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logic_gw

More on foreclosures...and 'Toxic Titles'

logic
16 years ago

This is a very interesting article...in that the banks claim the right to foreclose...but then claim they have no responsibility to maintain the property or pay the taxes due...

Many may recall that poster Tricia warned of this...as she could not imagine how Countrywide et al were going to handle all of these foreclosed properties in terms of maintaining them; it seems that she was spot on in her concerns...and it seems that the banks answer is to simply scam some more: the banks claim "ownership" in terms of having the right to boot the boorrower out via foreclosure, and to sell the house if someone wishes to pay them money to purchase it...but, of course, they don't "own" the house when it comes to performing maintenance and paying property taxes. How convenient.

However, apparently, Buffalo NY along with Cleveland Ohio are two cities that are not allowing the banks to have it both ways. Gee, what a concept.

Interesting that the various federal entities who are pretending to take action to address the mortgage meltdown issue are blatantly ignoring the lending institutions latest and very damaging scheme in this ongoing debacle.

And the beat goes on...

Here is a link that might be useful: Dirty Deeds; Cities Fight Banks Over Vacant Homes

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