The world of securitized lending, as I call it, never ceases to amaze me. Increasingly, surprises seem to be found around every corner of the journey of a homeowner’s fight with the bank to save his or her home against foreclosure.
Joe and Jenny Robb came to see us in August 2012, after being sued for foreclosure on their $72,000 mortgage. They ran into problems in paying on the mortgage when Joe’s income dropped after he was forced to find a new job.
Stephanie was sued for foreclosure on her $47,000 mortgage after missing three payments in 2004. As generally is true with banks these days, Stephanie’s bank showed her no forgiveness when she fell behind.
Recently, we met with Brenda and heard a story we’ve heard all too often. Brenda had run into problems with her mortgage and was contacted by an out-of-state outfit which promised her for a few thousand dollars it could straighten things out and help her get mortgage relief.
In last week’s Foreclosures Stories article about Mark and Susie titled “The Supreme Court Gets It!” I compared our judicial system to a waking sleeping giant when it comes to securitized mortgage foreclosure cases.
Before in this column, I compared the court system to a sleeping giant when it comes to foreclosure cases, in that it is just slowly waking up to all the fraud and abuse by the banks in their push to take peoples’ homes away because it is profitable to do so.