Great, let's tie up our courts even more!
The idea that most people require highly paid legal representation when when making a loan is just sheer stupidity. It's a full-employment act for a new class of lawyers. The woman in the clip admitted that she didn't read the loan and didn't realize that she had an ARM.
I don't agree with that or the notion that home buyers need the government to pay off their defaulted mortgages.
If I was a bank, however, the idea of the just looking the other way after a foreclosure and allowing the former home owner to remain in residence until the property was sold might be smart. The former owner is less likely to trash the place right away and they will prevent real squatters from occupying the building and burning it down.
The Washington Post had an article about foreclosure court on Saturday:
Basically, a lot of people are clueless about what they committed to when they signed their mortgage papers. How can you not know that you have an ARM, not a fixed rate?
"Reeley and her husband ran into financial problems after they lost their garage door business in October 2007. They fell behind on their mortgage, but she said she was unaware of the foreclosure and the sale of her four-bedroom Cape Cod home until a notice was taped to her front door.
Dawson orders Reeley and her husband to pay $60.82 a day to the bank until they leave the property or are evicted. Reeley runs from the courtroom and falls into the arms of her best friend. "This isn't fair," she said, tears streaming down her cheeks. "They stole my house." "
Um.... no. "They" didn't. :(
I guess they never heard the term 'buyer beware'.
If "buyer beware" means "UNDERSTAND the documents you're signing", then I agree.
That's what I believe it means.
Idon't feel sorry for them ....READ THE DAMN PAER YOU"RE SIGNING!!!! WHat if there was a clause in their signing away your first-born child? I never sign/agree to anything without reading it first (except the very lengthy EULAs for some computer programs).
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