how can the gov. foreclose on owners and them turn around and sell to some other person for so cheap?
if the government can foreclose on a person and then turn around at auction and sell for nothing near what they are owed, and they have to be losing money, why cant they find to help the first owners keep their homes?
They are trying to cut their losses. The people who had the mortgage were not paying.
By the way, the government isn’t really in the mortgage business. They might seize someone’s property but for an entirely different reason.
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October 24th, 2009 at 7:05 pm
Its not so different with banks. They simply want to cut their losses. Neither banks nor the government are particularly interested in being in the business of having to pay taxes or maintenance on these properties. They simply want to dump them to the next guy who has the money or the credit rating to get another mortgage.
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October 24th, 2009 at 7:14 pm
They are trying to cut their losses. The people who had the mortgage were not paying.
By the way, the government isn’t really in the mortgage business. They might seize someone’s property but for an entirely different reason.
References :
October 24th, 2009 at 7:55 pm
"The government" doesn’t foreclose; lenders do.
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