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re: Real Estate Question: Haggling a Foreclosure
Posted on 11/20/14 at 9:18 pm to stout
Posted on 11/20/14 at 9:18 pm to stout
quote:
quote: Additionally, the concept of the bank getting the money lost back from another source is news to me, So you are telling me that when a Bank hands over an REO property to a management firm like Safegaurd, MCS, Five Brothers, etc that the banks do not get money for maintenance and repairs back from HUD? LINK You are also stating that on FHA and VA insured loans the banks lose money on them?
No, but I also am not making assumptions and generalizations about the property the OP is referring to in his question. Not all ORE property is turned over to a management company and not all will qualify for reimbursement of expenses or losses. To argue that every loan loss is just a matter of creative bookkeeping on behalf of the bank is just incorrect.
1
Posted on 11/20/14 at 9:53 pm to DivotBreath
I know not every house qualifies but the amount that are losses for the banks is smaller than people realize though. It's why the whole bailout was a joke of epic proportions. We were already subsidizing a huge portion of losses the banks took before the bailout even happened then we just gave them billions more.
You can't deny that there is some creative bookkeeping that happens in regard to banks reporting losses on these properties. I have seen it first hand.
You really need to research on the Governments involvement with Bank of America and how they are all intertwined with Safeguard who is the largest asset management firm in the industry. I am not sure how anyone could deny that the banks make more on repos these days than they used to. Some of it even to the point of profits or at the very least break even.
ETA: I am sure you are aware of this but not all properties have to be handed off to a management firm to qualify for reimbursement. Just that many larger banks find it easier than maintaining their own REO division.
You can't deny that there is some creative bookkeeping that happens in regard to banks reporting losses on these properties. I have seen it first hand.
You really need to research on the Governments involvement with Bank of America and how they are all intertwined with Safeguard who is the largest asset management firm in the industry. I am not sure how anyone could deny that the banks make more on repos these days than they used to. Some of it even to the point of profits or at the very least break even.
ETA: I am sure you are aware of this but not all properties have to be handed off to a management firm to qualify for reimbursement. Just that many larger banks find it easier than maintaining their own REO division.
This post was edited on 11/20/14 at 9:55 pm
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