CNN Money published an article that states that many homeowners are staying in their homes without paying. The overall tone of the article is that Homeowners facing foreclosure have taken advantage of technicalities to stay in their homes for free. Once again the Media blames the Homeowners.
I find it amazing how such things as the burden of proof, evidence, and due process are called "technicalities" when Homeowners require Banks to follow these essential rules. Maybe it is because Homeowners are not well organized, do not have Lobbyist, or do not own many of the National Media outlets.
The majority of Homeowners are willing and able to pay their monthly mortgage payments that they have missed. The Banks however will not accept these payments. Instead the Banks demand fees and expenses that have not been earned or incurred. Only if the Homeowner is willing to pay the missed monthly payments, plus interest, and additional fees and expenses (that often are several times greater than the actual missed payments) will the Bank accept the Homeowner's money. No national media outlet has ever mentioned the fact that many Homeowners had payments returned to them. many Homeowners were told that they had to enter into a Loan Modification program before payments would be accepted. No national media ever mentions that the modification programs appear to purposely delay the application for many months. During this time additional expenses and fees, which have neither been earned by the Banks or incurred by the Banks, are added to the amount alleged to be due.
So long as 90% or more of all foreclosures go undefended or Homeowners attempt to defend the foreclosure complaints themselves, the Foreclosure Crisis will continue. These national Media Outlets will continue to write articles reminding everyone that it is the Homeowner's fault. This will keep the majority of Homeowners facing foreclosure quiet. Those Homeowners who are willing to fight will be ridiculed.
People do not talk about their financial struggles. While you are rotely reciting the talking points of "they just want a free house", or "I wish someone would make my mortgage payments for me", someone within listening distance is probably quietly suffering through a foreclosure of their own. These issues are not mere "technicalities", and Banks should be required to prove their complaints. By forcing the Banks to prove their ase Homeowners facing foreclosure can begin to negotiate on a level playing field.
If you find yourself facing foreclosure do not quietly suffer contact an attorney to defend your rights.