How Safe is Buying Foreclosures?

[flip_it_fast]

Wow, I just learned something new and I think it's a crock of poo!!!!

How safe is it to buy a foreclosure house?

Well apparently is very safe. Here is what I am talking about.....

You know how recently there was all of that controversy about lenders robo signing and repossessing houses without even reading through documentation? Some people lost their homes wrongfully. Those houses were sold out from under them to other people. Well I guess as long as the new buyers purchased title insurance they got to keep the house, Even though the house was wrongfully foreclosed on!

I think that is just ridiculous. I feel for the new purchasers but what about the people that got kicked out of the house in the first place when they shouldn't have!!!!! I read that in some cases those people got money.... but not the house they were buying because the new buyers get to keep it!!! And not all of them even get compensated with money!!!!

That really floors me.

[homealone]

Where in the hell is the justice in this country???? Plain and simple if someone was wrongfully foreclosed on then they should have gotten their home back, regardless of anything else!!

It isn't right that someone would lose their home for no reason and then pretty much told tough luck!!

Now I can understand this if the home was due to be foreclosed on for proper reasons. Though if it was done wrongfully then those people need their home back and if someone else already bought it then they should be told that they need to continue in their search because the home they just bought belongs to someone else.

I can't even imagine what it would be like to have your home taken away from you knowing that it is being done wrongly and not able to fight it until it's to late.

[flippinout]

You are both right, it is a shame that peoples houses were sold out from under them and especially considering the circumstances under which it was done.

I had read a post in here that said that the people pushing the foreclosures through got compensated with cash, vacations, jewelry, and new cars. So you can bet your sweet ass that the people pushing the foreclosures were not in the least bit concerned about the families in those homes. They were only concerned with what they could get.

[badmomma]

People are becoming very self centered. No one seems to care about anyone other than themselves.

If too many homes in the neighborhood are foreclosed upon that has to affect our homes values somewhere down the line.

Thirdly who is buying these homes. It may not always be houseflippers who are trying to give people a nice home to live in. You won't know until these persons are your neighbors. Thoughts to ponder I guess.

[realestatehound]

I think what you are referring to is some bad prectices done by certain banks. I know that one of those was a married couple that were in the army and over seas. It is illagel to forclose on active military. Some of these families did get their homes back and the feds really come down hard on this bank. I think total their was about 22 families involved in this. Without knowing the events that happened I can't say much about it other that give my thoughts. I do believe that if it was done wrongly that the home owner should get their home back and the person that bought it should get every penny they had invested back and the bank should have to pay it. Just my opinon.

[flippinout]

Realestatehound, I couldnt agree with you more. There were a lot of illegal foreclosures that went on with a lot of people losing their homes. Families kicked out by people that just used a rubber stamp to make it a foreclosure, and the people that did this were awarded with cars, homes, vacations, jewelry etc.

So lets take this one step further, besides what you said about the banks, the homes being returned, and the new buyers getting their money back, they should also fire these rubber stampers, jail them for a while and make them give back everything and every cent of money they got by doing all these illegal foreclosures.