[CFW]

A lot of people are going to suddenly find that a loan they thought modified or forgiven years ago, has actually been purchased by a limited liability company and now these companies are coming after their homes. Just when they can least afford it.

Yikes!

[CodeToad]

When she says, “told”, did she receive anything in writing?

[dfwgator]

And who comes from Delaware?

[jpp113]

Non-payment is generally a default under all mortgages and notes. A default on a mortgage is basically a breach of contract case. Depending on the State where the property is located, there is a Statute of Limitations to bring Breach of Contract cases. For instance, in CA, the statute for a written contract is 4 years. If you stopped payments 5 years ago because they misled you to believe the loan was forgiven, the time for a breach of contract or promissory note ran out when the default hit the 4 year mark. No lawsuit over the default and no foreclosure after the statute runs out is legal.

[JimRed]

You borrow, you pay back. Or you relinquish the security to the lender. That’s the way it’s supposed to work.

[JimRed]

When she asked for the mortgage to be modified, she said she was informed by the company, which serviced both loans, that the second mortgage was forgiven.

Did she get that in writing?

[qaz123]

It’d be nice to know who’s filing the paperwork.

Easy for the Blackrock, Vanguard, State St, the company that was the topic in one of Stahl’s 60 Minute pieces(own 30k houses and counting) to snatch all of them up and take away home ownership, WEF style.

Story on a local news channel, in Atlanta, that showed that there were over 19,000 homes owned by corporations. I’m sure that number grows by the day. Because they can always outbid the middle class.

Outlaw hedge funds and private equity from doing this and home prices drop immediately.

[SamAdams76]

On a related note, those who are getting their school loans "forgiven" will likely be dealing with this scenario in a few years.

It is after all unconstitutional to force taxpayers to pay personal loans given to deadbeats.