[quote=spdrun]I mostly agree, but I do think that banks/servicers should show some compassion when exigent circumstances arise.[/quote]
WHY ?? 😉
who is going to decide how bad someone’s situation is AND what degree of help they should get.
Who shall decide what ‘exigent’ circumstances are ?
It’s a slap in the face to people who work 2 or 3 jobs and live a life of stress but pay their bills without expecting any help.
I know people with loans at 6-8x their annual income, *living way beyond their means*
AND I know people who opted for loans at 2-3X their annual income.
***Why should the former get any ‘compassion’ if they run into a problem ??
Actually there IS ‘compassion’
It varies state by state.
In CA as a Trust Deed (NON judicial foreclosure)
state, you normally have a 6 month window that you can catch up on late mortgage payments (+ late charges etc) before getting foreclosed on.
Isn’t that enough ?
In CA you can go 5 years without paying property taxes before tax liens become a problem.
Many states have a ‘Right of Redemption’
which means that even if you get foreclosed on, you may be able to get the house back by paying what was owed.
IT’S INSANE in some states that window could be up to 2 years! (Tennessee)
