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Mortgage lender "walkaways" the latest scheme - Las Vegas mortgage borrowers take note
The real estate meltdown that continues to churn on has already seen some vein-popping scenarios concocted by many mortgage banks seeking to take advantage of homeowners facing foreclosure. And new ones keep surfacing. One of the latest creations could be called a home loan provider "walkaway", because that's what it really looks like.
When a mortgage lender executes a foreclosure the normal route is to take possession of the property in question and then decide what to do next. Now many of them have begun leaving the property in the former homeowner's name after the foreclosure, basically the exact opposite of what was done before. This is bound to happen when the home has liens attached to it that would cost a good chunk of money to clear. And most of all when the property is underwater, since now the mortgage provider cannot sell it at break-even basis, much less at a profit.
They are in essence forcing ex-homeowners to at least deal with taxes, possibly also with HOA dues and any code violation penalties for as long as possible. People who have already gone through the trauma of a foreclosure now may have to defend themselves against these collection efforts. That ... more

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