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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: MulhollandDrive who wrote (74542)3/22/2007 3:00:33 PM
From: John VosillaRead Replies (1) of 306849
 
'the bank is on the hook for the loan balance if the borrowers go into foreclosure'

So the deadbeat stays in the home rent free with no incentive to do anything, not maintaining the house, it looks like crap and he is expected to be motivated to sell the house so the lender can be made whole? At the very least the lender must start foreclosure proceedings if they hope for a short sale with the borrower still in possession..
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