Outrageous and heartbreaking effect of mortgage crisis!

[grasswire]

I have just come from a meeting with a 21-year-old young man who is caught in a mortgage fraud. His story is stunning and, sadly, probably not unique in this turbulent time.

Mark (not his real name) was new in town last year. He gathered some other young people together to rent a house in October. They paid a $1500 deposit and first and last month's rent. The landlady did not check his credit, saying that nobody cared what it was -- too personal.

Mark and the roommates did not know that the house was already in foreclosure. But those notices from the bank kept coming to the house in the mail.

The landlady assured Mark that she was merely trying to get the loan recalculated and everything was fine. She said that she had the monies in a separate account, holding them, and would pay up the loan and there was no danger of losing the house.

Unfortunately, I had to tell Mark that this was a scam also perpetrated on the renters of other properties owned by this woman. I had to tell him that his home is, indeed, going to be sold on the steps of the courthouse in just under three weeks, and that he will lose his deposit and his last month's rent.

He came here from the very depressed state of Ohio. He has two years of college. He's working for minimum wage at a Safeway store. He's been victimized by shrewd and calculating people. He is very uninformed (as any young person would be) about what's happening to him. He kept shaking his head and saying "Now the bad parts of life are starting for me!"

And he's hungry. We were at a McDonald's. I offered to buy him a meal. I could tell he was hungry, but he declined my offer several times.

We're meeting again, and we're by god going to find a lawyer to help this kid pro bono.

I'm furious. The love of money is, indeed, the root of all evil. And I haven't told the worst of this story here.

How did I come to meet Mark? My family also rents from this woman, and our home is also in foreclosure with her pocketing seven months of our rent without paying the mortgage.

[WCGreen]

1. Those who worship Mammon can not worship god...

[dkf]

2. Whats the deal with this woman?

She simply decide to ditch the properties because she is under water? I guess that is what happens when Investors decide to walk away, but she didn't have to cheat you guys out of your deposit and last month's rent. That is FRAUD!

[grasswire]

3. she knew she was in default when she took this kid's money

There ought to be a law. Grrrrrrrrrrr!

[upi402]

4. i doubt he will ever bother to march or carry a damn sign on the sidewalk

sometimes i think we deserve the reaming we're getting. i'm so tired of fighting that i don't really blame hime. it has been a decades long futile fight for me. and the chickens still love them a colonel sanders. i'm 100% discouraged with thew "Democrats" we gave power too. fuck them and i hope they land in jail and not next to me in the unemployment line. i will eat them alive in the private sector. i can actually DO something productive.

all hail the uniparty

[northernlights]

5. given the amount of money involved for the young man

this sounds like a small claims court issue.

[grasswire]

6. most urgently, he will be homeless in two weeks n/t

[retiremesoon]

7. I'M THANKFUL NOT TO BE 21 AGAIN !

This depression is going to be painful for young people starting out in the world.

I remember starting out at his age in the 1980 recession and trying to sell Filter Queens to people losing their house because of 20% mortgages.I went back to college and picked up an easy government job in Canada.My life has been a walk in the park with three months of vacation per year.

Lately I talk to all these you people starting out and this depression is taking their jobs or cutting their wages.

Due to this depression my job was downsized 9 months ago.I can't cry about it because hey gave me over $300,000. to put in a Canadian bank with safe interest.My wife has a high paying Government job that will not go away so we can retire at age 55.

At least some of us older folks have a running start coming into this economic storm but the young people are basically starting with empty pockets and empty guts.

[PassingFair]

8. My job is in danger, they will NOT give me $300,000 and my husband has been underemployed for 6 yrs.

I will be LUCKY to get two weeks notice when
the ax falls.

I would GLADLY return to age 21, when I had
only myself to worry about, and not my two
teenage children that will have to take on
STAGGERING DEBT if they manage to attend college.

My demoralized husband is another story all together!

[KoKo]

9. You started out in the '80 Recession...and picked up and easy govt. job in Canada

You get three months of vacation per yaar...your job was downsized 9 months ago and you got over $300,000 to put in a Canadian bank.

I assume you do not live in the US? (you need to realize you sound like a troll) I hope that is not the case with you.

Welcome to DU ...!

[Jkid]

10. This fraud does happen.

Even if you are renting an apartment.

http://living.apartments.com/landlords-leases/what-happens-to-renters-in-foreclosures/