Hey, it's true that some of the foreclosures out there are not necessarily caused by the banks...in other words, the homeowner may be at fault for trying to buy too much house...but the vast majority of homeowners have legitimate reasons for being upset about the process...
1. Big Banks get lots of cash (TARP funds), put into its coffers and earn big interest among many other perks.....
2. Big Banks are supposed to do a good faith review of a borrowers need for a modification...bank doesn't do that but rather it's servicers lose paperwork not once, not twice, not even three times...but in many cases up to four or five times...all the while telling the borrower they need to start over again...or they need more information...
3. The reality check: the servicers are overwhelmed, have concocted ways to tell desperate people that they can't find their paperwork...it's in process...it's in suspense or fulfillment or in the vault...all the while knowing that they are stalling until the borrower is out of money (often unemployment) and then no modification because you are not eligible, or happens to get a better job and things start looking up then not eligible because you make too much money to qualify...credit damaged significantly, heartache, emotional pain and suffering...embarassment...you name it, the borrowers are experiencing it.
4. Truth is on its way...we hope. Banks are being held accountable and in time, homeowners will be vindicated...class actions...attorney general investigations and individual lawsuits to seek a remedy for bad faith, unfair trade practices, misrepresentation...
For more information on Foreclosure litigation contact AllieDonham.com
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