We all need to continually challenge the absurd notion that completing foreclosures (even if the documentation and right to foreclose was true and accurate) is in the best interests of society.
We need to advance the discussion and focus on the basic economics….foreclosed homes are a bigger liability to the lenders/investors and society as a whole than a home that has a homeowner in the home paying even a reduced mortgage.
The Florida Supreme Court estimates that there will be more than 500,000 foreclosures by 2011. What would happen if we granted even
Yes, its getting bad. I know someone who has sent a QWR after 3 payments sent were not credited to them, they did not receive answers to most of their questions, including where the payments are now.
Last month they were told that the Lender (same for 1st & 2nd mortgage) is going to Foreclose on the 2nd for Non-Monetary reasons: the 1st mortgage is not being paid.
Their 2nd mortgage payment was returned the other day though they are not behind on their 2nd mortgage.
This system just gets worse everyday.
Happy Holidays & Happy New Year! ‘]
Every empty home is a detriment to the community. It is completely senseless to continue to take a home, legally or not, UNLESS the new “owner” is prepared to pay the taxes and insurance and properly maintain the home —that part is sorely lacking in far too many cases. And, for some reason unknown to me, no one seems to be addressing this issue and no authorities seem to be holding these new owners responsible. In the case when new owners simply let the property “sit” and pay no taxes, etc., then, the tax base is depleted, the neighborhood values ALL decline, more homeowners are likely to walk away when their homes are worth 30% or less of the outstanding mortgage they owe – just think about it objectively – does this make financial sense? Is this not a lose-lose situation for all of us?