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“Walkaway” Mortgage Deadbeats Jailed in California

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moh malekpour

Elite Member
Joined
May 25, 2002
Professional Status
Certified Residential Appraiser
State
California
http://wallstreetexaminer.com/blogs/mantle/?p=41
Despite objections from consumer advocates, in the last two weeks California judge Jed Clampbet has sent 142 delinquent homeowners to state prison for up to three years each, for failing to honor their home mortgage obligations.

Most of the former homeowners were shocked to find they could be suddenly locked up for employing the common “walkaway” strategy, where homedebtors whose no-money-down adjustable-rate teaser mortgages are about to reset to full actual interest rates simply stop making payments but continue living in their homes rent-free for up to eight months before being evicted, then try to skip town leaving the bank holding the bag.

Under the anti-fraud provisions of the 1969 California Real Estate Loan Statute, section 7, chapter 13, such behavior is indeed criminal and can be prosecuted. Until recently the law had not been actively enforced, but due to the tidal wave of foreclosures the district attorney is now cracking down hard on mortgage scofflaws.
I let you read the rest of the article. It is funny and a little dirty
 
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Smokey Bear

Elite Member
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Dec 8, 2004
Professional Status
Certified Residential Appraiser
State
California
The "Jed Clampbet" part should have given this away for you.
 
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Montana
Bogus Story

This is a hilarious joke story. :rof:

If it ain't on Drudge,it ain't so :nono:

Check out the spelling error on "Butt" :rof:

These guys are getting their "deliverance" in prison. :Emoticon_hug:

All the news is not negative, however. Apparently spring is in the air in the California state prison system, bringing along with it dozens of whirlwind romances between newly-jailed former homeowners and long-time inmates. And thanks to the new ruling legalizing same-sex marriages in California, wedding bells have been ringing non-stop.

Lifetime inmate Bubba “Whoppa” Johnson found new love with Cornwell Sooie, a San Diego real estate investor caught up in the recent sting operation targeting delinquent homeowners. Back in 2006 Mr. Sooie was sitting atop a mini real estate empire worth nearly $8 million on paper. When the housing bubble collapsed, he lost it all.

Those fast-paced days of real estate deal-making are butt a distant memory now, as Mr. Sooie settles in to his new married life in prison. While nuptial bliss is no substitute for the thrill of easy real-estate riches, at least it will keep him busy for the next three years.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
I'm surprised that the Judge is getting away with this and that the law has not been declared unconstitutional.
 

moh malekpour

Elite Member
Joined
May 25, 2002
Professional Status
Certified Residential Appraiser
State
California
I'm surprised that the Judge is getting away with this and that the law has not been declared unconstitutional.
I am not sure if the story is real. I am not talking about the inmate treatments in prison but I am talking about the Judge to rule a jail sentence on homeowners for not being able to pay their mortgages. This doesn’t sound right and if it were real, it should have been in all major news and since it never showed up anywhere else not even in tabloid papers, then it seems to be a satire and a Joke.
 
Joined
Jan 16, 2002
Professional Status
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State
Montana
Water Boarding

The guy that wrote this "satire" also wrote a story about Ditech using water boarding to collect delinquent mortgage payments.

After a shocking YouTube video exposed the practice, the company has moved on to other collection methods. Yet some fear these are even harsher.

“The waterboarding is a non-issue now,” explained consumer advocate Willard Loman. “They’re using more extreme approaches, threatening to cut off people’s cable TV service, and in some cases actually doing so!”

Curtailing access to their favorite TV programs has proved to be an effective tool for making liar loan mrotgouge deadbeats cough up their monthly payments. But for those who cannot afford to, suddenly losing their TV is only part of the terror.

With the cable shut down, they also lose access to high-speed Internet service, meaning of course no more adult entertainment. For many couples this goes too far.

San Francisco resident Andrew Etchebarren is one victim of the harsh collection program. “They finally reconnected us after we came up with the money. Butt let me tell you, it was a rough ride for that two weeks. They have no right to cut people off like that!”

:rof:
 

Al Sorrentino

Freshman Member
Joined
Dec 4, 2006
Professional Status
Certified Residential Appraiser
State
Nevada
It's like The Onion for Wall Street.

Outstanding:rof::rof::rof::rof:
 

toddmallard

Junior Member
Joined
Oct 4, 2007
Professional Status
Certified Residential Appraiser
State
Georgia
This is the exact reson for most forclosures nowadays. Even People on this board can't understand what their reading. Its a JOKE people and a But slapping one at that.....
 

Greg Parker

Member
Joined
Mar 20, 2005
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Quick... off to the onion to post more "news links"....
 
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