As some may know, in 2005 the bankruptcy code was rewritten by banking industry lobbyists without the advice of any bankruptcy lawyers from either the creditor or debtor side of the aisle. Consequently, some of the results of the new law that congress adopted are irrational and not conducive to the underlying policy of bankruptcy,.
When a lender forecloses on someone’s primary residence not only do they suffer the humility of losing their home, but in the aftermath a goodly portion of salt is rubbed in their wounds when they receive 1099 reporting the difference between what they owed on the home and the amount of money the bank realized.
Maybe I am just an ignorant old fart, but what were the police thinking when they chose to pepper spray peaceful protesters on the UC Davis California campus? And the unadulterated arrogance that was exhibited, casually walking in front of a bunch of kids sitting peacefully arm in arm exercising their constitutional right to demonstrate.
Foreclosure is the legal process through which a bank or other lender sells collateral to collect on all or part a debt. This type of debt is known as a secured debt. The debt in most cases is a promissory note and the collateral is something of value, usually a car or house. The legal.