State Senator Deliberately Falls Behind On Mortgage, Then Chickens Out
April 3, 2008
New York State Sen. Shirley Huntley on February 27 disclosed that she had deliberately defaulted on her mortgage to get a firsthand feel for her constituents’ struggles. But by March 10 - a day before stiff penalties were to kick in - she bailed out, according to the New York Daily News.
Huntley had fallen behind on her mortgage to Wells Fargo but backed out when she realized just how bad the problem is. In fact, four months worth of arrears cost her a cool $2,000 in fees to the mortgage company.
The Daily News article reveals that Huntley is no stranger to subprime mortgages, having done business with some of the worst mortgage companies out there.
But the real issue is one of the fees that accumulated in a mere four months. $2,000 is pretty high for a few letters from the servicer. And given the fact that New York foreclosures don’t usually begin until a borrower is three months behind, it can’t reasonably be said that the fees included a ton of court costs.
It would have interesting to see where the money went. But alas, our State Senator backed out before she got a real feel for the pain felt by New Yorkers who are faced with foreclosure.
If you enjoyed this post, make sure you subscribe to my RSS feed!
Comments
Got something to say?
You must be logged in to post a comment.