29 November 2010

Foreclosure crisis in the US

Here: http://bit.ly/hZia0m.

The banks have a huge paperwork problem regarding mortgages they hold. Either they can't find, or they may have destroyed, key paperwork. Then, they try to push foreclosure through the courts using possibly phony documents.

Right now there is a 18 month wait on foreclosure proceedings. So, from the home owner's point of view, if you are underwater with your mortgage and about to default, the rational thing to do is to stay in the house. You can get 18 months rent- and mortgage payment-free.


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