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Banks, accelerating efforts to move troubled mortgages off their books, are offering as much as $35,000 or more in cash to delinquent homeowners to sell their properties for less than they owe.
This does not make sense. The banks should just have the sheriff boot these deadbeats who have not paid their mortgage for more than 3 months. This is THEFT.
This does not make sense. The banks should just have the sheriff boot these deadbeats who have not paid their mortgage for more than 3 months. This is THEFT.
It seems they are doing this to avoid the foreclosure process which they will bring substantially less than bribing the people to sell now to save the hit to the banks. It's also very common for people who are foreclosed on to destroy the homes making their value plunge even more.
It seems they are doing this to avoid the foreclosure process which they will bring substantially less than bribing the people to sell now to save the hit to the banks. It's also very common for people who are foreclosed on to destroy the homes making their value plunge even more.
There's also the issue that the banks, by not implementing proper paperwork procedures, will not have to face this issue in court. With this, they get to avoid having their practices and methods inspected carefully in a court of law.
As an aside, I know of one person that has had their house in foreclosure for over 3 years because of the delays they were able to introduce in the court due to the bank's shoddy paperwork. I am sure this particular case if one of many and is being replicated in courts around the country. So, in short, this is an easy way out for the bank.
Not having the Note in possession is causing quite the conundrum for the banks.
While they gladly take the mortgage payments they cannot prove they are lienholders on the mortgage.
This does not make sense. The banks should just have the sheriff boot these deadbeats who have not paid their mortgage for more than 3 months. This is THEFT.
There aren't enough sheriffs in the world to evict all the millions of deadbeats in our nation.
The banks are enticing them to take some money and move out instead of staying indefinitly payment free.
There's also the issue that the banks, by not implementing proper paperwork procedures, will not have to face this issue in court. With this, they get to avoid having their practices and methods inspected carefully in a court of law.
As an aside, I know of one person that has had their house in foreclosure for over 3 years because of the delays they were able to introduce in the court due to the bank's shoddy paperwork. I am sure this particular case if one of many and is being replicated in courts around the country. So, in short, this is an easy way out for the bank.
There are a bunch of cases. Most are MERS challenges or end up as such and have been tossed out.
I think it was Greenspan that suggested that instead of bailing out all these banks, just buy up all the bad mortgages and bulldoze the houses. I'm not a Greenspan fan but in some ways, I wonder if that would have just been an easier solution. I say this with a good deal of skepticism, I might add, but it really is that bad with this housing crisis.
Not having the Note in possession is causing quite the conundrum for the banks.
While they gladly take the mortgage payments they cannot prove they are lienholders on the mortgage.
They don't have to. Google MERS. Most challenges to MERS have failed and the frequency of failure is increasing.
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