Comments on: Freddie Mac Says Typical Foreclosure Costs 60,000 Dollars

By: john marrano

john marrano — Sat, 31 Oct 2009 15:49:29 +0000

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.

By: Banks Getting Better At Processing Foreclosures : The Real Estate Bloggers

Banks Getting Better At Processing Foreclosures : The Real Estate Bloggers — Mon, 12 Oct 2009 15:12:51 +0000

[...] 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. [...]

By: alex gonzalez

alex gonzalez — Thu, 27 Aug 2009 15:42:36 +0000

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

By: Lenders Buried Under Load of Mortgage Re-Works : The Real Estate Bloggers

Lenders Buried Under Load of Mortgage Re-Works : The Real Estate Bloggers — Wed, 08 Jul 2009 10:03:30 +0000

[...] 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 [...]

By: Dot

Dot — Fri, 19 Jun 2009 19:00:08 +0000

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!!!

By: Government Refinance Assistance Programs Help (Some) "Underwater" Homeowners Refinance

Sat, 06 Jun 2009 02:52:11 +0000

[...] 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, [...]

By: Patrick

Patrick — Sat, 09 May 2009 13:33:42 +0000

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.

By: Erik

Erik — Tue, 21 Apr 2009 22:26:46 +0000

$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.

By: Bank of America To Modify 630,000 Loans in 2009 To Avoid Foreclosures : The Real Estate Bloggers

Fri, 16 Jan 2009 14:15:12 +0000

[...] 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 [...]

By: Banks Don’t Want Your Home |

Banks Don’t Want Your Home | — Mon, 05 Jan 2009 02:15:47 +0000

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