Saturday, August 22, 2009

Bank are Walking away from foreclosures

Are banks walking away on foreclosures? Seems like they are. A while back The New York Times did a story about several homeowners who thought their bankers had foreclosed on their homes. Image their surprise when they discovered the banks canceled the sale of their houses at the last minute, left the homes titled in the homeowners’ name, and then demanded the owners resume maintenance on the property. Apparently one of the causes for this unsettling trend has to do with; you guessed it, the almighty dollar. There’s not much incentive doing a foreclosure these days when the legal and maintenance fees involved exceed the value of the real estate. But hey, that didn’t seem to be a problem when banks were handing out all sorts of inflated and exotic mortgage loans back in the day.

http://www.nytimes.com/2009/03/30/us/30walkaway.html

http://yourvideoforum.com

0 Comments: