Re: WILL 3RD MISSED PAYMENT GO TO FORCLOSURE?
Posted by Jim V on February 03, 2009 at 23:38:07:
In Reply to: Re: WILL 3RD MISSED PAYMENT GO TO FORCLOSURE?
Posted by fp on February 02, 2009 at 05:10:56:"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."
That's the big IF. I see we've moved from a proposed timeframe of 5-10 years to ten years plus interest, which I don't care to argue.
In my opinion, a 1-3 year timeframe is more probable and it's highly unlikely 50% of the previous mortgage payment would be banked. If the state where the property was located allowed deficiency judgments when the foreclosure was completed, then of course those banked "savings" could be attached.
The legal system has it's benefits, but I'd be kind of cautious about stating "they may use the legal system to make a windfall for themselves". That kind of thing can come back to bite you, especially when it's put up on public message boards.
Follow Ups:
- Re: WILL 3RD MISSED PAYMENT GO TO FORCLOSURE? - fp 08:45:42 02/04/09(2)
- Re: WILL 3RD MISSED PAYMENT GO TO FORCLOSURE? - Jim V 21:38:31 02/05/09(1)
- Re: WILL 3RD MISSED PAYMENT GO TO FORCLOSURE? - fp 04:21:30 02/06/09(0)
- Re: WILL 3RD MISSED PAYMENT GO TO FORCLOSURE? - fp 04:21:30 02/06/09(0)
- Re: WILL 3RD MISSED PAYMENT GO TO FORCLOSURE? - Jim V 21:38:31 02/05/09(1)
- Re: WILL 3RD MISSED PAYMENT GO TO FORCLOSURE? - John 04:41:35 02/04/09(0)
