There Are 20 Responses So Far. »

1. 

   Comment by john harper on 7 May 2007:

   Tom – really appreciate insight like this. We have several clients in dire straits and we love to send them links to great articles like this.
2. 

   Comment by Anthony on 8 May 2007:

   Great blog indeed.Mortgage refinancing adds to online mortgage services.

3. Pingback by - ProActive Foreclosure Prevention - Harper Team Blog on 5 July 2007:

   [...] Freddie Mac Says Typical Foreclosure Costs $60,000 – If you are one of the thousands of American’s facing foreclosure, you may have a great deal more bargaining power than you ever thought. Analysis from Freddie Mac and large banks show that their cost to foreclose on your home is in the range of $60,000 on average. [...]

4. Pingback by Help in Avoiding Foreclosure - Zillow Blog - Real Estate News and Analysis on 8 August 2007:

   [...] fraudulent lenders. Actually, lenders are very interested in helping you keep your house since they stand to lose approximately $60,000 for each failed loan. Gerber does a very good job of itemizing steps you can take if you are in [...]

5. Pingback by Want To Save Your Home From Foreclosure? Experts Say Get Help Quickly — The Real Estate Bloggers on 29 September 2007:

   [...] as much as borrowers do. With the slow moving market banks know that selling the homes they have foreclosed upon is going to be expensive and take a long [...]

6. Pingback by Politicians Jumping Into Foreclosure Crisis - Beware Folks, Beware — The Real Estate Bloggers on 23 November 2007:

   [...] industry average on completing a foreclosure is 60,000 dollars for the lender. So when the  lender has the chance to work with the borrower and they [...]
7. 

   Comment by Christine on 7 April 2008:

   This is a load of crap! I am sooo depressed and aggravated right now! I got my hopes up with articles such as these that my husband, I and our 2 kids would be able to keep our first home. However, HSBC has not helped us whatsoever! I have been calling often for weeks now to no avail. I have spoken to several supervisors and noone wants to help us. They told me that there is nothing they can do and that we would need to refinance! Our loan is 210k and our house is currently worth 80k. Refinancing is not an option! Mortgage companies act on the news and articles like they are bending over backwards to help people and the fact of the matter is it is apparantly all for publicity and show because they do not care about their people!

8. Pingback by How to Buy Short Sales and Foreclosure Homes in California - Part 1 « PorchLightScott on 23 April 2008:

   [...] while the current owner tries to sell this home.  On average, it will cost a bank upwards of $60,000 to foreclose on a home – and that doesn’t even take into account the price that they may have to [...]
9. 

   Comment by Michael on 27 October 2008:

   Greed and gulliblity have run rampant. What ahole at a lending institution abuses their trust, and gambles their clients money, with the hope of putting some greedy airhead in an untenable position regarding their debt accumulation on a piece of property, squeezing them dry along the way, leaving a mess for the rest of us to clean up? Our culture has moved away from biblical values, in which intest was not allowed to be charged to other Christians, and only 1% to pagans. GOD always has a better idea!!!

10. Pingback by Why Is Renegotiating Your Mortgage With Your Bank So Hard? : The Real Estate Bloggers on 30 October 2008:

    [...] homeowners in the country you have gotten a foreclosure notice from your home lender this year. It costs the banks nearly $60,000 to process a foreclosure that goes to repossession so the lender typically takes a beating in the process. So why do they [...]

11. Pingback by Banks Don’t Want Your Home | on 4 January 2009:

    [...] For instance, Freddie Mac says a typical foreclosure costs the lender over $60,000!  Another report from the Federal Reserve [...]

12. Pingback by Bank of America To Modify 630,000 Loans in 2009 To Avoid Foreclosures : The Real Estate Bloggers on 16 January 2009:

    [...] be proactive in protecting it’s assets and providing relief at the same time. We all know the tremendous cost of foreclosure to banks. And who will do more to take care of a home than someone who has an ownership stake in [...]
13. 

    Comment by Erik on 21 April 2009:

    $60,000 is the average TOTAL cost. Court fees, appraisals, attorneys fees, etc… are usually in the range of 2,000. Where banks really get hit is in the difference between what they sell the house for post-foreclosure and what they are owed on the mortgage plus what they spend to get the house back AND keep it insured after the borrowers stop making payments.

    Banks sell foreclosed properties for less than appraised value because they sell it without any warranties as to condition, etc… If your house appraises for 200 the bank might sell it for 160-170 to account for the fact that the buyer isn’t getting any implied or express warranties.

    That really hurts the banks if you owed 180 against the house. However, if you owe 150 and the house is worth 200, the bank isn’t going to lose anything because they get the first dollars from any sales and anything left over goes to either the second mortgage or the person who lost the house. If you owe 150 and the house is worth 200, try for a loan modification but don’t expect too many accomodations from the bank ’cause they know they’ll get their money even at a fire sale.
14. 

    Comment by Patrick on 9 May 2009:

    In foreclosure or know someone who is? Owe more than your home is worth and need out of it? Banks not willing to help you out?

    E-mail me at eoneinc@gmail.com to get more information on solving these problems. I buy houses cash, any kind, any where, and play hard ball with the banks to get it done and get you out of your situation.

15. Pingback by Government Refinance Assistance Programs Help (Some) "Underwater" Homeowners Refinance on 5 June 2009:

    [...] ratio than they normally approve. Why would a lender agree to loosen its rules like this? Bank foreclosure costs. A foreclosure can cost a bank $60,000 or more per property, plus the bank doesn’t want the house, [...]
16. 

    Comment by Dot on 19 June 2009:

    It definitely would be so much better for the bank to negotiate with the homeowner either on a loan modification or a short sale, not only to save on the expenses involved on a foreclosure but the fact that the house is still maintained by the current owners avoiding the cost of possible vandalism and the cost of maintenance. The frustration of a lot of homeowners as well as with the people helping them with these alternatives, i.e., loan mod or short sales is the fact that most negotiators that work for the bank does not seem to understand how these benefits the bank. It takes them forever to look at a file, most of the time has an attitude problem, do not communicate well with the parties and don’t know how to actually negotiate with the investors as they only stick to whatever policy they were given without arguing for what is better for the bank &/or investors. These are the people out there that were hired to try to minimize their losses, but unfortunately a lot of them don’t know the real reason why they were hired!!!

17. Pingback by Lenders Buried Under Load of Mortgage Re-Works : The Real Estate Bloggers on 8 July 2009:

    [...] the average cost of a foreclosure at $60,000 dollars lenders Boards of Directors are not eager for homes to fall into that black hole. But the worker [...]
18. 

    Comment by alex gonzalez on 27 August 2009:

    Sure modifiy a loan and lower my payment 80 lousy $’s a month, big help to no one but the big bank and thier investors well im not paying the new modified payment due 10-09 and i hope it costs Wells Fargo (my lender) 200 000 to evict me. they are predators and the govt. backs them up a big farce this “Obama help for homeowners” what a joke

19. Pingback by Banks Getting Better At Processing Foreclosures : The Real Estate Bloggers on 12 October 2009:

    [...] The cost of procession a foreclosure for lending companies went down by $10,000 in the past 2 years. A new report says that the cost of processing a foreclosed upon property is down to $50,000 instead of the reported $60,000 to sell a foreclosure. [...]
20. 

    Comment by john marrano on 31 October 2009:

    WHAT IF MY WIFE AND I ARE SEPARATED AND SHE WONT SIGN THE LOAN MODIFICATION AGREEMENT – CAN I GET THE MODIFICATION ON MY OWN WITH JUST MY SIGNATURE.

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