http://finance.yahoo.com/news/Neighbors-Exec-moved-into-apf-818362254.html?x=0&.v=1
Gotta share this link.
Imagine being robbed by B. Madoff and having your home taken from you...
Imagine having a bank executive get a homeowners pass from security and "move" into your newly foreclosed home... Imagine having the neighbors complain to the press the property is not being shown to people who want to buy it because "they" are living and/or throwing parties in it... Imagine neighbors writing down license plate numbers and reporting them because what is happening appears to be sooooooooo wrong...
Think I am kidding? Read the above link. Very sad state of affairs, indeed...
There's an on-going investigation in progress... Hmm... Wonder where it's going to go... Imagine that...
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Saw this earlier today. Have they no shame??
Unbelievable abuse. Shameful. A whole new meaning to squatting maybe?
Barb, it is crap like that that makes me want to get out of real estate... What the hell are these people thinking???
Silvia, other words come to mind but I have to somewhat behave... I just used the C and H words so I have to play nicely for a few comments (LOL). The nerve of these people...
C- This was on the local news yesterday. I changed the channel because it immediately sent me seeing red. They should hang them upside down by their toenails.
Greg, I am livid. I missed this yesterday but caught it today because of a link while reading my e-mail.
Talk about getting my knickers twisted in a knot. I had to really bite my tongue just to write the wee bit that I did. This whomps. It really whomps.I feel so bad for the family that lost their home... This is such an insult to injury...
Amazing!
William, seriously so. Makes me wonder why we can't get our REOs done in a timely manner... Here I am thinking it's because a file is sitting in a pile waiting for attention from some poor overworked and underpaid loss mitigation unit worker. Now I find out there is a sad possibility a tiny percent of people might be partying in foreclosed houses in the really nice neighborhoods temporarily keeping them off the market... How long has this been going on? Inquiring minds really want to know. This is the first I am hearing about it and I find myself wondering what else we don't know and what the investigation is going to uncover. Is it specific to the one incident or will the bank do a review of all REO properties that have not been placed on the market in a reasonable time-frame?
Wall Street Journal Blog says it was a $12 Million home the owner was struggling to keep...
This is just a disgrace. I'm always amazed at the audacity of some people.
I've been poking around researching this and it turns out the people left their artwork and furniture in the home. Wow... Stacey-Ann, this could get really interesting...
D. Olick's article provided the link to the property. Very cool. :-)
Yes, I was amazed when I saw that article... but then again, nothing surprises me too much. Gee, wonder why the entire industry is imploding?
C.,
"sooooooooo wrong"
You call it like you see it......(an admirable trait).
Susie, this is pretty sad state of affairs. I feel very badly about what happened to the previous owners. I was captivated by the photographs of the home and can't begin to imagine how these people feel...
Julie, thank you for the kind words... I kinda hope the previous owners do get a crack at getting their home back.
Hopefully the squatters and the whole company will be in big trouble. Hopefully, the neighbors got some good videos of people coming and going. The lawyers will have a field day on this one.
Virginia, I hope when they resolve this there will be some improvements in how the banks handle Shorts and REOs in general because this whomps.
C.
Can you say "bail out funds?" The true colors of bankers and the banking industry are coming out.. nosy neighbors to the rescue!
Banks and mortgage companies are now given BONUS dollars to NOT foreclose... so there you go.. they are taking the money and spending it on VP living bonus and entertaining bank customers.. the cycle continues!
"Guyton is a Wells Fargo senior vice president responsible for foreclosed commercial properties, resident Phillip Roman said."
Your friend in the Cosmic Cow Pie... perfect example of Cosmic Cow Pies!
Carra, this is a hard pill to swallow... Things are really tough for a lot of people and that family lost the roof over their heads. They had to have been working hard to keep it. To be wiped out because of a scam and to loose a such beautiful home and furnishings... I keep trying to put myself in their shoes. I wouldn't want to be the one reading this and wondering if I could have possibly kept my home with a loan modification... I don't know a lot about this, I only know this whomps...
Appalling and they are vermin feeding off the losses of others. Unfortunately, these folks have NO shame!
Russell, it really saddens me because I have a vivid imagination and I find myself now wondering all sorts of stuff... People make mistakes. This was a big mistake...
C-Tann - Because Westlake Village is just down the road from Malibu, we heard quite a bit about this when the story first broke. It is despicable and just sooo wrong on sooo many levels.
Donne, I am with you on that line of reasoning... I have friends who lost their homes because they just couldn't make ends meet anymore. They ran out of money because of illness and job losses. I had another friend go into shock because her husband had a heart attack and there was just nothing left. She had no idea... Sometimes people stress about money and don't tell their spouses the truth about how dire things are. When the unexpected happens, they can't catch back up. This recession is harming a lot of good people because of downsizing and this market whomps. I am starting to avoid REOs and Shorts unless the buyer really wants the house because they (the banks) simply take too long to make decisions and the buyers are loosing patience... Last week I only did new construction showings with my out of state buyers. This week is rehab week (LOL). :-)
Ahhh, tax payer money hard at work. I'm so glad I paid my taxes to bail idiots like this out! This is why the free market should let stupid companies die and smart companies succeed.
Todd, I am soooooo with you. A free market is a healthy market.