Community & Southern coming after deficiency judgements??

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Stumped

Ellijay, GA

#1 Aug 25, 2012
Almost everywhere you look on the internet it says that banks would be crazy to come after deficiency judgements against people that have been foreclosed on, becuse they have had hardships already and have no asstes to come after!! Not our wonderful bankers at C&S that claim they are here to help the community. All they have done is forced people out of their homes, then rebought them at their own set prices at auction, then come after the people for the difference!!
I have 2 friends that this has happened to them, and I as well lost a spec house to foreclosure to the bank that they would not renew the note on. So they will probably come after me for the difference as well! Who else have they sued for a defiiency judgement?

Since: Aug 12

Location hidden

#2 Aug 25, 2012
Stumped wrote:
Almost everywhere you look on the internet it says that banks would be crazy to come after deficiency judgements against people that have been foreclosed on, becuse they have had hardships already and have no asstes to come after!! Not our wonderful bankers at C&S that claim they are here to help the community. All they have done is forced people out of their homes, then rebought them at their own set prices at auction, then come after the people for the difference!!
I have 2 friends that this has happened to them, and I as well lost a spec house to foreclosure to the bank that they would not renew the note on. So they will probably come after me for the difference as well! Who else have they sued for a defiiency judgement?
The deficiency judgements make no sense to me, but what do I know, I'm not a banker. First we shoot the guy in the head, then we stab him in the heart, for good measure.

To say banks have forced people out of their homes is inaccurate. That would not happen if the monthly notes were being paid.

Should the tax assessor not come after the property owner who pays no tax?

We are all going through difficult times now, making readjustments to our budgets to make ends meet. The rich get richer and the poor get poorer .... and the middle class disappears.

But, we also know there are no free rides. If I could stay in my house without paying my notes, I would be doing it. But that is not reality.

Since: Jul 08

Ellijay, GA

#3 Aug 25, 2012
Stumped wrote:
Almost everywhere you look on the internet it says that banks would be crazy to come after deficiency judgements against people that have been foreclosed on, becuse they have had hardships already and have no asstes to come after!! Not our wonderful bankers at C&S that claim they are here to help the community. All they have done is forced people out of their homes, then rebought them at their own set prices at auction, then come after the people for the difference!!
I have 2 friends that this has happened to them, and I as well lost a spec house to foreclosure to the bank that they would not renew the note on. So they will probably come after me for the difference as well! Who else have they sued for a defiiency judgement?
It is my understanding, in Georgia they only have thirty days after the foreclosure is final to file a deficiency judgment. If they do not file within 30 days they cannot file one. So you don't need to worry needlessly for the next year or two if they are going to come after you. But there is no one more likely to try that than C&S Bank. Their actions are ruthless. They are not here to support the people, they are here to suck as many people in as possible and then take what they can as soon as you have a problem.

Since: Jul 08

Ellijay, GA

#4 Aug 25, 2012
Myvotecountsjack wrote:
<quoted text>
The deficiency judgements make no sense to me, but what do I know, I'm not a banker. First we shoot the guy in the head, then we stab him in the heart, for good measure.
To say banks have forced people out of their homes is inaccurate. That would not happen if the monthly notes were being paid.
Should the tax assessor not come after the property owner who pays no tax?
C&S Bank has foreclosed on many loans in Ellijay on people who are current on their payments. This is usually on loans that are collateral for their business but their home is also usually tied to it. Even though the people are current, when it comes time to renew the underlying collateral, the person's home, is no longer worth what they loaned on it. so the bank gives them 30 days to pay in full or they foreclose. They are taking the business property AND the person's home even though they were current.

Since: Aug 12

Location hidden

#5 Aug 25, 2012
procon1 wrote:
<quoted text>
C&S Bank has foreclosed on many loans in Ellijay on people who are current on their payments. This is usually on loans that are collateral for their business but their home is also usually tied to it. Even though the people are current, when it comes time to renew the underlying collateral, the person's home, is no longer worth what they loaned on it. so the bank gives them 30 days to pay in full or they foreclose. They are taking the business property AND the person's home even though they were current.
Thanks for the clarification, wonder how C&S folks sleep at night.
Reality

Ellijay, GA

#6 Aug 25, 2012
The banksters figure: why wait around for 30 years collecting interest, when they can just foreclose and take the house/business right NOW?

