Bank glitch traps pair in web of foreclosure
Here is an interesting story about a family that got caught up in the bureaucracy of the banks when their mortgage servicing was changed and are now facing foreclosure due to “paperwork”. Hopefully they’ll fix the issue and get to the point where they have no more mortgage problems. But it shows you the importance of making sure you are on top of your finances. This should have been easily caught right away on the statements.
Someday, someone will produce a fair and balanced moral analysis of the housing collapse.
Until then, we must settle for shallow, ill-informed and facile explanations that fall into two main camps: The lenders are crooks who got what they deserved, or the homeowners are fools who had no business borrowing what they did.
On one side, sympathy is hard to summon for bankers who aren’t being paid for loans that any third-grader could have foreseen as doomed.
On the other, it’s a bit disingenuous for borrowers to blame banks for lending them money. That’s akin to blaming the woman who agrees to goes out with you for what proves to be a less-than-enjoyable date: You might question her judgment, but you’re the person, after all, who made the overture.
The fact is, some homeowners borrowed far more than they should have and are now paying the price of such greed.
And then, there are others.
Read the article here on Bank glitch traps Lancaster pair in web of foreclosure
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Filed under Mortgage, No More Mortgage by on Feb 7th, 2010. 
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