Quote:
Originally Posted by PornoMonster
Will76, this is about one thing I do not agree with you on.
Your example is in a perfect world, with leaning towards the banks line of crap they tell you.
Lots of people even with equity in the house when they quit paying just walk away. the bank does NOT sell the house for what is OWED, they sell it for what it is worth.
Trust me Will, I have friends on all sides, even worked i n the credit business right along with banks. What I don't know is what scares me, with all the ways they make money off houses.
Where you are wrong on this, is you believe No ONE in the banking industry is a BAD guy.
I am also not saying this is the case with Every house, and yes they lose their ass with others, but they also have insurance, or now the bailouts to cover their ass on those, not to mention write downs, write offs, whatever they want to call losses claimed on taxes.
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How is what the bank does even relevant? The only relevant facts are:
- someone borrows $$$ to buy a house
- if they stop paying the bank gets the house
- they stopped paying
- so the bank gets the house
That's all a layman on the street needs to be concerned with, whether the bank sells it for a loss or a huge gain is none of anyone's business...
