The foreclosures rate is so high in Florida that they have begun to fast track the legal proceedings. It could happen here....
FORT MYERS, Florida (CNN) -- With eyes tearing, some stare off into space. Others sit quietly with an expressionless pain as they wait for the inevitable. Casey McNeer couldn't even speak her name when the judge called her case. 1 of 3 When you are called before this court, it's the end of the line. You are about to lose your home. This is foreclosure court in Fort Myers, Florida.
At this point in the legal process, all that's needed is a judge's signature. CNN was in court Friday to witness the process, which takes seconds. It's called the "rocket docket." On some days the court hears up to 1,000 cases.
The crazy situation is thousands of empty houses and thousands of homeless people and no way to unite the two.
ReplyDeleteI expect 'foreclosure' is in the small print of every loan. To be activated against responsible borrowers too.
ReplyDeleteI don't get why you can walk away from negative equity in the US with no debt.
ReplyDeleteIsn't this the reason for so many 'foreclosures' ?
AC, it's a matter for State law, apparently, not Federal law.
ReplyDeleteIt is sad, and it is tragic that with home ownership bringing so many benefits to the community and economy, that the US has so few programs to help families become homeowners in an affordable manner.
ReplyDeleteBut the majority of these people failed to do due diligence in making the biggest purchase of their lives (a home) and overextended themselves by taking money they could never hope to pay back.
And when you can't pay back the money you borrowed, you forfeit the collateral (the house).
Except for the poor prudent folks who are losing their homes because they lost their jobs in the collapse following this housing feeding frenzy (and even some of those got stupid and over-borrowed against their homes) all of these people are in a hell of their own making. It is sad, and we should help them get back on their feet- but it is wrong to keep them from the consequences of their own adult actions
We need to stop using the asbtract concept of "home" and call it what it really is - a "house".
ReplyDeleteIt certainly isn't "ownership" when the intent is to perpetually cash-out the equity on a refinance.
The good thing is these fast-track foreclosures get the borrowers out of the shackles of unaffordable debt fora few years of bad credit. That's a hell of a good deal in the long-term, but the lack of long-term thinking i what created the mess in the first place. We're slowly getting back to the mindset where the long-term matters, and there is no way to fast-track that return.
I guess there's no limit to supply either. Vegas has just expanded like crazy and their love of engineered suburbs seems kinda odd. Also they don't seem to be a fan of bricks that much which just freaks me out.
ReplyDeleteI cried when, as a child, I realised that I couldn't afford the big chocolate bar I wanted.
ReplyDeleteGreat Comment AC1.
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