Ping - What will the new Republican House do?
If you were wondering why HAMP is not helping, it's because the contracts the banks have with the mortgage security holders say that they must act in a way that screws you out of the maximum amount of money possible if you default, and even better, if you default, they foreclose and then are able to come after you in a deficiency action, they get to keep 25% of the money.
Yeah.
Guess what: I'll bet my last nickel that Geithner knew this full well when they put together the fraudulent program called "HAMP", and that the very design of it - requiring you to default first before you could get help - was put in that program specifically to enable these clauses to be exercised.
Yet another example of the banks robbing you.
Ping - What will the new Republican House do?
Then the homeowners deserve what they get.
Well they won’t be getting any help from zero which really isn’t a surprise given his take from the banks.
Obama administration sings new tune on foreclosures
NEW YORK (CNNMoney) — The Obama administration is singing a different tune about foreclosures.
A year ago, officials focused on stemming the foreclosure tide. Now they are touting the need for foreclosures to rebuild the housing market.
Continue
http://money.cnn.com/2010/11/02/real_estate/obama_administration_foreclosure_shift/
This is misleading. In non-recourse states, there is no such remedy. In recourse states such as NY, the remedy is available, but very difficult to get a judge to sign and costly too. It’s already taking 568 days to get a judgment of foreclosure and untold thousands. To get a deficiency judgment and then attempt to collect it doesn’t make sense.
This is misleading. In non-recourse states, there is no such remedy. In recourse states such as NY, the remedy is available, but very difficult to get a judge to sign and costly too. It’s already taking 568 days to get a judgment of foreclosure and untold thousands. To get a deficiency judgment and then attempt to collect it doesn’t make sense.
Okay, that title is just crying out for a Photoshop of you-know-who as Gordon Gekko.
I’d love to see the damned banks in receivership and the banksters incarcerated with Ken Lay.
Yeah - that’s exactly what I meant...