Saturday, May 5, 2012

Independent Foreclosure Review

I got a letter in the mail supposedly from the Office of the Currency (federal bank regulators) asking me if I was financially injured due to being foreclosed on.  This was a property we owned in Mesquite Nevada and was not our primary residence so of course that throws it out of consideration.  Really?  Were we financially injured, well only if you consider losing 250,000 real dollars, not appreciation dollars, that went down the tube anyway, but real down payment dollars.  Did we want to save the property even though it was seriously underwater, yes.  Did we beg the bank to work with us, for months, years.  We owed 435,000, Wells Fargo foreclosed and sold it for around 350,000.  Another perfect example of how the banks chose not to work with owners.  This whole housing bubble could have been so much less if the government had taken the 700 billion bailout funds and actually bailed out Americans.

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