Skip to comments.GMAC Mortgage attempted foreclosure over a 30 CENT error!!
Posted on 12/24/2008 10:36:03 AM PST by big black dog
click here to read article
Depends on what "is" is.
One can easily deal with the existing loan - it was his son that let it default.
The other; if "right" is an adjustment in value, yes. If "right" is extending a 20 year loan to 40 years, no, because that's only worsening the burden. He's most likely going to step away from the house and accept the onus while the bank trades a write down today for another empty building in a recently upscale neighborhood. A house they might sell a year from now for about one third.
(Point is, he's trying to do whatever he does in proper fashion - before a default - while the bank can't even use the same alibi twice in a row)
I agree that this story is utter BS.
“First to call BS.”
I originate mortgages for a very large entity. A month or so ago we had someone walk into our bank where I am located.
He said that he just found out his home had been foreclosed on and that was the first thing he had heard about any problems with anything with his mortgage.
After spending an hour calling loan servicing and the law firm who was handling the foreclosure, we found out that yes the property had gone all the way through the foreclosure process and had been sold at a sheriffs sale. The process would take at least a year and multiple notices would of course be sent out out to the mortgage holder..
They left and went home and I saw some emails the next day from our loss mitigation people.
It turns out that they had spoke with this guy multiple times and had given him options of what to do. He just didn’t do what was needed to stop the foreclosure process and could have.
I get a bit cynical with some of these stories. For every case a lender does something stupid; there are 10 cases where a BS artist just won’t pay their bills and wants to blame someone else.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.