Can’t Pay Your Mortgage? Ask Judge to Forgive It!
It’s a difficult world, the world of Short Sales and Foreclosures… Realtors are constantly fighting with lenders to get answers. A good listing agent is in touch with lenders at least weekly when trying to get a short sale listing approved to close. It’s frustrating at best, and the time to get approval from the lender can take up to nine months in some instances.
As reported by the New York Post, one judge in Suffolk California has had enough and awarded a homeowner their home – mortgage free.
A Long Island couple is home free after an outraged judge gave them an amazing Thanksgiving present — canceling their debt to ruthless bankers trying to toss them out on the street.
Suffolk Judge Jeffrey Spinner wiped out $525,000 in mortgage payments demanded by a California bank, blasting its "harsh, repugnant, shocking and repulsive" acts.
A Precedence?
I can’t imagine that this will begin some revolution of Judges forgiving loans, but if the decision stands in appeal (which is sure to come) it will show the overwhelming frustration that Sellers and Agents are experiencing with Lenders.
To the Lender’s defense I wouldn’t be all that eager to forgive a borrowers debt that was owed to me. It’s a balancing act for the lender. Personally, I’d be happy for a timely yes or no answer.
