I had a medical emergency and had to file bankruptcy, in the process I lost my home. I'm a disabled veteran, and the VA has no problem giving a loan guaranty for a new home since it has been nearly three years since my bankruptcy was discharged.
No problem getting a loan, right? Wrong. The bank that held the mortgage on my former home that was surrendered can't produce the mortgage note, and thus cannot foreclose and gain title. According to the lender, I still own the house. Also according to the lender, I can't enter the property I supposedly still own, because they control it, having changed the locks and posted warning signs. The house has been broken into, the air conditioner and appliances stolen, and the house is unfit for habitation.
I'll never own another home because of the lender's ineptitude and poor business practices. They should have recorded the note, they were cheap and decided that it cost too much money to record. I'm permanently barred from getting another home loan as long as the note cannot be produced by my former lender. My former neighbors now have a derelict house in their neighborhood. I'm now full-timing, and not by choice.
Do I feel sorry for the bank in the RV loan case? Not one little bit. They cut corners and lost. Of course they never really lose anything, they just go back to Uncle Sam and beg and plead for a bailout. Since Congress is in big finance's pocket, they get it.
As for a disabled vet who needs a fresh start, who did everything he could to pay what he owed but was overwhelmed by medical bills, people like me are being told there is nothing that can be done, after all, we were irresponsible for borrowing money in the first place. That seems to be the consensus here.
My wife would have been better off financially if I hadn't have gone in for a routine examination which discovered the heart condition that would have killed me in a week without emergency surgery. She would not have had me, of course. But the life insurance proceeds would have paid off the house.
Banks? No sympathy here, with their CEOs making millions while they screw middle class families, they can all go hang for all I care.