Can foreclosure be a good idea for some??

Posted by Don on August 08, 2006 at 11:10:48:

I met with some friends yesterday who bought an investment property last year when the market was hot (middle of 2005). Now that the market has cooled the home is worth $40K-$50K less then what they bought it for. They are thinking of re-financing the home into the wife’s name and letting it go into foreclosure as apposed to trying to sell the home and lose all that money. They figure if they can refi it in her name it will only damage her credit and the husbands credit wont get hurt. They asked me for advice because I have a couple rental properties but I had no idea what to say to that.

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• Re: Can foreclosure be a good idea for some?? - NJDave 16:38:02 08/08/06 (0)

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: I met with some friends yesterday who bought an investment property last year when the market was hot (middle of 2005). Now that the market has cooled the home is worth $40K-$50K less then what they bought it for. They are thinking of re-financing the home into the wife’s name and letting it go into foreclosure as apposed to trying to sell the home and lose all that money. They figure if they can refi it in her name it will only damage her credit and the husbands credit wont get hurt. They asked me for advice because I have a couple rental properties but I had no idea what to say to that.


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