Penny Auctions...bring them back! - Loan Modification Forum

mzwelch07 · #1 (**permalink**) IP: 71.173.82.58 12-02-2008, 02:03 PM

Recently saw a program on the History Channel titled "The Black Blizzard" and penny auctions were mentioned on them.
Since the banks and government are not looking out for us...MAYBE we need to start looking out for each other! LOL

I found the article online~

Want to experience a penny auction?

The Great Depression plus harsh drought conditions were hard on farmers in the 1920s and early 1930s. Many could not make enough money to pay the mortgage. As a result, banks would foreclose on the property. They would then sell the farms at public auctions.
Farmers resented the foreclosures. When they would hear about an upcoming auction, they would gather on the day of the auction and make it clear to officials and potential bidders that bids from outside the farm community were not welcome.

"When the bidding commenced, someone in the crowd would start it off at fifteen cents or so, and it rarely got beyond a few dollars before the bidding stopped and the auctioneer would close the sale. If anyone in the farmyard might be so ignorant of what was going on as to put in a serious bid, a suitably burly man would be likely to step up and put a hand on his shoulder with the words, 'That bid's a little high, ain't it?'"

Moe · #2 (**permalink**) IP: 76.170.91.165 12-02-2008, 03:52 PM

Yes, this would be great. I still think my idea of a homeowner payment strike would send a big message to lender. We could unite and workout our mortgages as a nation together.

Instead of that bid is a little high, we'll say, "Dont you stand to loose tens of billions if you don't?"

mzwelch07 · #3 (**permalink**) IP: 72.73.108.253 12-02-2008, 06:06 PM

I have got to tell you Moe....We have been fighting this battle for so long....I am getting physically & emotionally tired...they have come close to breaking my spirit. We have been at CW's mercy. Part of me would love to say...we live in Maine, you can have the house, but we're draining the oil tank! They might not know a whole lot about Maine, but it get darn cold! Can everyone say frozen water pipes!?

I still want my home, there are programs out there, we have done footwork, if it is meant that we keep our home we will. If not we will pick up the pieces and move on....CW will not have their way with me anymore. My health has been suffering from all of this....we are knocking at the door of bankruptcy ( we have retained a lawyer). I belong to a program and at every meeting a certain reading is read aloud and it states: "We will not crawl before anyone"....I lost my perspective, I am done crawling before CW!

I AGREE, WE ALL NEED TO PULL TOGETHER AND STOP PAYING THESE WORMS!!!!! BANKS HAVE RECEIVED THEIR BAILOUT...WHY SHOULD THEY HELP US? THEY ARE TAKEN CARE OF! THEY TOOK THE PAPERWORK, TOLD US WE QUALIFIED AND THREW MONEY AT ALL OF US{FUNNY THING IS, THEY DON'T HAVE A PROBLEM TELLING PEOPLE THEY DON'T QUALIFY NOW!!!!!!!} IT IS TIME TO GET MAD AMERICA!!!! IF YOU WANT TO START A MOVEMENT, COUNT US IN!!!!!!!!!

mzwelch07 · #4 (**permalink**) IP: 72.73.108.253 12-02-2008, 06:11 PM

Quote:

Originally Posted by mzwelch07

Recently saw a program on the History Channel titled "The Black Blizzard" and penny auctions were mentioned on them.
Since the banks and government are not looking out for us...MAYBE we need to start looking out for each other! LOL

I found the article online~

Want to experience a penny auction?

The Great Depression plus harsh drought conditions were hard on farmers in the 1920s and early 1930s. Many could not make enough money to pay the mortgage. As a result, banks would foreclose on the property. They would then sell the farms at public auctions.
Farmers resented the foreclosures. When they would hear about an upcoming auction, they would gather on the day of the auction and make it clear to officials and potential bidders that bids from outside the farm community were not welcome.

"When the bidding commenced, someone in the crowd would start it off at fifteen cents or so, and it rarely got beyond a few dollars before the bidding stopped and the auctioneer would close the sale. If anyone in the farmyard might be so ignorant of what was going on as to put in a serious bid, a suitably burly man would be likely to step up and put a hand on his shoulder with the words, 'That bid's a little high, ain't it?'"

I also want to add that the farm owners were able to buy back their property for what their neighbors had bought it for. if it was 15 cents...that was what they paid!

mzwelch07 · #5 (**permalink**) IP: 72.95.82.118 12-03-2008, 06:09 PM

The more I read the madder I am getting! Everyones story is sounding the same.....DENIED! DENIED! DENIED! or my personal favorite..."Yes, I think you will qualify.....nope I was wrong, YOU DON'T!" "HA HA Sucker! We got our bailout...we don't have to help you now!!!"

Come on my fellow Americans, LET'S START FIGHTING BACK!!!!! Are we all just going to sit back and let these slime-ball, dirty, no good, mortgage companies and so called banks have their way with us...

Moe · #6 (**permalink**) IP: 76.170.91.165 12-03-2008, 07:15 PM

I have been thinking about this for quite some time. It would take great organization on a mass scale and the internet can do it. The questions is, will homeowners do it?

I am thinking about starting a thread for this and do a poll to see who would consider uniting as homeowners to have a payment strike until they fix their loans.

I am just curious if anyone would join people like yourself?

