Foreclosure Is Nothing To Be Embarrassed or Ashamed Of – They May Have Set You Up

Yes, believe it or not many people are embarrassed or ashamed that they are in foreclosure never considering that they were set up to be in this position by money hungry bankers and/or brokers. Many people are fighting foreclosure with what is called “Fraud in the Inducement.” Yes, banks are being challenged for inducing people into loans that the lender knew or should have known that the man or woman never should have been given because it is likely they would not be able to keep up with the payments or should not have been given for other reasons.

Many Sub-prime and Option ARM loans were done knowing, or the lender should have known, that it was not right for the person but they (the lender) did it anyway.  The law says the lender is the expert and the borrower is the unsophisticated consumer and it is the lender’s responsibility to make loans that make sense and are of reasonable benefit to the homeowner. This reasonableness in the transaction is overlooked  much of the time and knowingly or unknowingly the homeowner/borrower is set up for failure.

So is there any wonder why so many people are in foreclosure when the experts were not doing their job properly. It is the banker that is the expert on loans and that dropped the ball in taking proper care to make sure the homeowner was doing something that really made sense for them to do in taking out a loan.

And now the lender wants the homeowner to pay for the lenders mistakes or intentional wrongdoings to make more money. That is wrong and you the homeowner should not feel ashamed or embarrassed, you are not the heavy in this situation the banker is the one in the wrong much to most of the time.

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