Great story. For whatever reason, most financial institutions have no desire or need to negotiate in good faith w/ debtors who are in trouble. This will be reversed on appeal.
Banks are crooks. It's the only place where you lend them your money, they pay you a suboptimum rate, then they charge you a monthly fee, and we are happy to use their service. Another thing, they would accuse and insult you by saying that you are a gambler when you pick a low fee index fund vs a their high fee mutual fund. I am glad the main street is fighting back when they get pushed around too much.--get charged $200k interests on a $200k mortgage!
Wouldn't it be funny if everyone in foreclosure took the bank to court? Maybe that would keep the lawyers busy enough that they would decrease the frivolous malpractice cases against doctors, which would decrease health care costs. After all, isn't it the bank's fault if they missed a potential financially deadly symptom that a borrower might not be able to pay back the loan? Couldn't the bank have done something to prevent the death of the loan? Once the repayment problem began, couldn't the bank have provided some financial treatment to cure the borrowers debt disease? Aren't the banks supposed to know more about finances than the borrower? Isn't it the bank's responsibility to heal the ill borrowers financial malady?
I made the mistake of paying off my condo a few years ago (what planet are we on when that seems like a mistake?) but if I had not and somehow drifted into foreclosure, I would fight to the death to keep the parasites at bay.
Can't see how this won't be reversed on appeal. The judge wiped away over $250,000 of principal to send a message to the bank. Is sending a message part of the judges duty?
Yes...dont criminals occassionally get harsh sentences as a detterrent. That lawyer should of been sent to jail for 6 weeks, Christmas and Thanksgiving.
Wiping away the principal was too much. It's gonna cause further financial and housing collapse as bank will make the mortgage requirement more stringent.
Exactly. And in addition, you're going to start seeing a lot of copy cats thinking they can now get their house for free by defaulting.