Quote:
Originally Posted by rowan
Why would the bank need to foreclose? $193k - $9k deposit - $11k principal paid off (roughly) leaves them with a loan balance of around $173k... if they can get $185k then at least they end with a little cash back, although ultimately it's a net loss. If it's an investment property then I presume they can write off that loss.
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I'm waiting to see their docs, but I'm guessing they were doing interest only, so the 9k is all they have in it.
they are my Brazilian cleaning people... yes, they clean my house, and they tried to buy a house they couldn't afford as an investment thanx to some tool that talked em into it.