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Tuesday, May 4, 2010

Should homeowners be foreclosed upon if they have built up equity in their home?

It is a struggle for me to understand how homeowners are being foreclosed upon if they have built up equity in their home. Example, a home is worth $200,000, and the homeowner has either paid either made a healthy down payment of $75,000, or over the years has built up $75,000 dollars worth of home equity. Is it really fair for the banks to foreclose on the home, short sell it for $125,000 dollars, and basically rob the homeowner of the $75,000 dollar down payment or the home equity that they have already built up?

I consider the above scenario insane and until Barack Obama and Congress deal with this issue head on, they are frauds in my book, ALL OF THEM. How dare they give out tax credits to first time home owners while they allow the banks to steal built up wealth from existing homeowners.

I am pretty certain Hillary Clinton would not have allowed this plundering to occur, and that is why her campaign was sabotaged behind the scenes by democratic higher ups during the 2008 democratic primary.

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