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| Re: Cliven Bundy Arrested! (1346092) | |||
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Re: Cliven Bundy Arrested! |
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Posted by mtk52983 on Sun Feb 14 05:10:16 2016, in response to Re: Cliven Bundy Arrested!, posted by SelkirkTMO on Sun Feb 14 04:56:40 2016. People were underwater and stopped making payments. It was the latter that prompted foreclosure proceedings not the former. Banks were making it difficult to approve "short sales" and with no equity in the property with a traditional sale, people realized it would be better to save the money they were paying on their mortgage (which usually included tax escrow for the clients I dealt with) versus throwing money at a property they could no longer afford due to some setback. If I was paying $5,000 a month in mortgage payments, for every year that I stalled a foreclosure sale I was pocketing $60,000. If my $700,000 house is now worth $500,000 and I borrowed when banks were regularly giving 90% and higher loans, chances are in the near future its value is not getting close to what I owe. |
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