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E.Central MN | If the value of the collateral has decreased below the value of the mortgage then the bank is exposed to risk. They will use any legal technicality in their power to protect themselves, doesn't matter whether the payments are being made on time or not. I would guess that the bank holding the mortgage would be very anxious to get more collateral before going thru with the balloon. I wonder when the class action lawsuits will get started against those banks/mortgage companies that engaged in the fraud? The mortgage holders will want to be made whole and (right now many of them are in very deep doo doo) and the mortgage payers are likely going to demand something before they will complete the chain of ownership(that wasn't done correctly in the first place). Its quite a mess......and taxpayers will probably foot the bill for part of it as usual. | |
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Did anyone see the 60 Minutes tonight
