Quote:
Originally Posted by SmokeyTheBear
actually i didn't say that, i said the bank wouldnt lend you 300k for a 200k house.
happens all the time although isn't something you would hear about because most people who are foreclosed don't follow the price of the house they lost price 
lol keep dreaming
if you pawn a ring for 5k and dont pay and the pawnshop sells your ring for 20k you don't get the profit, works the same way with the bank. Once you default on the loan , you lost the house. |
You are right, I had just gotten out of bed and wasn't thinking.
They of course take actual ownership when they foreclose and of course it's theirs and any profit would be, as well. I just wasn't thinking. Of course, you're right.
I bet that out of every (several hundred) foreclosures nets them a slight profit, though.