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Tuesday, May 10, 2011

0% , $3,000.00 and 50%

0%

Yes, that is what one expert revealed is the percent of people in who realize they are about to loose their property to bank foreclosure from reading it in the public notices in the paper. The rest learn it from the 5 other forms of contact (Including certified mail) used by banks.

$3,000.00

That is what some of the 50% of people (who actually try to save their property from foreclosure) have to pay for the public notice to avoid the foreclosure.

50%

Sen. Jack Johnson and Rep. Jimmy Matlock's bill to reduce the number of notices in the paper from 3 to 2 and shorten the property description passed senate judiciary today 5 to 4. If it goes on to full passage it could reduce the cost to the person being foreclosed on by 50%.

3 comments:

  1. I watched the committee meeting and the expert you're referring to is a banker himself. I understand a lot of banks are facing troubles with foreclosures but they need to take some personal responsibility as well as the homeowner who fails to pay the mortgage. Some of these banks made very bad loans and knew that these individuals would default. And as the owner for the Daily News pointed out, most of these banks advertising notices are NOT local. I really have trouble feeling sorry for Bank of America or Wells Fargo for having to pony up money for this.

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  2. Just read that Scripps print investments including the KNS rag are losing money and they blame it on everything except the liberal format, with their vertically challenged editor leading the pack down the slippery slope. Reducing the cost for a person in forclosure is important,,,while at the same time reducing KNS revenue from the public notices. Let them learn the hard way what the public wants in the way of content.

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  3. Banks pay up front but rest assured it is the person who is trying to save their property from foreclosure that has to pay the bill in the end.

    ReplyDelete

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