Judge Cancels Mortgage

tmare_IHB

New member
<a href="http://www.businessinsider.com/judge-slams-indymac-cancels-defendants-mortgage-2009-11">Goodbye 292K Mortgage</a>
 
[quote author="tmare" date=1259149486]<a href="http://www.businessinsider.com/judge-slams-indymac-cancels-defendants-mortgage-2009-11">Goodbye 292K Mortgage</a></blockquote>


Wow.
 
The New York Post has the amount at $525k. I can't put the link in at the moment, but it's a better read than the original link.



The source article has they usual story - over leveraging from the get go to run a failed business with added health issues to boot. It's the templated excuse for excess. "I tried, but could not make it... cough, cough, hack, hack, now you need to lower what I took from the bank or my lawyer here will come after you"



It raises the question again: Should a bank act in the better interests of it's shareholders and depositors, or in the better interests of the homedebtor first? I'm no fan of banks and their actions, nor do I like seeing everyone getting a pass for their poor decision making, but the result of this kind of decision will cause every upside down home owner to lawyer up if they get a whiff of push back on their mod request.



My .02c



Soylent Green Is People.
 
Is it legal for a judge to modify a mortgage, i thought that was not possible, even through a BK. Or was this changed in one of those "help bottom feeders stay in their homes" bills congress and the administration has passed? If not in one of those bills my guess is that this will be challenged and over turned since it does set a very bad precedent and as mentioned, everyone would just lawyer up.
 
Hmm... there's my tax dollars at work. Paying the judge to make me pay their mortgage.



Methinks it's time to become delinquent so I can ride the free rent train.



Neh... can't do it... morals are the lame.
 
I suspect to know the real story of what happened here one would need to read the complete trial transcript. There could be actual justification for the judge's ruling. There has to be legal justifcation, at the very least.
 
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