Arizona Loves Them Some Banks

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.”

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s