Comments | polaris93: New York Judge Starts Throwing Out Foreclosure Cases

polaris93

New York Judge Starts Throwing Out Foreclosure Cases - DailyFinance

Jan 12, 2011 23:14

http://www.dailyfinance.com/story/credit/new-york-judge-starts-throwing-out-foreclosure-cases/19797842/Read more... )

finances, foreclosure, economy, crises, banks

Comments 6

hannahsarah January 13 2011, 10:31:29 UTC

It's hard for me not to be a little bit bitter about losing my home 4 years ago. Where's my bailout? Where's my second chance?

I know, it wasn't meant to be, and I'm where G-d wants me to be now. Still, I'm only human, and these thoughts do cross my mind...

polaris93 January 13 2011, 20:40:56 UTC

I don't blame you for being angry -- I'd be white-hot with rage over it and hurling Magickal H-bombs at the bastards myself. I commend you for your civilized self-restraint.

It's a shame they didn't do this back when this all got started, though at least this happened now. It may well boost the economy, but in the meantime, lots of individuals are hurting.

I think there are some class action suits starting up against banks which wrongfully foreclosed ( even, in some cases, on properties they hadn't financed, owned by people who had no accounts at all with them!). You might want to see if there's one you can join.

hannahsarah January 13 2011, 22:11:21 UTC

What keeps me from being really angry, is that I knew what I was doing when I got into it. I knew that I was getting a high risk mortgage. Zero down, stated income, self employed with no tax forms! My grandmother loaned me the money for the closing costs ( ... )

polaris93 January 13 2011, 22:41:54 UTC

Okay, that makes sense. And it finally came out that ACORN and others on the Left lobbied Congress to pressure banks to award high-risk loans and mortgages to countless people who should never have been granted such loans and mortgages, hoping for exactly what happened in 2008 (the tanking of the economy). People who do get high-risk loans/mortgages should hoard their resources until they aren't so high-risk, but things happen, and sometimes you can't help spending money for, say, needed medical procedures, your children, and so on. The question is where to draw the line in terms of culpability: on which loans/motrgages are banks the most culpable, and on which are those who took out the loans and mortgages most culpable. That's what the courts are going to be sorting out for some time, but in the case of foreclosures on properties on which mortgages have been paid in full, or any payments so far have been paid on time, or the banks who are foreclosing have no accounts with the owners of those properties and never have had, it's ( ... )

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