With the passage with the poorly-named “Foreclosure Prevention Act,” the somewhat-elected representatives of a little percentage with the individuals of the country have passed legislation which will only hurt much more homeowners. Though ostensibly designed to provide more resources to help homeowners in foreclosure, the bill really rewards those parties (banks and homebuilders) who have profited most from the real estate bubble.
In truth, the bill actually provides tax credits to soften the blow of proceeding using a foreclosure. The lenders are now encouraged to keep foreclosing on houses, although Congress permits them tax cuts to make this much more attractive. All of the even though, the banks claim they require more bailouts and also the Fed needs more power to provide bailouts.
This line of thinking, rewarding those with money together with the houses with the poor and middle class, reflects the well-liked thinking among the rich, which they have tricked the general public into believing these policies are for the common good. To see through the deception, although, appear no further than how Congress has accomplished completely absolutely nothing to help any single homeowner in foreclosure.
But the banks get hundreds of billions of dollars from the Fed in below-market interest rate loans, and they can exchange defaulting mortgage debt for not-yet-defaulted US Treasury Securities. This is then defended as required to avoid the banking method, which has preyed upon the public for decades, from collapsing.
And banks and homebuilders now get tax credits to lessen the cost of foreclosing on homeowners. The new owners of America are the incredibly identical corporations that created the unsustainable suburbs and locked people into properties with significant mortgages they are able to no longer afford.
The general public is finding stuck with these defaulting mortgage loans so banks can ignore the toxic debt and continue operating without getting to perform with homeowners to stop foreclosure. They have taken the policy of just ignoring the problem and hiding their poor loans in the Fed until the problem is no longer intriguing to the media.
And needless to say, the media is proclaiming that the recession, which was not coming, and was not robust enough to be regarded as a recession, is now more than. The Fed and the government stepped in to right the issue, and rising food and power costs and increasing foreclosure rates are not symptoms of difficulties in the economy.
Did individuals really elect their government officials to create it easier for banks to steal their properties? In all probability not, but that’s exactly what is happening now in the gifts given to the banking technique.
Americans are being forced to pay through inflation for bailouts to the quite very same mortgage companies which are pushing them into foreclosure. And all Congress can come up with is voluntary plans for banks to maybe participate in to maybe offer you solutions to homeowners behind on their housing payments. We need to keep the banking program afloat, but banks do not have to aid everyone suffering from their policies of inflation and credit creation.
Using the political energy as well as the energy of dollars inside the hands with the banks, politicians, as well as the homebuilders at this time, why wouldn’t the news and mainstream media encourage much more predators to get into the foreclosure business? It positive appears to be significantly more lucrative than helping any person really save a home from foreclosure, what with foreclosure victims and other people paying hundreds of billions of dollars to assist out the banks.
“Poor unfortunate credit victims” are the very best consumers for the banks to prey on, and they have extended their tentacles into every aspect with the lending method. Subprime mortgages, adjustable rate mortgages, high stop foreclosure before the lawsuit proceeds. It could have the trustee’s name or the contract information with the attorneys who are involved inside the foreclosure lawsuit.
Homeowners can call either of these parties to find out more info about any pending foreclosure actions or if there’s an auction scheduled for the property. If the trustee or attorneys don’t have any info about a lawsuit against a certain house, it really is most likely that the foreclosure method is not becoming pursued currently on this particular property.
Alternatively, foreclosure victims can call their county courthouse to discover if a foreclosure lawsuit has been filed against them. The residence could not be sold at a county auction if there was no lawsuit and judgment against the property. The bank simply would not have the ability to ask the county to auction the home without having having gone through the actual legal approach of taking a home through foreclosure.
As one last option, homeowners can call the county sheriffs department to find out if their residence is listed for an upcoming foreclosure auction. If so, then this would indicate that the homeowners may not have been appropriately served with the foreclosure lawsuit. But if there is certainly no auction scheduled, then there is certainly possibly small danger with the residence being sold out from below the owners.
Foreclosing banks constantly make mistakes, and they hardly ever call their customers back to say that they’ve corrected those mistakes. Apologies in the banking world are couple of and far in between. It would not be surprising for a bank to find out that the foreclosure process really should not have been began against a residence, or that notice was improperly given, but they are going to just ignore the situation, hoping that the homeowners don’t determine that they have been illegally targeted for losing their home.
This really is one reason why you will find several other sources of the same info that homeowners need to check with. It can be important to remember that the bank can not auction a residence with out the help of their attorneys, the county courts, and the county sheriffs department. If the bank is becoming nonresponsive to requests for data relating to the foreclosure, these other parties might be more helpful.