Foreclosures hit homeowners not in default
The problem here is that people saw an opportunity to make money off of foreclosures and turned it into a foreclosure business. In the past the banks would work with homeowners to keep them in the house or have an orderly disposition if they are unable to keep up with their payments. Now, the goal is to get them out as quickly as possible because these foreclosure businesses only make money when they complete the foreclosure process.
luxury home marketing talk about turning over more and more of what we do to business but this is the ugly side of business on display. Businesses do not exist to create employment or create order out of disorder: businesses exist to make a profit. Don’t be fooled by all that talk of the private sector can do it better. The private sector will do it only if they can make a profit off of it and will then try to increase their profits by making decisions that can ultimately hurt us. Its interesting I feel behind due to some job changes, I was constantly one month behind so every-time I make a payment it applied to the previous month and then they tacked on a late fee.
Once I caught up I had 12 months of late fees totalling 1800$ and Wells Fargo would not budge on that. Its a joke. Let them forclose and let them deal with the losses, them trying to help is a joke. Remember that Countrywide open library is now Bank of America. The company that practically invented sub-prime and had more to do with the collapse is alive and well at BofA. People need to keep this in mind when looking for a mortgage.
I personally know someone who was sent to foreclosure by a major bank often mentioned in the real estate foreclosure news, who was completely paid up in terms of having sent her payments in on time. The bank simply refused to negotiate the monthly cashiers checks she sent for long enough to say she was behind (unfortunately probably planning to negotiate the checks after the foreclosure/sale) — while also refusing to send her a monthly statement, even after a written request from an attorney she hired to write them to ask for one. Her case is now in court, but if she didn’t have the means to hire several attorneys her house would already be gone.
Is there some reason in your mind that the cases of homeowners being forelosed upon who are not behind in their payments should not be discussed? Thanks
