Quote:
Originally Posted by asphaltgambler
We looked at a few properties like this ( SFH ) in our area. My belief is that whomever is the lien holder they limit information to the average Joe to "0". In fact there was 1 home that was only available by bidding online. Which looked like total scam. No one can ever give you a timeline or date to close or even responding to a legitimate offer.
I think all this sandbagging and mystery is an excuse to milk the system ( our tax dollars) for default insurance if the loan is conforming. And if it is all the fees, penalties and % overdue just rack up month over month that they will collect when it's sold.
We gave up when we couldn't get a straight answer out of anyone on any of these properties
|
they milk the PMI that they make the low down payment guys buy for years
the bank [ B of A] will NOT admit they own he property and leave the title in the buyers name for the PMI
when the PMI runs out the bank will package the property with others
and sell to investors or an other bank
I watched this happen next door
tryed to bid in 08 but the bank would NOT admit ownership
I only knew B of A owned it by talking to inspectors they sent out
no action until the PMI ran out , PMI paid taxes so NO tax sale
then sold to another bank in secret only found that out when new inspectors showed up
finally auctioned in late 2017 after the PMI ran out ten years after the repo/FC
by then prices recovered pricing me out
btw the house burned partly and was torn down by the gov in 2014
lot resold with leans from the teardown so the first flipper lost money
btw2 the home sold for 300k in 06 the lot went for 105k in 2018 to the builder who hopes to get 400k out of the new house now being built