Tuesday, July 12, 2011
Yikes! They Found Me On Facebook!
How would you feel if you received a foreclosure notice on Facebook for all of your friends, family and co-workers to see?
According to Moneyland.Time.com, this might happen in the US soon. In 2008, an Australian court ordered a lender to serve the foreclosure notice on the borrower's Facebook page! Since that initial post, New Zealand, Canada and England have authorized lenders and attorneys to serve foreclosure notices on Facebook as well.
It seems that when people can't be found at a physical address, they are still "available" at a Facebook address. Once found, the rest, as they say, is history.
You might be wondering if this is an effective way to collect a debt. Well, it's reported that both borrowers responded almost immediately. It appears that, at least with Facebook, you can run but you can't hide.
Will this happen in the US? Foreclosures are public records, so privacy is a non-issue. Many attorneys say they like the idea of using social media such as Facebook and Twitter to track down and serve notice to their intended party. The other side of the fence is stating that it's difficult to verify someone received the message, so that makes it an unacceptable "delivery" tool.
As a professional mortgage broker, I will be watching this issue develop over the next few months with great interest.
What are your thoughts? How do you feel about this?