Wells Fargo forecloses on wrong home, couple loses everything - Page 3

Wow. See, it sure is a different reality for each of us. What you describe just sounds like insurance fraud to me. I bought way back when there was the last real estate bubble popping crisis back in '92. One man's tragedy is another man's gain. That is a hard truth. I have a whole entire story about this, but oh well, another time.

My home foundation goes back to 1860. Not a McMansion at all. But there have been improvements, LOL!

That is interesting, your stereotype about section 8 housing. I have a relative that has recently been buying rental properites in RI, in the Naragansette area. I had a friend who wanted to rent but he said no, it was all booked, mostly section 8.  He is more interested in gentrifying the area than pulling it down. Good vs. Bad guys, same as it ever was.

Well, your timeline makes all the difference in the world.  Back in '92 the market wasn't flooded with repos.  They have so many now, they can't keep track, let alone keep up, that's comparing apples to oranges.  In the neighborhoods I work, there are up to 5 repos on one block and they're all rotting where they stand.  The communities are running our of money and manpower, just trying to keep the grass cut, since the banks won't.

Yeah, Section 8 is the ruination of most neighborhoods around here, it's a nightmare.  I do wish the government would stay out of the housing market, they only make matters worse!  They set the market prices and the rentals that aren't section 8 can't compete, even though their properties are more in line with the real market in the area.  Section 8 is a win for the renter, a win for the landlord and a loss for the neighborhood :(

Actually it was another instance of market adjustment, how soon we forget. Black Monday started the plunge in Oct 87.  The fallout continued, and we bought just before the markets started to improve, our timing was great for someone wanting to make a quick profit after a few years. I bought my farmhouse knowing I wouldn't ever want to leave, so all that paper profit just means higher taxes to me.

It was a buyers market, and foreclosures were plentiful, though perhaps not to the extent we see now. When this current mortgage crisis encouraged unfit buyers to join the sales pitch that the markets would only continue to go up and up, well the greed factor works both ways, doesn't it?

I have great tips for anyone who needs them, if you find yourselves in negotiations in a bidding competition with someone else, and a bank owned  property.  I really don't believe those principals have changed as a rule.  I think what happened here is the exception, not my experience, so again, I will agree to disagree on this.

I agree with GSDTravels Section 8 is ruination of a neighborhood. I did't know too much about it, until one of my neighboors near my city house works for some office that approves and denies Section 8 to people - she told everyone about it at a city hall meeting.

She told us people who do live in the area are denied and people who are already approved and living on Section 8 in another City, County, State like, Georga, Hawaii, California etc .. are the ones she "must by law approve first" before locals. I thinks that's messed up. She said the list is so big from people wanting to move here that basically just collects names. The people who do live local have no chance.

I also know there was housing wars (lol) going on in my area just to keep Section 8 outta the area. Over time many people were at the town meetings saying it's not fair outta state people who get approved only pay $40.00 with all utilities paid in some other program - in a house that's been reconstructed and new. The people took pictures of the houses when reconstructed and then pictures when Section 8 people were evicted for not paying the $40.00. It's staggering.

So the city people got together and individually started buying all houses that went up for sale or got condemned. I bought 3 condemned lots myself and leveled the burned buildings and brought in my tractor and tilled - now my neighbors at the city house have a community garden. They can do/plant what they want - I just pay the taxes on 3 lots. The older chinese guy who couldn't find a job was hired by the individuals to care for each of their gardens. He does a fabulous job, now if only they could keep the veggies from getting stolen. The city won't approve me a permit to professionally fence, so the neighbors must continue to use chicken wire. At least they can keep rabbits out so the thieves get good produce. Pssst. I'll get that permit to fence one day.

Anyhows, after people bought up alot of the properties the whole county shut down Section 8. It doesn't exist here anymore. Those who are on it still will loose it when they get evicted here, or move out of this county but can move to another county or state and continue Section 8 like unual.