It seems like most homeowners just want to remain anonymous and not stir the pot or ruffle feathers. Maybe I am wrong...

I was really thinking about this when they had the ban on gay marriages and there was mass protests everywhere. Yet, here we are, millions of Americans are losing their homes and there are no marches, no fighting back as one against these banks.

jannob · #7 (**permalink**) IP: 68.79.89.187 12-03-2008, 10:48 PM

I'd do it! I would even be the poster child if it would help! If it saves another homeowner from going through what we are, it's worth it!

Besides, I don't mind ruffling feathers, I like fluffy beds, there more comfortable....

mzwelch07 · #8 (**permalink**) IP: 72.95.82.118 12-04-2008, 04:01 AM

We will be glad to join you in maine!!!!! Let's get 'em!!!!

mzwelch07 · #9 (**permalink**) IP: 72.95.82.118 12-04-2008, 04:04 AM

Quote:

Originally Posted by Moe

I have been thinking about this for quite some time. It would take great organization on a mass scale and the internet can do it. The questions is, will homeowners do it?

I am thinking about starting a thread for this and do a poll to see who would consider uniting as homeowners to have a payment strike until they fix their loans.

I am just curious if anyone would join people like yourself?

It seems like most homeowners just want to remain anonymous and not stir the pot or ruffle feathers. Maybe I am wrong...

I was really thinking about this when they had the ban on gay marriages and there was mass protests everywhere. Yet, here we are, millions of Americans are losing their homes and there are no marches, no fighting back as one against these banks.

PLEASE MOE, GET THE THREAD GOING.....WE HAVE TO FIGHT BACK LIKE THE FARMERS DID....THESE ARE OUR HOMES, OUR DREAMS! IT WILL BE A SHAME IF WE JUST SIT BACK AND LET THEM HAVE OUR WAY WITH US! GET ANGRY AMERICA!

mzwelch07 · #10 (**permalink**) IP: 72.95.82.118 12-04-2008, 04:33 AM

Quote:

Originally Posted by Moe

I have been thinking about this for quite some time. It would take great organization on a mass scale and the internet can do it. The questions is, will homeowners do it?

I am thinking about starting a thread for this and do a poll to see who would consider uniting as homeowners to have a payment strike until they fix their loans.

I am just curious if anyone would join people like yourself?

It seems like most homeowners just want to remain anonymous and not stir the pot or ruffle feathers. Maybe I am wrong...

I was really thinking about this when they had the ban on gay marriages and there was mass protests everywhere. Yet, here we are, millions of Americans are losing their homes and there are no marches, no fighting back as one against these banks.

I say payment strike, march on Washington! Whatever!!!! Let's do it! There is a lot of complaining, hopefully people will start getting angry and not just sit back and take what CW and the other scum**** predatory lenders are doing to all of us! Hey look folks...they are in our heads so much WE SHOULD BE CHARGING THEM RENT!!!!

mzwelch07 · #11 (**permalink**) IP: 72.95.82.118 12-04-2008, 06:33 PM

Quote:

Originally Posted by Moe

I have been thinking about this for quite some time. It would take great organization on a mass scale and the internet can do it. The questions is, will homeowners do it?

I am thinking about starting a thread for this and do a poll to see who would consider uniting as homeowners to have a payment strike until they fix their loans.

I am just curious if anyone would join people like yourself?

It seems like most homeowners just want to remain anonymous and not stir the pot or ruffle feathers. Maybe I am wrong...

I was really thinking about this when they had the ban on gay marriages and there was mass protests everywhere. Yet, here we are, millions of Americans are losing their homes and there are no marches, no fighting back as one against these banks.

I'm waiting to see the poll! Lets get this started!

zbasspro · 12-08-2008, 08:30 AM

Quote:

Originally Posted by mzwelch07

I have got to tell you Moe....We have been fighting this battle for so long....I am getting physically & emotionally tired...they have come close to breaking my spirit. We have been at CW's mercy. Part of me would love to say...we live in Maine, you can have the house, but we're draining the oil tank! They might not know a whole lot about Maine, but it get darn cold! Can everyone say frozen water pipes!?

I still want my home, there are programs out there, we have done footwork, if it is meant that we keep our home we will. If not we will pick up the pieces and move on....CW will not have their way with me anymore. My health has been suffering from all of this....we are knocking at the door of bankruptcy ( we have retained a lawyer). I belong to a program and at every meeting a certain reading is read aloud and it states: "We will not crawl before anyone"....I lost my perspective, I am done crawling before CW!

I AGREE, WE ALL NEED TO PULL TOGETHER AND STOP PAYING THESE WORMS!!!!! BANKS HAVE RECEIVED THEIR BAILOUT...WHY SHOULD THEY HELP US? THEY ARE TAKEN CARE OF! THEY TOOK THE PAPERWORK, TOLD US WE QUALIFIED AND THREW MONEY AT ALL OF US{FUNNY THING IS, THEY DON'T HAVE A PROBLEM TELLING PEOPLE THEY DON'T QUALIFY NOW!!!!!!!} IT IS TIME TO GET MAD AMERICA!!!! IF YOU WANT TO START A MOVEMENT, COUNT US IN!!!!!!!!!

I`m with you in more ways than one =: