why would someone go into foreclosure instead of trying to sell? (foreclosed, mortgage)

[amyla]

What would be the benefit? The owners did pay a lot for the house in 2005-but curioes why they wouldn't at least try on the matket-are there benefits to going straight into foreclosure?

[amyla]

A neighbor who paid high in 2005 is going to forclosure-Im wondering why they wouldn't at least try to sell-is there a benefit to doing that?

[Elke Mariotti]

Originally Posted by amyla

A neighbor who paid high in 2005 is going to forclosure-Im wondering why they wouldn't at least try to sell-is there a benefit to doing that?

Maybe someone told them they might get away with living rent/mortgage free for a few years until the house is actually foreclosed on??

[tinytrump]

maybe more there than meets the eye. other debts, bankruptcy in plans? more than one lien on property

[MikeJaquish]

There can be myriad reasons.
Emotions are very much in play and often cloud judgment.

[SandyJet]

Originally Posted by Elke Mariotti

Maybe someone told them they might get away with living rent/mortgage free for a few years until the house is actually foreclosed on??

Most have HELOCs on top of mortgage and are way way underwater

[Zack Foley]

Originally Posted by SandyJet

Most have HELOCs on top of mortgage and are way way underwater

That's nonsensical. I'd bet the majority of homeowners don't have HELOC's.

To the person who originally posted: it is possible that the home is underwater (not necessarily because of a HELOC). It could be they are so far behind they couldn't get a modification. It could be they know in NY it can take years to foreclose and they want to wait it out. It could be numerous things. Why do you care?

[amyla]

Originally Posted by Zack Foley

Why do you care?

interested in the house

[Zack Foley]

Originally Posted by amyla

interested in the house

Good answer.

[amyla]

[quote=Zack Foley;36973328]Good answer.[/QUOTE

thanks