Question by lovefreecatch: How to create better laws to protect the borrowers from lenders to steal back the home?
Most of the homeowners are the small businessmen, they are the only brainstorm to get this America into better economy situation, if all the homeowner are depress, they are not willing to go on the business and file bankruptcy, it will have millions of home file bankruptcy… And eventually, the America will become bankruptcy… What would you think?
Best answer:
Answer by robot_hooker5
Lenders aren’t stealing back homes. They’re taking back property that hasn’t been paid for. If borrowers are allowed to keep the homes without paying for them, then that is the definition of theft.
The last things lenders want is to foreclose on homes. It costs them far more money in terms of work hours and paperwork than they get back from selling the properties at below market value, which in turn, causes neighboring properties to also lose value and possibly cost the lenders more money down the road.
Foreclosure is an act of last resort.
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