Re: WILL 3RD MISSED PAYMENT GO TO FORCLOSURE?

Posted by fp on February 02, 2009 at 05:10:56:

In Reply to: Re: WILL 3RD MISSED PAYMENT GO TO FORCLOSURE? posted by Jim V on February 01, 2009 at 20:02:54:

Jim,

Thank you for that thought.

The way the concept was previously presented may imply to some to intentionally go into foreclosure. With proper planning they may use the legal system to make a windfall for themselves.

In any event using your thought, a family that is loosing their home to foreclosure, because they could not afford $2,000.00 monthly, but they could afford a rental at $1,000.00 if they moved elswhere.

Rather then leave their home early in the foreclosure action, if they utilize all their legal rights and options, could continue to live in the home as long as ten years or more.

If they stay and put the $1,000.00 rent payments in the bank, while fighting the foreclosure, they will have over $120,000.00 after ten years plus interest.

Sorry about the Hype, however it is still beneficial to the distressed family no matter how you look at it.

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