From: Sharon Villines (
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 Villines
Takoma Village Cohousing, Washington DC

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