Foreclosures Help Information

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Foreclosure Help Bank Of America

Question: San Diego will be a "foreclosure sanctuary"?

http://moneynews.newsmax.com/financenews/bank_of_america/2008/07/23/115615.html

Here's the link. Apparently, San Diego is sueing lenders to stop foreclosures in their city. Gosh, what do you think this will do to property value and future loan availability?

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Answer: What a stupid idea! If a bank can't foreclose, no one will pay their mortgages. Why would you?

If a bank can't foreclose on a mortgage, there is no collateral. No collateral means the mortgage is worthless. The banks will have to write off every mortgage in San Diego whether the home owner is making the payments or not. It will be the biggest banking disaster in history.

If the bank can't secure it's collateral there won't be any mortgages and the value of property in San Diego will drop like a rock because no one can get a mortgage to by it.

Bank of America recorded call regarding foreclosure Part 1 of 2

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Bank Of America Foreclosures Help

Question: Why has the media stopped covering the economy? Is the economy some how fixed now that swine flu is out?

With the "outbreak" of swine flu, is the economy suddenly now not issue #1? Has the the swine flu somehow undone all the deficit spending and foreclosures in America? Has it somehow restored the banks confidence in the public?

It's a little pathetic how a flu that has killed less than a 1,000 people thus far is suddenly dominating the headlines, when the plain ol' regular flu kills approximately 500,000 people a year.

What new, sensational story will the media run with next week to forget they ever mentioned the swine flu? When will the economy be crappy enough to be worth covering?

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Answer: The media is a one pony show. It cannot multitask and can poorly deal with one issue at a time.

Bank of America Foreclosure Lessons To Find Cheap Homes