Opinion News Service June 12th, 2008 Merrimack Journal Reality of Real Estate
Solution for Foreclosure Stampede
Dr. Anthony G Ziagos, Sr.
Any Government participation in a Bailout Program for mortgage lenders facing high foreclosure rates in our opinion is a slap in face of every hard working person who struggles to pay their mortgage on time and sacrifices to do so. Economic down turn affects everyone in this country. We ALL have to make tough decisions and decide to have one item or another but not both. Two scoops or one or maybe none this week. Hard working people will suffer through no fault of their own. Others, who bit off more than they could chew will lose out also, and rightfully so.
In every industry there are those who take advantage of the weak, and walk a fine line between fraud and a legal hustle. You can never pass enough legislation or industry rules to protect the consumer against their own bad judgments. No matter how good the sales talk is, at some point, the buyer has to bear some responsibility for their actions.
In our opinion, the only logical step for the government to consider is a stop gap measure to halt any foreclosure until a hearing of the facts surrounding the loan, mortgage instrument, and pending foreclosure action can be determined. Both parties can contribute to the cost involved for a judge or magistrate and court time. If one party is found to have violated the law they can be sanctioned. A judge or arbiter can determine is short order if a foreclosure is warranted or the parties have to live within the statues of the law. Even the cost of this solution will be pale in comparison to another lender bail out at taxpayer expense.
©2008 Middlesex Media Exchange/Opinion News Service
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