Interesting twist on foreclosures, short sales and the FDIC!

[JupiterSunsation]

http://www.thinkbigworksmall.com/mypage/player/2693/23170/

I don't know if it is true but it seems to be viable. If this is the case it would be a AWESOME business model!

 

[cigdaze]

That's quite interesting. And once again, there's that Goldman Sachs connection!

 

[Tommy Gun]

The FDIC has the option to go after the Directors of IndyMac personally for any losses. The Directors likely have some type of D&O Insurance...

 

[JupiterSunsation]

The FDIC has the option to go after the Directors of IndyMac personally for any losses. The Directors likely have some type of D&O Insurance...

no insurance is going to cover the amount of losses Indymac incurred. The directors will just claim personal bankruptcy and FDIC will get nothing anyway.

The concept is probably in one form or another in all of these "bank takeovers."

I think the guy losing the house is bad enough, no need to pile on him with promissory notes and a 100K profit on top of that! That is wrong!

 

[sledge]

Do you really think if that was happening on a large scale, if at all, that banks would be dragging their feet on short sales? And while banks aren't exactly dragging their feet on foreclosures, they'd much rather get borrowers to keep paying on the loans and not have to take over the property.

There's just so much bullsh!it being spread through email these days it's disgusting.

 

[MarylandMark]

I tried to buy a foreclosure...what a joke. I tried to buy a few short sales...what a joke. No wonder banks needed a bailout, process and timeline is ridiculous..

 

[JupiterSunsation]

Do you really think if that was happening on a large scale, if at all, that banks would be dragging their feet on short sales? And while banks aren't exactly dragging their feet on foreclosures, they'd much rather get borrowers to keep paying on the loans and not have to take over the property.

There's just so much bullsh!it being spread through email these days it's disgusting.

depends how long it takes to get the check from the FDIC......remember dealers getting nervous about the cash for clunkers program not sending checks quickly yet they wanted the cars crushed without the check in hand.

Govt moves slow and the bank still needs to sell the property to someone so it isn't a slam dunk 30 day process.

 

[Cash Bar]

I can tell you IndyMac foreclosures I have seen in Broward move awfully fast thru the channels.

 

[OffshoreRescue]

The banks are not moving fast on short sales. I have one that has been sitting for more than two months (almost 3 now). Also, the short sale does not always gaurantee that the lien is fully released. My friend who just went through a short sale (due to divorce) was told he makes to much for a short sale, so they will be releasing the lien on the house, and giving him a loan for the difference at 12% insterest. I can't wait to see what happens with mine (yay!)

 

[JupiterSunsation]

The banks are not moving fast on short sales. I have one that has been sitting for more than two months (almost 3 now). Also, the short sale does not always gaurantee that the lien is fully released. My friend who just went through a short sale (due to divorce) was told he makes to much for a short sale, so they will be releasing the lien on the house, and giving him a loan for the difference at 12% insterest. I can't wait to see what happens with mine (yay!)

on 2nd homes and 2nd mortgages that can be an issue but if it is your primary residence and you are dealing with the first mortgage only you can easily get them to waive the "deficiency clause" in the mortgage.