Whay aren't banks approving more home loans on foreclosures?
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With the foreclosure rate at an all time high. Especially in California. Why aren't the banks being more helpful to get these homes sold? I realize they have been burned by the foreclosure. It was their deceptive tactics that got them there in the first place. I would think they would lower rates, lower prices %100 financing and approve loans for people with good credit. Instead of accepting customers with excellent credit. There are 2 homes on my street that have been vacate for a year. Is this what they bank want? They are already out money. Leaving these homes vacate isn't putting money in their pockets either. What gives?
Whay aren't banks approving more home loans on foreclosures?Approving all those loans got them in trouble in the first place. If banks just approved more people for home loans on ANYTHING, how many people do you think would really buy a foreclosure? If they can afford a $180K home and are looking at two homes--a foreclosure that is $100K and in need of a lot of TLC or a newer home that is $175K and doesn't need that much work, which do you think they will chose?
The vacant homes have nothing to do with banks and everything to do with the market. You seem to be forgetting that while banks can approve loans, it's the costumers, the people who get the mortgage who abuse it. They get mortgages beyond their means. And the vacant homes on your street are probably due to people moving or downsizing, not just foreclose rates.
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