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Foreclosures Two
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So what happens next?

So many things can happen.  The sales bonus doesn't come on time to 'catch up'.   Tuitions are due, baby needs new shoes.  The money just isn't there.

Then the slippery slope to foreclosure begins.  It may be from one to three missed payments but the foreclosure notice comes.  Then some of you get the attitude, "Well, they're gonna take my house anyway so why make the payments?"  The pit just gets deeper.

Some of you were really shocked to find out one day that you had two weeks to vacate your home. Many of you were in complete denial thinking it would fix itself somehow. Where are you going to go and what are you going to do?  Well dude... you're screwed.

Some contributors had very cynical opinions including comments like 'deadbeats deserve what they get' and 'how could anyone be so stupid as to get themselves into these situations?'.  Oh, and here is my favorite, "You get what you pay for and you get thrown out when you don't."

There is absolute certainty in my mind that the side bars of this page are filled with google ads about mortgage lending and foreclosures.  This is called passive income.  See more: passive income.  Go ahead, feel free to click on any of the links on this page.  Perhaps someone out there can help you.

I had a nice talk with my own banker about this. He shook his head sadly and had genuine sympathy for those caught in this horrid loop.  Most of this is beyond my ability to comprehend but I'll give it my simplistic try.  A mortgage broker lands a 'chump', takes the commission and moves on.  The mortgage lender sells the mortgage to another financial group who then sells it again ... repeat ad nauseum.  By the time the foreclosure happens, the home owner has no clue about the lender closing down on them. 

I asked, "So you are telling me that a home owner doesn't get a note or something telling them their mortgage has been transferred or sold or whatever."    Well, yes they do, but sometimes it is simply a change in name and address on their payment book or monthly statement.  There are apparently more than one way to obscure mortgage sales from one 'vapor' to another house of cards.

Me: "Ok, is this like a huge amount of money flying over cyberspace in a great big house of cards." My friend sort of declined to answer this question with a lot of gobbledy gook and words I couldn't understand.

So what happens next?  <next>

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