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Foreclosure Resistance LIVE on USTREAM: 24 Hour LIVE coverage of the foreclosure eviction resistance of Keith Sadler. http://www.ustream.tv/channel/keith-sadler-foreclosure-
Isn't this the same guy who got himself arrested last year at a sherriff's auction for blowing a whistle and making a fool of himself ??
Same person, Hoops, though I would argue "making a fool of himself" is a matter of interpretation. Others might suggest "civil disobedience" as a description for this tactic.
There's no heroism here. You agreed to buy an asset, yet failed to complete the terms of the contract. In Sanity Land, keeping the asset past that point is called "theft" and should be dealt with appropriately ... with armed law enforcement officers.
Since there's no shortage of the housing that you failed to buy, chum, just leave the house and live with a friend or rent, or something like that. Nobody has a right to a house that they haven't paid for. Not even you.
GuestZero you hit it right on the head. If he where holding his payments in escrow over a dispute with his lender, that would be civil disobedience. Not fulfilling your end of a contractual agreement is being in default.
There are ways to dispute a contract, non-payment against a legal binding document is not the way to win your case.
But this is now America where nothing is your fault and everyday should be sun, flowers, and everything should be free. What about all the people who work at the lender, I guess they should keep getting paychecks and benefits even if we all stop paying our bills right?
Pay your bills and there will be no problem.
But in today's society you can't blame yourself, it's always someone else's fault.
The escrow/dispute scenario is the ideal situation. Stadler must be short on cash or have alternative motives; the census gig must not pay much. But how much can the payments be on this house and the publicized value, not very much.
I'm just not buying it. If he knew he was going to have surger and be on disability, he should have contacted the bank ASAP, not waiting until he was already 4 months behind. Why didn't he ask if he could make interest only payments for a time until he got on his feet?
Personally i wonder if he did it on purpose to see if he could get away with it. I mean if he was arrested last may for the lucas county thing, he already knew at that point he was getting forclosed on. Correct me if i'm wrong but doesn't Ohio have a law that states he can get out of forclosure by getting current as long as its done before the deed change?
I wonder if i stop paying my rent, if my landord would let me stay for free.
I stopped by the house that Keith Sadler once called home and talked to some of the activists today. If anyone is interested in another look at Keith Sadler and the Toledo Foreclosure Defense League, follow this link.
Looks like you're being roasted alive on your own blog, Mike. I think you backed the wrong horse, this time. I say this in all admiration, please note.
Just getting out Keith's side of the story, GuestZero. I am not picking sides in this horse race.
My main concern was disabusing people of the idea that Keith Sadler wants a free house. He knows he is going to be evicted, he knows he has no legal claim to the title, but he is protesting the sorry state of the American foreclosure crisis. If he succeeds in bringing attention to the problem, hallelujah: Obama's quick-fix, money-throwing "solution" will only exacerbate the situation, and does not address the underlying problems that created this mess.
Just getting out Keith's side of the story, GuestZero. I am not picking sides in this horse race.
My main concern was disabusing people of the mistaken idea that Keith Sadler is looking for a free house or a government handout. He knows he is going to be evicted, he knows he has no legal claim to the title, but he is protesting the sorry state of the American foreclosure crisis. If he succeeds in bringing attention to the problem, hallelujah: Obama's quick-fix, money-throwing "solution" will only exacerbate the situation, and does not address the underlying problems that created this mess.
Whoops, double post in my editing somehow. Sorry.
thanks Mike for at least acknowledging that there is a "underlying problem that created this mess" Namely banks loaning to people who had no business getting into a home loan situation in the first place.
But I've got a question tho - where I work, I have disability insurance that would pay off my home entirely should I become unable to work. No union or anything!!
UAW doesnt provide that to their employees? Maybe Keith oughtta be protesting to get 20 years of UAW tithing fees back!!
Note - that disability insurance does involve my paying a portion of my income to have... It's called looking out for yourself and your family... YOU looking out for yourself!
How much in wages has he made these last few days with this charade ?
Disability insurance is a benefit some do not take advantage of. It will never happen to me syndrome.
It will never happen to me syndrome.
It probably won't happen to you. The bet you're making is against the house, in this case the insurance company. They set the odds for the bet, the minimum wager and the pay off. Here's a clue: insurance companies are extremely profitable.
I have been reading a book titled The Hungry Years: A Narrative History of the Great Depression in America . One passage described how sheriffs began to refuse to evict families from their homes. Of course, I think that things were much worse then.
