Mortgage Companies To Sue Defaulted Home Owners
RISMedia reported on June 8, 2010 that the "experts predict that mortgage companies will begin to sue home owners in the next two years, including borrowers who ransack a house that has been lost to foreclosure and those who walk away from "underwater mortgages," with hopes of discouraging others from such behavior."
It was also reported that according to real estate and legal experts "the housing crisis will spark a wave of lawsuits filed by lenders seeking to recoup loses on home sales and foreclosure auctions that do not return enough money to pay the mortgages in full."
They continued that "lenders are unlikely to target borrowers who negotiate in good faith or have defaulted on their home due to job loss or other unforeseen circumstances;" but that "other borrowers could be hounded by collection agencies that have purchased their mortgage debt from their lender."
Source: RISMedia (06/08/10)
For the full story please refer to:
http://www.realtor.org/RMODaily.nsf/pages/News2010060902?OpenDocument
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