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Now, there are a million ways that people could spin these two situations but the bottom line is that the bank would repo the home, auction it off, and not give the prior owner a single dime
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Wrong wrong wrong.
So lets say you made all the payments on that 300k house except the last.
You owe the bank 1 more payment, lets say 1k.
The bank reposesses the house and sells it for 300k - 1k owed on the loan, and the bank keeps the 299K?????????
The bank sold the house to payoff the debt, anything left over goes back to the owner.
Now,,,,if we are talking about peoperty taxes you would be correct. Just recently the county here seized an 800k home b/c the owner owed 50k in back taxes. The county auctioned the house for 750K,,,50k went to settle the back taxes and the county pocketed the 700k.
So what if someone bought a million dollar home with all cash then took out a 25k loan for a pool. What gives the bank the right to steal his million dollars if he defaults on the 25k?