Times are Tough, Shouldn’t We Think About Foreclosing on the Banks?

Many Americans are under water, which means that their house is worth less than what they owe on the mortgage. When you can’t make your loan payments, many banks will begin foreclosure proceedings, which can result in the sale of your house for less than what you owe. Is the bank done then? Absolutely not, they will pursue a default judgment against you to collect that difference.Foreclosure and Banks

Patrick Rogers, entered into a reverse foreclosure against a bank after the Bank of America tried to foreclose on their home. Guess what? Bank of America didn’t have a mortgage on their house, but that didn’t stop Bank of America to begin foreclosures. Not only did he get a court judgment against the bank and attorney’s fees, when they didn’t pay up, his lawyer showed up at the branch with a sheriff’s deputy and a moving truck. Guess who wrote Mr. Robert’s a check? Bank of America. It’s too bad that others don’t use the Real Estate Settlement Procedures Act to their advantage.

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