Foreclosure

[Garydh]

I am sure some of you have had the experience of going through a foreclosure. Be it you owned the property or you rented it. Job loss, medical, problems, or other situations. It is not fun, and seems unfair, as to what the banks can do, without giving you opportunities to lower the mortgage payment, or rent payment so you can stay in your home. Yet the banks don't care. They strive to make it difficult. Why, well, they can write it off as an expense, turn around and sell the property at a loss, and for some reason they still come out ahead. Sort of.  Something is wrong, the government bails them out, but not the average hardworking soul that is struggling.  Well just saying. My daughter and son in law have to move. Why, their landlord went into foreclosure. What a surprise for them. Well I will do what I can to find them another place and my grandson, hopefully in the same area.  But like many other Grandparents out there, we do not have a lot of resourses. Sad tonight.

[debidoo]

Sorry to hear about what your folks are going through.  I have been through so much the last two years including now foreclosure but you know what I believe it will all work out in the end.  It is terrible what people go through and I don't even begin to understand that banks who continue to prosper and give huge bonuses get "bailed out"

[greenworld12]

How common is this subject?.... I am helping a family member move next week due to a foreclosure. I am sorry to say it was because of poor management of their money.  They both still have jobs but liked to spend money on credit.  Sad situation.  They are now renting a home and hope they can handle that situation.  I still think they are in over their heads with their finances.  I wish them all the best in their rented place.

[Garydh]

I can understand bad management, and being foreclosed upon. But hard working people losing there jobs, notifying the bank, asking for a break, they don't get. But the bank then sells the place for less money and less mortgage payment, if they only could have done that with the people that lived there for 5 10 15 years or longer, the banks must know they are responsible people. Why not work with them?  But the renters out there, paying rent for 4 5 or 7 years, and do not know that their landlord quit making the mortgage payment, but kept collecting the rent, and then the renters get notified the bank owns it and is evicting them. Why dose the bank not just take it over as the new land lord and keep on collecting the rent?   ..?? Oh well, inquiring minds want to know.