For over a year and a half now, we have been hearing about and seeing homeowners lose their precious dwellings to foreclosure. Regardless of how or why the circumstance that led to such forfeitures. The issue is when some owners try to work a deal to save their home, but some banks are unwilling to arrive at doable terms the hammer comes slamming down. In this these trying times for all, banks should be doing everything possible to keep eviction out of the loop. It is better to rework a mortgage and solidify it’s continuity than selling cheaply at an auction for an almost certain loss.

However, some banks will pull the rug right out from under a pleading homeowner and not think twice about it. I call these institutions bully banks. No matter the circumstance, bully banks will foreclose without mediation. Now, I concede that there are some scumbag owners who never try to contact anyone and are truly deceptive, to which I hope a swift removal is in store, but not all cases are that way.

Not too long ago, a certain homeowner was having trouble financially, as many of us are. He tried to come to different terms with his bank to about his failing mortgage. He received vague answers when he received an answer at all. It was as if the bank were purposely trying to kick him out of his home. This owner was willing to comply with anything. Even re-financing the note, but the bully bank would have none of it and started foreclosure proceedings.

bullybank2Feeling like there was no alternative, this homeowner took the bank to court, hopefully to stop the rolling wheels of foreclosure, and save his home. The judge heard from both sides and realized that this homeowner tried everything possible to work with the bank. The bank, the judge determined, was suspect in willing to negotiate, but was wanting to learn more of this mean bank. After a little searching, he found out that this bully bank has done this type of removal to past homeowners. Kicking them out of their homes when a solution was certainly available.

He was ready to make his decision and force the bank to re-work the mortgage for the entitled man when he found out about a crucial detail. This bank was given bailout money earlier this year. Over 700 million bailout dollars from the taxpayers of this country to keep this company from going out of the nasty business they practiced. Well, this made the judge’s decision even easier and he put a whole new twist to it.

The judge nullified the entire mortgage and relieved any more debt on that property. The homeowner not only gets to keep his home, but he doesn’t owe a penny for it. It is his home. Is this judgment extreme? Sure is and it may even get overturned on appeal, but I think it sends a message to all the bully banks out there who are cold and heartless mongers. Give the owner a chance when they are asking for one or this may happen to you and where does that get you? A punch in the nose, that is what.

Jeff Payne

Popularity: unranked

Share