The banksters lent money that they created out of thin air.

Then they sabotaged the economy so that people couldn't repay.

Finally, they foreclose and take the house.

They just took your REAL house that was financed with their IMAGINARY money!

And it's all "legal", because the bankers bought the politicians.

But try and explain 0% fractional reserve banking and deposit creation to a population so dumbed-down they can't make change for a Whopper.

The reason that possum don't live in houses with flush toilets, granite counter-tops, crown molding and stainless appliances, is that they are too stupid. Bankers discovered that the people are no smarter than the possum.
Just real

Ellijay, GA

#7 Aug 26, 2012
Stumped wrote:
Almost everywhere you look on the internet it says that banks would be crazy to come after deficiency judgements against people that have been foreclosed on, becuse they have had hardships already and have no asstes to come after!! Not our wonderful bankers at C&S that claim they are here to help the community. All they have done is forced people out of their homes, then rebought them at their own set prices at auction, then come after the people for the difference!!
I have 2 friends that this has happened to them, and I as well lost a spec house to foreclosure to the bank that they would not renew the note on. So they will probably come after me for the difference as well! Who else have they sued for a defiiency judgement?
Just love it when you dont hear the whole story..Did these folks over buy? Large credit card debts..Bass boat? ect, etc..Now it' whiney time..
East Town

Commerce, GA

#8 Aug 26, 2012
Before the great Reagan DEREGULATED some things banks were the most closely watched people around, You can thank him also for the oil companies doing as they wish. Took about 26 years for the results to hit home but they hit home hard, All non believers go do your research.
Amy

Ellijay, GA

#9 Aug 26, 2012
Stumped wrote:
Almost everywhere you look on the internet it says that banks would be crazy to come after deficiency judgements against people that have been foreclosed on, becuse they have had hardships already and have no asstes to come after!! Not our wonderful bankers at C&S that claim they are here to help the community. All they have done is forced people out of their homes, then rebought them at their own set prices at auction, then come after the people for the difference!!
I have 2 friends that this has happened to them, and I as well lost a spec house to foreclosure to the bank that they would not renew the note on. So they will probably come after me for the difference as well! Who else have they sued for a defiiency judgement?
I guess you dont understand..No pay..no play..What am I gonna do? Cant pay for wifeys hair coloring and new boobs for the girls!!! Maybe I should get a job..Naw, the lines are not too long at the food pantry..Did you ever think you are at least partly to blame for living above your means? Save your hammer...Hopefully you may need it again..
Hmm

Ellijay, GA

#10 Aug 26, 2012
All I know is I had to pay for my house in full. It is not the biggest house but it is ours and paid for because we live within our means.

Should I expect a check from the gubment for the difference for the price I paid and the value now????

Come on, if you borrowed the money you need to pay it back. No one forced you to borrow it.
Reality

Ellijay, GA

#11 Aug 26, 2012
The trouble is, Whitey has finally figured out that our economic system is a giant criminally corrupt con game.

The working middle class no longer "believes".

That's why seniors are rushing to collect SS at 62.

It's why SS Disability Claims have skyrocketed.

It's why the able-bodied young, are signing up for EBT.

It's why politicians sell out their country for bribes.

It's why companies like GE, have moved their operations offshore, where they can pay $0.00 in tax. A waitress working the graveyard shift at the Waffle House pays more in tax than companies making $Billions.

It's why educators will say, or do, ANYTHING to hang onto their paychecks, even at the expense of the nation's children.

It's why students turn to alcohol and drugs to escape their reality.

It's why companies like Solyndra, line the pockets of politicians to get back hundreds of $millions in free money.

And on January 1'st, another $1.5 TRILLION in new taxes will slaughter millions more in the next round of those who will lose their jobs and homes.

Since: Jul 08

Ellijay, GA

#12 Aug 26, 2012
Just real wrote:
<quoted text>Just love it when you dont hear the whole story..Did these folks over buy? Large credit card debts..Bass boat? ect, etc..Now it' whiney time..
Don't know what the reason for the foreclosures that 'stumped' was referring to, but I was referring to people being foreclosed on that were current, but the underlying assets are no longer sufficient to support the loan. The people didn't overspend and were keeping current in spite of the downturn, but the banks are forelcosing anyway.

