On one level, it looks incredibly cold-hearted. A lending institution forecloses on a couple's home because they came up $27 short on a mortgage payment. But there's another side. Lenders say that if they can't foreclose upon people who consistently fail to pay up, and if they can't collect full legal fees in such cases, there is little incentive for them to ease mortgage terms and work out deals with other troubled home owners.
March 10, 2008 at 12:00 AM
1 minute read
On one level, it looks incredibly cold-hearted. A lending institution forecloses on a couple’s home because they came up $27 short on a mortgage payment.
But there’s another side. Lenders say that if they can’t foreclose upon people who consistently fail to pay up, and if they can’t collect full legal fees in such cases, there is little incentive for them to ease mortgage terms and work out deals with other troubled home owners.
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