Repos Weight

Posted on April 28, 2008
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The big question before the foreclosed victims is whether they should opt for bankruptcy or combat eviction. No matter what decision they take it is the courts that have to pay the price with overburdened work load. The scene is emotional on the front porch of the court rooms. Vicky Archibeque is just one of the many – she can’t pay her mortgage and neither can she accept with grace the eviction notice. She is emotional and hysterical in efforts to stop the taking over of the house that has been her home. It was not merely a legal fight but an emotional one too. Hitherto bankruptcy had helped her. But now she is losing her grip on the battle. The inevitable will take over. Shame will add to her failure. She will not be able to look into the eyes of her children who rely on her for food and shelter. Fortunately for her a disability cheque came in to stop the notice from being effected.

Vicky’s story is being repeated all across the country as foreclosure filings march ahead. In 2006 there were 700 repos notices but in 2007 these suddenly jumped to 1,800. In 2008 during the first three and a half months the number has already crossed 1,100. It is feared that by the end of the year there will be 3,000 evictions. Backlog is piling up. The attorney’s and courts cannot be blame. The whole system is collapsing not being geared to tackle such jumbo numbers. The court in Las Vegas is the busiest in the country. Its work has slowed down to a crawl eating into the tax payer’s money to keep moving.

There is no respite for the courts. People will seek legal measures to get out of the impasse. The more the people fight the more will the courts have to lug it and the more will have the lenders have to pay to keep the wheels of courts crawling.

The small family units are not the only sufferers – there are high profile victims also. The Deutsche Bank is foreclosing on a $3 billion project – Cosmopolitan Resort & Casino. The loan taken from the bank amounted to $760 million. The resort went into default for non-payment and pleads helpless by citing the fact that they have become victims of the times. They are however still trying to find new investors to bail them out. The resort consists of 2,998 rooms and is under construction due to open towards the end of 2009.

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