New Foreclosure Tactic – 2nd Lein Holders Freezing Bank Accounts

It is hard to beleive that collection practices have gotten this out of control.

Second lien holders are, without notice, seizing homeowners
bank accounts, and getting away with it.

Taka a look at the full article here.

Even the IRS, goes through a “procedure” if they are going seize an account.
How can this happen? Hopefully this practice will get nipped in the bud.
Perhaps we can all share this among the many blogs and resources we all
subscribe to, in an effort to get the awareness going and this pracatice stopped.

Reflect on how much has changed within a few years–months even,
in the short sale business.

Originally a short sale resulted in a “full satisfaction” notification on a credit report.

Then, it changed to “satisfied for less than full balance”.

Next, deficiencies, 1099’s, promissory notes, collection practices and now freezing bank
accounts came into play.

What’s next, “bank ordered hits” on noteholders?

Although I am shocked at this newest approach, it does appear that the
court system is viewing this as more than intrusive by reversing these scenarios.

Good news, unless you are the homeomers trying to buy groceries.

Please don’t misunderstand– I do beleive that the entire mortgage crisis
points to dual culpability on the part of both banks and homeowners–
but there are just some things beyond the scope of decency–like freezing an
account wthout proper notice and without going through legal channels.

Even in all this market flux, short sales are still the best way for all
stakeholders to win:

Homeowners = Fresh Start and smaller credit hole out of which to crawl

Lenders = Larger return taking the short up front vs. REO (Why don’t they get this?)

Investors = Rewarded for up front risk, rehabbing, lanlording and revitalizing communities

Buyers = Get a below market deal with build in equity

Realtors = Fixes traditional selling issues-No commsiion fights, no picing issues,
no price reduction tug-of-wars, or worry about how the hosue shows

As Always….

Learn more at www.shortsalegalaxy.com

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New Foreclosure Tactic – 2nd Lein Holders Freezing Bank Accounts

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