"60 Minutes" did a piece on the people 'walking away' from upside
down mortgages, just a business decision. It was pointed out that
several of the big money guys had walked away from big money projects
when it was clear they were not going to improve their bottom line.
This was to a large extent a moral vs money question, why pay a bank
$2k a month for a property they could rent down the street for
$500? As a business decision it's the banks problem and would the
bank care if it the problem was going the other way?
Can it be just a business decision for the lender but a moral
question for the borrower? It can if you can convince the borrower
it's about morals rather than the bottom line.
The bank owned properties with no for sale signs? There are several
in my area.
A couple of things I've read talked of bank bookkeeping, if the
foreclosure process is put on hold part way thru it the property does
not show up in the 'bad' column, or there are already too many bank
owned properties for sale in a given area.
Other things talked of the banks not knowing what to do as values
readjust and people are out of work. If you don't have a job you
can't afford to buy a house, at least not at the inflated prices we
had yesterday.
I keep waiting for land prices to 'readjust' out here, $7-10k and
acre is nuts...
Rob
becida AT comcast.net
Western Washington State, USA
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