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I will add that it seems fair enough that if there is a deficiency, unless it is proven the people were taken advantage of, that they should be on the hook for the money.
Where are these people? I have googled and dog-piled it. Nothing.
Court records. PACER. It's typically not a bank who sues you, the bank sells it to a law office who specializes in this, and they attack like rabid dogs if they know you have assets or a job.
They really just started up the process of going after people from the recent foreclosures so it could be a couple of years before you start reading about a bunch of them in the news.
Only in this country would we be aghast for holding people accountable for their actions. I run across new, wanna-be buyers with prior strategic defaults, aka buy and bails, on a regular basis. Invariably, these are the folks with strong incomes and want to put down as little as possible (and no mortgage insurance, please). When I tell them they are in for a 7 year wait for maximum financing, they just cannot believe this can happen to them......
There are so many others that put 20% down, lost their jobs, they hung on to their house for as long as they could as values dived and they finally realized they were stuck....these are the ones that the Forgiveness Act was designed for......not the guy that never missed an hour from work, the homeowner that saw he lost over 100K in value and could get one heck of a bargain if he bought now.......and did, but walked out on his old home and mortgages with it. You know, the homeowners that bought another home to take advantage of a declining market, but then did a strategic short sale on the existing home, even though they could easily afford to carry the old home. Those particular homeowners are now moving up from their 2010 purchases with their 3 year old short sales........they are making more money than ever......and they are incredulous they can't get a mortgage with very little down.
When we look at credit reports........it's very obvious who tried to save the mortgage......because everything else went delinquent before the mortgage ever did. The ones that were abusing the system, took out new mortgages, first, then a short sale appeared. They may even have credit scores in the 700s, and just a little notation "settled for less than owed." These are the reports receiving the harshest UW reviews.
I hope the Mortgage Forgiveness Act is not extended.......far too many abused it.
There are over 139 bills before Congress containing the word "mortgage." They can't agree on much these days, there's complete paralysis.
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