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The Stone's Out Of Blood
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Used to be that when a first mortgage got foreclosed, the second mortgage holder walked away and wrote it off as a loss, because, obviously, the borrower is broke. Now, the banks are trying to collect on the second loan even after foreclosure, or selling that debt to a collector to try and get some money. Why? If there wasn't enough money to pay up and the bank takes the house, what's the point of dunning the borrower, other than vindictiveness and harassment? Thanks to Jeff Katz at WFTL/Ft. Lauderdale-West Palm Beach for the link.
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