Stupidity of mortgage companies
Investors who bought a condo next to Disneyland for $154,100 in June at a foreclosure auction, offered it for sale on Saturday at $229,900 and found a buyer the next day …
The servicer or bank asked for just $123,250 at the June 26 auction even though $358,096 was owed on the first mortgage. Potential buyers bid it up to $154,100.
via Bankstocks.com.
Read the article good stuff. The last paragraph says it all.
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