Not content to take just your house, Arizona is now letting banks go after former homeowners for money, even after the foreclosure is sold to a third party.
The way it used to be in Arizona: buy house for $80,000 grand, borrow $100,000, default and you lose the house.
The way it now is in Arizona: Buy house for $80,000 grand, borrow $100,000, default, bank takes house, sells house to real estate vulture for $40,000, bank can now chase former homeowner for $60,000, for the rest of their lives.
And we all know the banks and the vultures are probably the same people.
Old Test: “If you lend money to any of My people who are poor among you, you shall not be like a moneylender to him; you shall not charge him interest.”
New New Test: “If you lend money to people who are poor, make sure the law and the fed are on your side.”