Raise your hand if you’ve heard something like this before: A couple looking to save money in tough times refinanced their home — only to discover they’d been taken in by fraud. Now they are fighting foreclosure and the loss of their home.
What you probably haven’t heard before is that they are being foreclosed on by the Federal Deposit Insurance Corp., a federal agency that generally pushes to keep people in their homes by reworking loans rather than foreclosing them.
Read more from the Star Tribune
They realized there was something wrong right away. So many other homeowners that have already lost their homes, or those that are in the process of losing their homes have no idea that they have been victims of predatory lending. On these not only did the broker do something wrong but the lender did too. Mortgage documents are so lengthy and the verbage so difficult to understand that even when read we don’t know what it means. When you go to sign not much is explained, you are just asked to sign your life away. As we are finding out, many of us do.