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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Peter V who wrote (173050)12/23/2008 2:51:28 AM
From: tejekRead Replies (2) of 306849
 
gee, throwing money at the problem does not solve it? You mean it only prolongs the agony? Who could have foreseen that?

Most of these bailouts are simply flushing money down the toilet.

There isn't very much involved in modifying a loan. Basically the cost of the paper and the underwriter's time. The real cost comes into play when the banks foreclose. That's when they run up the big bucks....doing the actual foreclosure assuming they can't get a deed in lieu, cleaning up the property so it can be rehabbed, rehabbing it, then listing it with an agent and selling it......all the while paying the carrying costs like taxes and insurance. Much, much cheaper to work with an existing owner and keep them in the house.
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