Foreclosures and short sales oh my! I want to sue dammit!

April 3, 2010 11:29 AM

I saw a story on the news yesterday that many people in California are bringing lawsuits against their banks because their homes are worth much less than when they purchased them. Apparently these lawsuits are causing the banks to modify mortgages and lower the principle of the mortgages to bring them in line with the current value and thus lowering the people's payments. Sounds like bull%&*@ to me. But in the same vein, can I sue--don't know which bank exactly--because they made so many sub-prime loans that there are currently 600 bank-owned homes in our community and now I can't sell my house for anywhere near its previous value because many of these houses are being sold via short sale? I would like to sell this year for reasons totally unrelated to finances but then again I don't want to break even when previously I had over $150k in equity in my house. YANAL but if you are and want to take this case, memail me.
posted by MsKim to Law & Government