Foreclosure judge CANCELS homeowner’s mortgage, calling big bad IndyMac Bank’s behavior “unconscionable, vexatious & opprobrious.”
The $527,437 mortgage of a couple in Patchogue, New York, has been canceled by a judge who criticized their lender’s “unconscionable” lack of good will in refusing to help them avoid foreclosure. Thanks to the judge, the couple now owes nothing, at least until IndyMac Bank (now One West Bank) appeals.
For heated discussion of Judge Spinner’s earth-shaking decision, click Read More below now. If you do not care for conflicting discussion, please do not read more.
JUDGE DROP-KICKS BANK OUT OF COURTROOM
Diana Yano-Horoski and her husband Greg Horoski, struggling to make their monthly payments, had tried to get their mortgage modified with Indy Mac, now owned by One West Bank.
According to the judge, the couple has “assiduously attempted to resolve this controversy in an amicable fashion, only to be callously and arbitrarily turned away” by OneWest, Judge Jeffery Spinner wrote in his ruling. “This has been so, even in spite of the court’s continuing, albeit futile, endeavors at brokering a settlement.”
Judge Spinner drop kicks BANK out of his courtroom!
Naturally, two very angry groups are squaring off:
- One group believes banks are the primary CAUSE of this economic collapse tossing people (and children) out of their homes at record numbers.
- The second group feels “losers” bought more house than they could afford and want want the government to bail their sorry butts out of their own stupidity.
On which side of the line drawn in the sand are you? Please scroll down this page and leave your comments in the box below. I want to hear your thoughts.
I clearly can understand points made by both sides. I help people avoid foreclosure. I no longer believe (most) “banks” (i.e. debt owners) want to mitigate investor loss. In fact, I believe debt owners see profit in foreclosure, despite the obvious loss. I’ve spent years “negotiating” short sales and helping homeowners modify their mortgages.
Banks (for the most part) do not want to help. They claim they’re understaffed to handle the volume. If we were 6 months to 1 year into this horror, I would understand it takes time to staff up. Not the case. We’re THREE years into this horror. If losing money for investors (if such is happening) is important, these institutions would be staffed up within months, not years.
I spend more time getting passed to India and people who barely speak English. Debt owners know how to encourage homeowners to walk away from their homes. Contract “loan mod” and “loss mitigation” services to India.
BANKS, REALTORS, mortgage “professionals” & complacent home buyers contributed to this economic collapse. It’s the banks, though, that have dragged out a recovery.
I don’t believe in political correctness. If my beliefs cost me business, that’s business I’m willing to lose. Still, I don’t spend time any longer pointing fingers. That’s gotten us nowhere. It’s my belief big BANKS (bankers) are the primary cause, though bankers ALWAYS will walk away with huge bonuses, not jail time.
By the way, how does outstanding mortgage debt go from $292,000 (original mortgage amount reported) to $527,437?
Sarasota foreclosures continue exploding despite reports of recovery. Tell that to the people getting pink-slipped and losing their homes. Realtors love spewing happy talk…they want you to buy, buy, buy. Yes, I am one of “them” too. I want you to buy, buy, buy. 
Go below now and blast me with your comments….
