How Come Mortgage Lenders Don’t Want Foreclosure?
I am refering to if the loan thats due is worth significantly less than the value of the property. So in that case, why would a lender not want to sell this property and gain all of the profits from the sale?
Like in Texas, if the borrower misses 3 months of payments. Property is worth $300,000. Missed payments, plus the entire loan is $250,000. So why would a lender not want to either sell this property at a tax deed auction or sell it afterwards if their were no bidders? Since they would gain all the profits from the property either way.
If they would not want to go through this foreclosure process given my example given, then would it be possible for me to buy their loan from the lender and have the property go into foreclosure so I can reap the profits?
Tell me what I am not understanding please.
Bankruptcy To Save Foreclosure In Corpus Christi,tx?
i am going to see a lawyer to try to stop my foreclosure tomorrow . my end date is july 3,2007. if i have loans that i am not the primary account holder do i need to take those to show the lawyer as well or do they not count to file. if by any chance i get a petition from the lawyer to the court by the end of day tomorrow will it stop the sale of my property the next day. people in my city are waiting for my house to forfeit. that sucks because i put alot of money to it. i am trying to sell the property to make a profit and bankruptcy is my last resort to pocket something. if i read correctly texas law states the courts can only take profit money only if i exceed over 15,000.00 in profit to satifsy my lenders . is this true… please help tomorrow will be a long day of *** kissing