I came across this article about a bank executive using a bank owned property to throw parties. I wasn't surprised or appalled at anything but the very last paragraph.
Sadly, that story is only the tip of the iceberg when it comes to banks screwing with foreclosures and foreclosed properties. If people really knew what was going they would be sick to their stomachs. In too many cases banks are wrongfully foreclosing on properties by manipulating the accouting of loans and then buying the properties for pennies on the dollar so homeowners can't recoup any equity they may have and then putting the houses on the market for full value. They also do the same (equity stripping) on properties that were legitimate foreclosures. Just sick and sad. You should also see the way RE agents are talking about this online and sharing their own stories of using properties and laughing about it. Makes me sick.
5 comments:
Great! Now I know where my family and I can move for teh summer! Thansk for letting me in on this! (the sarcasm font would be a nice touch here.)
And spell-check on these thingies! Geesh!
Sounds like we should become bankers.
I live in So Cal. My mom's boss pays $65K a year in property tax for one house alone. Yes, they DO have that kind of money here and it is disgusting.
Sadly, that story is only the tip of the iceberg when it comes to banks screwing with foreclosures and foreclosed properties. If people really knew what was going they would be sick to their stomachs. In too many cases banks are wrongfully foreclosing on properties by manipulating the accouting of loans and then buying the properties for pennies on the dollar so homeowners can't recoup any equity they may have and then putting the houses on the market for full value. They also do the same (equity stripping) on properties that were legitimate foreclosures. Just sick and sad. You should also see the way RE agents are talking about this online and sharing their own stories of using properties and laughing about it. Makes me sick.
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