Foreclosure Courts Are Helping Banks Screw Homeowners

Who would ever expect to find any news relevant to real estate in The Rolling Stone?Well be prepared to be amazed.  I was.  This article by Matt Taibbi tells a story about a massive amount of fraud in the entire banking, mortgage and foreclosure industry.

Throughout the mounting catastrophe, however, many Americans have been slow to comprehend the true nature of the mortgage disaster. They seemed to have grasped just two things about the crisis: One, a lot of people are getting their houses foreclosed on. Two, some of the banks doing the foreclosing seem to have misplaced their paperwork. 

The story takes place in Florida, but I suspect it is as rampant here in Nevada and in any other state.  The difference is that since Nevada is a non-judicial foreclosure state, the case rarely, if ever gets heard in court.

Read the article here.

For more foreclosure news see The Reno Real Estate Guide.

About rereno

Real estate investor
This entry was posted in Banks, Foreclosure, Fraud, Real Estate and tagged , , . Bookmark the permalink.

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