trouble (with 23 state’s attorney generals going after the big banks who did this), and trying to stop the leak in the dam.

For those who are in foreclosure, this means that while the bank will still be continuing with the foreclosure process, they won’t be selling the houses.

That’s where I come in.

Ashley and I have started to really get excited about working on a house and fixing it up. In the future, I’ll do a post with pictures on my parent’s place in Northern Michigan, but that’s where our inspiration came from – watching my parents take an old lady’s boring ranch (with gross 70’s wallpaper that was put DIRECTLY ON THE DRYWALL) and turning it into a pristine place that could be a wonderful home for someone. Out of all the houses we’ve seen, and we’ve seen a lot, our perspective has changed. At first, we were all about trying to see what we could get for our pre-approval amount. Then, we wanted the best deal possible – which meant going in some nasty clunkers that should probably be shut down. Ashley then decided she wanted something a bit more…modern….as compared to the 60 year old houses we were looking at.

Which brings us to today, and the big MLS listings that come out every Monday. Part of me thinks that the housing market in our area is being weird, but another part of me wonders if that’s because of the freeze.

Inspiration weekend this past weekend was a resounding success – we both got our inspiration on, and Ikea had a wonderful deal on a duvet cover + 2 pillow shams for a queen sized bed for $14.99!!!!! And I think it takes a real man to admit he went DUVET and PILLOW SHAM shopping….or at least knows what those 2 things are. The only problem was fantasizing about a kitchen/bedroom/bathroom/HOUSE that we don’t have yet. We might be visiting a few more houses today (one privately owned, one short sale). One is way under our price range (though it’s a 60 yr old house), one is way over our price range (but that’s a short sale that’s been on for a while, so we can probably low-ball them to get it to the bank). Both are above 2000 sq ft, so that’s a positive, and it looks like the kitchens have a lot of potential. Obviously, there will be PICTURES and WITTY SOCIAL COMMENTARY galore when we finally tour them!

Picture can be found here at CNN Money.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: