Archive for 'Process'
The Modern Day Foreclosure Process
Posted on 01. Jan, 2009 by admin.
As we head out of a period which will go down in history as having one of the highest house foreclosure rates ever, discuss and debate will no doubt rage over whether the banks and financial institutions responsible for administering mortgages acted in the best interests of homeowners and investors. Indeed, there is certainly a bit of controversy surrounding the way banks have handled foreclosures in the marketplace, with stories of innocent tenants being kicked out on to the street when the bank takes over the house again.
In one city in the United States, an innocent mother and her family were forcefully removed from a rental property by police, after the landlord defaulted on a mortgage payment, and hence sent the property to the foreclosure bin. This seems to be a reflection of the modern day foreclosure process. Instead of being fair and balanced, it seems to have become a last minute rush, with the side having the most money getting to the finish line first, each and every time. Does a review or investigation need to be conducted here? I’ll leave that for you to decide.