Quote:
Originally Posted by sebastian_dangerfield
You won't because no one's being trampled. The scandal involved "robo-signers" verifying foreclosure complaints and providing summary judgment affidavits is being misrepresented by the media. It's really a no-harm, no-foul situation. The arrears defaulters owe are all easily verifiable, the fees are minimal and in the end, no bank ever sues on a deficiency anyway, so even if they were slightly off, it wouldn't matter.*
Additionally, if a debtor thinks he's getting screwed in the listing of fees, interest and arrears, all he has to do is file an answer to the complaint and challenge the numbers. If he gets served with papers from the sheriff and neglects to do so, fuck him (He could do it for free... I've seen handwritten answers in court documents).
*There are circumstances where a flipper may be sued, but its rare. And the 1099 discharge of indebtedness tax liability doesn't apply to people losing their primary residences.
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I had the pleasure recently of helping a relative deal with a foreclosure being done by one of the mills hired by a large servicing operation for securitized mortgages. The debtor was just $2,000 behind. I had two whole questions: how much does he owe and where do I send the check? The bank sent me to the law firm to answer it. Three calls and two letters to some paralegal whose identity changed in the middle later, I got my answer, together with an itemized bill adding over $700 to answer the question, plus another $400 in other charges that were run up while I was trying to figure out where to mail the check.
The "fuck em" attitude needs to get applied to the mills doing this work and the banks hiring them as much as some of the debtors. The sad thing is we'll probably move the loan to a community bank with guarantors on it to bring the rate down, which is probably just what the assholes want.
