Posted by js-Indianapolis on September 12, 2003 at 17:16:05:
“Maybe you’re seeing things out of order?”
Not at all. Just looking at it from a different perspective. Why not skip the FC, Sale, redemption period, etc, and just get a deed in lieu, and sell as REO?
The only thing I can think of is that the bank knows what a pile they have, and would rather let someone else have it than ever assume this thing, and the risk. If it’s that devalued in their mind, I’m going to see just how low they’ll go on this sucker. Maybe try buying the mortgage for $10K, and finishing the FC or getting deed in lieu myself.