Vacant and Iinvestment properties

According to the Treasury Department, the majority of foreclosures are on second homes and vacant properties, which borrowers often fraudulently claimed were their primary residences. These folks deserve nothing. Homeowners who bought houses they couldn’t possibly afford deserve our sympathy, perhaps, but not our help. ---------------------------------------- ************* I'll add to that... [more]

According to the Treasury Department, the majority of foreclosures are on second homes and vacant properties, which borrowers often fraudulently claimed were their primary residences. These folks deserve nothing. Homeowners who bought houses they couldn’t possibly afford deserve our sympathy, perhaps, but not our help. ---------------------------------------- ************* I'll add to that properties where the borrowers repeatedly extract cash out of the property several times. So maybe the vast majority of homes deserve to be foreclosed(so we should only be left with pure purchase or refis where the borrower was duped). ************** ---------------------------------------------------------- But there’s a third group, often victimized by predatory lenders, who may have lost a job or had a setback that left them just shy of affording the mortgage. They either think they can’t fight foreclosure or don’t have the money for a lawyer. The government should do all it can to help this group, which mostly means getting tough with the private mortgage servicers who have been bollixing up the process. ------------------------------------------------------------ http://www.bloomberg.com/news/2011-06-10/the-big-foreclosure-mess-made-worse-by-politics-jonathan-alter.html [less]