It's a one-stop foreclosure shop. Under one roof is a law office, title company, and auction house. They act as their own notaries and can foreclose. Its owner and several of his top attorneys are even VPs at the Mortgage Electronic Registration Systems Inc (MERS) which gives them the ability to transfer mortgages from owner to the other. The Boston Globe profiles a local law firm that has attracted criticism from homeowners and consumer advocates for its vertically integrated approach to foreclosure that can speedily ride over homeowners who thought they were in the middle of working out a deal with the bank.
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I think it is a great idea. Get it done, get it over with. The whole process shouldn't take as long as it does. The banks are only delaying the inevitable, and by doing so they are manipulating the economy and juking the stats.
ReplyDeleteNo, I don't have pity on those who lose their homes, and blame the banks. They knew what they could afford, not the banks. Next time those people will hopefully read the contracts before they sign them.
If you don't live up to the contract then it's time to get out!
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