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The www.FedPrimeRate.com Personal Finance Blog and Magazine

Wednesday, August 04, 2010

I Thought I Bought A Foreclosed Property, but In Fact I Bought a Worthless Piece of Paper!

I Thought I Bought A Foreclosed Property, but In Fact I Bought a Worthless Piece of Paper!As you might imagine, with the nation in the grips of a foreclosure epidemic, banks are very eager to unload mortgages gone bad. They'll do whatever's legal to recover whatever they can from a foreclosed home. Doing what's ethical? Irrelevant!

Take, for example, the Strand family in California. They took close to $98,000 out of their paidoff house and bought what they thought was a foreclosed property at a courthouse auction. In fact, they bought a second mortgage -- a useless piece of paper -- and were left with virtually no recourse.

The Strands were smart enough to get the media involved, which, of course, led to the bank suddenly being open to negotiating a settlement.

Click here to read the full story. It's a good read.

Fore some good tips on purchasing a foreclosed home, visit this page.

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Anonymous blackMARKER1 said...

No one can doubt the power of media these days. Once something unethical, but legal, is brought into public view, the party which has done the unethical action immediately becomes more open to negotiation.

Friday, August 06, 2010 4:04:00 PM  
Anonymous Anonymous said...

Here's a place where a lawyer would be of value. They could advise people of what they are actually buying instead of what it seems like they are buying. Still, no company should try to muddy the waters in legal jargon to get people to buy something other than what they think they are.

PR in the digital world is a rough place and I think more and more people will see companies backtracking or giving up completely in order to save face when word gets out. They are just starting to realize the power that the new media has on the bottom line.

Thursday, September 16, 2010 9:55:00 PM  
Anonymous Anonymous said...

That piece of paper still puts them in a good position to negotiate its sale. The current owners cannot finance unless they pay off the Strands. They cannot sell their home, and the foreclosers cannot take property without settling it either.

Friday, September 17, 2010 9:24:00 PM  
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In Debt

Saturday, October 23, 2010 4:19:00 AM  

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