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Leonard Hatred

Aretha Franklin Facing Foreclosure!?

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At the bottom of http://www.guardian.co.uk/business/2008/mar/14/useconomy.usa is this:

The figure was slightly lower than in January but Realty Trac's chief executive, James Saccacio, said the dip was seasonal: "We have still not reached the peak of foreclosure activity in this cycle."

The worst-hit areas include Cape Coral, Florida and Stockton, California. Arizona and Texas also saw a big increase in their rates of repossession. Among those served with foreclosure documents was the singer Aretha Franklin, who is at risk of losing her $700,000 (£350,000) mansion in Detroit over back taxes of $19,192.

And then there's this beauty:

The Bush administration has set out reform proposals which are intended to tackle the credit meltdown through better regulation of mortgage companies,

Three years too late.

tightening credit-rating procedures,

Three years too late.

and higher capital ratios for the banking sector.

Three years too late.

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Seems she has 2 places at risk of foreclosure if she doesn't pay up the taxes.

The diva's $714,000 home in Detroit is just weeks from foreclosure, and Oakland County records indicate a $2 million condominium in Bloomfield Township is heading to the same fate by next March if she doesn't pay $1,200 in delinquent taxes.

Source: detnews.com

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Come on people isn't the obvious joke...

"but will she survive though?"

*sigh*

Terrible!

I just walked in to find you here in this forum

With that sad look upon you're face,

I should have changed that stupid lock,

I should have made leave your key

But no, you're all here making bad, bad puns, so I say...

Go on now go,

Walk out the door,

Just turn around now,

Cause you're not welcome anymore

Edited by meow

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Man, am I slow today ….

Aretha Franklin (R.E.S.P.E.C.T.)

Tammy Wynette (D.I.V.O.R.C.E.)

Gordon Brown (B.A.N.K.R.U.P.C.Y.)

Funny ... but there's a 'T' in there.

Is she related to Ben Franklin ;)

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Funny ... but there's a 'T' in there.

Is she related to Ben Franklin ;)

Reminds me of when Pete Wiley told a band called the Pedantics that they had poor grammar and should be the Pedants.

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I never understood why Americans put up with their (so me) very strange laws concerning taxes, and repossession.

Item(1)

Many, many years ago, I was in Detroit, and in the local paper was a case of a woman who had gone to reconvalesece after major surgery. She had put her financial affairs in the hands of her lawyer. Whilst she was away from her house, the local authority surfaced the road outside her house, and duly stuck a bill in her letterbox, which went unanswered. This is the first problem: in the US then (can't comment about now) property taxes were itemised and sometimes delivered seperately.

After two weeks(!) a notice of non-payment is posted in the townhall, and two weeks later, if still unpaid, any third party could come along, clear the debt, and take possession of the house. Of course, there are such people, in particular a local EA, who visited the notice board every day in the hope of getting some poor suckers house for $30.

This sounds like the situation here - house put up for auction, for late payment of relatively small amounts of tax.

Item(2)

Man arrives home after work, to find an auction in the street, selling - his house! He owed no money or taxes, up-to-date on his mortgage. Apparently, a short while earlier he had aluminium siding installed (weatherboarding). He had paid the builder on completion, but the builder had not paid the aluminium company and had gone bust. Under the law in Detroit at the time, the aluminium company had the right to take possession of his house, without notice, and sell it to recover the costs of the aluminium. They local paper at the time reported this was based on Old English contract law. He was able to get his house back, at what costs I do not remember.

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I never understood why Americans put up with their (so me) very strange laws concerning taxes, and repossession.

Item(1)

Many, many years ago, I was in Detroit, and in the local paper was a case of a woman who had gone to reconvalesece after major surgery. She had put her financial affairs in the hands of her lawyer. Whilst she was away from her house, the local authority surfaced the road outside her house, and duly stuck a bill in her letterbox, which went unanswered. This is the first problem: in the US then (can't comment about now) property taxes were itemised and sometimes delivered seperately.

After two weeks(!) a notice of non-payment is posted in the townhall, and two weeks later, if still unpaid, any third party could come along, clear the debt, and take possession of the house. Of course, there are such people, in particular a local EA, who visited the notice board every day in the hope of getting some poor suckers house for $30.

This sounds like the situation here - house put up for auction, for late payment of relatively small amounts of tax.

Item(2)

Man arrives home after work, to find an auction in the street, selling - his house! He owed no money or taxes, up-to-date on his mortgage. Apparently, a short while earlier he had aluminium siding installed (weatherboarding). He had paid the builder on completion, but the builder had not paid the aluminium company and had gone bust. Under the law in Detroit at the time, the aluminium company had the right to take possession of his house, without notice, and sell it to recover the costs of the aluminium. They local paper at the time reported this was based on Old English contract law. He was able to get his house back, at what costs I do not remember.

Ever seen the excellent film 'House of fog & sand' about a similar problem & its consequences?

http://www.imdb.com/title/tt0315983/

House' was directed by newcomer Vadim Perelman, who also adapted the screenplay from the acclaimed novel by Andre Dubus III. Perelman tweaks the story in some respects but is ultimately faithful to the novel's style and sensibility. As in the novel, the story is filtered through alternating perspectives, the foremost of which are Behrani (Ben Kingsley), a Persian ex-pat and a former high-ranking officer under the Shah in Iran, and Kathy Lazaro (Jennifer Connelly), a severely depressed recovering alcoholic tenuously holding onto sobriety but nevertheless gradually self-destructing after the collapse of her marriage.

The two characters are drawn together, appropriately enough, by the house of the title, a small but elegant coastal property in fictional Pacific County, California (the novel sets the house in Malibu). The house belongs to Kathy, who inherited it (along with her older brother, who lives elsewhere) from her deceased father. Kathy has become a victim of a bureaucratic snafu--she has been erroneously charged with delinquency on taxes for a non-existent business--but due to her textbook depressive refusal to open and answer her mail, she wakes up one morning to find that the county has evicted her and put her property up for auction.

Enter Colonel Behrani, a regal man of aristocratic bearing whose ruthless determination to maintain the standard of living his family has always been accustomed to is simultaneously honorable and pathetic. Behrani is the story's tragic hero in the classical sense. Behrani has been saving and shrewdly watching the classified ads waiting for a chance to snap up a foreclosure at a cut rate price, make modest renovations, and then resell the property at peak market value in order to acquire a six-figure nest-egg to fund his son's education and improve his family's future prospects in the US. Fortuitously, the house he buys at auction--Kathy's house--is a coastal property bearing some resemblance to his former home on the Caspian Sea, back before his family fled Iran. The house is seen in an early flashback, an eerie montage wherein a younger Behrani in full-dress service uniform observes as a row of enormous trees are severed at the trunk so that the sea will be visible from the balcony where he stands.

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A few more relevant Aretha songs for the housing market:

Chain of fools :lol:

Day dreaming

The house that Jack built (probably very badly if it was a new build!)

(Northern) Rock Steady

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A few more relevant Aretha songs for the housing market:

Chain of fools :lol:

Day dreaming

The house that Jack built (probably very badly if it was a new build!)

(Northern) Rock Steady

An anthem for the sub-primers who never made the first mortgage payment

'The house that Jack (sh!t) built'

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  • 292 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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