Actually it is. Go look for yourself and you will see that there are rising numbers of property seizures being attempted on people who are either current with their mortgages or who do not owe money on their houses.
What we’re seeing is people searching for technicalities to hold onto property on which they are in default.
If a bank screws up its documentation process and cannot legally seize a property as a result then that is the bank's problem. This version of "the dog ate my homework" excuse did not work in school and it certainly should not be able to work in the real world... especially when those of us who have been on the receiving end of a bank mistake have to spend our time and efforts digging up proof to show that it was indeed the bank that screwed things up.
Yet when lawyers use technicalities against any of their favorite interests, they cry that something needs to be done to rein in the lawyers.
Agreed. But if the law provides for these technicalities and they are not respected by the litigants, then they have no one to blame but themselves for things not going in their favor.
Agreed.
Technicalities or not, they should be observed.
I disagree with your asessment of the scope of the problem though. Just because the media can find a few people who are wrongly accused doesn’t make for a majority, or even a substantial minority.
I’m sure you’ve seen how whenever someone wants to cut welfare - jsut as an example - the media trots out the rare legitimate sob story to convince people against it.
Bottom line to me is still this (and it’s obviously a genrallization): A lot of people got in way over their heads and think nothing of using any means necessary to avoid that realization.
The whole thing is an ugly situation.
Loans were given to people that didn't even have jobs or flat out lied on their applications. One report I read said there ware approx. 44.4 million mortgages in the US and of that about 9% were underwater. Underwater does not translate into foreclosures. Shutting down the whole process is absurd for the minimal numbers involved here. If there is fraud by the banks, prosecute them.
The fed has already dumped bond holder rights to the auto companies and given the assets to the unions. Contract law is becoming null and void is this country.
Why would anyone loan anything if there is no recourse?
“Go look for yourself and you will see that there are rising numbers of property seizures being attempted on people who are either current with their mortgages or who do not owe money on their houses.”
I say that is a crock. Got evidence?