The bank really does want your house

[debee]

Ok, so that's a provocative title for this post. There's a bitter real estate in Texas who thinks they do want it and he presents his argument for it here:

http://www.dailykos.com/story/2010/2/17/837819/-Banks-Want-to-Foreclose-on-You:-Heres-Why

I only skimmed it but the part that caught my attention had to do with banks insuring mortgages. I read an account earlier today of someone who was trying to negotiate with USAA in order to save their house, USAA wouldn't budge at all, and when they foreclosed it was the insurer who they had to deal with. USAA had already been paid up and was out of the picture.

So not everyone's foreclosure tale, but someone's.

[angles]

There is a lot of money for the banks if they foreclose and it can come from different sources (government, PMI). Best defense is to have a home with little to no equity in it.

Thanks for the post.

[tobee43]

well...i for one wish they would TAKE IT ALREADY!!!

i have done everything including filing of federal complaints against the bank holding my mortgage because they will not foreclose and this was prior to all the paperwork mess.

we have PMI...however, prior to any banks or investors being able to collect with PMI they must meet certain criteria....the first is going through a foreclosure. since i have or HAD an FHA...i called them and the bank hasn't even put in a claim as yet and it's well over 2 years.....

also, in some states....like the one that the property is located, are no limits on foreclosure fees...so it's a HUGE business. actually, i know for a fact where our old house is, foreclosure fees have exceeded and in excess of $50,000-$100,000!!!!!!!!!! just for FEES alone....so they are in with the banks and just getting those fees way up there.

so....i guess i'm not one of the lucky ones....the BANK DOES NOT WANT MY HOUSE! ((((