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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: BWAC who wrote (74509)3/22/2007 10:20:54 AM
From: John VosillaRead Replies (2) | Respond to of 306849
 
And leave a nonpaying deadbeat in possession to try and sell the home for them without the clock ticking?

Usually they start the foreclosure, the borrower calls and asks how he can work things out and the bank rep tells them to try and sell the house to save their credit, present all offers (even below the loan amount for a possible short sale) as the foreclosure winds it's way through the legal process..



To: BWAC who wrote (74509)3/22/2007 10:24:39 AM
From: Jim McMannisRead Replies (1) | Respond to of 306849
 
My guess is that some banks are reaching critical mass on late mortgages. In that the stacks of defaults is getting too high on their desk. They no longer can play tough guy.
If Hillary gets her way they won't be able to tack on their huge late fees and attorneys fees which give the borrower no chance of getting back on payment track after a few months.
We all knew this was coming. Just a matter of time.


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