Can blame the idiots in congress that forced banks to make bad loans or be denied to expand or merge or run their business. You can also thank the idiots in power now that refuse to look at fanny and freddy who have bought and packaged a ton of bad debt. Those two are sucking money from the government at a huge rate and will collapse soon and pop the next housing bubble.
Keith Sadler Foreclosure Resistance 05/07/10 03:28AM "The Raid" http://www.ustream.tv/recorded/6739863
Around 8:00 AM this morning, Sadler was removed from the residence and arrested along with other protesters who apparently can't hold a job either.
I support the man for calling it to our attention in an excellent way. He is opposing the mal-factors of great wealth who are turning our nation and the world into a rubbish heap.
Something has profoundly changed in America. Growing up, my mother was single and raised two children working as a waitress at Frisch's Big Boy. She could pay for a decent house, food and we even had a little to have fun with, all on a waitress' salary. We never felt like we were poor. Also, most of our friends and family members had one income families but could afford a new house, a new car every three years and could enjoy middle class life. They did not seem to be hanging by a thread financially because of debt or paying for hospital bills.
You might try to blame the poor consumers, and probably many of them deserve blame, but there has been something else much bigger going on to deprive American's of the middle-class life that was at one time seemingly available to most.
You will say it is because factory jobs disappeared and they did. But that is no reason to cut out such a large portion of society from a pie that has been infact constantly growing. Mr. Sadler and probably most of us either already belong to or are approaching the ranks of the economically disenfranchised. Welcome to Pottersville! And yes, the American middle class has no one to blame but themselves for allowing Bedford Falls to be taken from them without a fight.
We knew it was coming. Now someone can burn the house down for the insurance. The only way the bank will see any money out of this.
What I find interesting is that Move Your Money considers this to be one of the better choices for banking in a local community. The State Bank and Trust can now show its investors that it is watching out for their investment by emptying properties of delinquent borrowers. And its membership in the Rurban Financial Corporation is made more secure.
This was a publicity stunt by someone who is (amateurishly) good at them. He'll find something else to get arrested for again and again from now on because it generates coverage. If that's his bag, so be it.
ilovetoledo: You bring up some good points and thinking about what the American Dream was then and is now leaves me with a sense of loss sometimes. There are several factors--overseas competition, stagnant income, poor choices, debt overload, etc.
But there are some small things people can do to help themselves, especially now. Here are some ideas:
A1.) Get a shorter mortgage or pay ahead: Lenders make huge HUGE money on 30 year mortgages--that's why they're so "popular". Buy a house you can afford on a 15 or 20 year plan if you can. If you need the lower payment of a 30 year, that's cool, but pay a little extra to the principal per month--even as little as $25-50 more per month can cut 6-8 years off of the back end of a mortgage. That's what we're doing right now and our 30 year amortization has dropped to 26 years (and declining).
1.) Stop using banks and start using credit unions: I don't care what the TV ads say--banks are not your friend--got that? Banks have shareholders who demand dividends--and you ain't a shareholder. Banks are lending themselves money at practically nothing--yet your interest rate is much higher? All profit. Why should any customer be charged a fee for having under $5,000 or $10,000 in a checking account? Or a myriad of other fees that do nothing but eat money because YOU accept them to have your money in Key/Huntington/etc.
Go to a credit union--they aren't just for union employees. Preferably, the smaller the CU the better (more accountability in leadership with a smaller institution). You can find CU's that accept you if you simply live in the area. YOU are a shareholder at the CU. YOU get all the services (and more, actually) you would at any bank, minus most of the fees. They shop the best deals in the market for mortgages, CDs, and more for YOU. CU's are a much better deal than getting eaten alive in fees.
Also, CU's have a loose national network of branches that most participate (meaning you can conduct business at most credit unions anywhere in the country with an account--it's called "shared branch") and a nationwide system of ATMs that charge no fees. I love my CU.
2.) Shop at Aldi: I won't say buy generic at big grocers because a lot of their generic product is crap, but Aldi seems to have consistently good products, although no "name brands". People have to get over their name brand addiction in this country. Aluminum foil at $2 from Aldi is the same thing as Reynolds Wrap for $3.50 at Kroger. It all adds up. Most people don't go to Aldi because they consider it "ghetto"--but my wife and I figure we save at least $50 A WEEK shopping there for staple items. That's over $2,000 a year. To keep that much money, I'm proud to be ghetto.