You see, when Obama wanted to help the homeowner he (or one of his no nothing czars) put together a program for refinancing that helped really no one, in fact exacerabated the problem. It was only geared to people at least 3 months behind. Well, these were the people that were most likely in over their heads, that never should have been able to buy a house to begin with and were living beyond their means. But people that had lost their jobs and were still doing whatever to pay their mortgage but needed help so they didn't lose the house until they found a job, weren't able to apply until they were at least 90 days behind. Most people had never been behind and had never not paid their house payment in their whole life and it was hard to do.

Then the bank delayed the processing process and made it so onerous that now these people ended up in foreclosure anyway, or, if for some miraculous reason their modification came through, they were so far behind it was almost impossible to catch up.

These are the people that weren't over their head, were trying to deal with the recession, wanted to keep their homes and businesses even though it was a struggle and they were upside down, and the bank just comes in and sends a foreclosure notice. Again, if Obama had bothered to reduce the bank requirements, even if just for 3 or 4 years, the requirement that their assets have to be a certain percentage of their loans, the banks wouldn't have to foreclose on current loans! It would have been so simple, but the FEDERAL REGULATIONS, that he controls, require the banks to foreclose if the underlying assets go below a certain percentage, so it's a catch 22, but it allows the government, through the banks, to take our homes. AND, if they can't sell it for what you owe, they can come take everything else you have, through a deficiency judgment.(I posted this an hour ago but it doesn't show so going to post again. Sorry if if comes through twice.)

Since: Aug 12

Location hidden

#13 Aug 26, 2012
Perhaps a question for Randy Bell, but, if the assessors office continues to re evaluate the Gilmer homes, based on economic times, the end result is the home is worth less.

Does the fact of the upside down GILMER ECONOMY, the MILLIONS of dollars of GILMER indebtedness, the poorly operated Gilmer county also add to the devaluation of our homes?

Is buying / living in Gilmer helping our loans to have lower, if any assets?
Local

Ellijay, GA

#14 Aug 26, 2012
Myvotecountsjack wrote:
Perhaps a question for Randy Bell, but, if the assessors office continues to re evaluate the Gilmer homes, based on economic times, the end result is the home is worth less.
Does the fact of the upside down GILMER ECONOMY, the MILLIONS of dollars of GILMER indebtedness, the poorly operated Gilmer county also add to the devaluation of our homes?
Is buying / living in Gilmer helping our loans to have lower, if any assets?
Spoken like a true liberal Jack! You havent figured out that the debt creation you heralded and the downturn in the economy helping to lower our assets vslue? For Christ's sake grow a brain.

“Airhead”

Since: Jan 11

I'm finished with commas!

#15 Aug 26, 2012
procon1 wrote:
<quoted text>
Don't know what the reason for the foreclosures that 'stumped' was referring to, but I was referring to people being foreclosed on that were current, but the underlying assets are no longer sufficient to support the loan. The people didn't overspend and were keeping current in spite of the downturn, but the banks are forelcosing anyway.
You see, when Obama wanted to help the homeowner he (or one of his no nothing czars) put together a program for refinancing that helped really no one, in fact exacerabated the problem. It was only geared to people at least 3 months behind. Well, these were the people that were most likely in over their heads, that never should have been able to buy a house to begin with and were living beyond their means. But people that had lost their jobs and were still doing whatever to pay their mortgage but needed help so they didn't lose the house until they found a job, weren't able to apply until they were at least 90 days behind. Most people had never been behind and had never not paid their house payment in their whole life and it was hard to do.
Then the bank delayed the processing process and made it so onerous that now these people ended up in foreclosure anyway, or, if for some miraculous reason their modification came through, they were so far behind it was almost impossible to catch up.
These are the people that weren't over their head, were trying to deal with the recession, wanted to keep their homes and businesses even though it was a struggle and they were upside down, and the bank just comes in and sends a foreclosure notice. Again, if Obama had bothered to reduce the bank requirements, even if just for 3 or 4 years, the requirement that their assets have to be a certain percentage of their loans, the banks wouldn't have to foreclose on current loans! It would have been so simple, but the FEDERAL REGULATIONS, that he controls, require the banks to foreclose if the underlying assets go below a certain percentage, so it's a catch 22, but it allows the government, through the banks, to take our homes. AND, if they can't sell it for what you owe, they can come take everything else you have, through a deficiency judgment.(I posted this an hour ago but it doesn't show so going to post again. Sorry if if comes through twice.)
Too much here, to quote just a few and comment on.
So what I'm understanding from the second paragraph, it was a dirty, dirty, dirty little nasty trick was played on homeowners.
This stuff really does turn my brain to mush.

