BraneMatter
9th October 2008, 21:53
Sheriff: 'I can't keep doing this and have a good conscience about it'
Sheriff Thomas Dart says he is suspending foreclosure evictions in Cook County
Illinois Bankers Association opposes plan, says sheriff could be found in contempt
Cook County on pace to exceed 43,000 foreclosure cases this year
CHICAGO, Illinois (CNN) -- An outraged sheriff in Illinois who refuses to evict "innocent" renters from foreclosed homes criticized mortgage companies Thursday and said the law should protect victims of the mortgage meltdown. - MORE (http://www.cnn.com/2008/US/10/08/chicago.evictions/index.html)
It takes 18 months in Chicago from the time foreclosure proceedings are started, till the sheriff finally shows up to evict, and during that time, the landlord/owner pays no mortgage payments, but the renters still pay the landlord and have no clue what is coming their way!!!
I wonder how many "slumlords" nationwide got these sub-prime mortgages, rented them out at a little above the mortgage payment, and then also collected rent during the final months when they were making no mortgage payments and then skipped out on the renters and mortgage company/bank???
And how many regular people also figured out this scheme, and bought a few extra houses and ran the same scam on renters and then skipped when the mortgage payments doubled on the sub-prime loans in a few years?
Sheriff Thomas Dart says he is suspending foreclosure evictions in Cook County
Illinois Bankers Association opposes plan, says sheriff could be found in contempt
Cook County on pace to exceed 43,000 foreclosure cases this year
CHICAGO, Illinois (CNN) -- An outraged sheriff in Illinois who refuses to evict "innocent" renters from foreclosed homes criticized mortgage companies Thursday and said the law should protect victims of the mortgage meltdown. - MORE (http://www.cnn.com/2008/US/10/08/chicago.evictions/index.html)
It takes 18 months in Chicago from the time foreclosure proceedings are started, till the sheriff finally shows up to evict, and during that time, the landlord/owner pays no mortgage payments, but the renters still pay the landlord and have no clue what is coming their way!!!
I wonder how many "slumlords" nationwide got these sub-prime mortgages, rented them out at a little above the mortgage payment, and then also collected rent during the final months when they were making no mortgage payments and then skipped out on the renters and mortgage company/bank???
And how many regular people also figured out this scheme, and bought a few extra houses and ran the same scam on renters and then skipped when the mortgage payments doubled on the sub-prime loans in a few years?