

CitiMortgages letter: Pay $0.00 or lose your house - RyanMcGreal
http://consumerist.com/2010/03/citi-demands-you-pay-0-or-they-will-foreclose-on-your-house.html

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kls
I believe (if someone is in finance please correct me if I am wrong) but if I
recall correctly, from my 15 year of being out of finance development, and if
I understand the new counting rules. Technically, they could send you these
letters as notice and due diligence to comply with the law while being able to
keep the house on the books at full price, with the caveat that they don't
foreclose, as once they do they have no way of saying that the security is
held till maturity. No one in the financial industry is talking about it but
people are not getting booted out of their homes by many of the banks, it is
becoming a game of don't ask don't tell. No one want to speak about it openly
but there are people that have been in default for over 2 years and are still
living in their house, because if the banks boot them they have to account for
it immediately which will severely affect their numbers.

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cschneid
Hurf Durf, Computer System Probably Has .00001 Dollars On His Account. OMG,
Blog Post. Lulz All Around.

