Tuesday, March 31, 2009

Don't Trust The Banks

They're not actually about helping anyone...
Read this
SOUTH BEND, Ind. — Mercy James thought she had lost her rental property here to foreclosure. A date for a sheriff’s sale had been set, and notices about the foreclosure process were piling up in her mailbox..

Ms. James had the tenants move out, and soon her white house at the corner of Thomas and Maple Streets fell into the hands of looters and vandals, and then, into disrepair. Dejected and broke, Ms. James said she salvaged but a lesson from her loss.

So imagine her surprise when the City of South Bend contacted her recently, demanding that she resume maintenance on the property. The sheriff’s sale had been canceled at the last minute, leaving the property title — and a world of trouble — in her name.

That's right.  The bank just gave up.  They knew they couldn't get a buyer via auction so instead of doing anything, they just gave the property back.  But they very kindly waited to tell the owner until.. well they never actually told the owner.  What good would that do?  

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