Foreclosure in Arizona>Question Details

Sopheak S, Other/Just Looking in Arizona

What's the lender's cost to complete a foreclosure?

Asked by Sopheak S, Arizona Thu Oct 4, 2007

Help the community by answering this question:

Answers

2
The lender's costs can vary substantially based on their own internal business model, even though the government will regulate what they have to do (it has to do with their reserves) when a property is classified as a bad loan and subsequently goes into foreclosure. The ranges in the US are $25,000 to as high as $80,000 or more. The impact costs to the community, other properties in the area of the foreclosure, municipality tax impacts are not even considered in those costs. To really know what is going on you might want to visit the following link
Government Study on Foreclosures, costs and impacts. Includes data on each state
http://jec.senate.gov/Documents/Reports/subprime11apr2007rev…
1 vote Thank Flag Link Thu Oct 4, 2007
Hi Sopheak:

Different states, counties; different costs. However, here in S. CAL the average cost for the process is $54,000.
0 votes Thank Flag Link Thu Oct 4, 2007
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Arizona > Foreclosure in Arizona > Question
Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer