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What You Should Know / December 8, 2009

vulture7 -- A new foreclosure tactic, whereby lenders or debt collectors holding second mortgages freeze bank accounts or garnish pay checks of already struggling homeowners, is emerging and making it even more difficult for people to hold onto their homes. In several emerging tales, homeowners say they learned about the garnishments only after their bank accounts dropped into the negative or paychecks diminished. And that is making it even more difficult for people to pay bills and modify the terms of the first mortgage to save homes from foreclosure. Homeowners being targeted often include the most troubled, or people who are behind on payments and whose homes are worth less than what is owed on the house. "It just takes their money away so they don't have any money to afford a (loan) modification," Ms. Becker said of those who have been hit with judgments from second lien holders.

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  • 1. subzero  |  December 9th, 2009 at 1:01 am

    Eh, not that I have much love for bankers, but get real will you?! If people borrow money from you and fail to pay it back you collect. I know I would. Am I unreasonable to think that people have a responsibility not to borrow more than they can afford to make payments on?

  • 2. aleke  |  December 27th, 2009 at 9:30 pm


    shut the

    fuck up

  • 3. JP  |  December 30th, 2009 at 7:29 pm

    Sub zero…Couldn’t you just say, “shut the HECK up”?
    Does it make you a big-shot to swear ?
    I don’t think so , chum

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