By: acmodspecialists

acmodspecialists — Wed, 01 May 2013 23:18:11 +0000

Well stated !

By: talktotennessee

talktotennessee — Wed, 01 May 2013 15:18:31 +0000

This is the most accurate assessments of the CRIMES that banks inflicted on their victims that I have read to date. With the government’s help it is being swept under the rug and business as usual “cleaning up the mess” and still people believe it was precipitated by individuals who “bought more house than they could afford.” It matters not that people were deceived by their friendly originator, real estate person, remodelers, etc. etc. etc. Despite both parties, Washington and Wall Street turning their back, the damage is far from over. Millions of mortgages are underwater, municipalities are hit with property tax deficits and none of the players care. The modification farce is only trumped by the outrage of deficiency judgments. Case in point: Property had two loans (very common in the bubble). First mortgage foreclosed, sold for less than their loan, leaving the second position lender with nothing, whoc promptly went for the deficiency judgment against the homeowner who lost their property or surrendered in bankruptcy. The house sold to an investor, who resold it within 30 days for $50K more than he paid for it, no repairs. Enough to have covered the second mortage plus a profit. The first position mortage holder didn’t care to protect the second although he easily could have. Who is left holding the debt? The homeowner has a deficiency of $37,000 with growing interest. The investor who paid cash on the courthouse steps for the house made a profit of $45,000 “as is” and never entered the house.
Is this legalized scam or theft? If not, what do you call it?

Comments on: DEFICIENCY JUDGMENTS – Is your Court a Collection Agency for Crooks?

By: acmodspecialists

By: talktotennessee