For those of you that think the foreclosure crisis doesn’t impact you, consider the stories that will start to surface where lenders had no right to foreclose, such as the one in this article where the owner didn’t even have a mortgage on the property.
While this is the most dramatic example, every day in court there are homeowners who are in formal repayment or modification programs with their lenders or the servicers, but a foreclosure sale is scheduled. I predict a wave of such reports over the next several months because the lenders have lost touch with the mills that are pushing these sales through. And just forget about all the short sale and other people the are in the middle of modification discussions. The system is so fatally flawed that only a moratorium will help to protect rights….just what was requested by US Congressman Alan Grayson.