Reply #8: Really? Let's take a walk... [View All]

[flvegan]

So ABC loans $150k on a house. It's FNMA money. ABC gets 7 or 8 months worth of payments before default. At the moment of default, ABC stops getting paid. However, ABC STILL needs to write a check to FNMA. Blah, blah, blah. Foreclosure (in Florida) takes 160 days, minimum. That's what...5 months of interest paid out? Then, oh yes, then, when the Final Summary Jugment is entered, it's for the default, plus the legal fees, plus the violations/taxes/damage etc that has accrued. Then, after the eviction, they can market the property for sale. Oh, btw...the owners removed the fridge, oven, dishwasher, etc and trashed the place.

Market sucks. Let's talk about 6-10 months trying to sell a property. That's reality. How much did ABC just eat?

Equity nothing. That's how it USED to be.

12 years in the industry. Drop your eyesrolling smilie elsewhere, thanks.