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October 4, 2011

A “foreclosed house” is not a house.

I'll tell you something else.
All those people who thought they were going to walk away from those houses and give them back to the banks? The banks are going to figure out the difference between the mortgage and what the house is sold for, which will be huge, sell those debts to lawyers --who'll make the mafia or a first wife look reasonable -- and they'll use the court system as their own private strong-arm collectors, and hound those people to kingdom come. -- Sippican Cottage: Captain Tammany H. Plutocrat Real Estate And Bill Collection, Inc.

Posted by Vanderleun at October 4, 2011 9:52 AM. This is an entry on the sideblog of American Digest: Check it out.

Your Say

From your kybd to God's ears.

Posted by: Casca at October 4, 2011 5:50 PM

Depends on your state and the way the foreclosure was conducted -- power of sale vs. judicial proceeding.

Advice from a local lawyer is mandatory.

Posted by: Fat Man at October 4, 2011 6:53 PM

There is of course, an alternative - which won't be used. Simply don't let the Wunch do it.

As an example, there are in the UK two major banks and a minor one in which the UK Government has a large majority shareholding. Simply use that shareholding to: Fire the entire board of directors, without any form of compensation including their pension funds. Fire all the people who made the incredibly irresponsible deals that caused the mess in the first place. Stop paying any "performance" bonuses - right now. And if they sue for the (contractually obliged) bonuses, there is a further thing government can do, because they are government:

Pay the money - and then create a new tax: 100% on financial industry bonuses, backdated as far as the rest of law allows - which IIRC is 6 years. Payable by the individuals getting the bonuses, not the banks, because if payable by the banks they'd simply rip off their customers some more to pay for it. Of course, many of the people getting hit with six and seven-figure tax bills would go bankrupt. Feature, not a bug.

Posted by: Fletcher Christian at October 5, 2011 7:57 PM

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