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Answers (5)
- HomeSand.net, "White Picture"
- Contributions:4398
Probably, the house has the 2nd mortgage on it.
- Caveat Emptor
- Contributions:500
prison? out of the country? lost his job and couldn't make any payments (and the bank would have fast tracked the mort because of the equity), death in the family, drug addiction...
not like there is a short list of reasons that makes sane people behave irrationally. then you have not-so-sane people and their list is much, much longer.
hell, nobody behaves rationally about money. nobody.
not like there is a short list of reasons that makes sane people behave irrationally. then you have not-so-sane people and their list is much, much longer.
hell, nobody behaves rationally about money. nobody.
- Michael Emery, "MikeEmery"
- Contributions:7298
There was a condo in Minneapolis with $100,000 in equity left after the bank was paid their mortgage. The homeowner let it go in to foreclosure. Fortunately Minnesota allows for a six month redemption period and the owner sold it before the end of the redemption period. But they would've had to have paid the banks court costs related to the foreclosure.
I think it's rare that owners allow foreclosure with equity in the property, but it does happen. I wonder if some of that is also related to estates where heirs are unaware of the foreclosure action and /or the equity within the property or whether the homeowner is incapacitated (nursing home) and the foreclosure action occurs without their knowledge.
I think it's rare that owners allow foreclosure with equity in the property, but it does happen. I wonder if some of that is also related to estates where heirs are unaware of the foreclosure action and /or the equity within the property or whether the homeowner is incapacitated (nursing home) and the foreclosure action occurs without their knowledge.
- Cheryl Talbot Real Estate, "Virginia Beach Homes"
- Contributions:674
Who really knows why people do what they do. Sometimes I don't think they really understand whats going to happen after foreclosure. They don't really get what the outcome will be. But you are right....why would anyone foreclosure with that much money in the deal. God only knows. Thanks
- wetdawgs
- Contributions:26854
Only the homeowner knows for sure. Puzzling.
Why does owner let bank foreclose when mortgage is less than market value?
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