Comments on: Americans Face Post-Foreclosure Hell as Wages Garnished, Assets Seized

By: BOBBI SWANN

BOBBI SWANN — Tue, 21 Oct 2014 15:47:07 +0000

@ Colleen – they don’t lose but they do show a ‘loss’ on the books during the foreclosure. Once it is a REO (real estate owned) it becomes an asset and that’s where the profit is posted. So, for all intents and purposes they claim they are losing money. It just matter which side of the P&L statement that is looked at and unfortunately, the loss side is the only one that is viewed. Banks have the advantage of deducting losses from their balance sheets that does not apply to citizens. And thanks to Mr. “O-Change” in Washington we are losing more and more of those deductions every day along with the rest of our constitutional rights!

By: Colleen

Colleen — Thu, 16 Oct 2014 16:24:28 +0000

Are these banks crazy or what? If they start going after people for deficiency judgments then they are going to start another downward cycle of deflation. People will end up spending less and the courts will see more and more bankruptcies to eliminate the deficiency judgment. It is far better to wipe out all debt and start over then to pay these crooks who already took your home and the money you put into and sold to another person. The banks have won three or four times over, first, the got your home, second they were bailed out by the government and third, they sold the home again. How could they possibly lose?