3.) Resist constant marketing: You are bombarded every day with non-stop messages that you will be better/prettier/cooler/wealthier/etc. if you only buy this product or pamper yourself with that thing or decide to purchase that car. It's BS. All advertising is designed to separate you from your money in quick fashion. No product can make you feel worthwhile. Have some confidence in yourself and look out for your financial future.
OHT – you have some good ideas there.
That said; I personally have a disdain for a particular credit union. When I called to get approved they gave me my rate TWICE and when it came time to sign it was a higher rate and they refused to admit they screwed up. I was in the hot seat so had to get the loan that day. I then would submit my payment each month with extra marked for deposit in my savings account and instead they would just apply it to my loan. This made no sense because there was no benefit of me paying that loan off early. The amount would be the same today or next year. I brought this to their attention and they asked me if I could start highlighting with a marker the line that said “savings account”. WTF? I ended up paying it off early just so I didn’t have to deal with the morons anymore.
So just a few weeks ago I needed a car loan. I called them up (a different branch) to see what they had to say since I was a previous customer. I spoke with a guy and gave him all my information so he could run it and call me back with a rate. I am still waiting for their call back…………………..
Thankfully Welles Fargo was more than happy to help me out and gave me a great rate to boot.
End of rant.
There is an Aldi in Sylvania which isn't ghetto at all... Of course though not everything at aldi's is cheaper then krogers, or other places... Last time I went into Aldi's Tyson chicken was $2.00 more expansive there then Krogers, so just be smart when you shop...
Ryan--sorry to hear about your experience. I didn't mean to imply that all CU's are angels--I'm sure, like you experienced, there are some run by incompetents.
I haven't "banked" since my late 20's. What infuriates me about banks is:
a.) Fees on accounts: Last bank I was at charged me $6 a month because I didn't have at least $5000 in my account. WTF? If I had $5,000, it would be in an INTEREST bearing account for me, not my checking. Your charging me for the "privilege" of banking with you (while earning interest on the funds I depost)? Go to hell.
b.) Low interest rates for me, but high rates for them: 1.5% on a CD and less on a savings account is a "great deal" for me (LOL), but you guys can still charge 5-8% for a mortgage and even more on personal loans, car loans, credit cards--all on money you essentially getting for 0% from the Fed? I know you hate O'Reilly, but he's got a point on this one--why aren't "usuary" laws enforced anymore? Is loan sharking just a thing of the past? Hell, at 1% interest + fees, you WOULD be better off with cash under the mattress (but certainly not safer--I'm NOT endorsing this).
3.) The young and stupid: Most bank branches are staffed by some combination of both. It is rare I find a large bank with knowledgeable personnel older than 30. They're all on the career ladder and are concerned with moving up and enforcing company policy, not answering questions about unfair fees, confusing literature, etc. You are a bothersome old fart (or worse), so take it, shut up, and give us your money. At least that's how it feels.
To be fair, a smaller bank my family really seems to like is Genoa Bank in Maumee. Most of my family has escaped the big banks and those that don't like CU's have gone there and are happy.
oldhometown, i'd have to agree with you. I love my credit union.
Yeah, what OldHomeTown said. The caveat is that when you're making your loan payment and you want some extra money to go towards the principal make sure you say so. Otherwise the excess may be put against next payment.
One other good idea . . .
Be sure to know what how your loan functions before you prepay it. It only makes sense to prepay a "simple interest" loan, like a mortgage. Auto loans are almost always coupon or pre-calculated loans that are front-end loaded, meaning that 1/2 way through the term of the loan 75-80% of the interest has already been paid. If you are 3 years into a 5 year auto loan it's silly to pay it off or trade the car in.
Sadly, many trade cars in before they are paid off which effectively has the borrower paying a much higher interest rate than would have been the case if the loan were paid through the intended term. This will continue to happen more as the jackals in the banks offer longer term auto loans.
Look here's an 8 year auto loan ! http://www.creditloan.com/8-years-auto-loans-ready-for-the-long-term-loans.html
Eight years ! Jeeze, I hope the car lasts that long . . . .
oldhometown, the reasons why you see so many younger people in a bank branch are that the turnover is high from being a shitty retail job, and the banks have been shedding older workers since they are expensive for them.
I've struggled for years now to get people in general to understand how intrinsically evil banking is, but it's always an uphill battle since Americans are so thoroughly indoctrinated about money. The average individual savings rate fell to zero in recent years. People stopped believing in the power of self-capitalization. So they went on a borrowing spree, and caused the average size of the American house to double since 1980. We lived too high on the scale of ability, and the crash we are in now is what must be endured. This is the Second Great Depression.