|Foreclosures||<– Date –> <– Thread –>|
|From: Sharon Villines (sharonsharonvillines.com)|
|Date: Tue, 10 Feb 2015 09:12:10 -0800 (PST)|
We've only had one foreclosure. The owner was not living in the unit at the time and the renters decided they wanted to buy the unit. They were all able to reach an agreement that the court and the bank later accepted. I think it may have been below their mortgage amount but I don't know. The owners had been refinancing all during the real estate boom time. If this happened now we would find a buyer and do the same thing. We now have a very active resale pod doing very nice work to build a waiting list of fully oriented people. I had a friend who negotiated with a bank when a unit next to hers was repossessed for non-payment. She bought it for the remaining balance on the mortgage which was an incredible steal. I've been told that banks don't like to foreclose because they are then stuck with the unit and given all the legal costs, rarely get their money back. I may be advantageous to them for other reasons. A local bank foreclosed on a restaurant because they wanted to be bought by another bank and needed to have as few delinquent loans as possible on their books. As they do on television, look around to find the hidden motives. Sharon ---- Sharon Villines Takoma Village Cohousing, Washington DC http://www.takomavillage.org
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