Foreclosure In A Nutshell

I had an opportunity to read what I thought was the equivalent of a seminar. I thought I would post it here:
Foreclosure is where you stop making the payments, the bank forecloses, evicts you, and puts it up for sale.
A short sale is where you are still in the house, trying to protect your credit, still making the note, but the house has gone down in value so much that you owe more than it is worth.
You go to the bank and ask if they will take less than you owe? The bank will agree to this short sale if possible. The problem is the bank may just be a "servicing agent", that is collecting the payment, keeping a fee and sending it on to the holder of the mortgage. The mortgage may be in a bundle of homes owned by another lender or Fannie Mae. For the holder of this mortgage or Fannie Mae to dig into that bundle of homes (could be a thousand) and try to dig out that one loan on that one home and determine what they want to do is almost impossible. They are wrecking their bundle to do this and why short sales dont work unless the servicing agent and mortgage holder are both one and the same lender.
I am trying to keep this insanity simple but when TARP was passed they also implemented rules where the govt guarantees the holder of the mortgage a "guaranteed profit" and larger profit by foreclosing than helping the owner of a home short sale it or stay in it.
With rules written by their Goldman Sachs cronies that guarantee them profits from our tax dollars.

IndyMac Bank went broke and was siezed by the FDIC (same FDIC that guarantees your money deposited in the bank) and was sold to One West Bank. The Sec of the Treasury at that time was Paulson, an ex-Goldman Sach employee. One West Bank was a BRAND NEW BANK LESS THAN ONE MONTH OLD started by George Soros and another ex-vice president of Goldman Sachs, Steve Mnuchin..
The FDIC sold the home loans that IndyMac had to this BRAND NEW BANK for 70% of par value. So if IndyMac had a loan of $100k on a house then they sold it to One West for $70k. To top it off they told One West Bank they would cover 90% of any loss they took reselling those homes or mortgages. Now lets say the homeowner wants to sell this $100k house for $80k since the price of homes dropped and OneWest Bank agrees to this.
OneWest has bought the house for $70K (70% of original loan) sells it for $80k which makes them $10k, plus they get to bill the govt (FDIC)
another $18K for their bogus paper loss on the house. Here is the formula: $100k house that Bank West sold for $80k equals $20k loss. Govt covers 90% of loss of the $20K equals $18k plus the $10k Bank West actually made leaving them a profit of $28k on this house. It doesnt matter that Bank West only paid $70k, according to the agreement with our govt they take the loss based on the orginal loan of $100k.
Now take a $500k house and that $28k becomes $140k. It doesnt matter what price the house is, what they sell it for, or when they sell it, as long as it is below the original mortgage they are guaranteed a profit. Now do you think they are going to reduce a mortgage, short sale it, do anything to help the homeowner when they get these profits from our tax dollars. This is just the simple version of the derails of this crime and basically the bigger the loss the more profit that BankWest (and others banks involved in thsi scam) make wtiht the profits coming from our tax dollars. To add insult to injury they now tell us FDIC, which guarantees these loans is short on funds and needs more money from the Feds to continue this theft.
This is the very short version of what our wonderful, incompetent, corrupt govt, of both parties is doing with your paycheck taxes. This program applies to Equity lines of credit also with a similar formula. And to think a BRAND NEW BANK, OneWest, was just started at the EXACT same time as this formula was devised, and the players in this game Soros, Democrat, and Goldman Sachs employees, Republicans, are partners in this theft.
Meanwhile us right and left wingers argue with each other daily over which crook is better for us.