Saturday, May 02, 2009

Banks As Homemoaners

Here's the link

We couldn't get them to be responsible lenders but now that they are irresponsible homemoaners we're all over their behavior. This is why banks should never be allowed to get bigger than regional.


Sweet Cashback said...

Nothing wrong with white trash mansions. That would be the FIRST time banks are socially responsible in increasing cultural diversity in the communities....

Lost Cause said...

Social responsibility? Sounds like socialism to me.

Bill in NC said...

Sitting on my HOA's board, foreclosures terrify me.

In our state, any liens we file are attached to the property ONLY.

So any homeowner with no equity can simply stop paying the HOA, which won't foreclose if there's no equity (costs the HOA several thousand in legal fees to go through foreclosure)

We already had one homeowner who decided not to pay their dues for a couple of years while between fulltime jobs - no equity, nothing could be done about it.

And if the bank forecloses and takes it back as REO, I don't see that our HOA has any real recourse if the bank officer in charge decides not to pay the monthly dues.