I'm struggling with understanding the latest foreclosure lawsuits and maybe someone out there can help me understand. The CNN Money article and news report explains a little about how all the Robo-Signing lawsuit and foreclosure moretorium started. What I don't understand is why the family who "started it all" feel they have the right to stay in the home they are not paying for.
The family in the lawsuit that has caused the nation's lending institutions a huge financial loss, has not paid their house payment in 2 years but they are still in the home. They know they owe the money but because the bank's employee who was responsible for the foreclosure documents said he did not have personal knowledge of the particular file, the homeowner had the right to stay in the home?
I don't understand the lawyer who filed the suit either. I don't understand why he says that he "had to do such an unpleasant job" when he worked for the banks years back when he served foreclosure paperwork. No one made him take that job. No one made him do that job either. He chose to get up each day and go to work and do the job. He sounds like he was a slave and now he is free to punish his master. No one enslaved him - he chose!
So, what I would like to know is.... if the bank loans a homeowner money to buy a home and the homeowner does not pay, why would the homeowner have any right to even question whether the foreclosure paperwork is filed correctly? The homeowner caused the problem by not paying - they should have lost all rights at that point.
Now I know the bank should follow correct procedures and the bank should have to refile documents if they are not filed correctly but at no time should someone be able to use the legal system to cheat the banks out of money. The banks did not participate in the homeowner's profit/equity when the market went up and they should not have to take the loss when the market goes down.
Remember banks have shareholders. If you have a mutual fund or retirement account you probably own a bank stock or two. When homeowners like the one in the article decide they have the right to not repay their loan (breaking their promise and their word) they cost us ALL! Why should someone be allowed to live in their house for free and cause us to lose money by a reduction in bank stock and profit? In effect we are paying for them to stay in the home they have not paid for. No one should be allowed to use the legal system to stay in a home at the expense of others whether they are in College Station, Bryan or New York! Yes, this is my soapbox and I've been standing on it. Anyone want to stand on one too? I am willing to listen!
Susan Hilton Century 21 Beal, Inc. 979-764-2100 http://susanhilton.com/2010/10/24/foreclosure-la…-what-is-yours/
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