Fair Game A Condo Was Sold, Until It Wasn’t
HORROR stories abound across Foreclosure Nation. But once in a while, a new one comes along to remind us just how dysfunctional our mortgage market is.
Chaos and conflict rein over many mortgage workouts. Until that changes, housing will struggle.
The case at hand — and it’s a whopper — involves a short sale on a condominium in Deltona, Fla. Short sales are transactions in which a bank and a borrower agree to sell a property for less than the amount owed on the mortgage.
While loan modification programs have received the greatest push from the government, short sales are crucial to cutting the inventory of foreclosed properties. And yet they are far less common than deals like loan modifications and forbearance plans that let people retain their homes.
Rest here…
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FYI , Deltona is an outlying suburb of Orlando , it’s where you used to buy a house if you couldn’t afford anything closer… I am in Orlando and prices are down 65% here … Deltona is worse and they have a massive number of abandoned properties … As in all other cities condo units are thw bottom of the barrel ,, nobody wants the condo fees … and those fees ratchet up mightily as units go into foreclosure and the owner pool shrinks and the disrepair spreads …
ANY legitimate sale amount on this property was a good deal for the banks … you quite literally can’t give condo’s away … Condo’s that were $300k near Disney are now ghost towns filled with drug dealers with units for sale in the $35k-$45k range.
It’s obvious the banks don’t want sales , they want foreclosures..