And the rest, you got it.

“Airhead”

Since: Jan 11

I'm finished with commas!

#16 Aug 26, 2012
*Warning* To those it may concern~ This will be slightly off topic. But it's my habit to talk directly to people, as well as on a topic to the general public.
Hmm wrote:
All I know is I had to pay for my house in full.
Me too! Isn't it an awesome feeling?

It was my plan to sell my house on the coast and -hopefully- pay cash for one up here; my forever house. And then 2008 hit, and my house sold pretty quick, but not for what I could have gotten a year before.

I squeaked by and had enough left to buy a stove, fridge and paint.(And i did a fine job with all three of those) It wasn't my dream house, but it was almost newly built and it's freaking MINE.

Glad you know the joy, also!

“Airhead”

Since: Jan 11

I'm finished with commas!

#17 Aug 26, 2012
Reality wrote:
And on January 1'st, another $1.5 TRILLION in new taxes will slaughter millions more in the next round of those who will lose their jobs and homes.
I keep hearing, January 1st will bring financial collapse around the world.
I keep hearing, it is a 100% probability. I pray not, but hope we're all preparing for it as best we can.

(Store food)
Just Sayin

Ellijay, GA

#18 Aug 27, 2012
Myvotecountsjack wrote:
Perhaps a question for Randy Bell, but, if the assessors office continues to re evaluate the Gilmer homes, based on economic times, the end result is the home is worth less.
Does the fact of the upside down GILMER ECONOMY, the MILLIONS of dollars of GILMER indebtedness, the poorly operated Gilmer county also add to the devaluation of our homes?
Is buying / living in Gilmer helping our loans to have lower, if any assets?
Ask who?..For leaders we are gonna have the tree man, the dirt man and the tile man..Good grief..Havent seen any change in the tax assessors office either..Reckon all their taxes are paid?
Stumped

Ellijay, GA

#19 Aug 31, 2012
procon1, said it exaxctly right. The people I refered to as well as myself were not living above their means and were making all their payments and on time. If the bank called in your loan tommorrow for $200,000 or so within 30 days could you pay it?
The loans were made through GCB, taken over by C&S. The way i understand it, after talking to other bankers. If C&S bank renews any loans then they will not be entitled to the money the gov. has set aside for them for their loses. So when notes come due they will not renew them and call them in, some they have just called in all together.
This way they have recieved all the interest paid so far, they get 80% of the original note from the FDIC, they buy the house back at auction for the price their appraisers value it, they sue for the difference from the original loan value and what they paid at auction, and they resell the house!!!
I had people leasing my spec house and when the construction note came due and i was to renew a log trm note, C&S ould not do it, they called it in and the renters had to move!
If they renew the loan then they cannot do all of this. So this is the way C&S helps out the hard working people of our county!!
concerned american

Ellijay, GA

#20 Aug 31, 2012
Stumped wrote:
procon1, said it exaxctly right. The people I refered to as well as myself were not living above their means and were making all their payments and on time. If the bank called in your loan tommorrow for $200,000 or so within 30 days could you pay it?
The loans were made through GCB, taken over by C&S. The way i understand it, after talking to other bankers. If C&S bank renews any loans then they will not be entitled to the money the gov. has set aside for them for their loses. So when notes come due they will not renew them and call them in, some they have just called in all together.
This way they have recieved all the interest paid so far, they get 80% of the original note from the FDIC, they buy the house back at auction for the price their appraisers value it, they sue for the difference from the original loan value and what they paid at auction, and they resell the house!!!
I had people leasing my spec house and when the construction note came due and i was to renew a log trm note, C&S ould not do it, they called it in and the renters had to move!
If they renew the loan then they cannot do all of this. So this is the way C&S helps out the hard working people of our county!!
Exactly what happened to the Party Store in East Ellijay, they put them out of business and ruined them

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