Here are a few more lovely stories coming out of the foreclosure mess:
Ricky Rought paid cash to the Deutsche Bank National Trust Company for a four-room cabin in Michigan with the intention of fixing it up for his daughter. Instead, the bank tried to foreclose on the property and the locks were changed, court records show.Sonya Robison is facing a foreclosure suit in Colorado after the company handling her mortgage encouraged her to skip a payment, she says, to square up for mistakenly changing the locks on her home, too.
Thomas and Charlotte Sexton, of Kentucky, were successfully foreclosed upon by a mortgage trust that, according to court records, does not exist.
The reason this type of thing happens is also one of the reasons the whole mortgage crisis started in the first place: the people making the deals make money with the deal, not the actual property. The banks now mainly sell off the mortgage after they close. They make money in the closing not by collecting the interest, so it made sense to give as many mortgages as possible since they didn’t care if the person couldn’t pay it back. Here the subcontractors make money for each house foreclosed on, so it doesn’t make sense to spend the extra time to make sure everything’s correct. This is why there needs to be regulations, this is why we need governments. Someone needs to look out for the consumer.
And here’s a poem:
Before your very eyes
The future I’ll foretell
Here it comes
And there it goes.