Thursday, June 26, 2008

Orland Park socked by home mortgage foreclosures

You think the news doesn't hit your own back yard, but just look in the community newspapers. Every week, a dozen or more properties are being sold by the banks that have been processed through the Cook County Courts.

It's depressing. Property owners were enticed into remortgaging and squeezing out money that looked like equity before last year, and borrowed to the max believing homeowners was sacrsanct. And then the industry collapses and their properties drop in value and soon, what looked liek extra money is now debt that not even the sale of a home will cover. All of their equity disappeared for many.

It's very depressing, especially when you think that the government is only concerned about shoring up the banking industry, bailing them out while letting homeowners drown in endless, impossible debt.

Too bad the homeowners do not have a lobby to fight for their rights, and politicians who talk the talk (to get votes and money) but never walk the walk, because they're taking money from the banking industry and home mortgage industry through the back door.

Look up the addresses and you'll probably find a home that has collapsed into home mortgage debt hell right on your own block or very closeby.

Ray Hanania

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