defeciency judgements: Losing your home to foreclosure - 02/07/12 11:48 PM
I was asked by my representative at the Idaho Statehouse to tell stories of hardship. The stories are real and the names have been changed:
John
I listed the home in February 2008. It is probably what drove me to my run for Congress. It made me mad enough to run. It was a short sale with Wells Fargo. John is a school teacher. He and his wife took out a second mortgage on his home. The home appraised for $30K more then the home was ever worth. Five months later, his wife left him. He didn’t know he … (7 comments)
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defeciency judgements: Need help with deficiency judgement... Trying to help a state legislator... - 02/07/12 08:29 PM
I was contacted my State Representative, Sue Chew and was asked if it was true that the banks were double dipping when they gave a deficiency judgement. She was told that Bank of America was gauraunteed by the feds that they would lose no money. She was wondering if the banks were collecting from the feds and trying to collect from the home owner.
Also if there were to be protective legislation on deficiency judgements what would be the best practice to protect those with real hardship while not allowing a benefit for strategic defaults. Any opinions you have would be … (0 comments)
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