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grab it it 300k. hold on to it while it goes below 200k, while your holding pay the TAXES (my yearly property taxes are 12k ) and wait for an up swing when we still havent bottomed out
sure that makes sense......
They grab it at whatever it is on the market... it wouldn't matter... they already collected payments... hold the property until the next upswing... profit regardless...
No... grab the property and hold it until the next upswing... it's flipping basically...
Quote:
Originally Posted by workingclasshero
oh, I get it
grab it it 300k. hold on to it while it goes below 200k, while your holding pay the TAXES (my yearly property taxes are 12k ) and wait for an up swing when we still havent bottomed out
sure that makes sense......
Before it was "grab the property cheap". Now it's "grab and hold".
Right- their game is to own the property for years, pay the property taxes, pay hazard insurance premiums, pay landscapers to mow the lawn as well as other maintenance expenses, and then and only then sell it after the next upswing. Those ingenious bastards! AND.....they might have gotten away with it if pesky meddlers like HC475 hadn't become hip to their scheme.
Before it was "grab the property cheap". Now it's "grab and hold".
Right- their game is to own the property for years, pay the property taxes, pay hazard insurance premiums, pay landscapers to mow the lawn as well as other maintenance expenses, and then and only then sell it after the next upswing. Those ingenious bastards! AND.....they might have gotten away with it if pesky meddlers like HC475 hadn't become hip to their scheme.
Yeah... like they really spend money on maintenance and landscaping foreclosed property for sale...
Have you seen the wildcats inhabiting foreclosed property in California?...
They grab it at whatever it is on the market... it wouldn't matter... they already collected payments... hold the property until the next upswing... profit regardless...
Grab it for whatever it is on the market? Before it was grab it cheap. Now it's grab it for whatever it is on the market. How will they go about grabbing it by the time you post next? So where does the mortgage balance come into this euqation? You know- the money the bank paid out when it made the loan. Profit regardless? Apparently you don't understand that some people don't take kindly to being foreclosed and they may, just maybe do a liiiiiiiitle bit of damage on their way out that needs to be repaired. Profit regardless?
Yeah... like they really spend money on maintenance and landscaping foreclosed property for sale...
Have you seen the wildcats inhabiting foreclosed property in California?...
How much do you figure it will cost to fix that property up to the point where it can be sold again? Since you are 100% clueless you obviously don't know that a house has to be in good marketable condition in order for a bank to lend on it. So unless a buyer comes along with cash it isn't happening.
Grab it for whatever it is on the market? Before it was grab it cheap. Now it's grab it for whatever it is on the market. How will they go about grabboing it by the time you post next? So where does the mortgage balance come into this euqation? You know- the money the bank paid out when it made the loan. Profit regardless? Apparently you don't understand that some people don't take kindly to being foreclosed and they may, just maybe do a liiiiiiiitle bit of damage on their way out that needs to be repaired. Profit regardless?
The mortgage balance gets absorbed... that money was never going to get retrieved... or how long would that have taken anyway?... Grab the property and sell it again... they made money either way...
The mortgage balance gets absorbed... that money was never going to get retrieved... or how long would that have taken anyway?... Grab the property and sell it again... they made money either way...
Absorbed? How would they make a profit if they absorb a 300K balance? Please explain that. Come on- that shouldn't be a problem, right?
Never going to get retrieved?
Mortgages are refinanced every five years on average in the U.S. market. The bank can expect to collect payments and then receive a pay off usually within five years. I had some clients that refied as often as they changed their underwear. Based on your "knowledge" I really hope for your sake that you are not investing in the RE market.....
Absorbed? How would they make a profit if they absorb a 300K balance? Please explain that. Come on- that shouldn't be a problem, right?
Never going to get retrieved?
Mortgages are refinanced every five years on average in the U.S. market. The bank can expect to collect payments and then receive a pay off usually within five years. I had some clients that refied as often as they changed their underwear. Based on your "knowledge" I really hope for your sake that you are not investing in the RE market.....
How are they going to retrieve payments from a borrower who doesn't have it... it would be a waste of time... that's why they foreclose...
How are they going to retrieve payments from a borrower who doesn't have it... it would be a waste of time... that's why they foreclose...
Still waiting for you to explain exactly how a bank profits on a foreclosure when they lent out 100% of the purchase price
Still waiting for you to explain how a bank would make a profit on a 300K property when they absorbed a 300k mortgage balance
I'd like to start a poll in this thread.
Who is more credible and correct?
Rick Roma, who spent 10 years working in the mortgage lending industry as a mortgage loan officer and a manager of a mortgage origination sales team for a large nationwide mortgage corporation
or.......
HC475 who comes into the conversation with a google video about national debt made by some nerdy nut job
Cast your votes now......
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