Anyone Think Big Banks Are Fair or Rational?
There are endless examples of how owners of distressed homes have had their situations made worse by unthinking, unfeeling, uncaring banks.
An online New York Times article today on Yahoo, “Owners Seek Short Sales as Banks Push Foreclosures,” provides further documentation of this problem.
The article explains how lenders often accept fewer dollars by foreclosing than they would have through the short sale process. In addition to any monetary shortfall for the bank, the distressed homeowner’s credit rating is usually damaged more than necessary by forcing foreclosure.
Is it any wonder that so many Americans, including me, have such a negative opinion of our largest financial institutions, most of which have been bailed out by our tax dollars?