Foreclosures, the Caymans, and You
One thing I have learned in the past few days: if a house is about to go into foreclosure, it might be best for the homeowner to hang on tight and not give up too quickly. With so much trading of mortgages, apparently there are numerous instances where mortgage holders simply can't find the proper documents to establish a legal claim to property. While I would imagine those papers will show up eventually, it might provide homeowners enough breathing room to sort things out. Of course, if the homeowners give up too quickly, the banks may win even though their houses are not in order. What a mess we have on our hands!