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CitiMortgages letter: Pay $0.00 or lose your house
- cschneid 17y agoHurf Durf, Computer System Probably Has .00001 Dollars On His Account. OMG, Blog Post. Lulz All Around.
- kls 17y agoI 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.