Quote:
Originally posted by Cletus Miller
A significant percentage (perhaps most) of the foreclosures are on "investor" properties. If there's no one living in them and no hope of flipping, then there's no reason to make payments. Make no payments for 6 months and don't return calls from teh lender, what else is the lender going to do?
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Many of the foreclosures are also families that are living in homes where they are making monthly payments on a mortgage or mulitple mortgages that ad up to six hundred grand and their house is now worth three hundred grand.
They simply leave the house, stop making payments and use those payments to pay rent on a house twice the size of the one they just left.
