| Dianne Fowler |
|
|
Reply with quote | #1 |
I am shocked at what some are doing to take advantage of people who are losing their homes, many through no fault of their own, by trying to collect the difference between what the banks agreed to take and what the sellers owed.
Banks are selling these loans to sharks who then go after the sellers for the difference. My sister had to sell because she lost her job and lives on her own, she has a 7 year old car, and no bills. She short sold her condo, as she was told this would help save her credit rather then making the bank foreclose. The bank agreed to take $158,000 with the second agreeing to $1,000. She just got a letter from a collection agency that she owes them $27,000 plus interest because when the bank sent conditions there was a condition that they held the right to collect the shortage (which was at the very botton of the page).
When she asked the agent about this they told her that is was fine and the bank would never do that, it was just a cya. Well guess what they did and these companies are making money by doing this. The buy the loan for maybe 10 cents on the dollar and then try to collect the entire amount but usually settle for 50 cents on the dollar. They make 40 cents and you lose again.
YOU NEED TO WARN THE PUBLIC ABOUT THIS SO THIS DOESN'T HAPPEN TO ANYONE ELSE. Another bank scam.
|
| |
