foreclosure

a friend at work is locked out of his house and I'm going to be helping get some of his junk out this week.

he says he was trying to re-fi, there was a mixup, he missed two payments, and no other notices before a "you need to get out at monday 9 am" followed by the Sheriff dragging him out.

First off I can never understand how someone with a consistent full time job can miss any mortgage payment. Second this doesn't sound right - you don't just accidentally miss two payments, and you'd get more notices and a hearing before getting the curb right?

 

Riiiiiiiiiiiiiiiiiiiiight

 

I smell bullshit.

 

yeah that's what I'm assuming, but haven't know anyone going through the process and wanted to see.

It sounds like lawyers are involved and he's just running out of options.

 

73,000 homes lost to foreclosure in May

 

Fuckers should pay their bill.

 

yep...his back is against the wall. they'll probably, eventually garnish his wages and empty his bank account(s). he'll probably take a large kick in the balls when/if he files taxes next year. i believe the debt he's walking away from will be considered income by the IRS...

 

Yep. That is considered a financial gain for the IRS.

I haven't heard of anyone being foreclosed on that didn't know it was coming. In this market, if you miss a single payment, the mortgage company will call you many times a day. If they have the wrong number, that's not their fault. They also mail several pieces of legal information usually on either blue or yellow paper and envelopes. There is no way he wasn't aware. In fact, if he had missed two payments and hadn't contacted them himself, he deserves to be kicked out.

 

Defaulting on debt does not create income for you, only if that debt is forgiven....

 

That doesn't sound right to me, either, Magnus. My sister lost her house this year through foreclosure as well, and the process for her was much more drawn out.