Posted at February 3, 2010 @ 5:15 pm by Dillon in community, Finances
With the rate of foreclosures remaining fairly steady in this country, there have been some trends that have come to light. These trends are not always good and I was reminded of one today. Many homeowners who have been forced into foreclosure have found that they still owe money on their houses. One example is a woman who found that since her house was worth less at auction than the amount she was foreclosed on, she was liable for the difference.
Many banks are now instituting this policy and it is causing resentment by homeowners. Banks are going after homeowners even after they have given up their houses. This sounds to me like a perfect opportunity for congress to step in. I am sure they would love to posture on this problem!
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