Re: banks & foreclosures

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Posted by d. little on October 12, 2004 at 00:14:16:

In Reply to: Re: banks & foreclosures posted by Josh on October 08, 2004 at 02:30:08:

: Banks are in the money business and not the real estate business. They would prefer to have a performing asset (you paying your mortgage) than a foreclosed home on there books. A bank’s lending limit is determined by the ratio of good vs. bad loans they have on the books. So that is why they will sometimes settle for a loss on a short sale.

If there was a simple way to access equity without incurring additional payments in order to avoid foreclosure, would that be a big deal?

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Comments:
: : Banks are in the money business and not the real estate business.  They would prefer to have a performing asset (you paying your mortgage) than a foreclosed home on there books.  A bank’s lending limit is determined by the ratio of good vs. bad loans they have on the books.  So that is why they will sometimes settle for a loss on a short sale.

: If there was a simple way to access equity without incurring additional payments in order to avoid foreclosure, would that be a big deal?


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