Quote:
Originally Posted by AGDee
I wasn't sure which of these threads to put this, so I chose this one. I know I've talked about my neighbor who lost her house to foreclosure. It was auctioned off by a company, for the bank, last week. It sold for $30,000. It was mortgaged for about $180K. So, my friend and former neighbor, who tried to work with her mortgage company to get her payments down after her hours were cut due to her medical leave from breast cancer and her husband's death and they wouldn't work with her at all. It seems to me that if they had worked with her, she would have ended up paying at least $100K of her original mortgage, plus interest. Since they didn't work with her, they got $30K minus the auction companies fees. Does this make any sense? It sure seems like it would have been in the bank's best interest to work with her on her payments rather than lose that much money in the long run. It doesn't make sense to me. I am glad that someone bought it. I'm hoping it was a real person and not an investment company that is going to fix it up and rent it out. I wasn't able to catch them to introduce myself when they were at the house last weekend. Hopefully I'll be able to this weekend.
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I kind of wonder if she might not simply have been chronologically ahead of the curve before the banks realized home many foreclosures there would be and how little they could expect to recover. I wonder if someone starting the same negotiation today might have the negotiation go differently.