foreclosure?

[retread]

Because of some interesting times I've had with mortgage companies in the past, the current mess has me wondering... if a company forecloses on a house that is current in payments, as some of them have, does that put the company in breach of contract? Seems like it would.

john

[VaughnCat]

Interesting . . . seems the laws have changed so much, it seems each state, each bank operates by different rules/laws.

I know a couple in a foreclosure situation and the bank is bending over backwards to keep the people in the home (cos the bank doesn't want ANOTHER vacant house) . . . . but then I know another couple in a similar situation . . . . the house sold at auction and the 1st mortgage balance was satisfied; but the out-of-state bank in 2nd mortgage position is going after their asse(t)s.

Seems to me, with all the foreclosures and houses sitting vacant, if a bank has someone who wants to make their payments, they'd find a way to keep them in their home..... but then that's just me.

Our local police dept had to put on another patrol for all the foreclosures sitting empty. Not only are the vagrants destroying the homes, but owners AND lenders have been caught torching the homes to collect insurance. :yikes:

cat:doorag:

[Smylinacha]

I understand some of those employees at the banks were foreclosing on homes without even reading through the information so I'm sure there are homes that are current in payment but being foreclosed on.

I would think they wouldn't be able to foreclose but then again, I'm seeing things I've never seen before with this administration.