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In a nutshell, what happened is that Monday morning, all the major mortgage banks in the U.S. issued some kind of order or decree, that they would cease conducting any kind of workouts or negotiations with borrowers, and instead foreclose on every home they could.
A comment related to me from someone who asked the biggest foreclosure law firm in our area about it was, “We’ve been given our marching orders: No more deals. No more workouts. We play by the rules, and if we can foreclose, we foreclose.” Apparently these “marching orders” came down from every major bank (at least) in the U.S. first thing Monday morning, and as of today, there still seems to be no movement away from this new “policy” of letting homes go into foreclosure en masse, with no way out whatsoever for troubled homeowners.
What possible reason would they have for doing this?
For the 18th consecutive month, Nevada leads in the number of home foreclosures. In fact, in Gov. Gibbons State, 1 out of every 122 households was in some stage of foreclosure - four times the national average. Loan foreclosures in June amounted to 3,133 properties in Nevada.
Originally posted by jsobecky
This is a horrible (for the consumer) tactic of forcing the Fed's to bail them out. The only plus is that this article happened about a month ago, and I haven't heard of any followup; maybe the banks saw what happened to IndyMac and thought twice.
RealtyTrac's vice president of marketing was quoted as saying that foreclosure activity has not been this high since the Great Depression of the 1930s. Other experts say the home foreclosure problem will overhang the US economy well into the next decade.
Originally posted by jprophet420
When you have a mortgage that you can afford, you buy insurance on it, so that if you become unable to work you dont lose your home.