How much can you negotiate with the bank on a property that will be soon a foreclosure?
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Basically the bank wants back what is owed and fees. The fact that they are asking for more then what it is worth is proof of the problems with lending that is causing the current situation. Mainly, they lend out more then they should. In the "old" days, the lenders would watch how much they lended. i close mortgages for a living and see where several pepople are digging holes. Keep an eye out, there will be several situations where the amount owed is less then the value. There is a big problem now that the lenders can not sell the foreclosed properties. This situation is going to cause more problems down the road. I'm interest how it will all plan out and great subject material if i go for a masters.
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