Yes, and its not too much to ask for people to voluntarily surrender their homes when they default. It called — moving out.
ALL of these cases are people that WANT TO KEEP THEIR HOMES even if they default. Also known as DEADBEATS.
Who are the scumbags? The banks or the borrowers? Or both?
You’re wrong. We read on FR some weeks ago that they have foreclosed on people who were CURRENT with their payments. One reason for having proper paperwork is to verify that the current owner is NOT a DEADBEAT or SCUMBAG.
I’m going to bet that the number of borrowers who intentionally committed fraudulent acts during the mortgage process in the last 10 years is monumentally outnumbered by those from the other side of the desk.
BTW. Just finished reading The Big Short. Wow. Just. Wow.
You get a mortgage from Good Old Bank. You don’t pay. Third Bank of Uzbekistan forecloses on you and takes the house, only they don’t have legal, age old, hum drum proof of possessing the mortgage. m ( Good Old Bank says the last time they saw the mortgage is when they sold it to First Auto Union of Detroit. Bank of Uzbekistan says they never heard of First Auto Union of Detroit. )
Do you move out?
( Actually, to an extent, this is a ruling not even about who owes what to who. It is about following 400 years of land court law and cases. Epic fail on the part of the banks. )
Yes, and its not too much to ask for people to voluntarily surrender their homes when they default. It called — moving out.
Yes, people who have defaulted on their loans should have the decency to just leave.
On the other hand, using unlawful means to evict those who refuse to leave is just as bad.
The ends do not justify the means (unless you are a Democrat, in which case “the ends justify the means” is your motto).
It's happened.
Some of the titles on these properties are irretrievably damanged for any subsequent buyers, absent court action.
Back in the distant past during the S & L crash there used to be workout departments in banks. All that has changed since mortgages were packaged, blended and sold as AAA investments. So long workouts - hello foreclosures.
These "servicers" want to get out as fast as possible so they're not sued by the "owners" of these now worthless not so hot potatoes.
I think the question is who are the bigger scumbags? The folks who walk up to the Fed's PPIP or TALF windows peddling the same crap in new odor proof bags. Or individuals who got in over their heads.
Good question. Watch this video and you tell me.
.....Who are the scumbags? The banks or the borrowers? Or both?.....
I would argue neither. Both are acting in their oen self interest in the courts. The borrowers have failed to uphold the contract and will ultimately lose unless they can come up with the money. The lenders have used shortcuts acceptable previously but that got out of hand.
The paperwork will be obtained and presented in in the required detail and the foreclosure will go forward.
The real scumbags are the lawyers for the borrowers who drag out the process for their own self interest, lining their own pockets.