Angry Bank - Friends Forclosure, any ideas? - Posted by Chicago Chico

Posted by Wade on August 25, 2005 at 24:22:47:

River City,

Amen, its like these people are totally unaware, dont want to see the truth, or simply just let childhood i dont have to clean my room habits ruin their lives. What did he expect the bank to do? Im curious also.


Angry Bank - Friends Forclosure, any ideas? - Posted by Chicago Chico

Posted by Chicago Chico on August 22, 2005 at 16:46:28:

I’m trying to help a friend in this situation and kind of in the middle of a rough spot. Got a buddy in the Chicagoland area of Illinois who waited way too long to try to take care of his forclosure problem. I guess as it stands now they’re in the eviction stage of a completed or near complete forclosure and he finally got together a buyer willing to purchase the property. He contacted the bank and they told him to contact a lawyer, and the lawyer says ‘the client is not interested in negotiating at this point’.

This is bad news all around, because if we can get the buyer to the table I would think everyone walks away happy, but if he gets evicted in the next couple weeks (and the lawyer said they’re at the point of awaiting a date from the sherriff) then he’s going to be sure he destroys the value of the property and then everyone loses.

I guess worst case I can try to convince him not to screw the property up, just deal with it, and try to make an offer after the eviction on behalf of that buyer who’s ready to go right now but I just don’t know.

Does he have any options to delay the eviction proceedings with the sherrifs office? Does he have any grounds or hope for negotiating or getting an offer rolling with a company this angry and disinterested in dealing with him?

Just looking for any possible solutions to this situation besides watching my friend get thrown out on his butt when he has someone lined up willing to buy the house and rent it back to him…

Repeat question - Posted by The Bank

Posted by The Bank on August 25, 2005 at 10:51:54:

This question was just asked a few days ago by the same guy.

Re: Angry Bank - Friends Forclosure, any ideas? - Posted by River City

Posted by River City on August 23, 2005 at 06:40:42:

You say the bank is angry, what about your friend? It looks like he is blaming his problems on the bank, when it was his fault he defaulted on the loan to begin with. What does he expect the bank to do? You said he waited too long to take care of the problem.

People know what their responsibilities are when they purchase a home with a loan. They have to make the payments, or the home will be taken away from them. Do they think banks just loan people money not expecting repayment? They have a right to expect that the money will be paid back according to the agreement. If banks did not foreclose on “bums” the banks would eventually go under. Banks have their regulators to answer to. Whose money does he think they are lending? Yours and mine. Eventually, WE pay for every loan that goes into foreclosure.

I am sure he was down on his luck, however, I would take a guess that if you walked into his home, you would find a big screen TV, LOTS of DVDs, stereo equipment, computer equipment, etc. While I can sympathize with your friend, he did not live up to his agreement and now he is paying the price. He needs to be critical of his own actions and not those of the bank. The bank is doing what they said they would do in their agreement. He is not.

Re: Angry Bank - Friends Forclosure, any ideas? - Posted by Tom-FL

Posted by Tom-FL on August 22, 2005 at 17:58:55:

I wouldn’t invest too much sweat in this one. Obviously, if he is being evicted, then someone other than him owns the house now. You can not be evicted from property you own.