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Discussion Starter #3
P3+ said:
That will fly like a lead balloon.
Just a PR move....they've been saying this for 4 years now. What happens when they don't pay this time? Evil bank kicks them out into the cold cruel world?
 
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They're doing this because the government is making it harder for banks to foreclose on someone. for example, I live in a decent neighborhood but there's one H.O. down the street who had her house forclosed back in August of this year, she was told she would have 60 days to vacate. She's been doing something behind the curtains with this deal and they have yet to evict her. All the while she's got crap stacked along her driveway, rarely cuts her yard. Just a real eyesore when you drive down the street.
 
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thanohano44 said:
Just a PR move....they've been saying this for 4 years now. What happens when they don't pay this time? Evil bank kicks them out into the cold cruel world?
I've been saying this for a while. I think it can work as long as they give them a decent rent payment. If they owe $150k on their home and the payment is $1200 a month and get foreclosed, they bank will sell it for $40k why not let them rent it for $700 a month or even $600 its got to be better than letting it sit and rot.
 

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mbobbish734 said:
why not let them rent it for $700 a month or even $600 its got to be better than letting it sit and rot.






Up until now I've not seen enough common sense from the banks to think they are capable of thinking that far.


We all know of houses the banks have turned down legit offers that were lower than what they wanted. And now 1 year, 2 years or more the houses still sit empty and in FAR WORSE condition than when they had "too low" of an offer.

I heard the other day a saying that fits these idiots at the banks perfectly.

"Step over a dollar to save a dime."


In the banks cases they are stepping over tens of thousands of bux to try and save a couple hundred.
 

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Discussion Starter #8
BPWY said:
Up until now I've not seen enough common sense from the banks to think they are capable of thinking that far.

We all know of houses the banks have turned down legit offers that were lower than what they wanted. And now 1 year, 2 years or more the houses still sit empty and in FAR WORSE condition than when they had "too low" of an offer.

I heard the other day a saying that fits these idiots at the banks perfectly.

"Step over a dollar to save a dime."

In the banks cases they are stepping over tens of thousands of bux to try and save a couple hundred.
It's much deeper than that P-diddyWY. Lol. When it forecloses, they write it off as a loss. Saves them come tax time. When they sell the foreclosed property, it's 100% profit and have the ability to lend 6 times to original loan balance again.
 
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mbobbish734 said:
I've been saying this for a while. I think it can work as long as they give them a decent rent payment. If they owe $150k on their home and the payment is $1200 a month and get foreclosed, they bank will sell it for $40k why not let them rent it for $700 a month or even $600 its got to be better than letting it sit and rot.
I'm sure in Michigan housing values have dropped that drastically, but round these parts we simply haven't seen that great of a loss in values. Don't get me wrong...they have dropped but I think the estimate I heard last month was only 6% than those of 2008.
This may sound harsh, but I'd almost rather see these houses actually being sold off rather than this whole "bargaining" for rent scheme. As people purchase these distressed homes it opens a whole new niche market for the remodeling contractor :clap: even if it investors snatching them up, work is being done on them in order to secure a rental cert.
 
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