Posts Tagged ‘Foreclosures’

 Most states allow a lender to pursue a deficiency judgment for years after a foreclosure.  Further, acknowledging that debt to a collector during those years can “refresh” the statute of limitations on thr debt.  This is why a short sale or bankruptcy is the preferable route; it deals with the debt up front.  

Banks are not your friend.  They are not your ally.  They do not – as an institution – have your best interests at heart. 

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 Damn criminals.  That’s all I have to say about that.

Everyone’s favorite bank makes it right.  However, this does highlight a problem with their system.  There should be a human review before the computer makes any move to start the process. I don’t look for them to fix it. 

…this is no surprise to me.  It is the inevitable outcome of the policy of Congress and the Fed to bailout the corporations and not mandate any action to mitigate the impact to the consumer.  In doing so, they broke the rule of law and the spirit of fairness in our country.  I have no issue whatsoever with a homedebtor who chooses to strategically default; the bank would do the same in a heartbeat if it made sense for their balance sheet.  Turnabout is fair play.