Foreclosure Blame- It’s Not Our Fault! So if we didn’t cause the foreclosure crisis who did? That’s right, greedy banks and lenders who care more about profits than what’s good for you or the country. Unfortunately, banks are no longer your friend as the age of the local community bank that actually cared about you and your neighborhood are long gone and replaced with faceless monsters with no heart or soul, just a bottom line and bottomless cup that always needs more money and bigger profits. Read About the Nationwide Foreclosure Settlement and How They Won Again
As a result when homes became so overvalued that most borrowers could no longer qualify for a loan, the banks simply created and funded the sub-prime mortgage market rather than letting prices stabilize naturally. By providing risky loans with exorbitant fees, they further fueled an unsustainable real estate bubble while at the same time betting against the housing market and expecting it to fail through hedge funds and other securities.
When the bubble finally burst, homeowners were left with few options other than foreclosure with prices too high to sell or refinance and the banks neither accepting responsibility nor offering obvious solutions like principal reductions and loan modifications. Rather, banks simply flooded the courts with flawed and defective foreclosure lawsuits and saturated the real estate market with cheap foreclosed homes which further worsened the existing crisis on all fronts.
Now that you know the real story, it’s just a matter of choosing the Foreclosure Option that works best for you rather than worrying about lenders who caused the problem in the first place. Once you decide on a foreclosure plan, you’ll no longer be intimidated by the very companies that put you in foreclosure and be more concerned with protecting your foreclosure rights. Beat the Banks and Protect Your Foreclosure Rights
Future posts will discuss possible foreclosure options, Defenses to Foreclosure Lawsuits and updates on legal and legislative developments that may help you succeed in your battle with the bank. See the rest of SaveTheCave for detailed information on foreclosure strategies as well as Sample Foreclosure Letters and Documents to implement your foreclosure plans.
Photo by Simon Howden