Just curious.....I've been handling REO properties for twenty years, and I know there are some of you out there that have been doing this business even longer than me.  But, with all the news on the media today about those "big bad banks" out there taking homes away from people with improper signings of documents and cutting corners and all this stuff I'm just wondering....have any of you ever found a case where someone was foreclosed on who was actually making their payments?  REO business is nothing new.  It's paid my bills for a long time even before it was news worthy.  And as yet, I still haven't walked up on a porch only to be told by the former owner "there must be some mistake."

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  • This is a good topic I have had C4K for all ranges of properties value, I have been told never to come back to their house again to the nanny asking me what is going on. But the worst was this lady who swore up and down she had this taken care, she told me she had two attorneys working for her trying to straighten this situation out. Thinking to myself you need to hire a third because the other two are doing a damn thing for you if I am standing at your front door. So I tell the bank she is unresponsive as I called and went to her place twice trying to get her to take the c4k. Well she never does and it comes to eviction so when my crew shows up with the sheriff they owned the house 2 doors and moved all their stuff from a 2 story house to a small ranch I took a picture of one of their little girls dragging a trash bag down the street to the other house. It was kind of sad but Damn lady take the freakin money. Don't let pride cloud your judgment. I also a bank willing to pay a guy 5k to move out and he refused but he was a hoarder. And his place was piled up with all kinds of BS. Bad plumbing and all. Out of at least 100 c4k only 4 have not taken the cash if I was in that position and someone was paying me 3k to move I'd be out
  • Never happened to me before either - 23 yrs. in business!

    • Been doing this since the 1990's and I have been told a few times that "it's all a mistake, they have the wrong house." However, my experience every single time is that these are delay tactics from an uncooperative former mortgagor. So, to answer your question, I've never experienced this.
  • I've only been doing the REO side of the business now for 3 years, but I've been involved in over 150+ transactions in that short period of time.  I've never had an owner not know it was coming.  I've had plenty of tenants be surprised by my arrival.  But most of them were already forewarned by the landlord/previous mortgagor actually, which I find to be interesting. 


    I did just encounter an oddity though.  A local con-man has been taking cars from his "we buy junk cars" ads on the side of the road, and placing them at known vacant homes that are waiting to be foreclosed upon.  He's then gaining access to these homes (illegally, for certain) and putting some personal effects in the homes sometimes, and/or renting them out to drug addicts at a very low rental rate.  Then when me (or one of you) show up to do the C4K, it appears to be occupied by a tenant, and he negotiates on their behalf a C4K and winds up keeping the money somehow?  He's such a forward thinker that he actually moved the address numbers and mailbox on one subject property (my assignment, how I met this bum) to the neighboring property, so that we would be serving our NTV's at the wrong address!  Then he went as far as to get a stay issued at the courthouse by proving that it was served at the wrong address, and I had to start the NTV all over again!  I don't feel too bad, as the Sherrif served the wrong address, too! :-)~  LOL  But we're still another 90 days out from acquiring this asset from his "tenants" now, and just got hit with a code violation too on it because he leaves these abandoned cars w/o tags on them!  GRRRRR

  • I personally have not run into it, but the local news media has documented several cases in the Atlanta area where wrongful foreclosures and evictions happened. One such property had been paid in full for at least 5 years and was foreclosed on, owners evicted and the house sold.
    • How would you have like to be the agent doing the cash for keys on that one?  Not had the first case of that locally that I've seen.  I did have an asset several years back where the bank foreclosed on the wrong parcel.  The foreclosure attorney got the parcel behind the one they wanted.  All the local sheriffs officers knew the owner of the house so they all delivered the notices to right place.  We did a cash for keys and he went away with no problem.  We didn't discover the error until we got the house under contract and the new closers started their process.  But, it all got worked out in the end.  Steve, appreciate the do any work for EAM?
      • Nope, never did anything for EAM. Don't do C4K's either. That's the nice thing about doing HUD listings, by the time I get the assignment, it's empty and cleaned out.
        • Steve - where's the fun in that.  You miss out on all the good stuff.  Stuff like the $10,000 in General Electric stock my trash out crew found in one.
          • Don't worry, I still have my share of fun. ;-)
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