I have spoken to many folks over the years that are involved in a foreclosure. Amazingly, there is a decent percentage that would have a few grand, maybe more, but not the accumulation of 12 payments to catch themselves up. So they just don’t have enough to do what they need to do, but may spend some of what they have for representation to obtain more of a free ride. After all, the Atty fees might be cheaper than rent, or alternative housing costs, when you think about it.
Federal lawsuits are very expensive and I haven’t seen many go that direction. With the recent heat on lenders to find common ground plus their growing inventory, there are much easier solutions than a fed’l lawsuit in most cases. Most ppl could negotiate a forebearance today that would put back pymts on the back end of the loan. Of course this only applys to those that hit hard times temporarily and are now beyond that, with restablized income, etc.
The ebay thing is interesting, and not likely to be successful in the long run, but success would come in the stalling of the inevitable. I think that the Atty actually states that in his offering. Probably not the way to go… unless you are the person in that pickle, then who would know what you might do…?
Re: lawsuits to stop foreclosure - Posted by Ken-Orlando
Posted by Ken-Orlando on July 30, 2008 at 15:40:20:
I have heard of a few lawsuits trying to stop foreclosure where they are claiming that Regulation “Z” was violated or that the company that is bringing on the Foreclosure is not the owner of the Mortgage. Since banks sell the Mortgages on the secondary bond Market as a pool of loans and the fractional ownership of these loans may reside with thousands of people. When you see Deutche Bank for instance as the owner it may actually belong to multiple bond holders or owners that buy strips of one bond.
where these people filing foreclosure lawsuits are getting $$$ for a lawyer when they can’t make payments. I assume its not a good risk for a contingency fee.