Daily Archives: January 29, 2009

Update-Chapter 13 Bankruptcy Reform

Bill passes House Judiciary Committee, you can read it here.
What is now happening in Detroit, Michigan, is that foreclosed homes are being given away by New Century, which sold 60 homes for $60.00.
That is right, 1$ per home.
Someone studied the records, came in and said I will take them off your hands. Sure, they said, how much?
He said no, I will take them off your hands, a buck per house.
After they reviewed their information, they signed over the properties.
Yet these mortgage companies fight the reform law, which would let homeowners, sometimes the only person in the world willing to pay for the home, pay them something.
In another case, Wells Fargo sued the former homeowner to take the place back.
So they paid a lawyer to go through the foreclosure sale, now they are paying another to undo that very sale.
I am not the only one who thinks current programs will do nothing to address the foreclosure crisis.