“The point is that he owes you money and is using legal means to screw you. Sadly this happens every day in America. If it was happening to YOU PERSONALLY, you would be pissed.”
In a very real sense this is happening to ALL of us PERSONALLY, as these private debts have become public obligations (through TARP and otherwise), and the slide in house values, the debacle in the housing market, et al. That is why those who bought too much house, the politicians that greased the skids at Fannie, Freddie, Countrywide, WAMU, et al, and those that approved those risky loans, are NOT innocent.
I don’t know how this all needs to unwind, but it sure aint with *most* people who are worthy of foreclosing getting out of foreclosing just because.
The legalities of all this are certainly also important and those legal institutions that have been cutting corners may just end up holding the bag on some portion of these foreclosures, but leave it up to lawyers who smell ‘blood in the water’ to remove any semblence of accountablity even more from the situation, than has already occured with the mortgage derivatives.
There certainly are few heroes in this situation that has saddled our children with irresponsible people’s debt.
That’s the most sensible response I’ve received thus far.