More From Eric Dixon at

Support Independent Investigations With Bitcoin:
Send Bitcoin Here: 171GMeYRD7CaY6tkXs8dSTjLbAtFazxhVL

Top 50 Twitter Rank of Worldwide Startup Advisors For Much of 2014
. Go to my professional site for solutions to your legal, business and strategic problems. The only lawyer who is a co-inventor of multiple, allowed-for-grant patents on blockchain technology!!! Blockchain and Digital Currency Protocol Development --
Top Strategic Judgment -- When You Need A Fixer -- Explore Information Protection and Cryptographic Security -- MUST-WIN: JUST DON'T LOSE -- SURVIVE!: Under Investigation? Being Sued? Handling Extreme Stress -- Corporate Issues -- Startup Issues -- Investor Issues -- Contracts To Meet Your Needs -- Opposition Research -- Intellectual Property, Media and Reputation Issues -- Independent, top-notch legal, strategic and personal advice -- Extensive ghostwriting, speechwriting, book writing, issue research, press and crisis management services. Listed by American Bar Association's Law Bloggers (Blawgers). Contact European Union audiences: This site uses a third party site administrator which may use cookies but this site is intended for AMERICAN clients and prospective clients only!

Sunday, March 16, 2014

Deadbeats' Paradise: Punishing Banks For Trying To Foreclose

Some state legislators think that banks are doing the wrong thing by trying to foreclose...on anyone.

Don't pay your bills -- good. Try to foreclose on people who haven't paid their mortgage in years -- bad. That's the message of this misguided New Jersey legislation that would add an $800 surcharge to every foreclosure court complaint filed by banks in the state.  The average foreclosure filing in New Jersey takes THREE YEARS to go from initial filing to auction. This bill is meant to deter foreclosures, and not emphasized is its other desire, which is to keep absolute deadbeats in their homes.

Let's get something straight. Someone who is still living in a house rent-free or mortgage-free for years is not a victim. The people across the street cutting back and struggling to pay those bills on time every month? Those are the victims. But I digress.

Of course, the real cost will be borne by everyone else. As it gets more expensive to get a loan (because the cost is passed on to borrowers) buyers' purchasing power will decline and home values will drop. This bill helps today's deadbeats, at the expense of tomorrow's home buyers.

No comments:

Post a Comment